The Cook & Bynum Fund
Name
As of 12/24/2024Price
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
Vitals
YTD Return
-8.2%
1 yr return
-7.7%
3 Yr Avg Return
5.9%
5 Yr Avg Return
2.6%
Net Assets
$75.2 M
Holdings in Top 10
97.3%
52 WEEK LOW AND HIGH
$15.1
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 2.08%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 0.00%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$5,000
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/24/2024Price
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
COBYX - Profile
Distributions
- YTD Total Return -8.2%
- 3 Yr Annualized Total Return 5.9%
- 5 Yr Annualized Total Return 2.6%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.66%
- Dividend Yield 1.1%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameThe Cook & Bynum Fund
-
Fund Family NameCook & Bynum
-
Inception DateJul 01, 2009
-
Shares Outstanding4405217
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRichard Cook
Fund Description
The Fund pursues its objective of long-term growth of capital by investing in a select few global public equities using an absolute value investing philosophy. The Fund’s investment decisions are driven by the application of the Adviser’s core investment criteria and are informed by rigorous, immersive research. The Adviser travels globally to learn about a company’s customers, appraise its competitors, meet its managers, visit its facilities, and survey its operations in action. These efforts are guided by the belief that first-person observations in the field are critical to appropriately evaluate each investment opportunity.
The Adviser’s iterative investment process is built around four core criteria and is designed to challenge assumptions, refine conclusions, and mitigate psychological misjudgments:
1)Circle of Competence
The Adviser must be able to understand the core economics of a business and reliably predict its financial prospects. The Fund’s primary focus is avoiding mistakes that lead to permanent losses of
capital, so the Adviser believes its ability to recognize the limitations of its knowledge is as important as its ability to execute its competencies when evaluating an idea.
2)Business
The Adviser evaluates whether a business has sustainable competitive advantages that produce predictable free cash flows and yield attractive returns on equity over an extended period of time. Without a “moat,” a company’s results are difficult to effectively forecast.
3)People
The Adviser seeks to invest alongside management teams who view shareholders as partners. Trustworthiness and intellectual honesty are required leadership traits for managers of qualifying businesses. Other important markers include energy, consistency, a thoughtful capital allocation framework, and conservative accounting practices.
4)Price
After the first three investment criteria are met, the Adviser values a business by projecting its future cash flows and discounting these “owner earnings” into present value dollars. The Fund will invest in a company’s stock only if it is trading at a significant discount to the Adviser’s conservative estimate of its intrinsic value.
The Fund’s portfolio is deliberately concentrated in the Adviser’s best, most-informed ideas. This concentration means the Fund’s portfolio is markedly different from any benchmarks.
In pursuing its strategy, the Fund focuses on equity securities, which primarily consist of common stocks, preferred stocks, and depositary receipts. The Fund can hold securities of both U.S. and foreign issuers without regard to market capitalization, industry/sector, or any other categorization. In fact, the Fund may invest up to 100% of its assets in foreign securities with up to 60% of those from emerging markets. The Fund may also hold up to 60% of its assets in foreign debt. Short-term debt obligations of foreign governments will generally have a maturity of six months or less and a credit rating of “A” or better by Standard & Poor’s (“S&P”) or a similar rating by another nationally recognized statistical rating organization (“NRSRO”). Other debt securities of non-U.S. companies, including junk bonds, may be purchased without regard to NRSRO ratings and would generally fall under the category of “special situations.” The Fund is not required, however, to be fully invested in equity or other allowable securities. When making portfolio allocation
decisions, the Adviser compares its most appealing ideas against cash alternatives and will hold cash and equivalents in the absence of attractive positions that meet its minimum hurdle rate requirements. Indeed, it frequently maintains a portion of its total assets in cash and equivalents—including, but not limited to, short-term U.S. Government securities—to be positioned to immediately take advantage of new investment opportunities that meet the Adviser’s core investment criteria.
The Adviser is a long-term investor. However, the Fund will generally sell a security whose price approaches the Adviser’s estimated intrinsic value for the business—either because the price of the security has substantially appreciated or because a material adverse change occurred that meaningfully lowered the Adviser’s estimate of the company’s intrinsic value. Similarly, the Fund will sell a security if some event or shift happens within the business that prevents the Adviser from continuing to reliably appraise its intrinsic value. Lastly, in instances when the Fund is fully invested, the Adviser will sell relatively overpriced securities to buy relatively underpriced securities in an ongoing effort to concentrate the Fund’s capital in the Adviser’s best ideas.
