| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.92% | 6.6% | - |
Cooper Investors Global Equities Fund returned 6.6% for the quarter but -6.4% for the financial year, with currency headwinds contributing approximately 6% of the underperformance. The manager is increasingly cautious on AI infrastructure despite semiconductor holdings TSMC and SK Square being standout contributors, noting that direct AI suppliers accounted for three quarters of the MSCI AC World Index's 24% return while representing less than 13% of index weight. Drawing parallels to the dotcom era, the portfolio maintains zero exposure to companies in the Goldman Sachs AI Losers Basket and minimal software exposure. The Compounding pool is anchored by live entertainment and sports content investments including Liberty Media, Liberty Live, and TKO, which benefit from growing streaming demand and contracted multi-year revenue. New reversionary positions in Daikin Industries and Corteva provide exposure to Japanese turnarounds and agricultural spin-offs. Real Assets performed strongly led by commodity royalties PrairieSky and Altius Minerals. The manager believes the portfolio contains significant value latency diversified away from AI concentration, positioning it to reward patient investors.
Cooper Investors employs a Capital Pools framework to construct a diversified portfolio with uncorrelated return drivers across Compounding (56%), Reversionary (17%), and Real Assets (20%) categories, deliberately avoiding the AI concentration that dominates global equity markets while positioning in overlooked opportunities such as live sports content, Japanese turnarounds, and commodity royalties.
The manager believes the Fund is well positioned to reward investor patience as it contains significant value latency that is importantly diversified and uncorrelated to major drivers of today's equity markets. The portfolio has no exposure to companies facing structural challenges from AI. The manager is proceeding with caution and choosing not to chase further returns in the AI infrastructure area of the market, drawing parallels to the dotcom period where diversification proved important. The focus remains on building a portfolio of attractive investment opportunities outside the AI concentration, with increased emphasis on reversionary opportunities that have unique and uncorrelated return drivers.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 30 2026 | 2026 Q2 | 2330.TW, 402340 KS, 4478.T, 6367.T, ALS.TO, CME, CTVA, FWONK, LLYVK, PSK.TO, RYAN, SHEN, STVN, TKO | AI Infrastructure, Capital Pools, diversification, Japan, Live Sports, real assets, semiconductors, Spin-Offs |
2330.TW 402340.KS 4478.T RYAN FWONK 6367.T CTVA STVN SHEN PSK.TO ALS.TO CME |
Cooper Investors delivered -6.4% for the year, underperforming on currency and AI avoidance while semiconductor holdings TSMC and SK Square contributed strongly. The manager is increasingly cautious on AI concentration risks despite market enthusiasm, instead anchoring the portfolio in overlooked live sports content, Japanese turnarounds, and commodity royalties. Zero exposure to AI disruption victims positions the fund for differentiated returns as market concentration unwinds. |
| 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 Q2 |
AIThe manager is increasingly cautious regarding financial and investment risks built up around AI infrastructure. They estimate direct AI suppliers accounted for three quarters of the MSCI AC World Index's 24% return despite representing less than 13% of weight. The portfolio has 0% exposure to companies in the Goldman Sachs AI Losers Basket and minimal exposure to software businesses facing AI disruption risk. |
Semiconductors Infrastructure Disruption Software Hyperscalers |
SemiconductorsTaiwan Semiconductor Manufacturing Co and SK Square (holding company for SK Hynix) were standout contributors selling directly into the AI build-out. The Philadelphia Semiconductor Index appreciated over 130% during the financial year. The fund has owned TSMC since 2020 and benefited significantly from the semiconductor cycle. |
Memory Foundries AI Infrastructure Taiwan Korea | |
Live SportsLive entertainment and sports content is the current anchor of the Compounding Capital pool, including Liberty Media (Formula One and MotoGP), Liberty Live (Live Nation), and TKO (UFC and WWE). These businesses benefit from growing demand for sports rights from global streamers and increasing demand for unique real-life experiences. Formula One has roughly four years of revenue under contract and continues to grow this backlog. |
Entertainment Streaming Media Rights Formula One Experiences | |
Energy TransitionThe portfolio includes investments in royalty companies PrairieSky Royalty and Altius Minerals, which were the strongest performing capital pool for the year. The manager redeployed some capital from these winners into a broader set of real assets including infrastructure and midstream assets. |
Royalties Infrastructure Midstream Commodities | |
HVACThe fund initiated a new position in Daikin Industries, a leading Japanese HVAC manufacturer trading at a circa 25%+ discount to peers. The business is underearning with profit margins well below peers and the balance sheet has significant latency carrying minimal debt. Management recently released an updated financial plan addressing cost structure reform and enhanced capital return. |
Japan Turnaround Margin Expansion Buybacks | |
Crop ProtectionThe fund initiated a position in Corteva, which is undergoing a corporate transaction spinning off its leading Seeds business from the Crop Protection business. The manager believes the Seeds business, a high-returning oligopoly, is under-appreciated and undervalued in the current structure. |
