Davenport's Response to the COVID-19 Outbreak CLIENT LOGIN Menu Davenport Small Cap Focus Fund Davenport Small Cap Focus emphasizes smaller capitalization companies with significant growth potential through a concentrated approach. DSCPX portfolio managers, George Smith and Chris Pearson, discuss how they manage assets in the small cap space. Fund Objective Long-term growth of capital Investment Themes Differentiated ideas in a Less Efficient Universe: Under-followed names with strong growth potential Concentrated approach: focus on high conviction ideas Owners/operators: management teams with skin in the game Opportunistic entry points: willing to look at situations that may be out of favor Portfolio Construction Position sizes typically start in the 1-2% range Low portfolio turnover Broad sector diversification 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, https://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 DSCPX FACTSHEET FUND FACTS TICKER DSCPX MARKET CAP BIAS Small Cap FUND CLASS No Load INCEPTION 12/31/2014 GROSS EXPENSE RATIO 0.97% TARGETED HOLDINGS 35 - 50 LINKS PROSPECTUS, DOCUMENTS, AND APPLICATIONS ADDITIONAL INFORMATION DSCPX 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