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 Value & Income Fund (DVIPX) delivered a total return of -2.55% net of fees in the third quarter of 2026, underperforming the Russell 1000 Value Index return of 2.61%. Year-to-date, the fund has advanced 2.44% net of fees compared to 19.27% for the benchmark. Relative performance was significantly impacted by the benchmark's concentration in mega-cap technology names (Apple, Microsoft, and Amazon), which constitute 17% of the index and zero percent of the fund. DVIPX maintains an active posture focused on dividend growth, offering a 2.7% dividend yield that is nearly double that of its benchmark. Macroeconomic headwinds were dominated by a sharp rise in global interest rates, with the 30-year US Treasury yield surging to its highest level since 2002. This dynamic created acute pressure on dividend-oriented equities and traditional bond proxies. Concurrently, escalating geopolitical tensions with Iran drove crude oil prices back toward $100 per barrel, boosting traditional energy producers while exacerbating inflation concerns and prolonging a sharp cyclical slowdown across mortgage and housing-related end markets. Portfolio activity reflected disciplined rebalancing into durable cash generators. The fund initiated new positions in industrial automation leader Emerson Electric (EMR) and Brookfield Renewable Corp (BEPC). Capital was harvested through full divestments of Avery Dennison (AVY) and title insurer Fidelity National Financial (FNF) due to persistent macro and regulatory headwinds. Top contributor Accenture (ACN) rallied sharply following enterprise AI partnerships, while the fund added to Dividend King McDonald's (MCD) and defense contractor L3Harris Technologies (LHX) on share price weakness.
The fund seeks long-term capital appreciation and attractive income by investing in high-quality, cash-generative companies trading at reasonable valuations with disciplined capital allocation and enduring dividend growth.
The managers anticipate that market narratives will eventually rotate back toward well-established businesses with strong balance sheets, sustainable dividend streams, and financial flexibility once macroeconomic headwinds stabilize.
Moderate Conviction Bullish
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