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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
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Coho Relative Value Equity delivered strong relative performance in Q1 2025, returning 4.0% while the S&P 500 fell 4.3% and Russell 1000 Value gained 2.1%. The portfolio benefited from overweighting defensive sectors like Healthcare, Consumer Staples, and Utilities, which outperformed as economic growth concerns mounted. Initial election optimism gave way to stagflation fears driven by tariff-induced inflation and slowing GDP growth. The Fed faces constraints from persistent inflation despite room to cut rates from current 4.25-4.50% levels. Consumer confidence has deteriorated with manufacturing PMI entering contraction. Portfolio positioning proved resilient with natural hedges like AutoZone benefiting from auto tariffs while Constellation Brands faced headwinds from Mexico import exposure. Twelve stocks generated double-digit returns including Philip Morris up 33% and three names gaining over 20%. The manager expects continued outperformance as markets broaden beyond AI euphoria, maintaining focus on downside protection and stable, predictable companies.
Coho Partners focuses on stable, predictable companies in Demand Defensive sectors that outperform during periods of modest economic growth and market volatility.
The manager expects continued outperformance as market performance broadens further beyond Magnificent 7 and AI euphoria. They remain committed to their investment process focusing on downside protection coupled with compelling upside participation.
As of Mar 31, 2025
Coho Partners, Ltd. is an independent, employee-owned investment firm founded in 1999 with 31 employees as of December 2022. The firm implemented a partial ESOP ownership structure in October 2021, selling 20% of outstanding shares to employees while maintaining Subchapter S Corporation status. Led by President Glenn Dever, the experienced management team includes Partners Brian Gibson and Wayne LeSage, supported by CFO Cindy Lewis. The firm has demonstrated consistent growth from $4.8 billion in assets in 2016 to $9.4 billion by 2022. In January 2024, the firm completed a technology modernization initiative transitioning to Ridgeline's front-to-back cloud investment management platform.
The best way to create and sustain long-term wealth is to protect principal in down markets and generate competitive returns in all but the most speculative of up markets. The strategy invests in approximately 25 to 30 high-quality U.S. equity securities exhibiting stable and predictable growth from the Coho 250 investment universe. Portfolio construction balances demand-defensive companies (40-70%) with economically sensitive companies (30-60%) using thorough fundamental research and Dividend Discount Models targeting at least 600 basis points of annualized expected excess return. The approach emphasizes downside protection during difficult periods while maintaining meaningful upside participation, with historical metrics showing lower down-market capture (69%) and substantial up-market participation (88%).
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
High-conviction positioning: Coho's relative value strategy underperformed in 2023 due to a narrow, multiple-expansion-driven tech rally and defensive sector headwinds, but the firm remains strictly discipline...
Growth Outlook
Market outlook remains low conviction: Coho's relative value strategy underperformed in 2023 due to a narrow, multiple-expansion-driven tech rally and defensive sector headwinds, but the firm remains strictly discipline...
Risk Appetite
Risk appetite posture is low conviction: Coho's relative value strategy underperformed in 2023 due to a narrow, multiple-expansion-driven tech rally and defensive sector headwinds, but the firm remains strictly discipline...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Coho's relative value strategy underperformed in 2023 due to a narrow, multiple-expansion-driven tech rally and defensive sector headwinds, but the firm remains strictly discipline...
Forward Guidance
Forward guidance signal: Coho's relative value strategy underperformed in 2023 due to a narrow, multiple-expansion-driven tech rally and defensive sector headwinds, but the firm remains strictly discipline...
Language Signal
Tone analysis indicates moderate conviction language: Coho's relative value strategy underperformed in 2023 due to a narrow, multiple-expansion-driven tech rally and defensive sector headwinds, but the firm remains strictly discipline...
Perceived Risk
Perceived risk level is evaluated as high conviction. Coho's relative value strategy underperformed in 2023 due to a narrow, multiple-expansion-driven tech rally and defensive sector headwinds, but the firm remains strictly discipline...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Coho's relative value strategy underperformed in 2023 due to a narrow, multiple-expansion-driven tech rally and defensive sector headwinds, but the firm remains strictly discipline...
Time Horizon
Investment time horizon reflects a high conviction orientation. Coho's relative value strategy underperformed in 2023 due to a narrow, multiple-expansion-driven tech rally and defensive sector headwinds, but the firm remains strictly discipline...
Top Conviction Themes
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