PFCFX — Poplar Forest Cornerstone Fund
Data updated: 2026-08-28
PFCFX — Poplar Forest Cornerstone Fund. Balanced Allocation · $38.17M AUM · 1.16% expense ratio. Holdings, fees, performance and SEC filings.
PFCFX Fund Overview
PFCFX — Poplar Forest Cornerstone Fund is a US mutual fund managed by Advisors Series Trust, categorised as Balanced Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Advisors Series Trust
- Category: Balanced Allocation
- Assets under management: $38.17M
- Ticker: PFCFX
- SEC CIK: 0001027596
- SEC series ID: S000047729
- Share class ID: C000149955
PFCFX Investment Objective and Strategy
Poplar Forest Cornerstone Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Advisors Series Trust.
Investment objective
The Poplar Forest Cornerstone Fund (the Cornerstone Fund) seeks to achieve current income and long-term growth of capital.
Principal investment strategy
The Cornerstone Fund seeks to deliver superior, risk-adjusted returns over full market cycles, by building a balanced portfolio of debt and equity securities that aims to generate returns that exceed the Consumer Price Index by 3% per year while preserving capital. A full market cycle is deemed to be a multi-year period including a period of material increase in the U.S. stock market (a bull market) and a period of material decline in the U.S. stock market (a bear market). Equity securities in which the Fund may invest include, but are not limited to, common stocks, foreign equity securities, convertible securities, and options on stocks, warrants, rights, and/or other investment companies, including mutual funds and exchange-traded funds (ETFs). Equity securities will generally be selected based on qualitative analysis with individual positions no larger than 4% at time of purchase.
The Fund may invest in medium-sized companies, which the Adviser defines by reference to those companies within the capitalization range of the Russell Midcap Index (which consists of companies with capitalizations from approximately $2.3 billion to approximately $29.4 billion as of May 12, 2017, the date of the last reconstitution of the Russell Midcap Index) at the time of purchase. Dividend paying companies with investment grade credit ratings will be the primary focus of the Funds equity investments. Weightings between equity and fixed income securities will be tactically allocated based on prospective return potential and risk factors although equity exposure will not generally exceed 75% of net assets. Fixed income securities in which the Fund may invest include, but are not limited to, those of domestic governments, government agencies, inflation-protected securities, asset-backed securities, other investment companies, including mutual funds and ETFs, exchange-traded notes (ETNs), convertible securities, floating rate securities, mortgage-backed securities, municipalities and companies across a wide range of industries, and may be of any maturity and duration and include those that are rated below investment grade ( i.e., junk bonds).
The Cornerstone Fund is managed using a long-term approach to security selection. Investments will generally be made with an intended investment horizon of three years, although individual investments may be held for shorter or longer time periods. The Adviser evaluates investment opportunities using bottom-up, fundamental analysis, paying particular attention to a companys: 1. expected future profits; 2. expected sustainable revenue and/or asset growth; 3. expected cash investment needed to support expected growth; 4. normalized free cash flow after considering Items 1 through 3 above; and 5. valuation relative to normalized earnings and free cash flow after giving consideration to growth potential and financial strength.
PFCFX Holdings
Top 10 holdings of Poplar Forest Cornerstone Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| First American Treasury Obliga | 5.46% |
| Citigroup Inc | 3.26% |
| United Therapeutics Corp | 2.98% |
| Intel Corp | 2.93% |
| Merck & Co Inc | 2.83% |
| Nucor Corp | 2.68% |
| Paychex Inc | 2.68% |
| Genuine Parts Co | 2.53% |
| CVS Health Corp | 2.52% |
| Dominion Energy Inc | 2.50% |
PFCFX Portfolio Allocation
Asset-class allocation of Poplar Forest Cornerstone Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 60.8% |
| Fixed Income | 31.8% |
| Cash & Equivalents | 5.5% |
| Securitized | 3.1% |
PFCFX Costs and Fees
PFCFX costs about $116 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.16%
- Gross expense ratio: 1.90%
- Portfolio turnover: 29%
- Brokerage commissions: 2.06 bps of average net assets (SEC N-CEN)
PFCFX Cashflows
Over the 12 months to 2026-06, Poplar Forest Cornerstone Fund had net inflows of $1.80M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $1.06M |
| 2026-05 | −$9.29K |
| 2026-04 | −$634.30K |
| 2026-03 | $2.16K |
| 2026-02 | −$425.66K |
| 2026-01 | $47.73K |
PFCFX Debt Constituents
Largest debt holdings of Poplar Forest Cornerstone Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Tsy Infl Ix N/b | 2.44% |
| Murphy Oil Corp. | 2.28% |
| Bristol-Myers Squibb Co. | 2.02% |
| Dte Electric Co. | 1.69% |
| US Treasury N/b | 1.57% |
| Kellanova | 1.34% |
| US Treasury N/b | 1.31% |
| Federal Farm Credit Bank | 1.31% |
| National Fuel Gas Co. | 1.31% |
| US Treasury N/b | 1.15% |
PFCFX Prospectus and SEC Filings
Official Poplar Forest Cornerstone Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-04-11
- Prospectus (485BPOS) — filed 2025-01-28
- Prospectus supplement (497) — filed 2026-02-02
- Portfolio holdings (N-PORT) — filed 2026-08-28
- Portfolio holdings (N-PORT) — filed 2026-05-27
- Portfolio holdings (N-PORT) — filed 2026-02-18
- Annual census (N-CEN) — filed 2024-12-16
- Annual census (N-CEN) — filed 2023-12-14
Related Funds
Other Balanced Allocation 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.