BKAMF - The Davenport Value & Income Fund Q1 2025 Commentary

2025-04-30 10:30:00 ET

Summary

• The Davenport Value & Income Fund outperformed the Russell 1000 Value Index in Q1 2025, driven by strong performance in Healthcare and Consumer Staples sectors.
• Defensive sectors like Healthcare and Consumer Staples, along with Berkshire Hathaway, excelled, while Technology holdings and parcel delivery providers underperformed.
• Key fund activities included buying Avery Dennison and Constellation Brands, and selling Hershey due to persistent high cocoa prices and declining earnings.
• The Fund's holdings demonstrated strong dividend growth and share buybacks, with many trading at attractive valuations, reflecting resilient cash flows and compressed multiples.

Q1 2025 Market Review

The Davenport Value & Income Fund ( DVIPX ) generated a 3.83% total return in the first quarter of 2025, outperforming the Russell 1000 Value® Index’s 2.14% return over the same time frame. In the quarter, investors’ preference for value stocks could be seen by the Russell 1000 Value Index’s positive return vs. negative results for the S&P 500® Index ( SP500 , SPX, -4.27%) and Russell 1000 Growth® (-9.97%)....

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