Cooper Investors, an investment management firm, released its “Cooper Investors Global Equities Fund (Unhedged)” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund returned -0.04% in the third quarter, compared to a 6.42% return for the MSCI AC World Index Net Divs in Australian Dollars. However, the fund returned a rolling 12-month return of 18.0% post fees. Since the portfolio structure is primarily not correlated with the index, its returns should not move in line ...