A Flexible Fund for the Long-term Investor

Davidson Multi-Cap Equity Fund

  •   Intended to be a one-stop fund for investors
  •   Diversified by economic sector and adjusted based on market opportunity
  •   Fund holdings unrestricted by market capitalizations or style classifications


Intended to be a one-stop fund for investors.


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


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


Managers strive to capitalize on market opportunities.

Long-term Capital Appreciation

Our Objectives & Strategies

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.

Top 10 Holdings
Holding % of Portfolio
Amazon.com, Inc. 5.02%
Alphabet, Inc. 4.93%
Microsoft Corp. 4.83%
Apple, Inc. 3.99%
Goldman Sachs Group, Inc. 2.58%
Walmart, Inc. 2.46%
Citigroup, Inc. 2.39%
Intuit, Inc. 2.37%
Becton Dickinson and Co. 2.23%
Arista Networks, Inc. 2.23%

Fund holdings as of June 30, 2024.

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

Details, Facts & Downloads

Fund Managers

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

Brian Clancy

Brian P. Clancy, CFA

Portfolio Manager

Brian is co-portfolio manager of the Davidson Multi-Cap Equity strategy. Brian joined the investment industry in 1996; prior to joining Davidson Investment Advisors, Brian served as co-portfolio manager of SAFECO Asset Management's Multi-Cap Core fund. Additionally, Brian served as a portfolio manager for the SAFECO Trust Company in Seattle. Beyond portfolio management duties, Brian operated as an equity analyst covering the semiconductor, semiconductor capital equipment, communications technology, office equipment, beverage, and waste management industries. Brian is a member of the CFA Society of Seattle. Brian earned a BS in mathematics from the United States Naval Academy and earned an MBA from the University of Washington.

Paul Condrat

Paul G. Condrat, CFA

Portfolio Manager

Paul Condrat has been Co-Portfolio Manager of the Davidson Multi-Cap Equity strategy since 2011. He joined D.A. Davidson in 2004. Paul previously served as a Senior Research Analyst supporting Davidson's equity and fixed income strategies. Prior to joining Davidson, he worked as a Business Analyst with Bainbridge Capital, a San Diego based private equity firm. Additionally, Paul, previously served as an active board member at InvestED, a public non-profit supporting secondary school students throughout Washington State, also serving as Board President from 2015-2017. Paul Holds a BBA in finance and marketing from Gonzaga University and is a member of the CFA Institute.

Executive Leadership

Andrew Davidson

Andrew I. Davidson


Andrew Davidson is President of Davidson Investment Advisors and has served in that role since 2004. He joined the investment industry in 1990, and is Vice Chairman of the Board of Directors for D.A. Davidson Companies, is on the Board for Davidson Investment Advisors, and is a member of the D.A. Davidson Companies Executive Committee.Throughout his career, Andrew has served on a variety of local community, publicly traded company and corporate boards. He currently serves on the boards of the University of Montana Foundation, the Davidson Honors College Advisory Counsel, and is the past Chairman and board member for Great Falls Public Schools Foundation. Andrew holds a bachelor's degree in business administration - finance from the University of Montana.

Ed Crotty

Edward P. Crotty, CFA

Chief Investment Officer

Ed is Chief Investment Officer and a member of the executive team overseeing the firm's overall investment process. Ed began his career in the investment industry in 1998, and currently serves as co-portfolio manager for the Davidson Equity Income and Taxable Fixed Income strategies. Prior to joining Davidson Investment Advisors in 2007, Ed worked at Goldman Sachs as a research analyst and portfolio manager. Ed is a member of the New York Society of Security Analysts and CFA Society of Seattle, and serves on the Board for Davidson Investment Advisors. Ed earned BS and MS degrees in engineering with honors from the University of Illinois - Urbana/Champaign and an MBA in finance with honors from Columbia University in New York City.


You may download a copy of our materials by clicking on the following links.

