Coho Partners, Ltd.

Members of Coho's team recently came together to make 150 paper-bag lunches for The Grace Project which is dedicated to instilling hope through compassionate actions for both children and adults affected by illness, poverty, or addiction in the Philadelphia area. We were pleased to support this worthy cause and we had fun doing it! #CohoCares

For nearly 20 years, Coho has successfully managed dual business channels, serving both institutional and private wealth clients. Recently, with leadership endorsement from both lines of the business, the decision was made to separate into two distinct organizations with a spin-out of our private wealth business. We are pleased to announce our full support of Aurdan Capital Management, the newly formed registered investment advisor (“RIA”) established for Coho’s Private Wealth Group which officially launched on June 4, 2024. Aurdan operates as its own entity, not as an affiliate or subsidiary of Coho Partners. https://lnkd.in/ePmDYBD9

Members of the Coho family participated in the Main Line Animal Rescue (MLAR) Tails & Trails 5K/2K event over the weekend. We were delighted to help support MLAR's mission to care for the most vulnerable animals in our community.  #MLAR #adoptdontshop

Following strong relative performance in 2022 for the Coho Relative Value Equity portfolio, 2023 was a disappointment. The year prior, the portfolio again demonstrated its ability to provide meaningful downside protection amidst difficult market environments. This year, however, it was unable to provide the level of upside participation we typically expect.  https://lnkd.in/g9j3HEU2

From all of us here at Coho Partners, we wish you and your family a healthy, happy holiday season and wonderful new year.

We have been in this business a long time and have seen the dangers of relying on multiples to drive stock prices. The last time multiples, rather than earnings and dividends, provided the majority of returns was in the late 1990s. Had Coho Partners been operating in those years, it is likely our relative performance would have been challenged as it is today. However, what followed that period of multiple expansion driven gains, was the ‘dot.com’ crash that ushered in a nearly decade-long run of outperformance for the value style. It also marked one of Coho’s strongest periods of downside protection and relative outperformance. We are not in the business of making macro calls or predicting bubbles, so we are not suggesting that a repeat of history is on the horizon. We are, however, investment managers that believe markets eventually return to their fundamental underpinnings after periods of both valuation euphoria and despair. https://lnkd.in/g9j3HEU2

In this year's edition of our Impact Report, we reflect on the progress at our portfolio companies as we continue to expand engagement on material ESG risks and opportunities. We also touch on regulatory developments within the U.S. and EU and the steps Coho is taking to ensure compliance. Coho’s Investment Team continues to enhance our proxy voting guidelines, and we highlight our analysis and shareholder votes for the 2022/2023 season. This year, we provide an expanded look into our environmental impact efforts. We note that portfolio companies continue to expand beyond greenhouse gas (GHG) emissions disclosure to set Scope 1, 2, and 3 emissions reduction targets and net-zero commitments. We also highlight our research efforts into renewable hydrogen and the circular economy, which were the basis of two Coho ESG Insights papers this year. Finally, we highlight our efforts on diversity, equity, and inclusion (DEI) training and community involvement through our Coho Cares events. These examples provide insight into the cultural DNA of the companies in which we invest and support our belief that the full integration of ESG issues enriches fundamental research analysis. Additionally, they highlight how we walk the talk on our ESG engagement with companies through our own internal ESG initiatives.