Fund Evaluator:
Davenport Core Leaders Fund (DAVPX)
Follow This Fund
Best Performing in Large Blend Over the Last Year
| 45.2% | PRIMECAP Odyssey Growth (POGRX) |
| 43.8% | Vanguard PRIMECAP Adm (VPMAX) |
| 43.7% | Vanguard PRIMECAP Inv (VPMCX) |
| 43.5% | Vanguard PRIMECAP Core Inv (VPCCX) |
| 32.6% | Midas Special Opportunities (MISEX) |
Fund Details
Davenport Core Leaders Fund Overview
Davenport Core Leaders Fund (DAVPX) is an actively managed U.S. Equity Large Blend fund. Davenport launched the fund in 1998.
The investment seeks long-term growth of capital. Under normal circumstances, the fund will invest at least 80% of its net assets in common stocks. The Adviser attempts to control risk through diversification among major market sectors, but at times, may emphasize a particular business sector. The Adviser does not limit the fund to any particular capitalization requirement. It may invest a portion of its assets in small, unseasoned companies. It may invest up to 30% of its net assets in common stocks of foreign issuers when, in the Advisor's opinion, such investments would be advantageous to the fund and help The fund achieves its investment objective.
About Davenport Core Leaders Fund (DAVPX)
There are 3 members of the management team with an average tenure of 8.91 years: George Smith (2010), Christopher Pearson (2019), Jeffrey Omohundro (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Lipper Large-Cap Core index with a weighting of 100%. Davenport Core Leaders Fund has 41 securities in its portfolio. The top 10 holdings constitute 42.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Davenport Core Leaders Fund is part of the Equity global asset class and is within the U.S. Equity fund group. Davenport Core Leaders Fund has 3.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 91.5%. There is 3.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Davenport Core Leaders Fund has 4.9% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $6 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DAVPX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Davenport Core Leaders Fund expense ratio is high compared to funds in the Large Blend category. Davenport Core Leaders Fund has an expense ratio of 0.85%, which is 5% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Davenport Core Leaders Fund has a portfolio turnover rate of 16%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of August 2026, Davenport Core Leaders Fund returned 1.8%, which earned it a grade of D, as the Large Blend category had an average return of 2.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Davenport Core Leaders Fund has a trailing yield of 0.03%, which is below the 0.55% category average. The fund normally distributes its income quarterly and its capital gains semi-annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Davenport Core Leaders Fund Grades
Year to date, the fund has returned 10.2%, 1.5 percentage points worse than the category, which translates into a grade of D. The fund has returned 12.1% over the past year (grade of F), 17.1% over the past three years (grade of D) and 9.4% per year over the past five years (grade of D) and 12.5% per year over the past 10 years (grade of F).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Davenport Core Leaders Fund, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
DAVPX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DAVPX Return (NAV) | 1.8% | 3.5% | 12.1% | 17.1% | 9.4% | 12.5% |
| DAVPX Grade | D | B | F | D | D | F |
| +/- Category | -0.4% | 1.2% | -5.6% | -1.7% | -1.6% | -1.4% |
| Large Blend Avg | 2.1% | 2.3% | 17.6% | 18.8% | 11.0% | 13.9% |
| DAVPX Tax Cost Ratio | na | na | 1.3% | 1.3% | 1.4% | 1.1% |
DAVPX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DAVPX Return (NAV) | 10.2% | 10.7% | 20.6% | 29.0% | -20.1% | 23.0% | 13.8% | 32.9% | -6.2% | 19.9% | 9.3% |
| DAVPX Grade | D | F | D | A | F | F | D | A | D | D | D |
| +/- Category | -1.5% | -5.1% | -1.4% | 5.3% | -2.8% | -3.6% | -3.8% | 3.0% | -0.4% | -1.4% | -0.9% |
| Large Blend Avg | 11.6% | 15.8% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 13.0% |
| Total Risk Index: | 1.07 - Above Average |
| Category Risk Index: | 0.99 - Average |
| Category Risk Grade: | C (50% Rank) |
| Beta: | 0.95 |
| R-Squared: | 90% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $1309 Mil |
| Fund Total Assets: | $1,309 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 16% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 16.1 years | |||
| Average Tenure: 8.9 years | |||
| Managers (Year): Smith George (2010), Pearson Christopher (2019), Omohundro Jeffrey (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 41 |
| % in Top 10 Holdings: | 42.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.6% |
Portfolio Allocation |
|
| Domestic Stock: | 91.5% |
| Foreign Stock: | 3.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.9% |
Purchase Information
| Fund Family: | Davenport |
| Phone Number: | 800-281-3217 |
| Website: | www.jamestownfunds.com |
| Status: | Open |
| Inception Date: | January 15, 1998 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $2,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.85% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | Davenport Core Leaders Fund |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
