D&

DAVENPORT & Co LLC

Diversified strategyMomentum followerQuality / disciplined sizing

Total reported value

$18.4B

Reporting period: 2026-03-31 · Number of holdings: 1302

DAVENPORT & Co LLC disclosed 1302 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $18.4B and a quarterly turnover rate of 22.4%.

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Personality snowflake

Concentration
3.01
Portfolio Stability
22.42
Momentum/Contrarian
98.96
Sector conviction
37.5
Diversification
100
Sizing Uniformity
70.67

Recent moves

  • Add SPY

    +647.1%　$147.8M

  • Trim QQQ

    -91.7%　-$142.8M

  • Trim BN

    -14.6%　-$140.9M

  • Trim NVO

    -96.2%　-$109.4M

  • Add CEG

    +2874.7%　$92.6M

  • Add BRK-B

    +35.1%　$77.0M

Holdings Map

New buyAddUnchangedTrim

Institutional Game-State Analysis

Core Intent

DAVENPORT & Co LLC is rotating capital out of pure tech exposure (QQQ liquidation, META trim) and into a broader, defensive posture by scaling SPY from a 13bp sleeve to 94bp — a sevenfold increase. The addition of a yen ETF (FXY) and a utility/energy play (CEG) telegraphs a bet on dollar weakness and secular energy demand, but the overall drift is index-aware capital preservation disguised as active management.

Macro & Fundamentals

The macro regime being priced is a US growth plateau with tech multiple compression: QQQ’s 50% allocation to semiconductors and high-beta names is being swapped for SPY’s lower volatility and wider earnings base. The yen ETF entry signals a conviction that dollar strength has peaked and will erode as the Fed cuts, while CEG captures the AI data-center load thesis without pure tech exposure. The opposing scenario is that AI capex remains the only game in town, QQQ reasserts its growth premium, and yen weakness re-emerges as carry trade unwinds — rendering both rotation and hedge premature.

Blind Spots / Risks

The portfolio’s extreme diversification — 1,276 positions, a 0.75% HHI — means active bets like the yen trade are diluted to 59bps of a $1B+ book, too small to hedge macro risk but large enough to embed a consensus FX view. The overarching vulnerability is that this strategy masquerades as active but lacks conviction sizing: the momentum tilt (98.96) is a factor the entire market is now chasing, so the edge is crowded, and the 22% turnover is paying trading costs for moves that barely alter the portfolio’s risk profile.

The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.

Top 10 holdings by weight

Full holdings list this quarter

Showing top 1276 holdings (of 1302 total)

