Davenport's Response to the COVID-19 Outbreak CLIENT LOGIN Menu Core Portfolio Davenport Core Fund is focused on high quality growth opportunities including market leaders that typically outperform in volatile markets. Portfolio Objective Long-term growth of capital Investment Themes Market Leaders/Concentrated Focus – Highest conviction ideas on industry leaders we know well Wide Business Moats – Strong business models that are not easily duplicated Capture Upside and Dampen Volatility – Seek low-risk investing opportunities 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 CORE 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