| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.66% | -9.18% | -9.18% |
Cooper Investors returned -9.2% in Q1 2026 amid market concerns over accelerating AI capabilities and the Iran War energy shock. The Compounding Capital Pool suffered as markets classified businesses as AI-winners or AI-losers, with software sector falling a third from highs due to workflow disruption threats and reduced development barriers. TSMC emerged as the strongest performer, appreciating 66% over the financial year as the leading AI chip manufacturer with near-monopoly positioning in advanced semiconductors. The manager materially reduced Ryan Specialty exposure due to rapidly turning insurance cycles while maintaining conviction in TSMC's semiconductor industry dominance. Real Assets provided the only positive returns, with energy royalties and derivatives exchanges serving as effective inflation hedges as traditional stock-bond correlations broke down. The portfolio emphasizes AI-immune businesses like sports content, AI-beneficiaries like TSMC, and real assets for diversification. Looking forward, the manager expects Real Assets to play an increasingly important role while remaining cautious on software business model durability amid accelerating AI advancement.
Portfolio positioned across three distinct capital pools - Compounding businesses with sustainable growth, Reversionary opportunities inflecting to cash flow generation, and Real Assets providing inflation protection - with current focus on AI-resistant or AI-benefiting companies while avoiding software businesses vulnerable to AI disruption.
Manager expects Real Assets capital pool to play increasingly important role in coming years as traditional stock-bond correlations remain challenged by inflation. Continues to see TSMC benefiting from semiconductor industry performance push while remaining cautious on software business model durability amid accelerating AI capabilities.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 13 2026 | 2026 Q1 | 4478.T, CME, FWONK, PSK.TO, RYAN, SHAK, SHEN, TSM | AI, energy, global, inflation, real assets, semiconductors |
4478.T TSM RYAN PSK.TO CME |
Cooper Investors fell 9.2% in Q1 as AI disruption fears hammered software while Iran War shocked energy markets. TSMC surged 66% as the dominant AI chip manufacturer while software companies faced existential threats from AI workflow disruption. Manager reduced insurance exposure, maintained semiconductor conviction, and increased focus on Real Assets as inflation hedges replacing traditional bond diversification. |
| Feb 4 2026 | 2025 Q4 | 4478.T, FWONK, RYAN, TKO, TSM | Global Equities, growth, semiconductors, Sports Content, technology, value |
TKO TSM RYAN 4478 JP |
Cooper Investors underperformed in 2025 due to concentrated market gains but maintains high conviction in refreshed portfolio. Strong performance from sports content asset TKO and semiconductor leader TSMC offset weakness in insurance broker RYAN and Japanese software company freee. Despite elevated market valuations, manager expects portfolio holdings to deliver superior risk-adjusted returns over medium-term investment horizons. |
| Oct 14 2025 | 2025 Q3 | BME.L, BSY, CME, G24.DE, GEHC, TKO | Exchanges, global, healthcare, Media, retail, technology |
CME G24 TKO |
Cooper Investors delivered 18% annual returns through an index-unaware strategy focused on wealth-creating businesses outside mainstream technology. Strong performance from Scout 24 and TKO Holdings offset exits from underperforming GE Healthcare and B&M European Value. The differentiated portfolio structure emphasizes content businesses, royalties and mission-critical software, positioning for continued outperformance as companies execute strategic plans. |
| Jun 30 2025 | 2025 Q2 | BME.L, CDW, G24.DE, PSK.TO, TKO | energy, Global Equities, Media, royalties, technology, value creation |
G24 GR TKO BME LN CDW G24.DE TKO PSK.TO |
Cooper Investors delivered strong annual returns of 24.4% driven by Scout24's operational turnaround and TKO Holdings' content expansion. The fund emphasizes real assets like PrairieSky Royalty's perpetual energy rights and businesses with exceptional management teams creating long-term value through strategic focus and operational excellence across global markets. |
| Mar 31 2025 | 2025 Q1 | BME.L, FWONK, FYBR, LSEG.L, RYAN, SONY, TKO, TSM, UMG.AS, WMG | Customer, equities, Focus, gaming, global, Music, semiconductors | UMG.AS | Cooper Investors delivered 0.9% quarterly returns, outperforming by 2.9%. Strong performance from Ryan Specialty and Sony gaming offset weakness in B&M Retail and TSMC. New position in Universal Music Group capitalizes on industry monetization opportunity as streaming matures. Portfolio focuses on customer-obsessed businesses providing essential services and productivity solutions globally. |
| Jan 14 2025 | 2024 Q4 | AHT.L, AON, BKNG, ERF.PA, FTRE, FWONA, FWONK, LSEG.L, RYAN, V | global, growth, insurance, Sports, Travel, value |
BKNG FWONK ERF AHT RYAN |
Cooper Investors delivered 11.2% quarterly returns led by travel platform Booking Holdings and Formula One owner Liberty Media. The fund focuses on identifying value latency in quality global businesses with sustainable competitive advantages, including wholesale insurance broker Ryan Specialty in the growing Excess & Surplus market. |
