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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Cooper Investors Global Equities Fund (Unhedged) 2023 Q1 Investor Letter | Buyside Digest

Back to Fund Profile (Cooper Investors Global Equities Fund (Unhedged))

Primary Source Intelligence • Q1 2023 Letter Analysis

Cooper Investors Global Equities Fund (Unhedged) Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Cooper Investors Global Equities Fund (Unhedged). This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD+9.51%

Annualized+8.93%

Positioning StanceConstructive

GeographyGlobal

Digest Analysis

Quick Take

"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."

Executive Summary

Cooper Investors delivered 9.51% returns in Q1 2023 versus 8.65% for the benchmark, driven by strong performance from Salesforce, Booking Holdings, and Rentokil Initial. The fund focuses on Risk Adjusted Value Latency opportunities, particularly in Stalwarts with strong competitive positions trading at reasonable valuations. Key themes include the Atlantic Discount affecting UK-listed US businesses, travel recovery through Booking Holdings' Connected Trip strategy, and semiconductor technology leadership via Hoya's dominance in EUV mask blanks. The manager expects economic headwinds from higher rates and input cost inflation to stress test business models, making quality fundamentals more important. This environment favors their approach of investing in businesses with self-help opportunities and strong competitive moats. The portfolio owns 41 businesses across 12 countries, with over half held for more than three years, reflecting their long-term partnership approach with quality management teams that consistently create value.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

68%

CautiousHigh

Moderate (68%)

The fund owns 41 named businesses with detailed thesis explanations for key holdings like Booking Holdings, Hoya, and Rentokil Initial. Management provides specific position sizing language and clear catalysts, though the diversified nature across 41 positions prevents a higher score.

Growth Outlook

38%

BearishBullish

Neutral (38%)

The manager expects a sharp economic slowdown with ongoing inflation and higher capital costs stressing business models. However, they frame this as creating opportunities for their investment approach, showing cautious but not deeply pessimistic outlook.

Risk Appetite

25%

DefensiveAggressive

Defensive (25%)

The fund has been actively taking advantage of volatility to invest in new Stalwarts and add to existing positions. They are selectively deploying capital into opportunities created by market dislocation, showing a constructive risk appetite.

Capital Deployment

35%

De-riskingDeploying

Net Neutral (35%)

The manager states they have been taking advantage of volatility to invest in new Stalwarts and add to existing positions at attractive levels. This indicates moderate deployment activity, though no specific cash level changes are provided.

Forward Guidance

15%

CautiousExpansionary

Cautious (15%)

The manager indicates they will continue to take advantage of volatility to add positions at attractive levels. They see Stalwarts as relatively more attractive than they have been for a while, suggesting selective deployment bias.

Language Signal

10%

BearishBullish

Bearish (10%)

Language is balanced between risk acknowledgment (economic slowdown, stress testing) and opportunity identification (Value Latency-rich opportunities, attractive levels). Slightly more opportunity-focused than risk-focused overall.

Perceived Risk

65%

Low RiskElevated

Elevated Risk (65%)

The manager identifies specific macro risks including economic slowdown, input cost inflation, higher capital costs, and demand deceleration from consumers and industry. These risks are discussed with meaningful detail and expected impact on business models.

Opportunity Density

70%

ScarceAbundant

Abundant (70%)

The manager sees Value Latency-rich opportunities created by market volatility and describes this as a unique window for investing in good businesses at reasonable valuations. They identify specific opportunities like the Atlantic Discount and are actively adding positions.

Time Horizon

75%

Short-TermLong-Term

Decade+ (75%)

The fund emphasizes long-term partnership with management teams, owns more than half the portfolio for over 3 years, and describes their aspiration to be long-term investors. They reference Peter Lynch's quote about being in stocks for potentially 30 years, indicating a multi-year investment horizon.