Davenport 13F (2026 Q1): How to Read an Advisor's Whole Book

Not a hedge fund, an advisor's whole book

Most 13Fs worth analyzing belong to a portfolio manager making deliberate bets. Davenport & Company's filing is a different animal, and recognizing that is the key to reading it correctly. Davenport is a Virginia-based wealth-management and brokerage firm, and its 2026Q1 13F aggregates roughly $17.8 billion across about 500 positions held on behalf of its many clients. This is not one investor's conviction portfolio; it is the combined footprint of a large advisory business. The single largest holding is just 2.38% of the total, and the top ten barely clear 1% to 2.4% each, a level of diffusion you simply never see in a true conviction manager.

The roster is what you would expect from a broad, quality-oriented advisor: Brookfield, Amazon, Markel (a fellow Virginia company), Apple, Microsoft, Nvidia, Berkshire Hathaway, Alphabet, Johnson & Johnson, and UnitedHealth. It is a sensible core of large, durable businesses, the kind of holdings an advisor builds around for a diversified client base rather than to make a statement.

Why the flat weighting changes how you read it

The extreme even-weighting is the single most important fact about this filing. When no position exceeds 2.4% and hundreds of names fill out the tail, the portfolio is not expressing a view on any individual stock so much as providing broad, diversified market exposure. That has a practical consequence for anyone tempted to mine the filing for ideas: a holding's mere presence here means very little, because the book holds a little of almost everything a mainstream advisor would reasonably own.

The signal is in the direction, not the holding

If the presence of a stock carries little information, the changes still carry some. Across the quarter, the aggregated book added to several megacaps and quality names: Berkshire Hathaway by 35% of shares, UnitedHealth by 20%, Apple by 12%, and Microsoft by 6%. It trimmed Brookfield by 15% and Johnson & Johnson by 19%. Because these moves represent the net behavior of a large advisory base, they are better read as a gauge of broad allocation drift, where client money and advisor preference are leaning, than as sharp single-stock calls. The tilt this quarter was modestly toward megacap technology, Berkshire, and managed care, and away from Brookfield and a slice of healthcare staples.

Reported value slipped just 2.3% quarter over quarter, and the multi-year history has been remarkably steady, climbing gently from around $16.5 billion to roughly $18 billion. That stability is itself characteristic: an advisor's aggregated book grows with markets and client flows rather than lurching with a manager's convictions.

How to use an aggregated advisor filing

The right way to read a filing like Davenport's is as a barometer, not a stock-tip sheet. It will not tell you which name an expert is pounding the table on, because there is no such name. What it can show you is how a large, mainstream, quality-tilted advisory base is allocated and how that allocation is drifting at the margin. Treated that way, it is a useful read on broad investor positioning; treated as a conviction portfolio, it will mislead you, because diffusion is the whole point.

You can explore the full holdings, the position changes, and the longer history on the Davenport filer page.