| Sep 30 2024 | 2024 Q3 | BKNG, ERF.PA, FYBR, GOOGL, LSEG.L, NFLX, RSG, RTO.L, TKO, V, VZ | Global Equities, healthcare, long-term, Media, Quality, Telecommunications, Value Investing | - | Cooper Investors outperformed by 2.7% in Q3, driven by Frontier's Verizon takeover and Eurofins' strong earnings growth. New TKO position capitalizes on sports media rights inflation from streaming competition. Exited Rentokil over execution failures. Portfolio focuses on quality companies with competitive moats and value latency. |
| Jul 15 2024 | 2024 Q2 | ACN, AER, BKNG, CDW, CRM, ERF.PA, FER.MC, FERG.L, GEHC, GOOGL, HDB, LPX, LSEG.L, REL.L, ROL, RTO.L, SONY, TSM, ULTA, YUMC | AI, global, growth, Quality, semiconductors, value | - | Cooper Investors sees significant Value Latency in smaller companies trading at cheapest levels in years while markets chase AI mega-caps. Portfolio at 17x free cash flow despite superior quality metrics, with selective AI exposure through TSMC and Alphabet. Expects embedded value recognition over 12-18 months as fundamentals translate to performance. |
| May 1 2024 | 2024 Q1 | AER, CME, DHR, EUFI.PA, FER.MC, FERG.L, GEHC, HDB, IBKR, LBRDK, LPX, LSEG.L, TSM, URI, YUMC | AI, cyclicals, financials, global, growth, industrials, Stalwarts, value |
CME AER LP |
Cooper Investors returned 11.3% in Q1, positioning around Subsets of Value across Stalwarts, Growth, and Cyclicals. The AI theme shows 'new paradigm' characteristics with parabolic forecasts. Recent moves include reinitating CME Group for value latency and adding AerCap for aircraft supply shortage benefits. Macro uncertainty including Fed policy and geopolitics may create Stalwart opportunities. |
| Jan 15 2024 | 2023 Q4 | 6758.T, 8035.T, ADYEN.AS, AIT.L, AON, CDW, CRM, DHR, EUFI.PA, FER.MC, FTV, GEHC, GOOGL, HLN.L, LSEG.L, MSFT, RTO.L, URI, WDAY, YUMC | cyclicals, global, healthcare, technology, Turnarounds, value |
GEHC LSEG.L ADYEN.AS |
Cooper Investors delivered 20% returns in 2023 through disciplined value investing across cyclicals, growth, and turnaround opportunities. The fund successfully harvested gains from semiconductor recovery while initiating GE Healthcare as a low-risk turnaround. With Fed pivot supporting markets and Magnificent 7 concentration creating valuation discrepancies, the manager sees rich opportunities in quality mid-cap businesses trading at attractive valuations. |
| Dec 10 2023 | 2023 Q3 | 6758.T, 8035.T, 8113.T, ADYEN.AS, AHT.L, AJG, AON, APG, BKNG, BME.L, CDW, COST, CRM, DHR, ERF.PA, FER.MC, FERG.L, G24.DE, HDB, HLMA.L, HLN.L, IQV, LBRDK, LSEG.L, RELX.L, RTO.L, TSM, ULTA, UNP, URI, YUMC | China, cyclicals, Equipment Rental, global, infrastructure, Railroads, value |
MELI|NFLX|ORCL|TCOM|VRTX|YUMC ANDURIL AHT.L SUNP IN |
Cooper Investors delivered resilient performance in challenging Q3 conditions, harvesting gains from mature positions and redeploying into higher-conviction opportunities. New equipment rental investments position for US infrastructure rebuilding while China exposure via Yum China capitalizes on oversold sentiment. The concentrated 38-stock portfolio emphasizes quality businesses with sustainable competitive advantages trading at attractive valuations. |
| Jul 22 2023 | 2023 Q2 | 7741.T, 8035.T, A, AJG, APG, CCI, CDW, FER.MC, FYBR, HDFCBANK.NS, IBKR, LSEG.L, TSM, ULTA | AI, global, Japan, mid cap, semiconductors, technology, value |
AIR FP|ICLR|LIN|MRVL|NOW|TSM 8035.T ULTA CDW ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA |
Cooper Investors underperformed due to underweight mega-caps but found opportunities in AI infrastructure semiconductors and Japanese governance reform plays. The narrow market created value pockets in quality names like Ulta and CDW. Portfolio rotation from expensive positions to RAVL opportunities maintains significant embedded value latency across 41 global holdings. |
| Apr 18 2023 | 2023 Q1 | 7741.T, AON, APG, BKNG, CRH, CRM, DHR, ERF.PA, FERG.L, FTR, LSEG.L, RTO.L, SNPS, SONY | global, semiconductors, Stalwarts, technology, Travel, value |
BKNG RTO.L LSEG.L |
Cooper Investors outperformed in Q1 2023 by focusing on Risk Adjusted Value Latency in quality Stalwarts. Key positions include travel recovery play Booking Holdings, semiconductor leader Hoya with 80% EUV market share, and pest control consolidator Rentokil Initial. The fund sees economic headwinds creating opportunities for their value-focused approach in businesses with strong competitive positions. |
| Oct 10 2022 | 2022 Q3 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI capabilities have accelerated beyond chatbots into coding and agentic applications, placing significant doubt on terminal values of capital-light business models. Software sector has fallen about a third from highs due to threats from AI workflows moving to AI interfaces and reduced barriers to entry. Manager uses AI as default starting point for growing share of investment tasks with real efficiency gains. |
Software Automation Disruption Efficiency Workflows |
SemiconductorsTSMC has appreciated 66% over the financial year as the most significant contributor to performance, benefiting from demand for AI chips and High-Performance Computing applications. As the largest semiconductor foundry with near-monopoly in leading-edge chip manufacturing, TSMC is positioned to thrive as the semiconductor industry continues pushing the performance envelope. |
