Davenport's Response to the COVID-19 Outbreak CLIENT LOGIN Menu Value & Income Portfolio Davenport Value and Income focuses on value opportunities and companies with meaningful dividends and dividend growth potential Portfolio Objective Long-term growth of capital and current income Investment Themes Dividend Aristocrats: High-quality business with track records of maintaining and increasing dividends High-Yielders with Capital Appreciation Potential: Above-average dividend yields and potential growth Contrarian/Special Situations: Deep values, distressed stocks with temporary headwinds Portfolio Construction The portfolio typically owns 45-55 stocks Position sizes typically start in the 1-2% range Broad sector diversification Low portfolio turnover Risk Management Tend to avoid significant balance sheet or business risk Valuation sensitive with focus on margin of safety embedded in purchase price Setting upside and downside price targets for all positions Typically close to fully invested Portfolio Management Investment Policy Committee STRATEGIES VIP 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