Poplar Forest Partners Fund Class A
PFPFX
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- Poplar Forest Partners Fund Class A (PFPFX) is an open-end mutual fund that seeks long-term growth of capital by investing primarily in equity securities of underappreciated large- and mid-cap U.S. companies, maintaining a concentrated portfolio of 25 to 35 stocks without regard to the market capitalization or sector weightings of the S&P 500. The fund targets companies within the top 1,000 by market capitalization that possess investment-grade debt ratings and a history of paying common stock dividends; its contrarian value strategy emphasizes three core opportunities, including out-of-favor under-earning companies with recovery potential, discounted cash-cow businesses, and underappreciated quality firms gaining market share in growing industries. Offerings include Class A shares (PFPFX, CUSIP 00768D814, minimum initial investment $25,000) alongside Institutional Class shares (IPFPX, minimum $100,000), with a net expense ratio of 1.21% for Class A; the fund employs bottom-up fundamental analysis focused on expected future profits, sustainable growth, normalized free cash flow, and valuation relative to growth and financial strength. Established on December 31, 2009, and managed initially by Poplar Forest Capital LLC—founded in 2007 by J. Dale Harvey and headquartered in Pasadena, California—the fund operates exclusively in U.S. equity markets targeting long-term investors seeking superior risk-adjusted returns over full market cycles. Sector allocations typically span financial services, healthcare, energy, technology, and consumer defensive, with top holdings such as AT&T Inc., CVS Health Corp., Allstate Corp., National Fuel Gas Co., and Equitable Holdings Inc.; total net assets stand at approximately $279 million for Class A shares as of recent data. In a major strategic development in early 2025, Poplar Forest Capital's investment team, managing approximately $1.3 billion in assets including PFPFX, joined Tocqueville Asset Management through an acquisition, with founder J. Dale Harvey becoming a shareholder and member of Tocqueville's management committee. This partnership enhances the fund's research platform, client services, technology infrastructure, and operational capabilities while preserving its contrarian value approach; the Adviser maintains contractual fee waivers to cap net expenses at 1.21% for Class A shares through at least January 28, 2026. No significant new product launches, funding rounds, or reorganizations beyond this affiliation have been reported in the last 1-2 years.