Foundries Manufacturing Technology Growth | |
EnergyIran War has created a global energy shock impacting consumer confidence and GDP outlook. Real Assets portion including energy royalties like PrairieSky provided positive returns as inflation hedge. Energy infrastructure investments and reduced price differentials between Canadian and US oil have improved basin economics. |
Geopolitics Inflation Royalties Infrastructure | |
InflationCorrelation between stocks and bonds turned positive due to inflation, undermining traditional 60:40 portfolios. Real assets like energy royalties and derivatives exchanges provide effective hedging against inflation as alternative sources of diversification to traditional bond allocations. |
Correlation Bonds Diversification Hedging | |
| 2025 Q4 |
AIAI continued as a major theme with over 300 S&P 500 companies mentioning artificial intelligence on earnings calls. However, scrutiny increased around AI-related revenue circularity, massive capital spending scale, and durability of longer-term returns on investment. Oracle faced concerns about OpenAI backlog concentration risk and significant debt required for datacenter commitments. |
Artificial Intelligence Data Centers Capital Spending Revenue Circularity Infrastructure |
Trade PolicyTrade relations between the U.S. and China remained a key market focus with tensions flaring over tariff escalations and export controls. China dramatically expanded export controls on rare earth minerals while the U.S. threatened 100% tariffs in retaliation. A one-year trade truce was ultimately reached between Presidents Trump and Xi Jinping. |
Tariffs China Export Controls Rare Earth Minerals Trade Relations | |
CryptoThe fund added Coinbase Global as a new position, viewing it as the dominant player in the U.S. cryptocurrency market with over 65% trading volume share. The company benefits from regulatory clarity through the GENIUS Act and anticipated CLARITY Act, boosting institutional adoption and trading volumes. |
Cryptocurrency Trading Volume Regulatory Clarity Institutional Adoption | |
| 2025 Q3 |
MediaTKO Holdings owns UFC and WWE, benefiting from increased demand for sports media rights from traditional broadcasters and streaming platforms. The company renewed its most important US UFC media deal with Paramount+ for seven years at $7.7 billion annually, more than doubling the current ESPN deal. This increased exposure will drive sponsorship value and grow the fanbase. |
Live Sports Streaming Content Media Rights Entertainment |
ExchangesCME Group is the largest global derivatives exchange operator with royalty-like features. The company generates revenue by charging per-contract fees and benefits from increased volatility and trading activity. CME enjoys 90%+ market share across its product sets due to network effects and liquidity advantages, providing a stabilizing benefit to the portfolio. |
Capital Markets Derivatives Trading Financial Infrastructure Risk Management | |
| 2025 Q2 |
MediaTKO Holdings owns UFC and WWE combat sports content assets, showing strong growth with UFC and WWE EBITDA growing 17% and 38% respectively. The company is expanding revenue through site fees by festivalizing events across multiple days, demonstrating economic value to cities. |
Combat Sports Content Live Events Site Fees Media Rights |
RoyaltiesPrairieSky Royalty represents a perpetual royalty owner over significant lands in the Western Canadian Sedimentary Basin. The company benefits from technological advances like multilateral wells that improve recovery rates and bring forward economics without requiring capital investment. |
Mineral Royalties Energy Royalties Perpetual Assets Technology Adoption Cash Flow | |
EnergyThe Western Canadian Sedimentary Basin is one of the most economically advantaged energy resources globally, with recent infrastructure investments reducing price differentials. Technological developments like multilateral wells are driving increased activity and improving economics across the basin. |
Oil Natural Gas Energy Infrastructure Drilling Technology Canadian Energy | |
| 2025 Q1 |
MusicThe fund established a position in Universal Music Group, viewing the music industry as undergoing a monetization cycle after streaming subscriber growth slowed. Music assets have high cultural relevance and enduring value, with streaming creating a subscription model that improved monetization significantly. The industry is positioned for pricing power as penetration matures in developed markets. |
Streaming Monetization Content Subscription Pricing |
SemiconductorsTSMC remains a core holding despite recent concerns about AI demand normalization. The company has cemented its position as the leading manufacturer of advanced chips with long-term earnings growth expected in the mid-high teens range driven by semiconductor proliferation across High Performance Computing and increasing manufacturing complexities. Current share price does not capture this long-term outcome. |
AI Foundries Manufacturing Technology | |
GamingSony's gaming segment showed strong operating trends with PS5 sales matching PS4 equivalent period performance, but importantly engagement and monetization of services are materially higher than the previous generation. This demonstrates the power of focused management execution in the gaming industry. |