COBYX - Performance
Return Ranking - Trailing
| Period | COBYX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -8.2% | -35.6% | 29.2% | 14.43% |
| 1 Yr | -7.7% | 17.3% | 252.4% | 99.20% |
| 3 Yr | 5.9%* | -3.5% | 34.6% | 100.00% |
| 5 Yr | 2.6%* | 0.1% | 32.7% | 100.00% |
| 10 Yr | 2.1%* | -6.9% | 18.3% | 99.07% |
* Annualized
Return Ranking - Calendar
| Period | COBYX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 15.6% | -24.3% | 957.1% | 97.87% |
| 2022 | 8.0% | -38.3% | 47.1% | 96.59% |
| 2021 | 6.7% | -54.2% | 0.6% | 90.58% |
| 2020 | -11.3% | -76.0% | 54.1% | 80.53% |
| 2019 | 8.7% | -26.1% | 47.8% | 82.30% |
Total Return Ranking - Trailing
| Period | COBYX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -8.2% | -35.6% | 29.2% | 14.77% |
| 1 Yr | -7.7% | 11.4% | 252.4% | 98.41% |
| 3 Yr | 5.9%* | -3.5% | 34.6% | 100.00% |
| 5 Yr | 2.6%* | 0.1% | 32.7% | 100.00% |
| 10 Yr | 2.1%* | -6.9% | 18.3% | 98.89% |
* Annualized
Total Return Ranking - Calendar
| Period | COBYX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 16.7% | -24.3% | 957.1% | 97.87% |
| 2022 | 9.3% | -33.1% | 47.1% | 96.84% |
| 2021 | 9.0% | -44.4% | 1.8% | 93.41% |
| 2020 | -11.0% | -6.5% | 54.1% | 87.70% |
| 2019 | 9.4% | -14.4% | 47.8% | 59.01% |
NAV & Total Return History
COBYX - Holdings
Concentration Analysis
| COBYX | Category Low | Category High | COBYX % Rank | |
|---|---|---|---|---|
| Net Assets | 75.2 M | 199 K | 133 B | 78.73% |
| Number of Holdings | 13 | 1 | 9075 | 94.60% |
| Net Assets in Top 10 | 74.8 M | -18 M | 37.6 B | 64.43% |
| Weighting of Top 10 | 97.34% | 9.1% | 100.0% | 1.49% |
Top 10 Holdings
- Arca Continental SAB de CV 24.15%
- Berkshire Hathaway Inc 19.18%
- Anheuser-Busch InBev SA/NV 11.07%
- United States Treasury Bill 10.99%
- Coca-Cola Embonor SA 9.17%
- Liberty Latin America Ltd 8.09%
- Fomento Economico Mexicano SAB de CV 7.00%
- Union de Cervecerias Peruanas Backus y Johnston SAA 3.64%
- BIM Birlesik Magazalar AS 2.81%
- EuroEyes International Eye Clinic Ltd 1.24%
Asset Allocation
| Weighting | Return Low | Return High | COBYX % Rank | |
|---|---|---|---|---|
| Stocks | 78.74% | 61.84% | 125.47% | 6.83% |
| Bonds | 10.99% | -1.50% | 161.67% | 11.78% |
| Preferred Stocks | 9.17% | -0.01% | 5.28% | 17.29% |
| Cash | 1.19% | -174.70% | 23.12% | 89.98% |
| Other | 0.00% | -13.98% | 19.14% | 26.54% |
| Convertible Bonds | 0.00% | 0.00% | 4.46% | 7.60% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | COBYX % Rank | |
|---|---|---|---|---|
| Consumer Defense | 67.50% | 0.00% | 73.28% | 0.11% |
| Financial Services | 19.99% | 0.00% | 38.42% | 66.19% |
| Communication Services | 12.51% | 0.00% | 57.66% | 19.60% |
| Utilities | 0.00% | 0.00% | 29.12% | 69.27% |
| Technology | 0.00% | 0.00% | 49.87% | 99.56% |
| Real Estate | 0.00% | 0.00% | 39.48% | 74.45% |
| Industrials | 0.00% | 0.00% | 44.06% | 96.81% |
| Healthcare | 0.00% | 0.00% | 35.42% | 98.68% |
| Energy | 0.00% | 0.00% | 21.15% | 65.53% |
| Consumer Cyclical | 0.00% | 0.00% | 40.94% | 99.78% |
| Basic Materials | 0.00% | 0.00% | 38.60% | 86.01% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | COBYX % Rank | |
|---|---|---|---|---|
| US | 46.35% | 0.13% | 103.82% | 97.91% |
| Non US | 32.38% | 0.58% | 99.46% | 1.98% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | COBYX % Rank | |
|---|---|---|---|---|
| Cash & Equivalents | 1.19% | 0.00% | 100.00% | 0.45% |
