Performance

At Coho Partners, we aspire to produce positive returns each year, although we know this may 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, we can find companies whose valuations at time of purchase will prove rewarding over a full economic cycle.

Performance- As of 6/30/2014

22Qperformance

 

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To view our latest Fact Sheet, click here.


Coho Relative Value Equity Composite Important Disclosures

Coho Partners, Ltd. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

To view our GIPS® Verification letter, click here. (This information is not an endorsement of our investment strategy, but rather is the auditor's verification/opinion letter indicating that as of the date of the letter, for the period outlined, we have implemented the proper steps on a firm-wide basis to claim compliance with GIPS®.)


Coho Partners, Ltd. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

Coho Partners, Ltd. is an independent investment management company not affiliated with any other entity and is a registered investment adviser under the In- vestment Advisers Act of 1940. Coho Partners, Ltd. manages assets for institutional employee benefit plans, endowments, foundations, corporations, eleemosy- nary organizations, individuals, trusts and estates.
This composite was created in October 2000. The name of the composite was changed from the Coho Tax Exempt Equity composite to the Coho Relative Value Equity composite on July 1, 2011. A complete list and description of the firm's Composites is available upon request.

The Coho Relative Value Equity composite includes all discretionary, fee-paying, non-wrap separately managed institutional and high net worth equity port- folios of at least $1 million managed for at least one full month. Portfolios may be excluded from the composite due to investment restrictions, frequent or significant cash requirements, legacy positions, or other situations that may prevent the portfolio from being managed in accordance with the model strategy. The strategy for all portfolios included in the Coho Relative Value Equity composite is to invest only in selective equity securities while maintaining a diligent focus on preserving capital and maximizing client returns.

The composite returns reflect the reinvestment of dividends, capital gains, and other earnings when appropriate. "Gross of fees" performance returns are pre- sented net of actual trading expenses. No other fees are deducted. "Net of fees" performance returns are calculated net of actual trading expenses and manage- ment fees. No other fees are deducted. The maximum management fee charged to portfolios in this composite is 1.00% annually, pro-rated on a quarterly basis.

All returns are expressed in U.S. dollars.

Coho Partners, Ltd. has been verified on a firm-wide basis according to GIPS standards for the period 10/1/2000 through 12/31/2013. The Coho Relative Value Equity composite has received a Performance Examination for the period 10/1/2000 through 12/31/2013. The verification report is available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is also available upon request.

 

GIPS Disclosure
Year
Gross
Return %
Net
Return %
R1000 Value
Return %
S&P 500
Return %
Composite
3-year Std. Deviation
R1000 V3-year Std. Deviation S&P 500
3-year Std. Deviation
Number of Portfolios Composite
Dispersion %
Composite
Assets
($M)
Total Firm Assets ($M)
2Q14 3.51 3.40 5.10 5.23 10.24 12.97 12.21 99 0.10 925.8 1,687.8
1Q14 2.05 1.94 3.02 1.81 10.56 13.04 12.29 95 0.22 820.9 1,553.3
2013 31.89 31.34 32.53 32.39 9.90 12.70 11.94 83 0.54 574.7 1,386.7
2012 13.51 13.03 17.51 16.00 12.72 15.51 15.09 50 0.53 299.0 943.2
2011 10.82 10.39 .39 2.11 15.43 20.69 18.71 37 0.32 288.4 688.1
2010 16.03 15.47 15.51 15.06 NA NA NA 14 0.58 75.7 445.0
2009 18.36 17.82 19.69 26.46 NA NA NA 12 1.09 50.2 337.8
2008 -16.97 -17.34 -36.85 -37.03 NA NA NA 11 0.93 28.1 248.2
2007 5.29 4.80 -0.17 5.48 NA NA NA 11 1.06 36.2 282.3
2006 17.16 16.58 22.25 15.80 NA NA NA 12 0.89 47.7 257.2
2005 0.50 0.10 7.05 4.88 NA NA NA 11 1.25 33.2 179.4
2004 15.37 14.91 16.49 10.92 NA NA NA 11 1.12 36.2 119.4
2003 23.94 23.61 30.03 28.68 NA NA NA 12 1.99 44.3 89.6
2002 -13.19 -13.39 -15.52 -22.15 NA NA NA 9 0.64 30.4 72.2
2001 1.89 1.44 -5.59 -11.90 NA NA NA 7 1.66 33.3 75.0
4Q2000 11.66 11.52 3.60 -7.83 NA NA NA <5 0.72 10.4 22.0



Effective January 1, 2009 the Russell 1000 Value Index became the primary performance benchmark and the S&P 500 Index became the secondary benchmark. A previously utilized benchmark, the Russell 1000 Index, was removed due to the company's belief that the Russell 1000 Value Index and the S&P 500 Index more accurately reflect the characteristics of the actual composites and investment philosophy of each composite.

Composite dispersion, which represents the consistency of performance of individual portfolio returns within the composite, is measured using standard deviation across asset-weighted portfolios for the preceding twelve months.

Past performance is no guarantee of future results.

For more information about the Coho Relative Value Equity strategy, please contact:
Glenn Dever, Partner/President
gdever@cohopartners.com
484-318-7575

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