- ISIN
- US2391038807
- CUSIP
- 239103880
- Issuer
- Davis
- Inception Date
- Apr 30, 1992
- Category
- Diversified Portfolio
- Min. Investment
- $1,000
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Large-Cap
- Asset Class Style
- Value
Share Price Chart
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Performance
RPFCX Performance Chart
Davis Appreciation & Income Fund (RPFCX) is up 15.3% since the beginning of the year. RPFCX is currently trading at $77 per share. Investors who bought $1,000 worth of RPFCX shares 5 years ago would now be looking at an investment worth $1,627.
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Returns By Period
Davis Appreciation & Income Fund (RPFCX) has returned 15.33% so far this year and 29.64% over the past 12 months. Over the last ten years, RPFCX has returned 10.73% per year, falling short of the S&P 500 Index benchmark, which averaged 13.49% annually.
Davis Appreciation & Income Fund
- 1D
- 0.70%
- 1M
- 2.66%
- 6M
- 11.47%
- YTD
- 15.33%
- 1Y
- 29.64%
- 3Y*
- 17.36%
- 5Y*
- 10.22%
- 10Y*
- 10.73%
- ALL TIME*
- 8.51%
Benchmark (S&P 500 Index)
- 1D
- 1.79%
- 1M
- 3.38%
- 6M
- 11.83%
- YTD
- 13.02%
- 1Y
- 22.22%
- 3Y*
- 19.99%
- 5Y*
- 11.80%
- 10Y*
- 13.49%
- ALL TIME*
- 8.15%
RPFCX Monthly Returns History
Based on dividend-adjusted daily data since Jan 4, 1993, RPFCX's average daily return is +0.04%, while the average monthly return is +0.77%. At this rate, an investment would double in approximately 7.5 years.
Historically, 65% of months were positive and 35% were negative. The best month was Apr 2009 with a return of +14.4%, while the worst month was Oct 2008 at -24.6%. The longest winning streak lasted 18 consecutive months, and the longest losing streak was 5 months.
On a daily basis, RPFCX closed higher 53% of trading days. The best single day was Nov 24, 2008 with a return of +8.0%, while the worst single day was Mar 16, 2020 at -9.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.54% | 2.62% | -4.32% | 6.41% | 0.74% | 3.10% | 2.93% | 0.70% | 15.33% | ||||
| 2025 | 5.92% | -0.27% | -2.72% | -0.78% | 2.65% | 4.44% | -1.19% | 4.38% | 0.64% | 0.89% | 3.89% | 1.66% | 20.90% |
| 2024 | 1.27% | 5.04% | 3.12% | -2.40% | 3.37% | 0.09% | 2.29% | 0.85% | 0.52% | -0.71% | 6.26% | -9.97% | 9.10% |
| 2023 | 7.51% | -2.53% | -1.14% | 1.55% | 0.96% | 5.59% | 4.36% | -2.09% | -3.33% | -1.28% | 6.22% | 5.87% | 23.00% |
| 2022 | -1.26% | -2.79% | -0.08% | -8.12% | 2.58% | -9.87% | 6.09% | -3.94% | -7.32% | 6.94% | 6.88% | -4.10% | -15.65% |
| 2021 | 1.38% | 6.54% | 4.91% | 4.80% | 2.13% | -0.52% | 0.69% | 2.21% | -2.44% | 3.25% | -2.62% | 3.22% | 25.74% |
Benchmark Metrics
Davis Appreciation & Income Fund has an annualized alpha of 2.22%, beta of 0.69, and R2 of 0.77 versus S&P 500 Index. Calculated based on daily prices since January 04, 1993.
- This fund participated in 82.01% of S&P 500 Index downside but only 81.86% of its upside - more exposed to losses than it benefited from rallies.
- This fund generated an annualized alpha of 2.22% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of 0.69 indicates this fund moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 2.22%
- Beta
- 0.69
- R²
- 0.77
- Upside Capture
- 81.86%
- Downside Capture
- 82.01%
Expense Ratio
RPFCX has a high expense ratio of 1.00%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
RPFCX ranks 97 for risk / return — above 97% of mutual funds peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Davis Appreciation & Income Fund (RPFCX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| RPFCX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.66 | ||
| Sortino ratioReturn per unit of downside risk | +2.46 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.31 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 4.51 | 2.45 | +2.05 |
| Martin ratioReturn relative to average drawdown | 17.99 | 10.40 | +7.59 |
Dividends
Dividend History
Davis Appreciation & Income Fund provided a 5.61% dividend yield over the last twelve months, with an annual payout of $4.31 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $4.31 | $4.08 | $0.65 | $1.59 | $1.20 | $0.16 | $0.34 | $0.87 | $0.40 | $0.33 | $0.38 | $0.38 |
Dividend yield | 5.61% | 6.09% | 1.11% | 2.91% | 2.63% | 0.28% | 0.78% | 2.03% | 1.09% | 0.83% | 1.09% | 1.19% |
Monthly Dividends
The table displays the monthly dividend distributions for Davis Appreciation & Income 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 | $0.23 | $0.00 | $0.00 | $0.23 | $0.00 | $0.00 | $0.46 | ||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.23 | $0.00 | $0.00 | $0.23 | $0.00 | $0.00 | $3.62 | $4.08 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.20 | $0.00 | $0.20 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.00 | $0.65 |
| 2023 | $0.00 | $0.00 | $0.15 | $0.00 | $0.00 | $0.15 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $1.04 | $1.59 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.06 | $0.00 | $0.06 | $0.00 | $0.00 | $0.00 | $0.13 | $0.00 | $0.95 | $1.20 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.06 | $0.00 | $0.03 | $0.00 | $0.00 | $0.00 | $0.03 | $0.00 | $0.04 | $0.16 |
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 Davis Appreciation & Income 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 Davis Appreciation & Income Fund was 56.39%, occurring on Nov 20, 2008. Recovery took 539 trading sessions.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-56.39%Nov 2008 | 1y 1mo | 2y 1mo | 3y 3moOct 2007 - Jan 2011 | Financial crisis2007–2009 |
-30.72%Mar 2020 | 1mo 2d | 8mo 6d | 9mo 8dFeb 2020 - Nov 2020 | COVID crash2020 |
-29.88%Feb 2016 | 1y 4mo | 1y 5mo | 2y 10moSep 2014 - Jul 2017 | — |
-29.68%Oct 2002 | 2y 1mo | 1y 2mo | 3y 3moAug 2000 - Dec 2003 | Dot-com crash2000–2002 |
-25.63%Sep 2022 | 8mo 15d | 1y 2mo | 1y 11moJan 2022 - Dec 2023 | Bear market2022 |
Drawdown Indicators
| RPFCX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.39% | -56.78% | +0.39% |
Max Drawdown (1Y)Largest decline over 1 year | -6.76% | -9.10% | +2.34% |
Max Drawdown (3Y)Largest decline over 3 years | -14.82% | -18.90% | +4.08% |
Max Drawdown (5Y)Largest decline over 5 years | -25.63% | -25.43% | -0.20% |
Max Drawdown (10Y)Largest decline over 10 years | -30.72% | -33.92% | +3.20% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -7.39% | -10.70% | +3.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.69% | 2.14% | -0.45% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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