Console Services Monetization Entertainment | |
| 2024 Q4 |
TravelBKNG is the leading global travel platform with strong operating trends driven by global travel demand tailwinds. Third quarter revenue growth of 9% drove 16% EPS growth, a sustainable run rate for the business. |
Travel Platforms Demand |
Live SportsFWONK owns Formula One with strong operating trends on track and fan engagement driving incremental monetization. Recent LVMH 10-year partnership and MotoGP acquisition enhance value. |
Sports Formula One Monetization | |
Insurance BrokersRYAN is a wholesale insurance broker focused on Excess & Surplus market which has grown double-digit annually. Company specializes in complex risks and has grown revenues double-digit every year since founding. |
Insurance Wholesale Specialty | |
| 2024 Q3 |
BroadbandFrontier Communications is converting its legacy copper network into future-proof fibre infrastructure. The completed network is likely to produce highly resilient cash flows which may be worth multiples of the company's current market value. Frontier began its multi-billion dollar network upgrade in 2021 and is expected to complete the build in mid-2026. |
Fiber Infrastructure Telecom Network Upgrade |
Live SportsTKO Group Holdings owns UFC and WWE, two leading combat sport content assets. Sport is ingrained in the fabric of society and live sport is appointment viewing. Owners of unique sport assets are able to monetise these assets globally and across mediums including media rights, live events, and site fees. |
UFC WWE Media Rights Entertainment Content | |
StreamingIncreased demand for sports media rights from traditional broadcasters and global streaming platforms like Netflix, YouTube, Amazon, and Apple. These media companies see Live Sport as a crucial mechanism to maintain and grow viewers and subscribers. Netflix's entrance into sports represents a key inflection in competitiveness. |
Netflix Media Rights Content Platforms Competition | |
Clinical LabsEurofins is a global leader in lab testing with key end markets in food, pharmaceuticals, and environmental testing. CEO Gilles Martin has methodically built out an optimised lab network across North America and Europe through organic and acquisition investment, creating long dated competitive advantages. |
Testing Laboratory Network Food Safety Pharmaceuticals | |
| 2024 Q2 |
AIPortfolio has 10% exposure through TSMC and Alphabet, with TSMC positioned to extract more value from AI profit pools and Alphabet leveraging AI across search, YouTube, and cloud. Manager sees AI revolution making companies with unique datasets more valuable as it permanently improves business models, citing examples like RELX's LexisNexis Legal business and GE Healthcare's diagnostic imaging. |
Data Centers Cloud Semiconductors Software |
ValuePortfolio positioned around Value Latency in smaller companies with weighted average price-to-free-cash-flow at ~17x, cheapest in many years and 15% cheaper than market despite higher quality metrics. Manager sees considerable embedded value with stocks trading below intrinsic worth due to market focus on mega-cap AI winners. |
Small Caps Quality Earnings | |
SemiconductorsSemiconductor index up 12% in quarter and 33% year-to-date, expanding from 2% of MSCI ACWI a decade ago to over 10% today. Portfolio remains diversified and underweight semiconductors from active risk perspective, though owns TSMC as key AI beneficiary positioned to extract value from downstream customers. |
Semi Equipment Foundries Memory | |
| 2024 Q1 |
AIThe AI theme is beginning to display hallmarks of a 'new paradigm' with parabolic growth forecasts and investment banks rushing to put out baskets of AI beneficiaries. AI-enabled data centres are due to account for 75% of the increase in load growth with those locations incredibly energy intense compared to standard data centres. Next-Gen AI data centres are planned or under construction in the Atlanta area that will soak up over 1,000MW. |
Data Centers Energy Infrastructure Semiconductors Power |
Aircraft LeasingAerCap Holdings is the world's largest commercial aircraft owner and lessor, benefiting from supply challenges in the commercial aerospace sector. The large airframers can't produce enough aircraft to satisfy demand, creating an asset base in increasingly short supply with rising market values for used aircraft and lease rates. |
Aviation Leasing Supply Chain Asset Values Transportation | |
Capital MarketsCME Group offers leading liquidity pools to risk managers across multiple asset classes including equities, interest rates, FX, energy and agricultural commodities. The business rarely changes hands as cheaply as it does today, trading at an average market multiple versus typically trading at a 30-60% premium. |
Derivatives Exchanges Liquidity Risk Management Trading | |
Building MaterialsLouisiana Pacific represents a commodity-to-specialty transformation story, shifting from OSB to siding products that give LP pricing power and generate consistent incremental margins of 25-30%. LP 'Smartside' is a sustainable way to wrap homes in an attractive durable substrate that is gaining popularity among small and medium builders. |
Construction Specialty Products Pricing Power Homebuilders Materials | |
