Relative Value Equity Fund - Overview


Coho constructs the Fund's portfolio with 20-35 stocks of high quality companies trading at reasonable valuations that it believes have and will continue to demonstrate long-term predictable growth in revenues, earnings and dividends.  Coho's investment philosophy has been constant since the founding of the firm in 1999.

The Fund invests at least 80% of its net assets in dividend paying equity securities issued by larger-cap companies (over $3 billion).  By utilizing a conservative, "bottom up" fundamental approach, the Adviser screens approximately 1,300 companies to identify those companies with:

  • Stability – low variability in earnings, revenues, and dividends
  • Growth – absolute and relative growth in earnings, revenues and dividends
  • Profitability – low relative capital intensiveness and excess free cash flow generation
  • Quality – balance sheet strength, management depth, integrity and execution
  • Shareholder Focus – transparency of financials and operation strategy, capital allocation preferences - dividends, stock buybacks and acquisitions

Through a combination of quantitative and qualitative analysis, the larger cap universe is reduced to 250 companies (the "Coho 250").  The Adviser constructs a dividend discount model for each of these 250 companies to identify companies with reasonable valuations.

The Fund is generally comprised of 20 to 35 equity securities chosen because:

  • They meet the Adviser's earnings and stability criteria, dividend and cash flow growth
  • The Adviser has established comfort with the long term qualitative aspects of the investment
  • The Adviser has talked with relevant management, competitors, customers and suppliers
  • The Adviser's dividend discount model shows an expected excess return over the normalized risk-free alternative
  • The Adviser has created a "Position Paper" to objectively identify and monitor major operating and financial metrics that Coho expects the company to maintain or achieve at specific points in time.


Free Cash Flow - A measure of financial performance calculated as operating cash flow minus capital expenditures.

Before you invest in Coho Funds, please refer to the statutory prospectus for important information about the investment company, including investment objectives, risks, charges and expenses.  You may obtain a hard copy of the prospectus by calling 866.COHO.234 or 866.264.6234 or by clicking here.  The prospectus should be read carefully before you invest or send money.

Mutual fund investing involves risk.  Principal loss is possible.  The Fund may have a relatively high concentration of assets in a single or small number of issuers, which may reduce its diversification and result in increased volatility.  Investments in securities of foreign issuers involve risks not ordinarily associated with investments in securities and instruments of U.S. issuers, including risks relating to political, social and economic developments abroad, differences between U.S. and foreign regulatory and accounting requirements, tax risks, and market practices, as well as fluctuations in foreign currencies.  The market price of the shares of an ETF will fluctuate based on changes in the net asset value as well as changes in the supply and demand of its shares in the secondary market.  It is also possible that an active secondary market of an ETF's shares may not develop and market trading in the shares of the ETF may be halted under certain circumstances.  The fund will bear its share of expenses and the underlying risks of investments in ETFs and other investment companies.  Investments in mid-cap securities involve additional risks such as limited liquidity and greater volatility than larger companies.

The Coho Relative Value Equity Fund is offered only to United States residents, and information on this site is intended only for such persons.  Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of the Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

The Coho Relative Value Equity Fund is distributed by Quasar Distributors, LLC.