Performance
At Coho Partners, we aspire to produce positive returns each year, although we know this will not always happen.
Our performance expectations are two-fold: first, to protect principal during difficult times and second, to capture the majority of broad market advances. We seek to attain these seemingly divergent goals by investing in stable companies that have historically weathered down markets very well. These same companies have over time provided competitive returns in all but the most speculative and lowest quality up markets. Given our highly focused portfolios, we believe that with our diligent research and effort we can find companies whose valuations at time of purchase will prove rewarding in almost any economic environment.
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As of 12/31/2009, here is Coho's performance for tax exempt composite.
Tax Exempt Composite Trailing Annualized Returns |
||||
|---|---|---|---|---|
Gross of Fees |
Net of Fees |
Russell 1000 Value |
S & P 500 |
|
4Q 2009 |
6.4% |
6.3% |
4.2% |
6.0% |
YTD 2009 |
18.4% |
17.8% |
19.7% |
26.5% |
3 YEAR |
1.1% |
0.7% |
-9.0% |
- 5.6% |
5 YEAR |
4.0% |
3.6% |
-0.3% |
0.4% |
7 YEAR |
8.2% |
7.8% |
5.9% |
5.5% |
Since inception |
6.0% |
5.6% |
2.3% |
-0.9% |
*inception is 9/30/2000 |
||||
| Tax Exempt Composite Performance by Year |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
Gross of Fees |
Net of Fees |
Russell 1000 Value |
S&P 500 |
||||||
| 2000* | 11.7% |
11.5% |
3.6% |
-7.8% |
|||||
| 2001 | 1.9% |
1.4% |
-5.6% |
-11.9% |
|||||
| 2002 | -13.2% |
-13.4% |
-15.5% |
-22.2% |
|||||
| 2003 | 23.9% |
23.6% |
30.0% |
28.6% |
|||||
| 2004 | 15.4% |
14.9% |
16.5% |
10.9% |
|||||
| 2005 | 0.5% |
0.1% |
7.1% |
4.9% |
|||||
| 2006 | 17.2% |
16.6% |
22.3% |
15.8% |
|||||
| 2007 | 5.3% |
4.8% |
-0.2% |
5.5% |
|||||
| 2008 | -17.0% |
-17.3% |
-36.9% |
-37.0% |
|||||
| 2009 | 18.4% |
17.8% |
19.7% |
26.5% |
|||||
*Inception is 9/30/00 |
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GIPS Disclosure
Past performance is no guarantee of future results. Coho Partners Ltd. has prepared and presented this report in compliance with the Performance Presentation Standards of the Global Investment Performance Standards (GIPS). GIPS has not been involved in the preparation or review of this report.
Coho Partners, Ltd is registered with the Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940.
The information presented with respect to the Coho Tax Exempt Composite is composite information comprised of all discretionary client portfolios with similar investment strategies and objectives, including those clients no longer with the firm. The composite results portrayed reflect the reinvestment of dividends, capital gains, and other earnings when appropriate. The Tax Exempt Composite includes all discretionary, tax-exempt, non-wrap separately managed select accounts. As of the date of this report, no non-fee paying portfolios were included in the Tax Exempt composite. “Gross of fees” performance is presented net of transaction costs, but does not include the effect of management fees. If those fees were included, returns would be lower. None of the accounts making up the Tax Exempt Composite use leverage or derivatives. A complete list and description of the Tax Exempt Composite is available upon request.
The S&P 500 is a market capitalization weighted index made up of 500 U.S. companies, selected by Standard & Poor's Index Committee, designed to be a proxy for the entire U.S. equity market. The Russell 1000 Index is an unmanaged market-capitalization weighted index measuring the performance of the largest 1,000 U.S. companies, on a market capitalization basis, in the Russell 3000 Index. The Russell 1000 Value Index includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. Our selection process may lead to investments that differ markedly from the benchmarks presented. Returns may be more volatile than, and/or may not be correlated to, these indices (for comparative purposes only).
Additional Disclosure
Coho Partners Ltd. is an independent, registered investment management company, striving to produce superior risk-adjusted returns. Our clients include individuals, trusts and estates, endowments, foundations, corporate and employee benefit plans and other eleemosynary organizations.
Coho Partners Ltd. has two composites: one for tax exempt accounts as presented herein, and one for taxable accounts that is available upon request. Generally, the size of an individual account needs to be approximately $1 million or more to be included in either composite. This ensures that the account has a representative mix of equities. The strategy for both types of accounts is to maintain a diligent focus on preserving capital, while striving to maximize client returns. All returns are expressed in U. S. dollars.
If you are interested in obtaining a list and description of the firm composites, please contact Glenn Dever.