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1BNBrookfield CORPStock-Financials2.31%-0.70%-14.57%
2AMZNAmazon.com INCStock-Consumer Disc2.19%-0.33%-4.90%
3MKLMarkel Group INCStock-Financials2.15%-0.26%-1.35%
4AAPLApple INCStock-Tech2.05%—+12.04%
5MSFTMicrosoft CORPStock-Tech2.04%-0.44%+6.19%
6NVDANvidia CORPStock-Tech1.90%-0.10%-0.25%
7BRK-BBerkshire Hathaway Inc-cl BStock-Other1.89%+0.45%+35.12%
8GOOGLAlphabet Inc-cl AStock-Comm Services1.23%-0.09%-0.48%
9JNJJohnson & JohnsonStock-Healthcare1.20%—-19.10%
10UNHUnitedhealth Group INCStock-Healthcare1.18%—+19.80%
11VOOVanguard S&p 500 ETFETF-Large Cap & Growth1.13%—+4.20%
12MLMMartin Marietta MaterialsStock-Materials1.09%—-1.80%
13WSOWatsco INCStock-Industrials1.08%+0.23%+15.97%
14CVXChevron CORPStock-Energy1.06%—-18.31%
15VIGVanguard Dividend Apprec ETFETF-Other1.00%—+12.22%
16NEENextera Energy INCStock-Utilities0.99%+0.14%-0.08%
17KNSLKinsale Capital Group INCStock-Financials0.99%-0.12%+1.30%
18UNPUnion Pacific CORPStock-Industrials0.99%+0.38%+53.55%
19AMTAmerican Tower CORPStock-Real Estate0.96%—-2.40%
20SPYSs Spdr S&p 500 ETF Trust-usETF-Large Cap & Growth0.94%+0.81%+647.12%
21ELVElevance Health INCStock-Healthcare0.91%-0.16%-0.31%
22XOMExxon Mobil CORPStock-Energy0.90%-0.33%-49.29%
23CMCSAComcast Corp-class AStock-Comm Services0.86%+0.25%+33.69%
24JPMJpmorgan Chase & CoStock-Financials0.84%-0.15%-8.57%
25ACNAccenture plcStock-Tech0.84%-0.25%+2.78%
26SHWSherwin-williams Co/theStock-Materials0.83%—-2.26%
27MAMastercard INC - AStock-Financials0.83%-0.10%+0.50%
28BAMBrookfield Asset Mgmt-aStock-Financials0.82%-0.15%-1.70%
29AVGOBroadcom INCStock-Tech0.81%-0.22%-13.33%
30ADIAnalog Devices INCStock-Tech0.79%—-14.63%
31VVisa Inc-class A SharesStock-Financials0.79%-0.11%+0.08%
32ROKRockwell Automation INCStock-Industrials0.79%—-1.20%
33TJXTjx Companies INCStock-Consumer Disc0.77%—-0.32%
34METAMeta Platforms Inc-class AStock-Comm Services0.77%-0.43%-27.17%
35LAMRLamar Advertising Co-aStock-Real Estate0.74%—-1.48%
36NSCNorfolk Southern CORPStock-Industrials0.72%—-0.21%
37DHRDanaher CORPStock-Healthcare0.71%-0.10%+3.61%
38COSTCostco Wholesale CORPStock-Consumer Staples0.69%—-0.18%
39BUDAnheuser-busch Inbev-spn AdrStock-Consumer Staples0.69%—-17.16%
40LHXL3harris Technologies INCStock-Industrials0.68%-0.19%-34.02%
41LOWLowe's Cos INCStock-Consumer Disc0.68%—+0.56%
42MRVLMarvell Technology INCStock-Tech0.67%—-6.07%
43TELTE Connectivity plcStock-Tech0.67%—-1.42%
44MCDMcdonald's CORPStock-Consumer Disc0.67%—-0.17%
45LYVLive Nation Entertainment InStock-Comm Services0.66%—-9.89%
46EOGEog Resources INCStock-Energy0.64%+0.13%-11.29%
47ICEIntercontinental Exchange InStock-Financials0.62%—-0.10%
48MRSHMarsh & Mclennan CosStock-Financials0.60%—+23.63%
49AONAon plcStock-Financials0.59%—+25.13%
50FXYInvesco Currencyshares JapanETF-Other0.59%+0.59%NEW
1–50 of 1,276

Holding changes this quarter

DAVENPORT & Co LLC's most significant position changes for 2026-03-31: New buy: Invesco Currencyshares Japan (FXY); New buy: Tko Group Holdings INC (TKO); New buy: Cohen & Steers INC (CNS); New buy: Liberty Media Corp-formula-c (FWONK); New buy: Versant Media Group INC (VSNT).