| 2023 Q4 |
SemiconductorsThe fund invested in Tokyo Electron during the semiconductor cycle trough in November 2022, benefiting from the industry recovery and emerging AI theme. The stock rallied 60% over the holding period as sentiment improved and earnings estimates recovered from cyclical lows. |
Semi Equipment Cyclical AI Recovery Valuation |
AIAI is emerging as a key theme driving semiconductor re-rating and creating opportunities in related infrastructure. The fund sees AI benefiting companies like CDW Corp which acts as intermediary for enterprise IT solutions including hyperscalers like Microsoft and Amazon. |
Cloud Enterprise Software Infrastructure Technology | |
CloudCloud migration is a significant driver for LSEG's data business through their Microsoft partnership. The migration enables real-time data delivery and expanded use cases, with World Check demand increasing 800% after geopolitical events due to improved accessibility. |
Data Services Microsoft Real-time Migration | |
| 2023 Q3 |
ChinaGlobal investor sentiment has soured further on China in recent months with the commercial real estate market implosion hitting headlines. The manager sees Value Latency emerging when markets are labeled 'uninvestable' as China now is for many investors. They highlight Yum China as an example of this opportunity. |
Consumer QSR Restaurants Value Sentiment |
Infrastructure SpendingThe manager observes nascent reindustrialisation and rebuilding of essential infrastructure in the US after 30 years of disinvestment. This is driven by government action, corporate supply chain reassessment post-COVID, and geopolitical tensions. Manufacturing construction spending shows meaningful uptick in the last two years. |
Manufacturing Construction Government Deglobalisation Spending | |
Equipment RentalThe equipment rental industry continues to evolve into an attractive, more consolidated structure with URI and AHT as the largest players growing above market rates. There are virtuous benefits to scale driven by procurement advantages, better equipment availability, and technology investment opportunities. |
Cyclicals Consolidation Scale Technology Industrial | |
| 2023 Q2 |
AIAI has become the dominant new paradigm for equity markets this quarter, with generative AI driving significant investment interest. The manager views semiconductors and semiconductor production equipment as the picks and shovels of this trend, investing in companies like TSMC and Tokyo Electron that provide critical infrastructure for AI development. |
Generative AI Semiconductors Data Centers Computing Power Machine Learning |
SemiconductorsThe manager sees semiconductors as beneficiaries of AI demand, with TSMC deriving 41% of revenue from high performance computing. They added to semiconductor names at cyclical trough in 2022, viewing the industry as having evolved from consumer-led to more diversified applications with steady secular growth. |
TSMC Memory Logic Chips Foundries Chip Manufacturing | |
JapanJapan has outperformed significantly with Topix and Nikkei up 22% year-to-date, hitting 30-year highs. New Tokyo Stock Exchange rules requiring companies trading below book value to comply-or-explain are driving governance reform hopes. The portfolio maintains an overweight to Japanese equities given attractive value latency. |
Governance Reform Tokyo Stock Exchange Value Corporate Reform ROE | |
ValueThe narrow market has created pockets of opportunity as excellent businesses suffer from underperformance due to FOMO in a smaller group of chosen stocks. The manager rotated capital to invest where RAVL emerged, finding superior risk-adjusted value latency further down the market cap spectrum. |
RAVL Market Cap Underperformance Rotation Opportunity | |
| 2023 Q1 |
ValueCooper Investors focuses on Risk Adjusted Value Latency opportunities, particularly in businesses trading at reasonable valuations relative to their fundamentals. The fund has identified Value Latency-rich opportunities created by market volatility and pricing inefficiency as markets adjust to higher interest rates. |
Value Latency Fundamentals Multiples Discount |
TravelThe fund re-established a position in Booking Holdings, the world's largest online travel agent, seeing Value Latency from COVID impact on travel coupled with reduced competitive intensity. BKNG is expanding its Connected Trip strategy to capture more components of travel beyond accommodation. |
Travel Booking Recovery Connected Trip Accommodation | |
SemiconductorsDetailed discussion of Hoya's dominance in EUV mask blanks for semiconductor lithography, with 80% global market share and 70% operating margins. The company is positioned for the next generation High NA EUV technology with ASML. |
Semiconductors EUV Lithography Mask Blanks ASML |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| May 13, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | TSM | Taiwan Semiconductor Manufacturing Company | Semiconductors | Semiconductors | Bull | New York Stock Exchange | AI Beneficiary, Foundry, high-performance computing, Monopoly, semiconductors, Taiwan, technology | Login |
| May 13, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | RYAN | Ryan Specialty Holdings | Insurance - Specialty | Insurance Brokers | Neutral | New York Stock Exchange | Cyclical, insurance brokerage, Insurance Cycle, Property Insurance, specialty insurance, Wholesale Insurance | Login |
