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Trending ETFs

The Cook & Bynum Fund

mutual fund
COBYX
Payout Change
Pending
Price as of:
$15.72 +0.23 +1.48%
primary theme
N/A
share class
Other (COBYX)
COBYX (Mutual Fund)

The Cook & Bynum Fund

Payout Change
Pending
Price as of:
$15.72 +0.23 +1.48%
primary theme
N/A
share class
Other (COBYX)
COBYX (Mutual Fund)

The Cook & Bynum Fund

Payout Change
Pending
Price as of:
$15.72 +0.23 +1.48%
primary theme
N/A
share class
Other (COBYX)

Name

As of 12/05/2024

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

The Cook & Bynum Fund

COBYX | Fund

$15.72

$75.2 M

1.08%

$0.17

2.08%

Vitals

YTD Return

-4.6%

1 yr return

-2.6%

3 Yr Avg Return

7.9%

5 Yr Avg Return

4.2%

Net Assets

$75.2 M

Holdings in Top 10

97.3%

52 WEEK LOW AND HIGH

$15.5
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 12/05/2024

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

The Cook & Bynum Fund

COBYX | Fund

$15.72

$75.2 M

1.08%

$0.17

2.08%

COBYX - Profile

Distributions

  • YTD Total Return -4.6%
  • 3 Yr Annualized Total Return 7.9%
  • 5 Yr Annualized Total Return 4.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.66%
DIVIDENDS
  • Dividend Yield 1.1%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    The Cook & Bynum Fund
  • Fund Family Name
    Cook & Bynum
  • Inception Date
    Jul 01, 2009
  • Shares Outstanding
    4405217
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Richard 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.
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COBYX - Performance

Return Ranking - Trailing

Period COBYX Return Category Return Low Category Return High Rank in Category (%)
YTD -4.6% -35.6% 29.2% 14.43%
1 Yr -2.6% 17.3% 252.4% 99.20%
3 Yr 7.9%* -3.5% 34.6% 100.00%
5 Yr 4.2%* 0.1% 32.7% 100.00%
10 Yr 2.5%* -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 -4.6% -35.6% 29.2% 14.77%
1 Yr -2.6% 11.4% 252.4% 98.41%
3 Yr 7.9%* -3.5% 34.6% 100.00%
5 Yr 4.2%* 0.1% 32.7% 100.00%
10 Yr 2.5%* -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

  1. Arca Continental SAB de CV 24.15%
  2. Berkshire Hathaway Inc 19.18%
  3. Anheuser-Busch InBev SA/NV 11.07%
  4. United States Treasury Bill 10.99%
  5. Coca-Cola Embonor SA 9.17%
  6. Liberty Latin America Ltd 8.09%
  7. Fomento Economico Mexicano SAB de CV 7.00%
  8. Union de Cervecerias Peruanas Backus y Johnston SAA 3.64%
  9. BIM Birlesik Magazalar AS 2.81%
  10. 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 1.08% 0.00% 3.26% 5.69%

Dividend Distribution Analysis

COBYX Category Low Category High Category Mod
Dividend Distribution Frequency Annual 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

View More +

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

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