Davenport Equity Opportunities Fund
Name
As of 11/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
7.9%
1 yr return
22.1%
3 Yr Avg Return
1.8%
5 Yr Avg Return
11.1%
Net Assets
$854 M
Holdings in Top 10
43.2%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.88%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 22.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$5,000
IRA
$2,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
DEOPX - Profile
Distributions
- YTD Total Return 7.9%
- 3 Yr Annualized Total Return 1.8%
- 5 Yr Annualized Total Return 11.1%
- Capital Gain Distribution Frequency Semi-Annually
- Net Income Ratio -0.20%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameDavenport Equity Opportunities Fund
-
Fund Family NameDavenport
-
Inception DateDec 31, 2010
-
Shares OutstandingN/A
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerGeorge Smith
Fund Description
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 “Adviser”) uses a “bottom-up” stock selection approach that focuses primarily on individual companies in the context of broader market factors. The Adviser 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 Adviser’s opinion, show superior potential for capital appreciation, have strong and focused management, and solid balance sheets. In making its determinations, the Adviser 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 Adviser 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 since their shares are listed on a securities exchange and can be traded intraday. When the Fund invests in an ETF, Fund shareholders will indirectly pay a proportionate share of the management fee and operating expenses of the ETF, in addition to the Fund’s direct fees and expenses. 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 Adviser’s opinion, such investments would be advantageous to the Fund and help it achieve its investment objective. The Fund may invest in ETFs that invest primarily in common stocks of foreign companies, including regional and/or country specific ETFs.
A security will be sold when the Adviser 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.
DEOPX - Performance
Return Ranking - Trailing
Period | DEOPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.9% | -12.7% | 37.7% | 91.88% |
1 Yr | 22.1% | -0.7% | 49.8% | 85.99% |
3 Yr | 1.8%* | -22.6% | 20.7% | 74.15% |
5 Yr | 11.1%* | -0.9% | 24.6% | 27.74% |
10 Yr | 10.2%* | 2.6% | 13.3% | 11.21% |
* Annualized
Return Ranking - Calendar
Period | DEOPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 21.3% | -12.9% | 28.8% | 7.32% |
2022 | -29.5% | -52.6% | 20.1% | 95.74% |
2021 | 13.5% | -43.8% | 32.4% | 40.29% |
2020 | 8.3% | -10.6% | 82.1% | 58.86% |
2019 | 33.7% | -8.5% | 37.5% | 0.64% |
Total Return Ranking - Trailing
Period | DEOPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.9% | -12.7% | 37.7% | 91.88% |
1 Yr | 22.1% | -0.7% | 49.8% | 85.99% |
3 Yr | 1.8%* | -22.6% | 20.7% | 74.15% |
5 Yr | 11.1%* | -0.9% | 24.6% | 27.74% |
10 Yr | 10.2%* | 2.6% | 13.3% | 11.21% |
* Annualized
Total Return Ranking - Calendar
Period | DEOPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 27.7% | 1.2% | 31.3% | 1.41% |
2022 | -23.1% | -45.7% | 21.1% | 95.74% |
2021 | 26.4% | -30.2% | 52.8% | 30.43% |
2020 | 21.4% | -8.4% | 84.3% | 13.21% |
2019 | 39.2% | 1.0% | 43.4% | 2.87% |
NAV & Total Return History
DEOPX - Holdings
Concentration Analysis
DEOPX | Category Low | Category High | DEOPX % Rank | |
---|---|---|---|---|
Net Assets | 854 M | 728 K | 168 B | 38.94% |
Number of Holdings | 32 | 1 | 2780 | 89.64% |
Net Assets in Top 10 | 361 M | 399 K | 13.2 B | 20.17% |
Weighting of Top 10 | 43.23% | 0.5% | 100.0% | 14.61% |
Top 10 Holdings
- First American Treasury Obligations Fund Class X 6.41%
- Brookfield Corporation 5.16%
- Live Nation Entertainment, Inc. 4.80%
- Kinsale Capital Group, Inc. 4.35%
- Martin Marietta Materials, Inc. 3.93%
- Xylem, Inc. 3.83%
- Enovis Corporation 3.82%
- DraftKings Inc. 3.72%
- O'Reilly Automotive, Inc. 3.63%
- Lamar Advertising Company Class A 3.59%
Asset Allocation
Weighting | Return Low | Return High | DEOPX % Rank | |
---|---|---|---|---|
Stocks | 93.41% | 0.86% | 100.67% | 94.12% |
Cash | 6.59% | 0.00% | 99.07% | 6.16% |
Preferred Stocks | 0.00% | 0.00% | 11.46% | 12.32% |
Other | 0.00% | -0.01% | 51.08% | 36.41% |
Convertible Bonds | 0.00% | 0.00% | 1.78% | 12.32% |
Bonds | 0.00% | 0.00% | 72.71% | 20.17% |
