Davenport PBH LLC

The firm operates as a private investment fund that offers interests through a limited partnership and manages capital for a mix of individual and institutional investors, including high net worth individuals, trusts, and plan-type investors. It provides discretionary portfolio management of the Fund’s assets in publicly traded securities and does not tailor investment mandates to individual investors or permit client-imposed restrictions on specific securities.

The Fund’s strategy emphasizes special-situation and “out of favor” or mispriced public equities (including common and preferred stock, bonds, and options), often focusing on less-liquid names or companies in transition, recapitalization, or distressed situations. The brochure notes the Fund is generally unleveraged, may hold concentrated positions or be sector-overweighted at times, and is not operated as a hedge fund with hedging strategies intended to limit downside risk.

Distinctive features called out in the brochure include the firm’s use of performance-based compensation allocated annually to the general partner (see Item 6) and a small, concentrated organizational structure with a single portfolio manager and a limited client base. Custody is maintained at major brokerages (Fidelity and/or Interactive Brokers), investors receive quarterly reporting, and the managing member’s background includes prior credit hedge fund and alternative-investment experience and a history of proprietary trading activity, as described in the supplement.