Seeds Spin-off Agriculture Oligopoly | |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 30, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | 2330.TW | Taiwan Semiconductor Manufacturing Co | Semiconductors | Semiconductors | Bull | Taiwan Stock Exchange | AI infrastructure, compounding, Foundry, semiconductors, Taiwan, technology hardware | Login |
| Jul 30, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | 402340.KS | SK Square | Semiconductors | Semiconductors | Bull | Korea Exchange | AI infrastructure, compounding, HBM, holding company, Memory, semiconductors, South Korea | Login |
| Jul 30, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | 4478.T | freee K.K. | Software - Application | Application Software | Bear | Japan Exchange Group (Tokyo Stock Exchange) | Accounting Software, AI disruption, Application Software, exit, Japan, SaaS, SMB | Login |
| Jul 30, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | RYAN | Ryan Specialty | Insurance - Specialty | Insurance Brokers | Bear | New York Stock Exchange | Cyclical, exit, Insurance Brokers, Pricing Cycle, US, Wholesale Insurance | Login |
| Jul 30, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | FWONK | Liberty Media | Entertainment | Broadcasting | Bull | NASDAQ | compounding, Formula One, Live entertainment, Media rights, MotoGP, Sports Content, Streaming, Value | Login |
| Jul 30, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | 6367.T | Daikin Industries | Building Products & Equipment | Building Products | Bull | Japan Exchange Group (Tokyo Stock Exchange) | HVAC, Industrials, Japan, margin expansion, Reversionary, Shareholder activism, turnaround, Value | Login |
| Jul 30, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | CTVA | Corteva | Agricultural Inputs | Fertilizers & Agricultural Chemicals | Bull | New York Stock Exchange | agriculture, Corporate Restructuring, Crop protection, oligopoly, Reversionary, Seeds, spin-off, US | Login |
| Jul 30, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | STVN | Stevanato | Medical Instruments & Supplies | Health Care Equipment | Bull | New York Stock Exchange | capacity expansion, Cash Flow Inflection, Glass Manufacturing, Health Care Equipment, Italy, Pharmaceutical Packaging, Reversionary | Login |
| Jul 30, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | SHEN | Shenandoah Telecommunications | Telecom Services | Alternative Carriers | Bull | NASDAQ | broadband, capacity expansion, Cash Flow Inflection, Fiber Optic, infrastructure, Reversionary, telecommunications, US | Login |
| Jul 30, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | PSK.TO | PrairieSky Royalty | Oil & Gas E&P | Oil & Gas Exploration & Production | Bull | Toronto Stock Exchange | Canada, Commodity Exposure, Energy Royalties, Inflation Protection, Oil & Gas, Perpetual Royalties, Real assets | Login |
| Jul 30, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | ALS.TO | Altius Minerals | Other Industrial Metals & Mining | Diversified Metals & Mining | Bull | Toronto Stock Exchange | Canada, Copper, Diversified Commodities, Gold, Inflation Protection, Lithium, Mining Royalties, Potash, Real assets | Login |
| Jul 30, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | CME | CME Group | Financial Data & Stock Exchanges | Financial Exchanges & Data | Bear | NASDAQ | Competition, Derivatives, Financial Exchanges, Futures, Position Reduction, Real assets, Regulatory risk, US | 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 |
| 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 |
| 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 | CME | CME Group Inc. | Financials | Financial Exchanges & Data | Bull | NASDAQ | Derivatives, dividend, Exchanges, Liquidity, Margins, network effects, Volatility | 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 |
| 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 | Peter Cooper | TKO | TKO Group Holdings, Inc. | Communication Services | Movies & Entertainment | Bull | NYSE | Events, media, Monetisation, rights, sports | 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) | 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 | 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 |
| 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 |
| 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) | 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 |
| 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 |
| 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 |
| 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) | 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 |
| 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) | 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 |
| 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) | 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 |
| - | 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 |
|---|---|
| 2330.TW | The standout contributors to performance for both the quarter and the year were our investments in semiconductor companies selling directly into the AI build-out – Taiwan Semiconductor Manufacturing Co (2330) (the leading semiconductor foundry, which we have owned since 2020). |
| 402340.KS | The standout contributors to performance for both the quarter and the year were our investments in semiconductor companies selling directly into the AI build-out – SK Square (402340) (a holding company whose main asset is memory maker SK Hynix). |
