The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Mar 31, 2025
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.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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