Coho Capital commentary for the second quarter ended June 30, 2020.
Q2 2020 hedge fund letters, conferences and more
Dear Partners,
Coho Capital returned 46.6% during the first half of the year compared to a loss of 3.1% in the S&P 500. Many of our holdings, such as Netflix, Amazon, and Spotify, were perceived beneficiaries of the Coronavirus pandemic aiding our results in the short-term. We suspect some of the outperformance gained from pandemic-driven demand will reverse in ensuing months as momentum traders abandon the stocks. While the pandemic pulled forward digital demand, the more important takeaway for us is the notion that a good business model provides the...
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