| May 13, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | PSK.TO | PrairieSky Royalty | Oil & Gas E&P | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | Canada, Energy Royalty, infrastructure, Oil & Gas, Perpetual Royalty, Real assets, Western Canada | Login |
| May 13, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | CME | CME Group | Financial Data & Stock Exchanges | Financial Exchanges & Data | Bull | NASDAQ | Derivatives, Financial Exchange, Monopoly, network effects, Real assets, royalty model, Volatility Beneficiary | Login |
| May 13, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | 4478.T | Freee K.K. | Software - Application | Application Software | Bull | New York Stock Exchange | Accounting Software, AI disruption, Cloud software, growth, Japan, SaaS, SME | Login |
| Feb 4, 2026 | Fund Letters | Peter Cooper | TKO | TKO Group Holdings Inc | Communication Services | Movies & Entertainment | Bull | New York Stock Exchange | Content, media, monetization, Sports-rights, Streaming | Login |
| Feb 4, 2026 | Fund Letters | Peter Cooper | TSM | Taiwan Semiconductor Manufacturing Co Ltd | Information Technology | Semiconductor Manufacturing | Bull | New York Stock Exchange | AI, Complexity, Foundry, HPC, semiconductors | Login |
| Feb 4, 2026 | Fund Letters | Peter Cooper | RYAN | Ryan Specialty Group Holdings Inc | Financials | Insurance Brokers | Bull | New York Stock Exchange | Brokerage, Cyclicality, Eands, Execution, Insurance | Login |
| Feb 4, 2026 | Fund Letters | Peter Cooper | 4478 JP | freee K.K. | Information Technology | Application Software | Bull | New York Stock Exchange | Demographics, Freecashflow, Margins, productivity, SaaS | Login |
| Oct 14, 2025 | Fund Letters | Peter Cooper | G24 | Scout24 SE | Communication Services | Interactive Media & Services | Bull | - | Classifieds, International, Margins, marketplace, Pricing, Real Estate | Login |
| Oct 14, 2025 | Fund Letters | Peter Cooper | TKO | TKO Group Holdings Inc. | Communication Services | Media & Entertainment | Bull | NYSE | Distribution, Flywheel, live events, Sponsorships, Sports-rights, Streaming | Login |
| Oct 14, 2025 | Fund Letters | Peter Cooper | CME | CME Group Inc. | Financials | Financial Exchanges & Data | Bull | NASDAQ | Derivatives, dividend, Exchanges, Liquidity, Margins, network effects, Volatility | Login |
| Jun 30, 2025 | Fund Letters | Peter Cooper | G24 GR | Scout24 SE | Communication Services | Interactive Media & Services | Bull | - | growth, Margins, marketplace, Property, restructuring | Login |
| Jun 30, 2025 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | PSK.TO | PrairieSky Royalty Ltd | Energy | Oil & Gas Exploration & Production | Bull | TSX | Canada, cash generation, Counter-cyclical Investing, energy, Management Quality, Perpetual Assets, Royalty, Technology Catalyst, Value Latency | Login |
| Jun 30, 2025 | Fund Letters | Peter Cooper | TKO | TKO Group Holdings, Inc. | Communication Services | Movies & Entertainment | Bull | NYSE | Events, media, Monetisation, rights, sports | Login |
| Jun 30, 2025 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | G24.DE | Scout24 SE | Communication Services | Interactive Media & Services | Bull | XETRA | digital platform, Germany, Management Change, market leadership, Property Portal, Real Estate, turnaround, value creation | Login |
| Jun 30, 2025 | Fund Letters | Peter Cooper | BME LN | B&M European Value Retail S.A. | Financials | General Merchandise Stores | Bear | NYSE | Execution, Margins, retail, Risk, Value | Login |
| Jun 30, 2025 | Fund Letters | Peter Cooper | CDW | CDW Corporation | Information Technology | IT Consulting & Other Services | Bear | NASDAQ | Cyclicality, Hardware, It, Risk, spending | Login |
| Jun 30, 2025 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | TKO | TKO Group Holdings Inc | Communication Services | Entertainment | Bull | NYSE | Combat Sports, Content Platform, entertainment, high-margin business, live events, Media rights, Site Fees, UFC, WWE | Login |
| Mar 31, 2025 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | UMG.AS | Universal Music Group N.V. | Communication Services | Entertainment | Bull | Euronext Amsterdam | Catalog Assets, Content, entertainment, Intellectual Property, media, monetization, Music Label, Streaming, subscription model, Technology Disruption, turnaround, Value | Login |
| Dec 31, 2024 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | FWONK | Liberty Media Corporation - Formula One | Communication Services | Entertainment | Bull | NASDAQ | fan engagement, Formula One, Media rights, monetization, MotoGP, spin-off, Sports Content, Tracking stock | Login |
| Dec 31, 2024 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | ERF | Eurofins Scientific SE | Health Care | Life Sciences Tools & Services | Neutral | EPA | Bio-analytical Testing, execution risk, investor trust, organic growth, Pharmaceutical Customer, strategic plan | Login |
| Dec 31, 2024 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | AHT | Ashtead Group plc | Industrials | Trading Companies & Distributors | Bull | LSE | Construction Markets, Cyclical Weakness, Equipment Rental, Long-term Investor, organic growth, valuation opportunity | Login |
