Poplar Forest Partners Fund
IPFPX
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- Poplar Forest Partners Fund (IPFPX) is an open-end mutual fund that seeks long-term growth of capital by investing primarily in equity securities of underappreciated large- and medium-sized U.S. companies and industries, maintaining a concentrated portfolio of 25 to 35 stocks without regard to the market capitalization or sector weightings of the S&P 500 Index. The fund targets companies with investment-grade debt ratings, a history of paying common stock dividends, and market capitalizations among the top 1,000 U.S. firms, focusing on three core opportunity types: out-of-favor under-earning companies positioned for recovery; discounted cash cow businesses trading below intrinsic value; and underappreciated quality firms gaining market share in expanding industries. It offers Institutional Class shares (ticker: IPFPX, CUSIP: 00768D798, minimum initial investment: $100,000) and A Class shares (ticker: PFPFX, CUSIP: 00768D814, minimum initial investment: $25,000), with net expense ratios of 0.96% for Institutional shares and 1.21% for A shares (contractually capped until January 28, 2026); the portfolio emphasizes bottom-up fundamental analysis, assessing normalized free cash flow, sustainable growth potential, and valuation relative to expected profits. Launched on December 31, 2009, and domiciled in the United States, the fund operates exclusively in U.S. equity markets, serving long-term investors seeking superior risk-adjusted returns over full market cycles as a complement to core portfolio holdings. In a significant recent development, Tocqueville Asset Management acquired Poplar Forest Capital LLC, the fund's adviser based in Pasadena, California, in early 2025, adding approximately $1.3 billion in assets under management and transitioning oversight of the Poplar Forest Partners Fund and related vehicles to Tocqueville's platform. The acquisition enhances distribution capabilities and client servicing while preserving the contrarian value investment approach originally established by founder J. Dale Harvey, formerly of Capital Group Companies.