Fund Evaluator:
Clipper (CFIMX)
Follow This Fund
Best Performing in Large Value Over the Last Year
| 38.6% | American Beacon Man Lg Cp Value Inv (BWLIX) |
| 37.5% | LSV Conservative Value Equity Investor (LVAVX) |
| 36.8% | PGIM Quant Solutions Large-Cap Val Z (SUVZX) |
| 36.0% | Fidelity Advisor Blue Chip Value Z (FFVPX) |
| 35.9% | Fidelity Blue Chip Value (FBCVX) |
Fund Details
Clipper Overview
Clipper (CFIMX) is an actively managed U.S. Equity Large Value fund. Clipper Fund launched the fund in 1984.
The investment seeks long-term capital growth and capital preservation. The fund's investment adviser uses the Davis Investment Discipline to invest Clipper Fund's portfolio principally in common stocks (including indirect holdings of common stock through depositary receipts) issued by large companies with market capitalizations of at least $10 billion. The fund's portfolio generally contains between 15 and 35 companies, although the precise number of its investments will vary over time. It is non-diversified.
About Clipper (CFIMX)
There are 2 members of the management team with an average tenure of 16.59 years: Christopher Davis (2006), Danton Goei (2014). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Clipper has 33 securities in its portfolio. The top 10 holdings constitute 55.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Clipper is part of the Equity global asset class and is within the U.S. Equity fund group. Clipper has 13.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 79.9%. There is 13.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Clipper has 6.5% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $1 billion average for the Large Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CFIMX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Clipper expense ratio is above average compared to funds in the Large Value category. Clipper has an expense ratio of 0.68%, which is 26% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Clipper has a portfolio turnover rate of 17%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of July 2026, Clipper returned 2.1%, which earned it a grade of D, as the Large Value category had an average return of 2.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Clipper has a trailing yield of 0.77%, which is below the 1.20% category average. The fund normally distributes its income annually and its capital gains semi-annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Clipper Grades
Year to date, the fund has returned 11.9%, 2.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 28.1% over the past year (grade of B), 21.5% over the past three years (grade of A) and 12.8% per year over the past five years (grade of A) and 13.1% per year over the past 10 years (grade of A).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Clipper, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
CFIMX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CFIMX Return (NAV) | 2.1% | 4.8% | 28.1% | 21.5% | 12.8% | 13.1% |
| CFIMX Grade | D | D | B | A | A | A |
| +/- Category | -0.8% | -1.4% | 4.3% | 5.8% | 1.9% | 1.8% |
| Large Value Avg | 2.9% | 6.2% | 23.8% | 15.7% | 10.9% | 11.3% |
| CFIMX Tax Cost Ratio | na | na | 2.2% | 2.5% | 2.4% | 1.9% |
CFIMX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CFIMX Return (NAV) | 11.9% | 27.4% | 19.5% | 31.5% | -18.7% | 17.8% | 10.0% | 29.6% | -12.9% | 17.7% | 15.6% |
| CFIMX Grade | D | A | A | A | F | F | A | A | F | B | B |
| +/- Category | -2.4% | 12.3% | 5.4% | 19.6% | -12.7% | -8.0% | 6.1% | 4.0% | -4.4% | 1.3% | 1.1% |
| Large Value Avg | 14.3% | 15.2% | 14.1% | 11.8% | -6.0% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 13.1% |
| Total Risk Index: | 1.07 - Above Average |
| Category Risk Index: | 1.09 - High |
| Category Risk Grade: | F (89% Rank) |
| Beta: | 0.87 |
| R-Squared: | 75% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.8% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $1479 Mil |
| Fund Total Assets: | $1,479 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 17% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 20.6 years | |||
| Average Tenure: 16.6 years | |||
| Managers (Year): Davis Christopher (2006), Goei Danton (2014) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 33 |
| % in Top 10 Holdings: | 55.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 13.7% |
Portfolio Allocation |
|
| Domestic Stock: | 79.9% |
| Foreign Stock: | 13.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 6.5% |
Purchase Information
| Fund Family: | Clipper Fund |
| Phone Number: | 800-432-2504 |
| Website: |
| Status: | Open |
| Inception Date: | February 29, 1984 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.68% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | Clipper |
| Min. Subsequent Purchase: | $ 25 |
| Min. Subsequent IRA Purchase: | $ 0 |
