MontLake Cooper Creek Partners North America Long Short Equity

Investment Objective

Cooper Creek employs a catalyst-driven, value-oriented approach to investing in small/mid-cap, under-the-radar and/or out-of-favor North American companies with the potential for transformational change. The fund focuses on generating alpha from single name investments on both the long and short sides of the portfolio.

Latest Meeting Note

Meeting 11 Nov 2021

Cooper Creek was founded in 2008 by Rob Schwartz and employs a catalyst-driven, value-oriented approach to investing in under-the-radar North America small and mid-cap companies ($750m to $4bn market cap) with the potential for transform... Read more

Cooper Creek was founded in 2008 by Rob Schwartz and employs a catalyst-driven, value-oriented approach to investing in under-the-radar North America small and mid-cap companies ($750m to $4bn market cap) with the potential for transformational change. There is a significant focus on generating alpha from both sides of the book, with the PM running a 70-90 stock portfolio (evenly split between longs and shorts) at any one time. On the long side the PM often focuses on turnaround stories (spin-offs, restructuring, etc with little sell side coverage) which are identified via in-depth, fundamental, bottom-up analysis whilst seeks to avoid ‘crowded’ situations as well as deep-value investments that depend on valuation without a clearly defined catalyst to unlock value. On the short side, the team focuses on six well-defined categories: accounting shenanigans, M&A roll-ups, unsustainable dividend yields, debt covenant/maturity issues, one-hit wonders, peak margin stories. The investment horizon is shorter for these positions (3-6 months vs. 9-18 months for long ideas). The final portfolio is relatively concentrated, with the top 3-5 long positions typically sized at 3.5-5%, and is run with a conservative net exposure (0-30%, approx. 10% on average since inception) and gross exposure (max 200%), with the long book typically managed in an unlevered fashion.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2021 0.5 0.9 0.2 0.8 0.4 0.4 0.5 0.1 0.9 0.4 0.2 0.8 0.1
2020 0.5 0.9 0.8 0.2 0.3 0.2 0.5 0.3 1.0 0.3 0.7 0.5 0.7

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