Selected American Shares
Actively managed U.S. stock fund
As of its 2026 Q2 report, Selected American Shares held 45 positions with $2.10B in net assets. Its ten largest holdings made up 48.6% of the fund. The SLASX share class costs 0.97% a year. Over the 12 months to May 2026, SLASX returned 34.8%, with dividends reinvested. In 2026 Q2 it added 5 new positions and exited 5.
The Fund seeks both capital growth and income. In the current market environment, income is expected to be low.
The fund invests principally in large-capitalization U.S. common stocks that the adviser identifies through fundamental research as possessing durable competitive advantages and proven management, purchasing them at discounts to the adviser's estimate of intrinsic value based on cash flows and assets. The fund historically has held a significant portion in financial services companies and may also invest in foreign securities and mid- or small-capitalization stocks. Because returns depend on the adviser's security selection and valuation judgments, which involve inherently uncertain predictions and forecasts, results may diverge materially from those of the broader market.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
GOOGLALPHABET INC CL A | 6.08% | $127.33M | 356.3K | $357.37 |
5.91% | $123.83M | 617.2K | $200.62 | |
USBUS BANCORP | 5.07% | $106.13M | 1.8M | $60.40 |
VTRSVIATRIS INC | 4.88% | $102.27M | 6.4M | $15.88 |
SAMSUNG ELECTRONICS CO LTD | 4.66% | $97.57M | 439.7K | $221.90 |
AMZNAMAZON.COM INC | 4.57% | $95.77M | 401.8K | $238.34 |
4.57% | $95.77M | 2.0M | $47.81 | |
4.52% | $94.68M | 915.3K | $103.45 | |
4.49% | $94.16M | 167.2K | $563.29 | |
3.86% | $80.88M | 108 | $748,850.00 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
All 45 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 97.67% |
| Cash & short-term | 2.20% |
By sector
- Financials
- 21.1%
- Health Care
- 16.7%
- International
- 16.5%
- Communication Services
- 12.4%
- 8 other sectors
- 33.4%
- Financials
- 21.1%
- Health Care
- 16.7%
- International
- 16.5%
- Communication Services
- 12.4%
- Consumer Discretionary
- 10.2%
- Consumer Staples
- 5.6%
- Energy
- 4.7%
- Information Technology
- 4.2%
- Industrials
- 2.4%
- Government
- 2.2%
- Other
- 2.1%
- Materials
- 2.0%
How it has done
SLASX share class · total returns with dividends reinvested
Volatility over the last 12 months: 11.97%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.97% | +34.80% | +98.76% | +65.79% | -10.29% | |
| 0.65% | +35.25% | +100.76% | +68.51% | -10.23% |
These classes hold the same portfolio, so the 2.72pp spread over 5 years is the cost difference between them — roughly 0.54pp a year — not a difference in what they own.
Fees & fund details
Selected American Shares is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.65% – 0.97%· SLASX 0.97%
- Portfolio turnover
- 15.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
5 new
5 exited
Understand how this fund fits with the rest.
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