Stock Sector Breakdown
Weighting | Return Low | Return High | DEOPX % Rank | |
---|---|---|---|---|
Financial Services | 24.10% | 0.00% | 46.10% | 3.93% |
Consumer Cyclical | 18.60% | 2.49% | 46.48% | 8.43% |
Industrials | 16.32% | 0.00% | 45.89% | 52.53% |
Communication Services | 12.11% | 0.00% | 30.98% | 3.37% |
Technology | 9.98% | 0.00% | 40.65% | 89.89% |
Basic Materials | 7.57% | 0.00% | 16.35% | 12.08% |
Real Estate | 6.38% | 0.00% | 25.82% | 62.64% |
Energy | 2.91% | 0.00% | 58.13% | 76.97% |
Healthcare | 2.02% | 0.00% | 24.06% | 96.35% |
Utilities | 0.00% | 0.00% | 18.97% | 83.15% |
Consumer Defense | 0.00% | 0.00% | 32.18% | 96.35% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | DEOPX % Rank | |
---|---|---|---|---|
US | 93.41% | 0.86% | 100.25% | 92.16% |
Non US | 0.00% | 0.00% | 10.11% | 25.49% |
DEOPX - Expenses
Operational Fees
DEOPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.88% | 0.03% | 19.40% | 59.72% |
Management Fee | 0.75% | 0.00% | 1.50% | 63.94% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.30% | 67.70% |
Sales Fees
DEOPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
DEOPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
DEOPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 22.00% | 0.00% | 304.00% | 23.27% |
DEOPX - Distributions
Dividend Yield Analysis
DEOPX | Category Low | Category High | DEOPX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 29.78% | 23.25% |
Dividend Distribution Analysis
DEOPX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Annual | Quarterly | Annual |
Net Income Ratio Analysis
DEOPX | Category Low | Category High | DEOPX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.20% | -2.06% | 3.38% | 81.97% |
Capital Gain Distribution Analysis
DEOPX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Semi-Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 26, 2023 | $0.039 | OrdinaryDividend |
Dec 04, 2023 | $0.466 | CapitalGainLongTerm |
Jun 15, 2023 | $0.022 | OrdinaryDividend |
Jun 15, 2023 | $0.563 | CapitalGainLongTerm |
Dec 27, 2022 | $0.056 | OrdinaryDividend |
Dec 05, 2022 | $0.266 | CapitalGainLongTerm |
Jun 15, 2022 | $1.305 | OrdinaryDividend |
Dec 03, 2021 | $1.712 | CapitalGainLongTerm |
Jun 15, 2021 | $0.167 | CapitalGainShortTerm |
Jun 15, 2021 | $0.868 | CapitalGainLongTerm |
Dec 04, 2020 | $1.141 | OrdinaryDividend |
Jun 26, 2020 | $1.266 | OrdinaryDividend |
Dec 05, 2019 | $0.177 | CapitalGainLongTerm |
Jun 14, 2019 | $0.649 | CapitalGainLongTerm |
Dec 06, 2018 | $0.659 | CapitalGainLongTerm |
Jun 15, 2016 | $0.188 | CapitalGainLongTerm |
Dec 29, 2015 | $0.006 | OrdinaryDividend |
Dec 02, 2015 | $0.004 | CapitalGainShortTerm |
Dec 02, 2015 | $0.414 | CapitalGainLongTerm |
Jun 15, 2015 | $0.019 | CapitalGainShortTerm |
Jun 15, 2015 | $0.291 | CapitalGainLongTerm |
Dec 29, 2014 | $0.050 | OrdinaryDividend |
Dec 02, 2014 | $0.202 | CapitalGainShortTerm |
Dec 02, 2014 | $0.521 | CapitalGainLongTerm |
Jun 13, 2014 | $0.213 | ExtraDividend |
Jun 13, 2014 | $0.390 | CapitalGainShortTerm |
Jun 13, 2014 | $0.384 | CapitalGainLongTerm |
Dec 31, 2013 | $0.010 | ExtraDividend |
Dec 13, 2013 | $0.104 | CapitalGainShortTerm |
Dec 13, 2013 | $0.417 | CapitalGainLongTerm |
Dec 13, 2013 | $0.010 | OrdinaryDividend |
Jun 14, 2013 | $0.005 | CapitalGainShortTerm |
Jun 14, 2013 | $0.302 | CapitalGainLongTerm |
Dec 31, 2012 | $0.006 | ExtraDividend |
Dec 14, 2012 | $0.016 | OrdinaryDividend |
Dec 14, 2012 | $0.060 | CapitalGainShortTerm |
Dec 14, 2012 | $0.224 | CapitalGainLongTerm |
Sep 15, 2011 | $0.039 | CapitalGainShortTerm |
DEOPX - Fund Manager Analysis
Managers
George Smith
Start Date
Tenure
Tenure Rank
Dec 31, 2010
11.42
11.4%
George L. Smith, III, CFA (age 41) joined Davenport & Company in 1997 and currently serves as a Senior Vice President, Director and coordinator of the buy-side research for the firm. Mr. Smith is a member of the firm’s Executive Committee and has been a member of the IPC since July 2010. .
Christopher Pearson
Start Date
Tenure
Tenure Rank
Aug 01, 2013
8.84
8.8%
Christopher G. Pearson, CFA joined Davenport & Company LLC in 2006 and is First Vice President and a buy-side analyst for the firm. Mr. Pearson is a member of the firm’s Portfolio Review Committee. Mr. Pearson earned his BA in Business Administration from University of Richmond.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.25 | 38.44 | 7.29 | 5.78 |