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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Davenport is actively trimming overextended technology momentum darlings to redeploy capital into high-quality, valuation-sensitive cyclical compounders ahead of an expected market rotation."
Davenport Asset Management's Q4 2025 commentary reviews a volatile but highly rewarding year for major indices, led primarily by technology and AI-related momentum darlings. Recognizing signs of potential bubble behavior and extreme investor crowding in unprofitable tech, Davenport's managers have adopted a defensive, valuation-conscious stance. Across their fund offerings, they trimmed or exited positions that 'graduated' from value to growth (such as Oracle and Alphabet) and reinvested in cast-aside quality compounders (like Cintas, Marvell, and Marsh & McLennan) and cyclical names. They look forward to 2026, anticipating that Fed rate cuts, economic resilience, and Trump's fiscal policies will fuel a market rotation toward lagging cyclical and value-oriented segments.
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