- ISIN
- US0079892396
- Issuer
- Davidson Mutual Funds
- Inception Date
- Aug 11, 2008
- Category
- Large Cap Blend Equities
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
DFMAX Performance Chart
Davidson Multi-Cap Equity Fund (DFMAX) is up 6.9% since the beginning of the year. DFMAX is currently trading at $38 per share. Investors who bought $1,000 worth of DFMAX shares 5 years ago would now be looking at an investment worth $1,582.
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Returns By Period
Davidson Multi-Cap Equity Fund (DFMAX) has returned 6.86% so far this year and 18.60% over the past 12 months. Over the last ten years, DFMAX has had an annualized return of 13.60%, just under the S&P 500 Index benchmark’s 13.75%.
Davidson Multi-Cap Equity Fund
- 1D
- 0.34%
- 1M
- 1.58%
- YTD
- 6.86%
- 6M
- 7.11%
- 1Y
- 18.60%
- 3Y*
- 15.39%
- 5Y*
- 9.61%
- 10Y*
- 13.60%
Benchmark (S&P 500 Index)
- 1D
- 0.13%
- 1M
- 5.25%
- YTD
- 11.16%
- 6M
- 11.43%
- 1Y
- 28.20%
- 3Y*
- 21.12%
- 5Y*
- 12.66%
- 10Y*
- 13.75%
DFMAX Monthly Returns History
Based on dividend-adjusted daily data since Aug 11, 2008, DFMAX's average daily return is +0.05%, while the average monthly return is +0.98%. At this rate, an investment would double in approximately 5.9 years.
Historically, 65% of months were positive and 35% were negative. The best month was Apr 2020 with a return of +13.2%, while the worst month was Oct 2008 at -18.1%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 5 months.
On a daily basis, DFMAX closed higher 53% of trading days. The best single day was Oct 13, 2008 with a return of +10.9%, while the worst single day was Mar 16, 2020 at -11.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.36% | 0.84% | -4.89% | 8.45% | 1.02% | 0.34% | 6.86% | ||||||
| 2025 | 4.13% | -2.03% | -6.00% | -0.70% | 5.17% | 5.30% | 1.28% | 1.07% | 2.04% | 1.28% | 0.34% | -0.29% | 11.60% |
| 2024 | 1.15% | 4.05% | 4.02% | -4.18% | 2.97% | 1.60% | 0.90% | 2.72% | 1.25% | -1.74% | 6.17% | -2.39% | 17.28% |
| 2023 | 7.36% | -2.36% | 1.26% | 0.77% | -2.15% | 6.40% | 2.59% | -2.22% | -3.90% | -2.07% | 6.56% | 4.88% | 17.50% |
| 2022 | -4.71% | -1.37% | 3.04% | -7.44% | 0.78% | -6.90% | 9.29% | -4.33% | -8.34% | 8.00% | 5.17% | -4.98% | -13.02% |
| 2021 | -0.40% | 3.32% | 4.96% | 5.25% | 2.02% | 1.58% | 2.35% | 2.20% | -5.30% | 6.56% | -1.73% | 5.42% | 28.82% |
Benchmark Metrics
Davidson Multi-Cap Equity Fund has an annualized alpha of 0.80%, beta of 0.98, and R2 of 0.96 versus S&P 500 Index. Calculated based on daily prices since August 12, 2008.
- With beta of 0.98 and R2 of 0.96, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 0.80%
- Beta
- 0.98
- R²
- 0.96
- Upside Capture
- 99.24%
- Downside Capture
- 96.50%
Expense Ratio
DFMAX has a high expense ratio of 1.15%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
DFMAX ranks 38 for risk / return — below 38% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Davidson Multi-Cap Equity Fund (DFMAX) and compare them to S&P 500 Index.
| DFMAX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.68 | 2.39 | -0.70 |
Sortino ratioReturn per unit of downside risk | 2.35 | 3.25 | -0.91 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.43 | -0.13 |
Calmar ratioReturn relative to maximum drawdown | 2.42 | 3.11 | -0.70 |
Martin ratioReturn relative to average drawdown | 10.30 | 14.38 | -4.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Davidson Multi-Cap Equity Fund provided a 7.03% dividend yield over the last twelve months, with an annual payout of $2.66 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $2.66 | $2.66 | $0.52 | $0.63 | $2.96 | $2.91 | $3.30 | $3.51 | $2.47 | $0.73 | $0.92 | $0.89 |
Dividend yield | 7.03% | 7.51% | 1.51% | 2.12% | 11.53% | 8.85% | 11.84% | 13.72% | 11.41% | 2.90% | 4.01% | 4.19% |
Monthly Dividends
The table displays the monthly dividend distributions for Davidson Multi-Cap Equity Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.66 | $2.66 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.52 | $0.52 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.63 | $0.63 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.96 | $2.96 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.91 | $2.91 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Davidson Multi-Cap Equity Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Davidson Multi-Cap Equity Fund was 47.78%, occurring on Mar 9, 2009. Recovery took 421 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -47.78%Mar 2009 | 6mo 23d | 1y 8mo | 2y 2moAug 2008 - Nov 2010 |
COVID crash2020 | -32.36%Mar 2020 | 1mo 4d | 4mo 20d | 5mo 24dFeb 2020 - Aug 2020 |
2011 bear market2011 | -21.69%Oct 2011 | 5mo 4d | 5mo 12d | 10mo 16dMay 2011 - Mar 2012 |
Bear market2022 | -19.77%Sep 2022 | 9mo 4d | 1y 2mo | 1y 11moDec 2021 - Dec 2023 |
Rate-hike selloffLate 2018 | -19.23%Dec 2018 | 3mo 1d | 4mo 1d | 7mo 2dSep 2018 - Apr 2019 |
Drawdown Indicators
| DFMAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.78% | -56.78% | +9.00% |
Max Drawdown (1Y)Largest decline over 1 year | -7.93% | -9.10% | +1.17% |
Max Drawdown (3Y)Largest decline over 3 years | -18.80% | -18.90% | +0.10% |
Max Drawdown (5Y)Largest decline over 5 years | -19.77% | -25.43% | +5.66% |
Max Drawdown (10Y)Largest decline over 10 years | -32.36% | -33.92% | +1.56% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -5.62% | -10.72% | +5.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.86% | 1.97% | -0.11% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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