The Davenport Balanced Fund Q1 2025 Commentary

2025-04-30 11:30:00 ET

Summary

• The Davenport Balanced Fund outperformed its benchmark in Q1 2025, driven by strong performances in Healthcare and Consumer Staples sectors.
• Defensive sectors outperformed as technology stocks lagged, with notable gains from Berkshire Hathaway and losses from HP, Oracle, FedEx, and UPS.
• Key portfolio changes included adding Avery Dennison and Constellation Brands while selling Hershey, focusing on value and dividend growth.
• Fixed income strategy emphasized high-quality bonds with additions to U.S. Agency obligations, balancing yield and credit risk.

Q1 2025 Market Review

The Davenport Balanced Fund ( DBALX ) generated a 2.88% total return in the first quarter of 2025, outperforming the 60% Russell 1000 Value® Index/40% Bloomberg Intermediate US Government- Credit Total Return® Index’s 2.28% 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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