Empower Core Strategies: U.S. Equity Fund
Data updated: 2026-08-20
C000204669 — Empower Core Strategies: U.S. Equity Fund. United States Large Cap Blend / Core Equity. Holdings, fees, performance and SEC filings.
C000204669 Fund Overview
Empower Core Strategies: U.S. Equity Fund is a US mutual fund managed by Empower Funds, Inc., 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: Empower Funds, Inc.
- Category: United States Large Cap Blend / Core Equity
- Assets under management: $817.05M
- 1-year return: 10.6%
- SEC CIK: 0000356476
- SEC series ID: S000061893
- Share class ID: C000204669
C000204669 Investment Objective and Strategy
Empower Core Strategies: U.S. Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Empower Funds, Inc..
Investment objective
The Fund seeks long-term growth of capital.
Principal investment strategy
Below is a summary of the principal investment strategies of the Fund. The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of U.S. companies. The Fund currently expects (as of the date of this Prospectus) to invest 60-90% of its net assets in equity securities of large capitalization (large cap) companies that, at the time of purchase, are similar in size to companies in the Russell 1000 Index and 10-40% of its net assets in equity securities of small capitalization (small cap) companies that, at the time of purchase, are similar in size to companies in the Russell 2000 Index; however, the Fund may have exposure to U.S. stocks across any market capitalization and style. As of December 31, 2025, the market capitalizations of the companies in the Russell 1000 Index ranged from $1.3 billion to $4.5 trillion and the companies in the Russell 2000 Index ranged from $6 million to $31.3 billion.
Equity securities include common stock and other investment instruments such as exchange-traded funds (ETFs) that track the return of a broad-based U.S. securities index. The Fund may also invest in derivatives, including but not limited to futures contracts and forward foreign currency contracts. Empower Capital Management, LLC (ECM) is the Funds investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the Board), selects the Funds sub-advisers and monitors their performance on an ongoing basis. The Funds investment portfolio is managed by four sub-advisers: J.P. Morgan Investment Management Inc. (JPMorgan); Keyridge Asset Management Limited (Keyridge), formerly known as Irish Life Investment Managers Limited; Loomis, Sayles & Company, L.P. (Loomis Sayles); and Putnam Investment Management, LLC (Putnam) (each, a Sub-Adviser, and collectively, the Sub-Advisers).
JPMorgan invests primarily in equity securities of large, well-established U.S. companies with a market capitalization equal to those within the universe of the Russell 1000 Growth Index at the time of purchase. JPMorgan employs a fundamental bottom-up approach that seeks to identify companies with positive price momentum and attractive fundamental dynamics. Keyridge utilizes a passive investment strategy designed to track, as closely as possible, the performance of the Standard & Poors 500 Index (S&P 500 Index) by investing in the common stocks of each company in the S&P 500 Index in approximately the same proportion as their weighting in the S&P 500 Index. Loomis Sayles invests primarily in equity securities of small companies, which are of a size similar to those in the Russell 2000 Index at the time of purchase.
Loomis Sayles seeks to build a small cap portfolio of common stocks that it believes are undervalued in the market and have favorable prospects for recovery. Putnam invests mainly in common stocks of large and midsize U.S. companies, which are of a size similar to those in the Russell 1000 Value Index, with a focus on value stocks that offer the potential for capital growth, current income or both. ECM maintains a strategic allocation of the Funds assets with each Sub-Adviser and reviews the asset allocations on a quarterly basis, or more frequently as deemed necessary. As of the date of this Prospectus, the target asset allocation is a 50% allocation of the Funds assets to Keyridge, a 10% allocation of the Funds assets to JPMorgan, a 20% allocation of the Funds assets to Loomis Sayles, and a 20% allocation of the Funds assets to Putnam.
Actual allocations may vary from the target allocations and ECM may change the asset allocations at any time without shareholder notice or approval.
C000204669 Holdings
Top 10 holdings of Empower Core Strategies: U.S. Equity Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Apple, Inc. | 5.03% |
| NVIDIA Corp. | 4.56% |
| Microsoft Corp. | 3.35% |
| Amazon.com, Inc. | 2.63% |
| Alphabet, Inc. | 2.07% |
| Broadcom, Inc. | 1.71% |
| Alphabet, Inc. | 1.60% |
| Advanced Micro Devices, Inc. | 1.49% |
| Micron Technology, Inc. | 1.39% |
| Tesla, Inc. | 1.20% |
C000204669 Portfolio Allocation
Asset-class allocation of Empower Core Strategies: U.S. Equity Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 98.3% |
| Derivatives | 1.2% |
| Cash & Equivalents | 1.2% |
| Fixed Income | 0.4% |
C000204669 Performance
Total returns for C000204669 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 10.6% |
C000204669 Risk Information
Risk metrics for C000204669, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 26.2%
C000204669 Costs and Fees
C000204669 costs about $115 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.15%
- Gross expense ratio: 4.96%
- Portfolio turnover: 28%
- Brokerage commissions: 1.86 bps of average net assets (SEC N-CEN)
C000204669 Cashflows
Over the 12 months to 2026-06, Empower Core Strategies: U.S. Equity Fund had net outflows of $158.49M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$354.00K |
| 2026-05 | −$1.22M |
| 2026-04 | $952.01K |
| 2026-03 | $1.14M |
| 2026-02 | −$2.84M |
| 2026-01 | −$4.06M |
C000204669 Debt Constituents
Largest debt holdings of Empower Core Strategies: U.S. 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 | 0.42% |
C000204669 Prospectus and SEC Filings
Official Empower Core Strategies: U.S. Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-30
- Prospectus (485BPOS) — filed 2025-04-25
- Prospectus (485BPOS) — filed 2024-04-25
- Portfolio holdings (N-PORT) — filed 2026-08-20
- Portfolio holdings (N-PORT) — filed 2026-05-20
- Portfolio holdings (N-PORT) — filed 2026-02-13
- Annual census (N-CEN) — filed 2026-03-13
- Annual census (N-CEN) — filed 2025-03-14
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.