Content and style disentanglement is an effective way to achieve few-shot font generation. It allows to transfer the style of the font image in a source domain to the style defined with a few reference images in a target domain. However, the content feature extracted using a representative font might not be optimal. In light of this, we propose a content fusion module (CFM) to project the content feature into a linear space defined by the content features of basis fonts, which can take the variation of content features caused by different fonts into consideration. Our method also allows to optimize the style representation vector of reference images through a lightweight iterative style-vector refinement (ISR) strategy. Moreover, we treat the 1D projection of a character image as a probability distribution and leverage the distance between two distributions as the reconstruction loss (namely projected character loss, PCL). Compared to L2 or L1 reconstruction loss, the distribution distance pays more attention to the global shape of characters. We have evaluated our method on a dataset of 300 fonts with 6.5k characters each. Experimental results verify that our method outperforms existing state-of-the-art few-shot font generation methods by a large margin. The source code can be found at https://github.com/wangchi95/CF-Font.