| Dec 31, 2024 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | RYAN | Ryan Specialty Holdings Inc | Financials | Insurance | Bull | NYSE | Complex Risks, Delegated Authority, Excess & Surplus, Free Cash Flow, M&A strategy, margin expansion, Specialized Expertise, Wholesale Insurance | Login |
| Dec 31, 2024 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | BKNG | Booking Holdings Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Neutral | NASDAQ | Capital Redeployment, Cost efficiency, EPS growth, Online Travel, Revenue Growth, Travel Platform, Value Latency | Login |
| Mar 31, 2024 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | LP | Louisiana-Pacific Corporation | Materials | Forest Products | Bull | NYSE | Building materials, Commodity-to-Specialty, construction, Equity, homebuilding, materials, OSB, Pricing power, Siding, Sustainability, turnaround, Wood Products | Login |
| Mar 31, 2024 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | AER | AerCap Holdings N.V. | Industrials | Trading Companies & Distributors | Bull | NYSE | Aircraft Leasing, Asset Play, Aviation, Book Value, capital allocation, Commercial Aircraft, Equity, Industrials, Lease Rates, Supply Shortage | Login |
| Mar 31, 2024 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | CME | CME Group Inc | Financials | Financial Exchanges & Data | Bull | NASDAQ | Chicago, Commodities, Derivatives Exchange, Equity, financial services, Futures, FX Trading, Interest rates, Options, risk management, Stalwart, Value | Login |
| Jun 30, 2023 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | AIR FP|ICLR|LIN|MRVL|NOW|TSM | Taiwan Semiconductor Manufacturing Company | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | AI, Cyclical, Foundry, high-performance computing, Leading Edge, manufacturing, semiconductors, Taiwan | Login |
| Jun 30, 2023 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | 8035.T | Tokyo Electron Limited | Information Technology | Semiconductors & Semiconductor Equipment | Bull | Tokyo Stock Exchange | AI infrastructure, Cyclical, Japan, Manufacturing Equipment, oligopoly, semiconductor equipment, SPE | Login |
| Jun 30, 2023 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | ULTA | Ulta Beauty Inc | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Beauty, Cosmetics, loyalty program, Recession-Resilient, retail, Specialty retail, store expansion, US consumer | Login |
| Jun 30, 2023 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | CDW | CDW Corporation | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | asset-light, Enterprise software, High returns, IT Complexity, IT distribution, Technology Services, Value-Added Reseller | Login |
| Jun 30, 2023 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA | Interactive Brokers Group Inc | Financials | Capital Markets | Bull | NASDAQ | Automation, Capital markets, Fintech, founder-led, high margins, Interest rates, Online Brokerage, technology | Login |
| Dec 31, 2023 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | ADYEN.AS | Adyen N.V. | Information Technology | Data Processing & Outsourced Services | Bull | Euronext Amsterdam | customer wins, Fintech, margin expansion, market volatility, payment processing, Talent Acquisition, Wallet Share Growth | Login |
| Dec 31, 2023 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | LSEG.L | London Stock Exchange Group plc | Diversified Financials | Financial Exchanges & Data | Bull | London Stock Exchange | AI integration, cloud migration, Exchange Infrastructure, financial data, Free Cash Flow, KYC Services, Microsoft partnership, valuation discount | Login |
| Dec 31, 2023 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | GEHC | GE Healthcare Technologies Inc | Health Care Equipment & Services | Health Care Equipment | Bull | NASDAQ | Aftermarket revenue, Healthcare Equipment, margin expansion, medical imaging, oligopoly, R&D investment, spin-off, turnaround | Login |
| - | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | BKNG | Booking Holdings Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Aggregator, Connected Trip, Free Cash Flow, market leader, Online Travel, Share Buybacks, Travel Accommodation, Travel Recovery | Login |
| - | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | RTO.L | Rentokil Initial plc | Industrials | Commercial Services & Supplies | Bull | London Stock Exchange | defensive, margin expansion, market leader, Non-Discretionary, pest control, Route Density, synergies, Terminix Acquisition | Login |
| - | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | LSEG.L | London Stock Exchange Group plc | Financials | Capital Markets | Bull | London Stock Exchange | Bloomberg Competitor, Cost synergies, financial data, Market Infrastructure, Microsoft partnership, Overhang Resolution, Refinitiv Integration, Share Buyback | Login |
| - | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | MELI|NFLX|ORCL|TCOM|VRTX|YUMC | Yum China Holdings Inc | Consumer Discretionary | Restaurants | Bull | NYSE | China, Consumer Discretionary, contrarian, Equity, Fast Food, franchise, QSR, store expansion, Value | Login |
| - | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | ANDURIL | United Rentals Inc | Industrials | Trading Companies & Distributors | Bull | NYSE | consolidation, Cyclical, Equipment Rental, Equity, Industrials, infrastructure, market share, Reindustrialization, Scale Advantages | Login |
| - | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | AHT.L | Ashtead Group plc | Industrials | Trading Companies & Distributors | Bull | LSE | consolidation, Cyclical, Equipment Rental, Equity, Industrials, infrastructure, market share, Reindustrialization, Scale Advantages | Login |
| - | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | SUNP IN | Union Pacific Corporation | Industrials | Road & Rail | Bull | NYSE | Equity, Freight, Industrials, infrastructure, Management Change, operational excellence, railroad, Transportation, turnaround | Login |
| TICKER | COMMENTARY |
|---|---|
| FWONK | Our Compounding Capital Pool is dominated by investments in businesses we believe are largely immune to AI (e.g. sports content assets such as Liberty Media Formula 1 (FWONK)) |
| SHAK | are potential beneficiaries of integrating the efficiency benefits of AI (e.g. QSRs such as Shake Shack (SHAK)) |
| TSM | Taiwan Semiconductor Manufacturing Co's (TSMC) stock price has appreciated 66% over the financial year, making it the most significant contributor to performance for FY26 so far. The Fund has been invested in TSMC since May 2020. As the largest semiconductor foundry, TSMC is one of the most important companies in the world. Over our investment period, TSMC has cemented its position as the leading manufacturer of advanced chips and delivered Earnings per Share growth of over 30% per annum. Investment returns have been 38% on an annualised basis. More recent growth has been fuelled by the demand for chips used in High-Performance Computing applications, or AI. Semiconductor proliferation (across AI and other markets) as well as the increasing complexities in the semiconductor manufacturing process places TSMC in an increasingly important position. Put simply, TSMC have a near-monopoly in the manufacture of leading-edge chips and so will thrive as long as the semiconductor industry continues to push the performance envelope. This is a bet we are willing to make. |
| 4478.T | Although the portfolio has limited exposure to software businesses the largest detractor to returns for the quarter was Freee K.K. (4478), the Japanese software company primarily focused on providing accounting and HR-related tools to small businesses and sole proprietors (akin to a Japanese version of Xero). Freee's share price has declined over 30% in 2026. When compared to other western markets, Japanese businesses have been slower to adopt cloud software. This is particularly the case in Freee's target customer base. Freee continues to exploit this opportunity in an increasingly profitable manner - the company expects to grow FY June 26 revenue and operating profit 26% and 34% respectively. We believe the company is on track to achieve its medium-term (FY June 28) Free Cash Flow targets and that this outcome is not captured in the current valuation. The near-term execution is not the concern. The uncertainty is about what Freee looks like in year ten. We know the customer base is technologically conservative and that Freee is investing aggressively in AI capabilities. But the proficiency of AI is ramping at an accelerating rate, and handicapping the long-run competitive position of any software business has become genuinely difficult. |
| RYAN | the investment case for Ryan Specialty (RYAN), the other significant detractor for the period, has been tested by something more traditional - a turning insurance cycle. The question of AI's impact on wholesale broking is not lost on us, but we believe that the weakening insurance pricing environment has been more impactful on investor sentiment to date. As described by Founder and Executive Chairman Pat Ryan on the 2025 Q4 earnings call, "What distinguishes this cycle is simple. It was harder for longer on the way up and much faster on the way down, particularly as it relates to property." Pat went on to share that in more than 60 years in the industry he has rarely witnessed market sentiment shift this rapidly. We also failed to recognise how quickly the cycle was turning — or more directly, we failed to at least reduce the size of the investment as the operating environment was clearly softening. Ryan Specialty's competitive position remains strong, and management continue to invest countercyclically in talent and technology. However, given the continuing weakness in end markets, we have materially reduced the size of our investment. |
| SHEN | Today our reversionary holdings are largely in businesses inflecting from investment to free cash flow generation. For example, US broadband company Shenandoah Telecommunications (SHEN), which is on the cusp of completing a multi-year fibre deployment. |
| PSK.TO | we think the key to identifying an effective alternative is to understand why the relationship has broken. The driver of this unwinding has been inflation. This can be hedged by real assets, for example the Fund's holdings in PrairieSky Royalty (PSK) (a perpetual energy royalty owner over significant lands in the Western Canadian Sedimentary Basin |
| CME | CME Group (the largest global derivatives exchange operator – an effective royalty on financial speculation, hedging and asset inflation |
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