The Cook & Bynum Fund

C000077284 Fund Overview

The Cook & Bynum Fund is a US mutual fund managed by Cook & Bynum Funds Trust, categorised as Global (incl. US) Large Cap Value Consumer Staples Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Cook & Bynum Funds Trust
• Category: Global (incl. US) Large Cap Value Consumer Staples Equity
• Assets under management: $76.84M
• 1-year return: 9.4%
• SEC CIK: 0001459065
• SEC series ID: S000025845
• Share class ID: C000077284

C000077284 Investment Objective and Strategy

The Cook & Bynum Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Cook & Bynum Funds Trust.

Investment objective

Long-term growth of capital.

Principal investment strategy

The Fund pursues its objective of long-term growth of capital by investing in international and domestic public equities using a Graham & Dodd value investing philosophy. The Funds investment decisions are driven by the application of the Advisers core investment criteria and are informed by rigorous, immersive research. The Adviser travels globally to learn about a companys 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 Advisers 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 Funds primary focus is avoiding mistakes that lead to permanent loss 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 companys 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 companys stock only if it is trading at a significant discount to the Advisers conservative estimate of its intrinsic value. The Funds portfolio is deliberately concentrated in the Advisers best, most-informed ideas. This concentration means the Funds portfolio is markedly different from its benchmarks, which is a prerequisite for long-term outperformance. In pursuing its strategy, the Fund focuses on equity securities, which primarily consist of common stocks and depository 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 & Poors (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 equivalentsincluding, but not limited to, short-term U.S. Government securitiesto be positioned to immediately take advantage of new investment opportunities that meet the Advisers core investment criteria. The Adviser is a long-term investor. However, the Fund will generally sell a security whose price approaches the Advisers estimated intrinsic value for the businesseither because the price of the security has substantially appreciated or because a material adverse change occurred that meaningfully lowered the Advisers estimate of the companys 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 Funds capital in the Advisers best ideas.

C000077284 Holdings

Top 10 holdings of The Cook & Bynum Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000077284 holdings

C000077284 Portfolio Allocation

Asset-class allocation of The Cook & Bynum Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000077284 Performance

Total returns for C000077284 (as of 2026-10-01), from SEC filings.

C000077284 Risk Information

Risk metrics for C000077284, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 13.6%

C000077284 Costs and Fees

C000077284 costs about $149 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.49%
• Gross expense ratio: 2.08%
• Portfolio turnover: 4%
• Brokerage commissions: 0.38 bps of average net assets (SEC N-CEN)

C000077284 Cashflows

Over the 12 months to 2024-09, The Cook & Bynum Fund had net inflows of $4.46M, from monthly SEC N-PORT filings.

C000077284 Debt Constituents

Largest debt holdings of The Cook & Bynum Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000077284 Prospectus and SEC Filings

Official The Cook & Bynum Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2024-01-25
• Prospectus (485BPOS) — filed 2023-01-25
• Prospectus (485BPOS) — filed 2022-01-27
• Portfolio holdings (N-PORT) — filed 2024-11-27
• Portfolio holdings (N-PORT) — filed 2024-08-29
• Portfolio holdings (N-PORT) — filed 2024-05-30
• Annual census (N-CEN) — filed 2024-12-10
• Annual census (N-CEN) — filed 2023-12-12

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.