Fund Evaluator:
Davidson Multi-Cap Equity A (DFMAX)
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Best Performing in Large Blend Over the Last Year
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Fund Details
Davidson Multi-Cap Equity A Overview
Davidson Multi-Cap Equity A (DFMAX) is an actively managed U.S. Equity Large Blend fund. Davidson Mutual Funds launched the fund in 2008.
The investment seeks long-term capital appreciation. The fund invests at least 80% of its net assets (including any borrowings for investment purposes) in equity securities across a wide range of market capitalizations and investment styles with attractive fundamental characteristics. It invests its assets in both value and growth stocks, as well as dividend-paying and non-dividend-paying stocks. The fund may invest up to 25% of its net assets in foreign securities.
About Davidson Multi-Cap Equity A (DFMAX)
There are 2 members of the management team with an average tenure of 16.54 years: Paul Condrat (2011), Brian Clancy (2008). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P Composite 1500 (TR) USD index with a weighting of 100%. Davidson Multi-Cap Equity A has 53 securities in its portfolio. The top 10 holdings constitute 40.8% 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.
Davidson Multi-Cap Equity A is part of the Equity global asset class and is within the U.S. Equity fund group. Davidson Multi-Cap Equity A has 7.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 91.7%. There is 7.9% 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). Davidson Multi-Cap Equity A has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $62 million 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.
DFMAX 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 Davidson Multi-Cap Equity A expense ratio is high compared to funds in the Large Blend category. Davidson Multi-Cap Equity A has an expense ratio of 1.15%, which is 42% higher than its category average, making the fund expense ratio grade a D. 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. Davidson Multi-Cap Equity A has a portfolio turnover rate of 15%, 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 July 2026, Davidson Multi-Cap Equity A returned 2.2%, which earned it a grade of A, as the Large Blend category had an average return of 0.4%. 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.
Davidson Multi-Cap Equity A has a trailing yield of 0.71%, which is above the 0.56% category average. The fund normally distributes its income 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.
Davidson Multi-Cap Equity A Grades
Year to date, the fund has returned 7.2%, 2.1 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), 13.0% over the past three years (grade of F) and 8.9% per year over the past five years (grade of F) and 12.4% per year over the past 10 years (grade of F).
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DFMAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DFMAX Return (NAV) | 2.2% | 1.7% | 12.1% | 13.0% | 8.9% | 12.4% |
| DFMAX Grade | A | F | F | F | F | F |
| +/- Category | 1.8% | -2.4% | -5.4% | -4.3% | -2.2% | -1.3% |
| Large Blend Avg | 0.4% | 4.1% | 17.5% | 17.3% | 11.1% | 13.7% |
| DFMAX Tax Cost Ratio | na | na | 1.9% | 1.0% | 2.0% | 1.9% |
DFMAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DFMAX Return (NAV) | 7.2% | 11.6% | 17.3% | 17.5% | -13.2% | 28.8% | 22.0% | 26.8% | -4.7% | 13.2% | 12.6% |
| DFMAX Grade | D | F | F | F | A | B | A | F | B | F | A |
| +/- Category | -2.1% | -4.2% | -4.8% | -6.2% | 4.1% | 2.2% | 4.5% | -3.0% | 1.1% | -8.1% | 2.4% |
| Large Blend Avg | 9.3% | 15.8% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 11.6% |
| Total Risk Index: | 0.95 - Average |
| Category Risk Index: | 0.88 - Low |
| Category Risk Grade: | A (9% Rank) |
| Beta: | 0.85 |
| R-Squared: | 90% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.7% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $132 Mil |
| Fund Total Assets: | $ 63 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 16% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 18.0 years | |||
| Average Tenure: 16.5 years | |||
| Managers (Year): Clancy Brian (2008), Condrat Paul (2011) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 53 |
| % in Top 10 Holdings: | 40.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.9% |
Portfolio Allocation |
|
| Domestic Stock: | 91.7% |
| Foreign Stock: | 7.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.4% |
Purchase Information
| Fund Family: | Davidson Mutual Funds |
| Phone Number: | 877-332-0529 |
| Website: | www.davidsonmutualfunds.com |
| Status: | Open |
| Inception Date: | August 11, 2008 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| True No-Load: | No |
| Front Load Maximum: | 3.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.15% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | Davidson Multi-Cap Equity A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
