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 |
|---|---|---|---|---|---|---|
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.
As of Jul 31, 2026
Marcus Guzzardi serves as Co-Portfolio Manager since September 2024 and Co-head of Americas, Global Equities, having joined Cooper Investors in November 2012 with a focus primarily on North American companies. Geoffrey Di Felice serves as Co-Portfolio Manager since September 2024 and Co-head of Japan & Asia, Global Equities, and co-established the CI Endeavour Fund in 2021. Both managers bring extensive experience in fundamental equity research and global markets, jointly managing the fund's concentrated portfolio approach through the proprietary VoF investment framework.
The fund employs the proprietary 'CI Way' and 'Voice of the Fundamentals (VoF)' investment process, combining qualitative and quantitative research with extensive company visitation programs to identify compelling Risk Adjusted Value Latency opportunities worldwide. The VoF framework consists of three key components: Value Latency, Operating/industry/strategic trends, and Focused industry and management behavior. Cooper Investors has built a proprietary system and database used for ranking both qualitative and quantitative information on stocks and industries, with ESG considerations integrated both quantitatively and qualitatively within their investment process.
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
Growth Outlook
Market outlook remains high conviction: 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...
Risk Appetite
Risk appetite posture is very low conviction: 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...
Capital Deployment
Cash increased from 7.1% average for the full year to 11.0% in the June quarter, representing a +3.9 percentage point increase. This indicates moderate de-risking. While the manager initiated two new positions (Daikin and Corteva) and redeployed some capital from commodity royalty winners into infrastructure and midstream assets, they also exited freee K.K. and Ryan Specialty and reduced CME Group. The net effect is rising cash levels and a more defensive posture. The manager explicitly states they are 'choosing not to chase (further) returns' in AI infrastructure, suggesting intentional capital preservation rather than active deployment.
Forward Guidance
Forward guidance signal: 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...
Language Signal
The letter contains balanced directional language with notable bearish framing around AI risks ('increasingly cautious,' 'financial and investment risks,' 'choosing not to chase returns,' parallels to dotcom bubble). Bullish language appears around specific holdings like Liberty Media ('exceptional business being overlooked,' 'attractive investment opportunities') and new positions in Daikin and Corteva. Risk-oriented language dominates the AI discussion while opportunity language appears in specific portfolio holdings. The net balance tilts slightly negative given the prominence of caution around the dominant market theme, though this is partially offset by constructive language on owned positions.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. 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...
Opportunity Density
The manager characterizes the environment as requiring selectivity, with attractive opportunities in defined areas outside the AI concentration. They initiated two new reversionary positions (Daikin and Corteva) and maintain enthusiasm for live sports content and commodity royalties, but also exited two positions and increased cash. The language around 'building a portfolio of attractive investment opportunities elsewhere' and 'significant value latency' suggests opportunities exist but require active searching rather than abundance. The manager is finding ideas but emphasizes they are 'diversified and uncorrelated to major drivers of today's equity markets,' implying the mainstream opportunity set is less compelling. This reflects selective rather than broad opportunity density.
Time Horizon
The manager demonstrates a multi-year investment horizon with specific evidence. Liberty Media has contracted revenue extending to 2037 (Melbourne agreement) and 'roughly four years of revenue under contract.' The letter discusses 'multi-year strategies' and 'compounding of shareholder value' in the Compounding pool description. Reversionary investments like Stevanato and Shenandoah are described as 'on the cusp of completing multi-year capacity expansions.' The manager uses language like 'rewarding investor patience' and focuses on 'value latency' that will unlock over time. However, some positions show shorter-term catalyst dependency (insurance pricing cycle for potential Ryan re-entry, regulatory outcomes for CME). The fund structure allows quarterly redemptions, which caps the score below permanent capital vehicles. The evidence supports a 2-5 year thesis horizon for most holdings.
Top Conviction Themes
Key Catalysts
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