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Name

As of 09/27/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Coho Relative Value ESG Fund

CESGX | Fund

$10.72

$55.8 M

0.58%

$0.06

1.14%

Vitals

YTD Return

-7.6%

1 yr return

0.7%

3 Yr Avg Return

6.0%

5 Yr Avg Return

N/A

Net Assets

$55.8 M

Holdings in Top 10

42.9%

52 WEEK LOW AND HIGH

$10.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.14%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 25.00%

Redemption Fee 2.00%

Min Investment

Standard (Taxable)

$5,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 09/27/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Coho Relative Value ESG Fund

CESGX | Fund

$10.72

$55.8 M

0.58%

$0.06

1.14%

CESGX - Profile

Distributions

  • YTD Total Return -7.6%
  • 3 Yr Annualized Total Return 6.0%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.15%
DIVIDENDS
  • Dividend Yield 0.6%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Coho Relative Value ESG Fund
  • Fund Family Name
    Coho
  • Inception Date
    Nov 27, 2019
  • Shares Outstanding
    4026174
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Peter Thompson

Fund Description

Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of ESG Companies, as defined below. The Fund's investments in equity securities will primarily consist of common stocks. The Fund focuses its investments in dividend paying equity securities issued by larger-capitalization (“larger cap”) companies. The Fund generally considers a company to be a larger cap company if it has a market capitalization, at the time of purchase, over $5 billion.
The Adviser begins with a screen of approximately 1,000 larger cap companies. Through a combination of quantitative and qualitative analyses, the Adviser further reduces the larger cap universe to approximately 250 companies, which it believes have stable and predictable growth in earnings, revenues, and dividends.These approximately 250 companies are further screened to evaluate those prospective portfolio companies based on the promotion and following of Environmental, Social, and Governance (“ESG”) best practices. The Adviser’s evaluation of a particular company’s adherence to ESG best practices utilizes a proprietary quantitative process complemented with in-depth qualitative analysis. Industry-specific, material ESG value drivers are identified for each company based on the internally derived criteria and the Sustainability Accounting Standards Board (“SASB”) framework. Material ESG drivers are the most relevant and financially important ESG aspects of the company's business model. These "drivers" can have a significant short- or long-term impact on the company's environmental, social, and governance profile. For example, for health-care companies a material ESG value driver is improving access to health care for more people; however, for a manufacturing company, a material ESG value driver might be revenue derived from environmentally friendly products. The Adviser’s methodology determines what it believes the impact each of the drivers has on financial metrics such as revenue, margins, and returns. These drivers serve as a tool to quantify a company’s ESG performance. The Adviser will review corporate sustainability reports, Carbon Disclosure Project scores, government databases, Bloomberg ESG analytics, Institutional Shareholder Services Inc. (“ISS”) reports and engagement with company management. The final process incorporates a multi-factor scoring methodology and incorporates metrics from company financial filings, corporate responsibility reports and proxy disclosures.
Specific environmental factors to be evaluated by the Adviser include a company’s policy towards climate change, carbon emissions, air/water pollution and energy efficiency.  From a social perspective, the Adviser reviews company labor standards, community relations and human rights. In terms of governance, the Adviser incorporates an analysis of the company’s board composition, long-term sustainability incentives and transparency in disclosure. The Adviser analyzes these factors with a preference for positive and improving trends when considering individual stocks for purchase in the portfolio. The Adviser may supplement the internal research with data from third-party databases. Each third-party database will have its own custom ESG scoring methodology but some examples of environmental factors tracked by third-party databases include energy intensity, greenhouse gas intensity and water intensity. Examples of social and governance factors tracked by third-party
databases include female representation on company boards, board director independence and improving ESG information disclosures.
Both the quantitative and the qualitative processes focus on identifying and tracking the most relevant and/or material ESG factors for each industry and company. The result is an investable universe of companies that satisfy our financial criteria and demonstrate a strong and/or improving commitment to ESG best practices (“ESG Companies”). Key characteristics are summarized below:
•ESG driven – securities in the portfolio have strong ESG characteristics;
•Stability – low variability in earnings, revenues, and financial strength;
•Growth – absolute and relative growth in earnings, revenues, and dividends;
•Profitability – the ability to consistently generate revenues in excess of expenses and to minimize capital investment;
•Quality – balance sheet strength, management depth, integrity, and the ability to skillfully execute strategic objectives; and
•Shareholder focus – transparency of financials and operational strategy, capital allocation preferences, including dividends, buybacks, and acquisitions.
It is at this point that the Adviser utilizes a conservative, “bottom-up” approach, constructing and applying a dividend discount model to identify companies within this universe that possess reasonable valuations for inclusion in the Fund’s investment portfolio. As an important component of its investment strategy, the Adviser also meets regularly with management of its portfolio and prospective portfolio companies, as well as their competitors, customers, and suppliers.Engagement and proactive dialogue on key ESG issues are also important aspects of the research process. The Adviser's portfolio construction process focuses on risk control and protecting principal in down markets, while capturing most of the upside performance. The Fund is generally comprised of 25 to 35 equity securities chosen because:
•They meet the Adviser’s earnings and stability criteria, dividend and cash flow growth, and ESG practices;
•The Adviser has established comfort with the long-term qualitative aspects of the investments;
•The Adviser has talked with relevant management, competitors, customers and suppliers;
•The Adviser’s dividend discount model reflects valuations that are compelling based on the expected rate of return estimates of the securities in the portfolio; and
•The Adviser objectively identifies and monitors material operating metrics, financial metrics, and sustainability metrics, which include stewardship and responsible use of resources to further social, economic and environmental good, that it expects the companies to maintain or achieve at specific points in time.
The Fund may also invest up to 20% of its total assets in foreign securities, including sponsored and unsponsored American Depositary Receipts (“ADRs").
Read More