| Derivative | 0.00% | 0.00% | 100.00% | 12.64% |
| Securitized | 0.00% | 0.00% | 24.65% | 0.89% |
| Corporate | 0.00% | 0.00% | 99.70% | 27.07% |
| Municipal | 0.00% | 0.00% | 0.70% | 0.89% |
| Government | 0.00% | 0.00% | 100.00% | 9.06% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | COBYX % Rank | |
|---|---|---|---|---|
| US | 10.99% | -0.01% | 130.80% | 11.78% |
| Non US | 0.00% | -11.21% | 30.87% | 6.28% |
COBYX - Expenses
Operational Fees
| COBYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.08% | 0.01% | 44.27% | 18.81% |
| Management Fee | 1.49% | 0.00% | 1.82% | 99.67% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | 6.23% |
| Administrative Fee | N/A | 0.01% | 0.76% | 28.74% |
Sales Fees
| COBYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| COBYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | 2.00% | 1.00% | 2.00% | 1.96% |
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.
| COBYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 0.00% | 0.00% | 395.00% | 2.87% |
COBYX - Distributions
Dividend Yield Analysis
| COBYX | Category Low | Category High | COBYX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.11% | 0.00% | 3.26% | 5.69% |
Dividend Distribution Analysis
| COBYX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Annually | Annually | Annually |
Net Income Ratio Analysis
| COBYX | Category Low | Category High | COBYX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.66% | -4.27% | 12.65% | 69.32% |
Capital Gain Distribution Analysis
| COBYX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 27, 2023 | $0.167 | OrdinaryDividend |
| Dec 28, 2022 | $0.166 | OrdinaryDividend |
| Dec 29, 2021 | $0.288 | OrdinaryDividend |
| Dec 29, 2020 | $0.040 | OrdinaryDividend |
| Dec 27, 2019 | $0.097 | OrdinaryDividend |
| Dec 27, 2018 | $1.588 | CapitalGainLongTerm |
| Dec 27, 2018 | $0.029 | OrdinaryDividend |
| Dec 28, 2017 | $0.287 | CapitalGainLongTerm |
| Dec 28, 2017 | $0.027 | OrdinaryDividend |
| Dec 29, 2016 | $0.752 | CapitalGainLongTerm |
| Dec 30, 2014 | $0.592 | CapitalGainLongTerm |
| Dec 30, 2013 | $0.351 | CapitalGainLongTerm |
| Dec 30, 2013 | $0.014 | OrdinaryDividend |
| Dec 28, 2012 | $0.528 | CapitalGainLongTerm |
| Dec 28, 2011 | $0.030 | CapitalGainShortTerm |
| Dec 28, 2011 | $0.688 | CapitalGainLongTerm |
| Dec 28, 2010 | $0.009 | OrdinaryDividend |
| Dec 28, 2010 | $0.172 | CapitalGainShortTerm |
| Dec 28, 2010 | $0.012 | CapitalGainLongTerm |
COBYX - Fund Manager Analysis
Managers
Richard Cook
Start Date
Tenure
Tenure Rank
Jul 01, 2009
12.92
12.9%
Richard P. Cook has been a principal and portfolio manager of Cook & Bynum Capital Management, LLC since its inception in 2006. Before forming the Cook & Bynum Capital Management, LLC, Mr. Cook managed individual accounts at Cook & Bynum Capital Mgt., LLC, in Birmingham, Alabama from August 2001 to December 2006, which also served as sub-advisor to private investment funds Gullane Capital Partners, LLC and Gullane Capital Partners Encore, LLC from June 2004 to December 2006. Previously, Mr. Cook worked for Tudor Investment Corporation in Greenwich, Connecticut. Mr. Cook attended Hampden-Sydney College where he graduated summa cum laude in three years with a B.S. in Mathematics, Applied Mathematics, and Economics and was a member of Phi Beta Kappa.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.01 | 35.82 | 6.24 | 1.25 |