Davenport's Response to the COVID-19 Outbreak CLIENT LOGIN Menu Davenport Equity Opportunities Fund Davenport Equity Opportunities portfolio is focused on capital appreciation through a concentrated and flexible approach. Fund Objective Long-term capital appreciation Investment Themes Compounding Growth: Strong capital allocation practices and high returns on invested capital Owner/Operator: Ownership cultures vested in the long-term growth and success of their companies Differentiated Perspective: Rigorous research helps to yield superior risk/return opportunities Portfolio Construction The portfolio typically owns 25-30 stocks Position sizes typically start in the 2-3% range Overweight high conviction ideas Low portfolio turnover Risk Management Tend to avoid significant balance sheet or business risk Rigorous research enables greater depth of knowledge of companies we follow and own Valuation sensitive with focus on margin of safety embedded in purchase price Portfolio Management George L. Smith, CFA Christopher G. Pearson, CFA Investors should consider the Fund’s investment objectives, risks, charges, and expenses carefully before investing. The Fund’s prospectus contains this and other important information, should be read carefully before investing or sending money, and may be obtained from your Investment Executive, www.investdavenport.com, or by calling (888) 285-1863. Distributed by Ultimus Fund Distributors, LLC Risk Considerations: The fund may not achieve its objective and/or you could lose money on your investment in the fund. Stock markets and investments in individual stocks are volatile and can decline significantly in response to market, foreign securities, small company, exchange traded fund, investment style and management risks. Small and mid cap company stocks may be more volatile than stocks of larger, more established companies. Please see the prospectus for further information on these and other risk considerations. STRATEGIES DEOPX FACTSHEET FUND FACTS TICKER DEOPX MARKET CAP BIAS Mid Cap FUND CLASS No Load INCEPTION 12/31/2010 GROSS EXPENSE RATIO 0.91% TARGETED HOLDINGS 25-30 LINKS PROSPECTUS, DOCUMENTS, AND APPLICATIONS ADDITIONAL INFORMATION DEOPX HOLDINGS Corporate Headquarters: One James Center | 901 East Cary Street, Suite 1100 | Richmond, Virginia 23219 DIRECTIONS © 2021 DAVENPORT & COMPANY LLC MEMBER: NYSE | FINRA | SIPC ALL RIGHTS RESERVED