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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 Q4 Investor Letter | Buyside Digest

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

Primary Source Intelligence • Q4 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+4.92%

YTD+20.49%

Annualized+9.16%

Positioning StanceConstructive

Market CapLarge Cap

GeographyGlobal

Digest Analysis

Quick Take

"Growth, and turnaround opportunities. The fund successfully harvested gains from semiconductor recovery while initiating GE Healthcare as a low-risk turnaround."

Executive Summary

Cooper Investors Global Equities Fund returned 4.92% in Q4 2023, delivering 20% for the full year through a diversified approach across six value subsets. The portfolio benefited from cyclical investments including API Group, Tokyo Electron, and equipment lessors, which delivered over 300bps of alpha despite bearish sentiment. Key contributors included Salesforce and Workday, while detractors included Rentokil and YUM China. The fund initiated GE Healthcare as a low-risk turnaround led by former Danaher CEO Larry Culp, while exiting Tokyo Electron after a 60% gain and Haleon following a 40% return. The Federal Reserve's pivot toward rate cuts and falling bond yields supported the market rally from late October. Looking ahead, the manager sees opportunities in mid-to-large cap stocks trading at discounts to mega-cap tech, with many businesses leveraged to similar trends like AI and cloud computing. The portfolio remains positioned across eight opportunity clusters with emphasis on cyclicals where value latency remains attractive.

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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

72%

CautiousHigh

High Conviction (72%)

High conviction evidenced by concentrated 39-stock portfolio with detailed analysis of individual holdings. The manager provides specific position sizing rationale, names key holdings, and demonstrates willingness to harvest gains and redeploy capital based on value assessments. Clear investment philosophy with six defined value subsets.

Growth Outlook

25%

BearishBullish

Bearish (25%)

The manager expresses cautious optimism about market opportunities, noting the Fed pivot and bond rally as positive developments. However, they acknowledge concentration risks from Magnificent 7 stocks and emphasize the need for selectivity in the current environment.

Risk Appetite

40%

DefensiveAggressive

Defensive (40%)

The portfolio maintains full investment with 1% cash and continues to see opportunities in cyclicals and turnarounds. The manager is selectively adding positions like GE Healthcare while harvesting gains from appreciated positions, indicating moderate risk appetite.

Capital Deployment

15%

De-riskingDeploying

De-risking (15%)

Portfolio shows rotation activity with new GE Healthcare position funded by exits from Tokyo Electron and Haleon. Cash remains low at 1% indicating full investment, but activity represents capital rotation rather than net deployment of new cash.

Forward Guidance

30%

CautiousExpansionary

Cautious (30%)

The manager plans to continue seeking opportunities in mid-to-large cap space and expects capital rotation between leaders and laggards. They express confidence in finding attractive investments but emphasize selectivity and patience in deployment.

Language Signal

20%

BearishBullish

Bearish (20%)

Language is balanced with mentions of attractive opportunities and value latency offset by discussions of market concentration risks, volatility, and the need for careful timing in cyclical investments.

Perceived Risk

45%

Low RiskElevated

Moderate Risk (45%)

Manager acknowledges specific risks including Magnificent 7 concentration, cyclical overshooting tendencies, and market volatility. However, risks are discussed as manageable factors requiring careful navigation rather than systemic threats.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

Manager sees selective opportunities in mid-to-large cap space and continues to identify value latency in cyclicals. While acknowledging market concentration issues, they express confidence in finding attractive investments across their defined opportunity clusters.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

Multi-year investment horizon evidenced by holding Tokyo Electron for over a year through cycle recovery and maintaining long-term positions in stalwarts. The manager emphasizes patience in cyclical investing and focuses on fundamental business quality over near-term catalysts.