Davenport Value and Income focuses on value opportunities and companies with meaningful dividends and dividend growth potential

Portfolio Objective

  • Long-term growth of capital and rising stream of current income

Investment Themes

  • Dividend Achievers: High-quality businesses with track records of maintaining and increasing dividends
  • Above-Average-Yielders with Capital Appreciation Potential
  • Value/Contrarian: Inexpensive valuations with room for improvement

Portfolio Construction

  • The portfolio typically owns approximately 45 stocks
  • Position sizes typically start in the 1.5-2% range
  • Broad sector diversification
  • Low portfolio turnover – tax aware, allow value to compound

Risk Management

  • Seek to avoid significant balance sheet or business risk
  • Valuation sensitive with focus on margin of safety embedded in purchase price
  • Setting price targets for all positions
  • Typically close to fully invested

Portfolio Management


George L. Smith III, CFA
Michael S. Beall, CFA
Adam Bergman, CFA