How to Invest & FAQs

There are several ways to purchase shares of the Fund. An account application is used if you send money directly to the Fund by mail or wire. Payment should be made by check in U.S. dollars and drawn on a U.S. bank, savings and loan, or credit union, or sent by wire transfer. Checks should be made payable to "Davidson Multi-Cap Equity Fund". The Fund will not accept payment in cash or money orders. The Fund also does not accept cashier's checks in amounts less than $10,000. Also, to prevent check fraud, the Fund will not accept third party checks, U.S. Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of shares. We are unable to accept post-dated checks, post-dated online bill pay checks, or any conditional order or payment.

The minimum initial investment in the Fund is $2,500 for regular accounts and Individual Retirement Accounts ("IRAs"). There is no minimum initial investment for 401(k), pension or other types of ERISA accounts. Once your account is established, subsequent investments may be in any amount. If you are starting an Automatic Investment Plan, however, the minimum initial and subsequent investments are $2,500 and $100, respectively, for regular accounts and IRAs. Class I shares require a minimum investment of $100,000, are generally available for purchase only by institutional investors, retirement accounts or high net worth individuals and have no minimum subsequent investment requirements, provided the other eligibility requirements for purchase are met. The minimum initial investment is waived for wrap fee program accounts investing in Class I.

You may purchase additional shares of the Fund by sending a check, with the stub from an account statement, to the Fund at the address above. Please also write your account number on the check. If you do not have a stub from an account statement, you can write your name, address and account number on a separate piece of paper and enclose it with your check. If you want to invest additional money by wire, it is important for you to first call the Fund at 1-877- 332-0529.

Automatic Investment Plan You may make regular monthly investments in a Fund using the AIP. In order to participate in the AIP, your financial institution must be an Automated Clearing House ("ACH") member. An ACH debit is drawn electronically against your account at a financial institution of your choice. Upon receipt of the withdrawn funds, the Funds automatically invest the money in additional shares of a Fund at the next calculated NAV per share plus any applicable sales charge. There is no charge by the Funds for this service. The Funds may terminate or modify this privilege at any time. You may terminate or modify your participation by notifying the Transfer Agent at least five days prior to the effective date. Once the initial minimum investment of $2,500 for regular accounts and IRAs is made, the subsequent minimum monthly investment amount is $100. A request to change bank information will require a signature guarantee or a signature verification from a Signature Validation Program member or other acceptable form of authentication from a financial institution source. Additionally, the Transfer Agent will charge a $25 fee for any payment returned as unpaid. You will also be responsible for any losses suffered by the Funds as a result. To establish the AIP, an investor must complete the appropriate section of the account application. For additional information on the AIP, please call the Transfer Agent at 1 (877) 332 0529. Systematic Withdrawal Plan The Fund offers a Systematic Withdrawal Plan whereby you may request that a check drawn in a predetermined amount be sent to you monthly, quarterly or annually. To start this Plan, your account must have Fund shares with a value of at least $5,000, and the minimum amount that may be withdrawn each month or quarter is $100. The Plan may be terminated or modified by you or the Fund at any time without charge or penalty. Termination and modification of your systematic withdrawal plan should be provided to the Transfer Agent five business days prior to the next withdrawal. A withdrawal under the Systematic Withdrawal Plan involves a redemption of shares of the Fund, and may result in a gain or loss for federal income tax purposes. In addition, if the amount withdrawn exceeds the dividends credited to your account, the account ultimately may be depleted. The redemption fee will be waived on sales of Fund shares due to participation in the Systematic Withdrawal Plan.

Please contact Shareholder Services at 1 (877) 332 0529.

Yes, Redemption fee (as a percentage of amount redeemed) 1.00%. The redemption fee applies only to those shares that have been held seven calendar days or less. The fee is payable to the Fund and is intended to benefit the remaining shareholders by reducing the cost of short-term trading.