CESGX - Performance

Return Ranking - Trailing

Period CESGX Return Category Return Low Category Return High Rank in Category (%)
YTD -7.6% -13.0% 45.3% 98.15%
1 Yr 0.7% -62.7% 51.5% 98.82%
3 Yr 6.0%* -24.5% 62.7% 98.67%
5 Yr N/A* -16.1% 28.5% N/A
10 Yr N/A* -17.0% 13.5% N/A

* Annualized

Return Ranking - Calendar

Period CESGX Return Category Return Low Category Return High Rank in Category (%)
2022 -8.3% -65.1% 4.6% 22.65%
2021 12.1% -44.2% 57.5% 68.40%
2020 10.2% -23.2% 285.0% 4.51%
2019 N/A -21.4% 48.5% N/A
2018 N/A -38.8% 16.7% N/A

Total Return Ranking - Trailing

Period CESGX Return Category Return Low Category Return High Rank in Category (%)
YTD -7.6% -12.1% 45.3% 98.15%
1 Yr 0.7% -16.6% 45.5% 98.82%
3 Yr 6.0%* -12.9% 76.6% 98.67%
5 Yr N/A* -8.1% 41.7% N/A
10 Yr N/A* 1.3% 24.8% N/A

* Annualized

Total Return Ranking - Calendar

Period CESGX Return Category Return Low Category Return High Rank in Category (%)
2022 -6.3% -42.0% 8.5% 78.80%
2021 23.5% -38.6% 129.7% 90.93%
2020 12.2% -22.6% 304.8% 14.97%
2019 N/A -0.1% 52.1% N/A
2018 N/A -28.4% 17.5% N/A

NAV & Total Return History

CESGX - Holdings

Concentration Analysis

CESGX Category Low Category High CESGX % Rank
Net Assets 55.8 M 404 K 87.6 B 89.06%
Number of Holdings 29 2 1727 95.68%
Net Assets in Top 10 23.9 M 405 K 32.3 B 86.21%
Weighting of Top 10 42.88% 5.0% 99.2% 12.06%

Top 10 Holdings

  1. Lowe's Cos Inc 5.02%
  2. Microchip Technology Inc 4.70%
  3. Sysco Corp 4.68%
  4. Ross Stores Inc 4.41%
  5. Johnson Johnson 4.22%
  6. Marsh McLennan Cos Inc 4.12%
  7. UnitedHealth Group Inc 4.12%
  8. Mondelez International Inc 4.10%
  9. J M Smucker Co/The 3.87%
  10. US Bancorp 3.65%

