BFSAX — BFS Equity Fund
Data updated: 2026-09-28
BFSAX — BFS Equity Fund. United States Large Cap Blend / Core Equity · $62.08M AUM · 1.24% expense ratio. Holdings, fees, performance and SEC filings.
BFSAX Fund Overview
BFSAX — BFS Equity Fund is a US mutual fund managed by Valued Advisers Trust, categorised as United States Large Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Valued Advisers Trust
- Category: United States Large Cap Blend / Core Equity
- Assets under management: $62.08M
- 1-year return: 25.9%
- Ticker: BFSAX
- SEC CIK: 0001437249
- SEC series ID: S000042102
- Share class ID: C000130731
BFSAX Investment Objective and Strategy
BFS Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Valued Advisers Trust.
Investment objective
The investment objective of the BFS Equity Fund (the Fund) is long-term appreciation through growth of principal and income.
Principal investment strategy
The Fund will invest primarily in large capitalization common stocks that in the opinion of the Funds adviser, Bradley, Foster & Sargent, Inc. (the Adviser), appear to be high quality and attractively valued companies. The Adviser selects portfolio securities after applying a two-step process. First, the Adviser attempts to identify quality companies by utilizing qualitative and quantitative processes. The Adviser identifies companies with strong management, a proven business model, a wide moat to protect against competitive threats, leading brands, and an excellent market position. The Adviser supplements this qualitative analysis with a quantitative assessment which emphasizes high returns on equity, consistent growth of earnings and revenues, above average margins, balance sheet strength, and effective allocation of cash flow (including share buy backs and dividend growth).
Secondly, the Adviser seeks to identify an event or change in circumstances at a company as it believes that investing in quality companies after an opportunistic event has occurred can increase the return on investment and lower the risk profile of a given stock. The Adviser generally invests broadly across industries and companies. The Advisers macro-economic views may influence portfolio sector weightings. For example, if the Adviser feels that a particular sector was threatened or may experience an economic downturn in the near future, it may determine to underweight that sector relative to its benchmark. The Fund may also invest in mid-capitalization stocks. Equity securities in which the Fund may invest include common stocks and common stock equivalents (such as rights or warrants, which give the Fund the ability to purchase the common stock) and shares of other investment companies (including open-end and closed-end funds and exchange-traded funds (ETFs)) whose portfolios primarily consist of equity securities.
The Fund may invest in foreign companies either directly or through American Depositary Receipts (ADRs), which are receipts issued by U.S. banks for shares of a foreign corporation that entitle the holder to dividends and capital gains on the underlying security. The Fund may also invest in cash and other cash equivalents. While the Fund is diversified, it may, at times, hold the securities of a small number of issuers. The Adviser will sell a security when it no longer meets its criteria or when it reaches its price target.
BFSAX Holdings
Top 10 holdings of BFS Equity Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Alphabet, Inc. | 7.35% |
| Microsoft Corp. | 6.16% |
| NVIDIA Corp. | 5.95% |
| Apple, Inc. | 5.53% |
| Broadcom, Inc. | 5.40% |
| Amazon.com, Inc. | 5.23% |
| Jp Morgan Chase & Company | 4.82% |
| Boeing Company (the) | 3.72% |
| Pfizer, Inc. | 3.37% |
| Alamos Gold, Inc. | 3.29% |
BFSAX Portfolio Allocation
Asset-class allocation of BFS Equity Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 96.9% |
| Fixed Income | 1.6% |
| Cash & Equivalents | 0.7% |
BFSAX Performance
Total returns for BFSAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 25.9% |
| 3 years (annualised) | 5.9% |
BFSAX Risk Information
Risk metrics for BFSAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 13.8%
BFSAX Costs and Fees
BFSAX costs about $124 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.24%
- Gross expense ratio: 1.46%
- Portfolio turnover: 27%
- Brokerage commissions: 1.20 bps of average net assets (SEC N-CEN)
BFSAX Cashflows
Over the 12 months to 2026-05, BFS Equity Fund had net outflows of $2.45M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | −$1.55M |
| 2026-04 | −$315.49K |
| 2026-03 | −$238.70K |
| 2026-02 | −$480.93K |
| 2026-01 | −$344.55K |
| 2025-12 | $2.25M |
BFSAX Debt Constituents
Largest debt holdings of BFS Equity Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| United States Of America - Bureau Of The Public Debt | 0.80% |
| United States Of America - Bureau Of The Public Debt | 0.78% |
BFSAX Prospectus and SEC Filings
Official BFS Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-09-28
- Prospectus (485BPOS) — filed 2025-09-29
- Prospectus (485BPOS) — filed 2024-09-27
- Portfolio holdings (N-PORT) — filed 2026-07-30
- Portfolio holdings (N-PORT) — filed 2026-04-28
- Portfolio holdings (N-PORT) — filed 2026-01-29
- Annual census (N-CEN) — filed 2026-08-14
- Annual census (N-CEN) — filed 2025-08-14
Related Funds
Other United States Large Cap Blend / Core Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.