| 4478.T | Over the financial year, the two largest detractors in the Compounding pool were Japanese accounting software company freee K.K. (4478). Freee was an exception to this view – cheap based on near-term Free Cash Flow, growing strongly (20%+) and serving the underpenetrated Japanese small-medium business customer cohort. However, with the advances of AI's capabilities, we have been able to develop a strong view around the risk of Freee being demoted to a 'system of record' accessed via AI as opposed to a higher value 'system of action'. We have sold the investment accordingly. |
| RYAN | Over the financial year, the two largest detractors in the Compounding pool were wholesale insurance broker Ryan Specialty (RYAN). The investment case for Ryan Specialty has been pressured by a softening insurance (pricing) cycle. We failed to recognise how quickly operating trends deteriorated. Ryan Specialty's competitive position remains strong, and management continue to invest countercyclically in talent and technology. We have exited the position, however, and continue to monitor the pricing trends closely with a view to re-investing once the pricing environment stabilises. |
| FWONK | The current anchor of the Compounding Capital pool is our group of investments in live entertainment and sports content – Liberty Media (FWONK) (owner of Formula One and MotoGP). Liberty Media is an example of an exceptional business being overlooked by a market hyper focused on AI. The business trades on 22x Free Cash Flow, which is cheaper than the MSCI ACWI. These cash flows are growing, highly visible and under multi-year media, sponsorship and race promotion agreements such as Melbourne's agreement to host until 2037. Formula One has the equivalent of roughly four years of revenue under contract and continues to grow this backlog. |
| LLYVK | The current anchor of the Compounding Capital pool is our group of investments in live entertainment and sports content – Live Nation (via Liberty Live (LLYVK)). |
| TKO | The current anchor of the Compounding Capital pool is our group of investments in live entertainment and sports content – TKO (owner of UFC and WWE). These businesses benefit from both the growing demand for sports rights (from global streamers and associated advertisers/sponsors) as well as the increasing demand for unique real-life experiences. |
| 6367.T | Over the quarter initiated investments in two new businesses – Daikin Industries (6367). Leading Japanese HVAC (Heating, Ventilation, and Air Conditioning) manufacturer Daikin trades at a circa 25%+ discount to peers based on earnings multiples. In addition, the business is underearning with profit margins well below peers and the balance sheet has significant latency carrying minimal debt. Under pressure from shareholders, management recently released an updated financial plan, which seeks to address many of these issues, including cost structure reform and enhanced capital return (the latter now complete via a buyback of 5% of shares). |
| CTVA | Over the quarter initiated investments in two new businesses – Corteva (CTVA). Corteva's assets came together a decade ago through the Dow-Dupont merger, spun-off several years later in 2019. The company is now undergoing another corporate transaction, spinning off its leading Seeds business from the Crop Protection business. We believe the Seeds business, a high-returning oligopoly, is under-appreciated and, hence, undervalued in the current structure. |
| STVN | As businesses with unique and uncorrelated return drivers, Daikin and Corteva complement our existing Reversionary investments, such as pharmaceutical glass manufacturer Stevanato (STVN) who are both on the cusp of completing multi-year capacity expansions and inflecting to positive cash flows. |
| SHEN | As businesses with unique and uncorrelated return drivers, Daikin and Corteva complement our existing Reversionary investments, such as US broadband company Shenandoah Telecommunications (SHEN), who are both on the cusp of completing multi-year capacity expansions and inflecting to positive cash flows. |
| PSK.TO | Real Assets were the strongest performing capital pool for the year. This was primarily driven by our investments in royalty companies PrairieSky Royalty (PSK) (a perpetual energy royalty owner over significant lands in the Western Canadian Sedimentary Basin). Both benefitted from strength in underlying commodity prices. We remain enthusiastic owners of these businesses, however, chose to redeploy some of the capital from these winners into a broader set of real assets, including a basket of infrastructure and midstream assets. |
| ALS.TO | Real Assets were the strongest performing capital pool for the year. This was primarily driven by our investments in royalty companies Altius Minerals (ALS) (diversified owner of royalties across Potash, Copper, Lithium, Electricity, Iron Ore and Gold). Both benefitted from strength in underlying commodity prices. We remain enthusiastic owners of these businesses, however, chose to redeploy some of the capital from these winners into a broader set of real assets, including a basket of infrastructure and midstream assets. |
| CME | CME Group (CME) was the main detractor to Real Asset returns this year. During the quarter, the CFTC (Commodity Futures Trading Commission) granted approval to prediction market operator Kalshi to launch 'perpetual' futures. This opens up a competitive threat to CME's long-held monopoly futures franchises across benchmarks such as the S&P 500. There are legal arguments against the viability of these products, and CME are pursuing these avenues. CME's competitive advantage stems from a combination of liquidity and regulation. The second of these is now uncertain and we have reduced the position accordingly. |
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