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Address And Details

901 E. Cary, Suite 1100 , Richmond, VA 23219
Fund Manager George Smith
Manager Tenure 11 Years 1 Months

Strategy And Objective

The investment objective of the Davenport Equity Opportunities Fund (the Equity Opportunities Fund or the Fund ) is long-term capital appreciation. Under normal circumstances, at least 80% of the Equity Opportunities Fund s net assets (including the amount of any borrowings for investment purposes, although the Fund does not currently intend to borrow for investment purposes) will be invested in common stocks and shares of exchange traded funds ( ETFs ) that invest primarily in common stocks. The Fund focuses on superior risk/return opportunities using a flexible, concentrated and opportunistic approach. The Fund is classified as non-diversified and may therefore invest a greater percentage of its assets in the securities of fewer issuers than a fund that is diversified. At times, the Fund may overweight a position in a particular issuer or emphasize investment in a limited number of issuers or one or more particular business sectors. Davenport & Company LLC (the "Advisor") uses a bottom-up stock selection approach that focuses primarily on individual companies in the context of broader market factors. The Advisor attempts to control risk through diversification among major market sectors, but may overweight a position or a sector if it has a strong conviction about its potential for capital appreciation. The Fund will invest primarily in common stocks of companies that, in the Advisor s opinion, show superior potential for capital appreciation, have strong and focused management and solid balance sheets. In making its determinations, the Advisor will focus on companies that exhibit one or more of the following characteristics: Evidence of Financial Strength The company has a consistent generation of free cash flow, a strong balance sheet, a high return on invested capital and the ability to grow revenues. Pricing Flexibility The company has the ability to adjust its prices independent of competitive forces. Competitive Advantage The company has a leading presence and a business that is difficult to replicate, or benefits from barriers to entry that limit or prevent new competition. Disciplined Management The company has an experienced and sound management team that is focused on building value. Attractive Valuation The company is selling at a low price relative to its assets, earnings, cash flow, franchise value or growth potential. This may be determined by its price-earnings ratio, price-book ratio, price-sales ratio or price-free cash flow ratio. The Fund will emphasize investments in common stocks of medium and small capitalization companies but is not limited to any particular market capitalization. The Advisor defines medium capitalization companies as those whose market capitalization, at the time of purchase, is between $2 billion and $20 billion and defines small capitalization companies as those whose market capitalization, at the time of purchase, is between $300 million and $7 billion. The Fund may also invest in special situation companies that have fallen out of favor with the market but are believed to offer favorable risk-adjusted returns. Special situations may include significant changes in a company s allocation of its existing capital (companies undergoing turnarounds, spin-offs, mergers or acquisitions) or a restructuring of assets. Special situations may also result from significant changes to an industry through regulatory developments or shifts in competition, new or improved products, changes in senior management or significant changes in cost structure. The Fund may invest in shares of ETFs to increase the Fund s exposure to the broad market or to industry sectors without purchasing a large number of individual securities. Such ETFs will typically hold a portfolio of securities designed to track the performance of a particular index or market sector. ETFs differ from traditional mutual funds in that their shares are listed on a securities exchange and can be traded intraday. The Fund may invest up to 20% of its net assets in ETFs. The Fund may invest up to 30% of its net assets in common stocks of foreign issuers when, in the Advisor s opinion, such investments would be advantageous to the Fund and help it achieve its investment objective. The Fund may invest in foreign markets that the Advisor considers to be emerging markets. The Advisor considers emerging markets to include any country that is defined as an emerging or developing economy by The International Monetary Fund, Morgan Stanley Capital International, S&P Dow Jones or the countries authorities. The Fund may invest in ETFs that invest primarily in common stocks of foreign companies, including regional and/or country specific ETFs, as well as emerging market ETFs. A security will be sold when the Advisor believes it no longer has the potential for strong growth, when it meets its targeted price, when the fundamentals of the issuer s business or general market conditions have changed, when more attractive opportunities become available, or when strong performance has resulted in an outsized position.

Net Asset Value

as of 5:30 PM ET 01/14/2022

Performance

  • 1 Week
  • -1.95%
  • 1 Month
  • -2.22%
  • 3 Months
  • -7.29%
  • 1 Yr Return
  • +4.27%
  • 5 Yr Return
  • +60.82%

Equity Sector Breakdown

Technology 23.72%
RetailTrade 17.37%
IndustrialCyclical 16.72%
Finance 12.22%
NonDurables 7.53%
Health 2.92%
Services 2.57%
ConsumerDurables n/a
Energy n/a
Utilities n/a

Asset Allocation

Asset Type % Of Allocation
Stocks 93.31%
ForeignStocks 12.89%
Cash 0.00%
Bonds 0.00%
Preferred 0.00%
Convertible 0.00%
Other 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 737.34 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha 1.59 0.17 -0.54
Beta 1.05 1.03 1.01
R Squared 0.85 0.84 0.81
Std Deviation 19.84 17.44 14.72
Sharpe Ratio 1.53 1.12 n/a

Purchase Information

as of 5:00 PM ET 01/13/2022
Minimum Initial $5000
Minimum Additional $0
Minimum Initial IRA $2000

Performance

Timeframe Average Annual Current Performance Monthly As Of 12/31/2021 Average Annual Current Performance Quarterly As Of 12/31/2021 Avg Annual Current Performance Monthly As Of 12/31/2021 Avg Annual Current Performance Quarterly As Of 12/31/2021
1 Year
  • +26.43%
  • +26.43%
+26.43% +26.43%
3 Year
  • +28.81%
  • +28.81%
+28.81% +28.81%
10 Year
  • +15.90%
  • +15.90%
+15.90% +15.90%
Life Of Fund
  • +14.87%
  • +14.87%
+14.87% +14.87%

Top 10 Holdings

Symbol Company Name % Of Assets
DISH DISH NETWORK CORP A 6.93%
CASH TOTAL*MONEY MARKET 6.71%
BAM BROOKFIELD ASSET MANAGEMENT 5.96%
MKL MARKEL CORP 5.18%
ORLY O' REILLY AUTOMOTIVE INC 4.61%
AQUA EVOQUA WATER TECHNOLOGIES CO 4.56%
CNNE CANNAE HOLDINGS INC 4.30%
TTWO TAKE TWO INTERACTIVE SOFTWRE 4.24%
ETSY ETSY INC 4.23%
AMT AMERICAN TOWER CORP 4.12%

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