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Address And Details

901 E. Cary, Suite 1100 , Richmond, VA 23219
Fund Manager George Smith
Manager Tenure 7 Years 5 Months

Strategy And Objective

The investment objective of the Davenport Small Cap Focus Fund (the Small Cap Focus Fund or the Fund ) is long-term capital appreciation. Under normal circumstances, at least 80% of the Small Cap Focus Fund s net assets (including the amount of any borrowings for investment purposes) will be invested in common stocks of small capitalization companies and shares of registered investment companies ( RICs ) that invest primarily in stocks of small capitalization companies. Under normal circumstances, the Fund will invest primarily in companies that Davenport & Company LLC (the "Advisor") believes have the potential for significant capital appreciation. The Advisor seeks to identify companies that have the potential to achieve above average long-term earnings growth or companies that may be undervalued because they are currently out of favor with the market or misunderstood and underfollowed by the investment community. At times, the Fund may emphasize investment in one or more particular issuers or business sectors that are believed to have favorable prospects. The Advisor uses a bottom-up fundamental research process that focuses primarily on individual companies in the context of broader market factors. In determining whether a company has the potential for capital appreciation, the Advisor will focus on several criteria, including, among other things: rate of earnings growth or earnings growth potential, valuation, management strength, balance sheet strength, free cash flow generation, effective capital allocations, and returns on invested capital. The Advisor defines small capitalization companies as those whose market capitalization is between $300 million and $7 billion. The market capitalization of the companies in the Fund s portfolio will change over time, and the Fund will not automatically sell a company it already owns, just because the company s market capitalization increases above or decreases below this range. The Fund may invest in special situation companies facing near-term headwinds but with favorable prospects for recovery. 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 RICs, including shares of mutual funds and shares of exchange-traded funds ( ETFs ) to increase the Fund s exposure to the broad market or to industry sectors without purchasing a large number of individual securities. 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 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 appreciation, 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 6:34 PM ET 05/20/2022

Performance

  • 1 Week
  • +0.50%
  • 1 Month
  • -9.83%
  • 3 Months
  • -7.44%
  • 1 Yr Return
  • -18.45%
  • 5 Yr Return
  • +33.20%

Equity Sector Breakdown

Finance 19.80%
NonDurables 19.43%
IndustrialCyclical 17.46%
Technology 11.85%
RetailTrade 3.70%
Services 1.88%
ConsumerDurables n/a
Energy n/a
Health n/a
Utilities n/a

Asset Allocation

Asset Type % Of Allocation
Stocks 90.41%
Other 0.32%
Cash 0.00%
Bonds 0.00%
Preferred 0.00%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 551.64 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -0.04 -2.03 n/a
Beta 1.13 1.12 n/a
R Squared 0.80 0.78 n/a
Std Deviation 23.52 20.81 n/a
Sharpe Ratio 0.72 0.64 n/a

Purchase Information

as of 6:49 PM ET 05/19/2022
Minimum Initial $5000
Minimum Additional $0
Minimum Initial IRA $2000

Performance

Timeframe Average Annual Current Performance Monthly As Of 04/30/2022 Average Annual Current Performance Quarterly As Of 03/31/2022 Avg Annual Current Performance Monthly As Of 04/30/2022 Avg Annual Current Performance Quarterly As Of 03/31/2022
1 Year
  • -4.91%
  • +6.85%
-4.91% +6.85%
3 Year
  • +14.49%
  • +19.28%
+14.49% +19.28%
10 Year
  • n/a
  • n/a
n/a n/a
Life Of Fund
  • +11.23%
  • +12.58%
+11.23% +12.58%

Top 10 Holdings

Symbol Company Name % Of Assets
CASH TOTAL*MONEY MARKET 9.30%
MCRI MONARCH CASINO & RESORT 6.50%
ALIT ALIGHT INC 5.49%
CNNE CANNAE HOLDINGS INC 5.04%
STC STEWART INFORMATION SERVICES 4.00%
KNSL KINSALE CAPITAL GROUP INC 3.95%
JBI JANUS INTERNATIONAL GROUP IN 3.69%
NEU NEWMARKET CORP 3.55%
PRGO PERRIGO COMPANY 3.46%
ENOV ENOVIS CORP 3.37%

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