Position changes disclosed by DAVENPORT & Co LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1SPYSs Spdr S&p 500 ETF Trust-us+0.8%+647.12%Add
2CEGConstellation Energy+0.5%+2874.69%Add
3BRK-BBerkshire Hathaway Inc-cl B+0.5%+35.12%Add
4CSCOCisco Systems INC+0.4%+311.50%Add
5UNPUnion Pacific CORP+0.4%+53.55%Add
6TXNTexas Instruments INC+0.3%+506.19%Add
7TLTIshares 20+ Year Treasury Bd+0.3%+838.82%Add
8WYWeyerhaeuser Co+0.3%+3986.33%Add
9EMNEastman Chemical Co+0.3%+106.34%Add
10RYNRayonier INC+0.3%+6175.85%Add
11HQYHealthequity INC+0.3%+157.45%Add
12CMCSAComcast Corp-class A+0.3%+33.69%Add
13WSOWatsco INC+0.2%+15.97%Add
14NEENextera Energy INC+0.1%-0.08%Trim
15EOGEog Resources INC+0.1%-11.29%Trim
16CARRCarrier Global CORP+0.1%+32.59%Add
17KMXCarmax INC+0.1%+348.95%Add
18GOOGLAlphabet Inc-cl A-0.1%-0.48%Trim
19NVDANvidia CORP-0.1%-0.25%Trim
20DHRDanaher CORP-0.1%+3.61%Add
21MAMastercard INC - A-0.1%+0.50%Add
22SPOTSpotify Technology S.A.-0.1%-4.46%Trim
23ABTAbbott Laboratories-0.1%+0.91%Add
24VVisa Inc-class A Shares-0.1%+0.08%Add
25KNSLKinsale Capital Group INC-0.1%+1.30%Add
26CCitigroup INC-0.1%-16.68%Trim
27JPMJpmorgan Chase & Co-0.2%-8.57%Trim
28BAMBrookfield Asset Mgmt-a-0.2%-1.70%Trim
29ELVElevance Health INC-0.2%-0.31%Trim
30WFCWells Fargo & Co-0.2%-19.74%Trim
31LHXL3harris Technologies INC-0.2%-34.02%Trim
32AVGOBroadcom INC-0.2%-13.33%Trim
33ESABEsab CORP-0.2%-30.17%Trim
34ACNAccenture plc-0.3%+2.78%Add
35MKLMarkel Group INC-0.3%-1.35%Trim
36FDXFedex CORP-0.3%-80.88%Trim
37DKNGDraftkings Inc-cl A-0.3%-18.49%Trim
38AMZNAmazon.com INC-0.3%-4.90%Trim
39XOMExxon Mobil CORP-0.3%-49.29%Trim
40ADBEAdobe INC-0.4%-93.81%Trim
41METAMeta Platforms Inc-class A-0.4%-27.17%Trim
42MSFTMicrosoft CORP-0.4%+6.19%Add
43NVONovo-nordisk A/s-spons Adr-0.6%-96.16%Trim
44BNBrookfield CORP-0.7%-14.57%Trim
45QQQInvesco Qqq Trust Series 1-0.8%-91.69%Trim
46FXYInvesco Currencyshares Japan—NEWNew buy
47TKOTko Group Holdings INC—NEWNew buy
48CNSCohen & Steers INC—NEWNew buy
49FWONKLiberty Media Corp-formula-c—NEWNew buy
50VSNTVersant Media Group INC—NEWNew buy

FAQ

What is DAVENPORT & Co LLC and what type of investor is it?
DAVENPORT & Co LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $18.4B, spread across 1302 disclosed positions.
What are DAVENPORT & Co LLC's largest equity positions?
Based on the latest 13F filing, DAVENPORT & Co LLC's top holdings by market value are: 1. Brookfield CORP (BN) — $424.4M (2.3%) 2. Amazon.com INC (AMZN) — $403.0M (2.2%) 3. Markel Group INC (MKL) — $395.5M (2.1%) 4. Apple INC (AAPL) — $377.5M (2.0%) 5. Microsoft CORP (MSFT) — $375.5M (2.0%)
What changes did DAVENPORT & Co LLC make in its most recent portfolio filing?
In the latest reported quarter, DAVENPORT & Co LLC made 50 notable position adjustments: 5 new positions were initiated, 22 existing holdings were added to, 23 positions were partially reduced, and 0 were completely exited. The largest of these moves: New buy: Invesco Currencyshares Japan (FXY); New buy: Tko Group Holdings INC (TKO); New buy: Cohen & Steers INC (CNS); New buy: Liberty Media Corp-formula-c (FWONK); New buy: Versant Media Group INC (VSNT)
What sectors does DAVENPORT & Co LLC focus on?
DAVENPORT & Co LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Financials: 19.3% • Information Technology: 17.1% • Industrials: 14.1% • Health Care: 12.7% • Consumer Discretionary: 9.5% • Communication Services: 7.0%

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