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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Davis Appreciation & Income Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
Davis Appreciation & Income Fund (RPFCX) has returned -1.07% so far this year and 16.39% over the past 12 months. Over the last ten years, RPFCX has returned 9.67% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.
Davis Appreciation & Income Fund
- 1D
- 0.06%
- 1M
- -5.99%
- YTD
- -1.07%
- 6M
- 5.41%
- 1Y
- 16.39%
- 3Y*
- 15.71%
- 5Y*
- 8.48%
- 10Y*
- 9.67%
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Jan 4, 1993, RPFCX's average daily return is +0.04%, while the average monthly return is +0.74%. At this rate, your investment would double in approximately 7.8 years.
Historically, 64% of months were positive and 36% 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% | -5.99% | -1.07% | |||||||||
| 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 2.14%, beta of 0.69, and R² of 0.77 versus S&P 500 Index. Calculated based on daily prices since January 05, 1993.
- This fund participated in 83.09% of S&P 500 Index downside but only 82.75% of its upside — more exposed to losses than it benefited from rallies.
- This fund generated an annualized alpha of 2.14% 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
- 2.14%
- Beta
- 0.69
- R²
- 0.77
- Upside Capture
- 82.75%
- Downside Capture
- 83.09%
Expense Ratio
RPFCX has a high expense ratio of 1.00%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
RPFCX ranks 74 for risk / return — better than 74% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Davis Appreciation & Income Fund (RPFCX) and compare them to a chosen benchmark (S&P 500 Index).
| RPFCX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.33 | 0.90 | +0.43 |
Sortino ratioReturn per unit of downside risk | 1.89 | 1.39 | +0.50 |
Omega ratioGain probability vs. loss probability | 1.28 | 1.21 | +0.07 |
Calmar ratioReturn relative to maximum drawdown | 1.75 | 1.40 | +0.35 |
Martin ratioReturn relative to average drawdown | 7.10 | 6.61 | +0.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore RPFCX risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Davis Appreciation & Income Fund provided a 6.52% 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 | 6.52% | 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 | $0.23 | |||||||||
| 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.
The current Davis Appreciation & Income Fund drawdown is 6.70%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -56.39% | Oct 11, 2007 | 282 | Nov 20, 2008 | 539 | Jan 12, 2011 | 821 |
| -30.72% | Feb 20, 2020 | 23 | Mar 23, 2020 | 172 | Nov 24, 2020 | 195 |
| -29.88% | Sep 19, 2014 | 352 | Feb 11, 2016 | 361 | Jul 19, 2017 | 713 |
| -29.68% | Aug 21, 2000 | 535 | Oct 9, 2002 | 301 | Dec 18, 2003 | 836 |
| -25.63% | Jan 18, 2022 | 178 | Sep 30, 2022 | 310 | Dec 26, 2023 | 488 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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