Davidson Multi-Cap Equity Fund


The investment objective of the Davidson Multi-Cap Equity Fund is long-term capital appreciation.


The Fund normally invests at least 80% of its net assets in companies across a wide range of market capitalizations and investment styles with attractive fundamental characteristics. Consistent with the Fund's "core" strategy, it will invest its assets in both value and growth stocks, as well as dividend-paying and non-dividend-paying stocks. The Fund will seek to achieve its investment objective primarily through stock selection, with less emphasis on sector weightings. As a result, the Fund expects to only occasionally make modest sector changes, preferring to differentiate performance by relative movement in individual stocks than in sectors or industries.


Intended to be a one-stop fund for investors.


Seeks quality companies with proven management, solid balance sheets, and good growth potential.


Managers strive to capitalize on market opportunities.


Invests in large, medium, and small companies with a blend of value and growth.

Performance as of March 31, 2023

Class A
Fund Without Load Fund With Load S&P 1500 Index
3 Months 6.15% 2.44% 7.16%
YTD 6.15% 2.44% 7.16%
1 Year -4.83% -8.15% -7.61%
3 Year* 21.75% 20.32% 18.88%
5 Year* 11.93% 11.14% 10.83%
10 Year* 11.26% 10.87% 12.01%
Since Inception*
9.86% 9.60% 10.30%

Performance data shown for class A reflects a 5.00% sales load. Effective October 28, 2020, the maximum sales charge (load) Imposed on purchases (as a percent of offering price) for class A shares was reduced from 5.00% to 3.50%.
Gross Expense Ratio: 1.26% Net Expense Ratio:^ 1.15%
^The Advisor has contractually agreed to reduce its fees and/or pay Fund expenses in order to limit Expenses through 10/27/2023.

Class I
Fund S&P 1500 Index
3 Months 6.20% 7.16%
YTD 6.20% 7.16%
1 Year -4.59% -7.61%
3 Year* 22.07% 18.88%
5 Year* 12.21% 10.83%
Since Inception*
10.72% 11.26%

Performance data shown for class I reflects a 1.00% CDSC.
Gross Expense Ratio: 1.01% Net Expense Ratio:^ 0.90%
^The Advisor has contractually agreed to reduce its fees and/or pay Fund expenses in order to limit Expenses through 10/27/2023.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 877-332-0529. Performance data shown does not reflect the 1.00% redemption fee imposed by the funds on shares held 7 calendar days or less. If it had, total return would be reduced.

Investment performance reflects fee waivers. In the absence of such waivers, total returns would be reduced.

The S&P Composite 1500® combines three leading indices, the S&P 500®, the S&P MidCap 400® and the S&P SmallCap 600® to cover approximately 90% of the U.S. market capitalization. It is designed for investors seeking to replicate the performance of the U.S. equity market or benchmark against a representative universe of tradable stocks. One cannot invest directly in an index.

*Average Annualized Total Returns

Top 10 Holdings

Top 10 Holdings
Holding % of Portfolio
Apple, Inc. 4.28%
Microsoft Corp. 3.78%
Alphabet, Inc. 3.43%
Amazon.com, Inc. 3.35%
Horizon Therapeutics PLC 2.56%
Eaton Corp. PLC 2.48%
Salesforce, Inc. 2.45%
Starbucks Corp. 2.43%
Chevron Corp. 2.42%
Goldman Sachs Group, Inc. 2.42%

Fund holdings as of March 31, 2023.

Fund holdings are subject to change and are not recommendations to buy or sell any security.

Sector Weightings

Sector Weightings
Sector % of Portfolio
Information Technology 19.96%
Health Care 15.74%
Consumer Discretionary 11.23%
Financials 10.23%
Industrials 10.09%
Communication Services 8.91%
Consumer Staples 6.87%
Energy 4.47%
Real Estate 3.47%
Utilities 3.44%
Materials 2.93%
Short-Term Investments 2.66%

Sector Weightings as of March 31, 2023.

Sector allocations are subject to change at any time.


Fund Management

Davidson Investment Advisors, serving the investment management needs of institutions, foundations, corporations, affluent investors, and trusts for more than 45 years, has a reputation for having a disciplined investment approach away from the noise of Wall Street.

Portfolio Management

Brian Clancy and Paul Condrat are principally responsible for the management of the Fund's portfolio and serve as co-portfolio managers of the Fund.

Brian P. Clancy, CFA
  • 27 years of investment experience
  • MBA—University of Washington
  • BS—U.S. Naval Academy
Paul G. Condrat, CFA
  • 20 years of investment experience
  • BBA—Gonzaga University
Fund Details
Ticker: DFMAX
CUSIP: 007989239
Inception Date: 08/11/2008
Net Expense Ratio: 1.15%
Ticker: DFMIX
CUSIP: 00770X725
Inception Date: 10/30/2013
Net Expense Ratio: 0.90%
Fund Facts
Minimum Investment: $2,500
Subsequent Investment: $100
Minimum Investment: $100,000
Subsequent Investment: None
Distribution Frequency: Annually
Total Net Assets: $109.1 million
as of 03/31/23
Number of Holdings: 48
as of 03/31/23
Fund Downloads

Headquarters: Great Falls, MT
Toll-free: 1-877-332-0529
Founded: 1975
Assets Under Management: $4.1 billion