Davenport's Response to the COVID-19 Outbreak CLIENT LOGIN Menu Equity Opportunities Portfolio Davenport Equity Opportunities portfolio is focused on capital appreciation through a concentrated and flexible approach. Portfolio 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 STRATEGIES EOP FACTSHEET 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