The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 19, 2026
The Davenport Core Leaders Fund (DAVPX) posted a net return of 2.66% in the third quarter of 2026, outperforming the benchmark S&P 500 Index return of 2.30%. Year to date, the fund has returned 8.11% net of fees, compared to 12.75% for the benchmark index. Relative gains during the third quarter were driven primarily by an underweight allocation in hardware and semiconductor equipment alongside a robust rebound in enterprise software, which offset drag across industrials, financials, materials, and healthcare holdings. The investment environment was characterized by high interest rate volatility and narrow market breadth. Strong corporate earnings were countered by a sharp rise in the discount rate as the Federal Reserve enacted its first rate hike since 2023, propelling the 10-year Treasury yield to 5.29%. Concurrently, geopolitical conflict involving Iran elevated crude oil prices, boosting commodity-linked sectors while exerting headwinds on consumer, cyclical, and rate-sensitive equity market segments. Portfolio activity centered on rebalancing toward high-quality franchises during periods of market dispersion. The management team initiated new positions in Synopsys (SNPS) and Cameco (CCJ), while adding to existing holdings in Broadcom (AVGO), Danaher (DHR), and ServiceNow (NOW). To redeploy capital into these opportunities, the fund completely exited Accenture (ACN) following strength and trimmed positions in Palo Alto Networks (PANW), Quanta Services (PWR), Meta Platforms (META), and Marvell Technology (MRVL).
The fund invests in market-leading franchises with strong balance sheets, high returns on capital, and durable competitive moats capable of outperforming across full market cycles.
Management anticipates that potential moderation in oil prices and stabilization in Treasury yields will ease headwinds on higher-multiple compounders, enabling an eventual broadening of equity market performance beyond mega-cap tech.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
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Forward Guidance
Language Signal
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Top Conviction Themes
Key Catalysts
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