Asset Allocation

Weighting Return Low Return High CESGX % Rank
Stocks 		96.92% 28.02% 125.26% 73.59%
Cash 		3.08% -88.20% 71.98% 22.84%
Preferred Stocks 		0.00% 0.00% 12.57% 38.54%
Other 		0.00% -2.02% 26.80% 52.41%
Convertible Bonds 		0.00% 0.00% 3.66% 36.05%
Bonds 		0.00% 0.00% 80.18% 37.46%

Stock Sector Breakdown

Weighting Return Low Return High CESGX % Rank
Consumer Defense 		29.95% 0.00% 34.10% 0.84%
Healthcare 		28.74% 0.00% 30.08% 0.25%
Industrials 		16.49% 0.00% 42.76% 7.27%
Financial Services 		10.87% 0.00% 58.05% 95.40%
Consumer Cyclical 		8.56% 0.00% 22.74% 17.98%
Technology 		3.54% 0.00% 54.02% 95.99%
Communication Services 		1.86% 0.00% 26.58% 92.47%
Utilities 		0.00% 0.00% 27.04% 92.56%
Real Estate 		0.00% 0.00% 90.54% 90.30%
Energy 		0.00% 0.00% 54.00% 97.83%
Basic Materials 		0.00% 0.00% 21.69% 94.48%

Stock Geographic Breakdown

Weighting Return Low Return High CESGX % Rank
US 		96.92% 24.51% 121.23% 59.22%
Non US 		0.00% 0.00% 37.91% 54.98%

CESGX - Expenses

Operational Fees

CESGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.14% 0.04% 45.41% 34.45%
Management Fee 0.70% 0.00% 1.50% 77.82%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

CESGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 0.95% 5.00% N/A

Trading Fees

CESGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 23.08%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

CESGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 25.00% 0.00% 488.00% 33.33%

CESGX - Distributions

Dividend Yield Analysis

CESGX Category Low Category High CESGX % Rank
Dividend Yield 0.58% 0.00% 42.57% 21.62%

Dividend Distribution Analysis

CESGX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Quarterly Annually

Net Income Ratio Analysis

CESGX Category Low Category High CESGX % Rank
Net Income Ratio 1.15% -1.51% 4.28% 60.99%

Capital Gain Distribution Analysis

CESGX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

CESGX - Fund Manager Analysis

Managers

Peter Thompson

Start Date

Tenure

Tenure Rank

Nov 27, 2019

2.51

2.5%

Peter founded Coho Partners in 1999. He is the chief investment officer of the firm and is responsible for maintaining the firm's investment philosophy and process. In addition to his portfolio management and company research responsibilities, he is a partner of the firm, a member of the Investment Committee, and a member of the Executive Committee and Board of Directors. Peter has 38 years of experience in the financial industry. Prior to forming Coho Partners, Peter spent 10 years with the investment-counseling firm of Cooke & Bieler, where here he had a wide range of research and portfoli

Chris Leonard

Start Date

Tenure

Tenure Rank

Nov 27, 2019

2.51

2.5%

Chris joined Coho Partners in 2012 as a portfolio manager and investment analyst. He was named co-chief investment officer in January 2022, working alongside Peter Thompson who shares responsibility for maintaining the firm's investment philosophy and process. In addition to these duties, Chris is a member of the Investment Committee and a partner of the firm. He has 26 years of experience in the financial industry.

Nimrit Kang

Start Date

Tenure

Tenure Rank

Nov 27, 2019

2.51

2.5%

Nimrit joined Coho Partners in 2017 to focus on research and portfolio management. She chairs the Investment Committee meetings and oversees the construction and refinement of the firm’s proprietary Coho 250 universe. She has 18 years of experience in the financial industry and is a partner of the firm.

Ruairi O’Neill

Start Date

Tenure

Tenure Rank

Nov 27, 2019

2.51

2.5%

Ruairi joined Coho Partners in 2014 to focus on research and portfolio management. In addition to his portfolio management and research responsibilities, Ruairi is a member of the Investment Committee and Executive Committee and is a partner of the firm. He has 28 years of experience in the financial industry.

Ward Kruse

Start Date

Tenure

Tenure Rank

Nov 28, 2021

0.5

0.5%

Ward joined Coho Partners in 2019 to focus on research and portfolio management. In addition, he is a member of the Investment Committee. He has 24 years of experience in the financial industry and is a partner of the firm.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 86.59 7.96 16.42

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