Fund Evaluator:
Davenport Balanced Income (DBALX)
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Best Performing in Moderate Allocation Over the Last Year
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Fund Details
Davenport Balanced Income Overview
Davenport Balanced Income (DBALX) is an actively managed Allocation Moderate Allocation fund. Davenport launched the fund in 2015.
The investment seeks current income and an opportunity for long-term growth. The fund invests in a diversified portfolio of equity and fixed income securities, including exchange-traded funds ("ETFs") that invest in equity and fixed income securities. Under normal market conditions, the fund will target an allocation of no more than 75% and no less than 25% of its total assets in equity securities and no less than 25% of its total assets in fixed income securities.
About Davenport Balanced Income (DBALX)
There are 5 members of the management team with an average tenure of 7.21 years: Michael Beall (2015), George Smith (2015), Adam Bergman (2023), Kevin Hopkins (2020), William Cleland (2021). 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 Russell 1000 Value TR USD index with a weighting of 100%. Davenport Balanced Income has 87 securities in its portfolio. The top 10 holdings constitute 17.7% 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 Balanced Income is part of the Allocation global asset class and is within the Allocation fund group. Davenport Balanced Income has 13.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 50.4%. There is 10.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 36.6% (33.6% domestic bond, 3.0% foreign bond and 0.0% convertible bond). Davenport Balanced Income has 3.0% of the portfolio in cash.
Assets Under Management
The fund has $285 million in total assets, which is below the $2 billion average for the Moderate Allocation 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.
DBALX 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 Balanced Income expense ratio is high compared to funds in the Moderate Allocation category. Davenport Balanced Income has an expense ratio of 0.93%, which is 6% lower 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 Balanced Income has a portfolio turnover rate of 36%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.
Recently, in the month of August 2026, Davenport Balanced Income returned 0.4%, which earned it a grade of F, as the Moderate Allocation category had an average return of 1.4%. 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 Balanced Income has a trailing yield of 2.49%, which is above the 1.95% category average. The fund normally distributes its income semi-annually and its capital gains 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 Balanced Income Grades
Year to date, the fund has returned 5.3%, 2.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 7.3% over the past year (grade of F), 8.9% over the past three years (grade of F) and 4.3% per year over the past five years (grade of F) and 5.8% per year over the past 10 years (grade of F).
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DBALX 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 |
|
| DBALX Return (NAV) | 0.4% | 2.0% | 7.3% | 8.9% | 4.3% | 5.8% |
| DBALX Grade | F | A | F | F | F | F |
| +/- Category | -1.1% | 0.7% | -5.3% | -4.2% | -2.3% | -2.8% |
| Moderate Allocation Avg | 1.4% | 1.2% | 12.6% | 13.1% | 6.6% | 8.6% |
| DBALX Tax Cost Ratio | na | na | 1.7% | 1.4% | 1.2% | 1.1% |
DBALX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DBALX Return (NAV) | 5.3% | 9.9% | 8.0% | 7.8% | -11.0% | 14.2% | 3.6% | 18.6% | -7.6% | 11.1% | 9.2% |
| DBALX Grade | F | F | F | F | B | C | F | D | F | F | A |
| +/- Category | -2.7% | -3.5% | -4.3% | -6.5% | 2.9% | -0.2% | -9.3% | -1.3% | -2.5% | -2.7% | 1.4% |
| Moderate Allocation Avg | 8.0% | 13.4% | 12.2% | 14.3% | -14.0% | 14.4% | 12.9% | 19.8% | -5.1% | 13.8% | 7.7% |
| Risk Measures | |
| Standard Deviation: | 7.7% |
| Total Risk Index: | 0.63 - Below Average |
| Category Risk Index: | 0.84 - Low |
| Category Risk Grade: | A (6% Rank) |
| Beta: | 0.72 |
| R-Squared: | 75% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 2.5% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $285 Mil |
| Fund Total Assets: | $ 286 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 36% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 10.7 years | |||
| Average Tenure: 7.2 years | |||
| Managers (Year): Beall Michael (2015), Smith George (2015), Hopkins Kevin (2020), Cleland William (2021), Bergman Adam (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 87 |
| % in Top 10 Holdings: | 17.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 13.0% |
Portfolio Allocation |
|
| Domestic Stock: | 50.4% |
| Foreign Stock: | 10.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 33.6% |
| Foreign Bond: | 3.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.0% |
Purchase Information
| Fund Family: | Davenport |
| Phone Number: | 800-281-3217 |
| Website: | www.jamestownfunds.com |
| Status: | Open |
| Inception Date: | December 31, 2015 |
| 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 (%): | 0.93% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Davenport Balanced Income |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
