BSY - Cooper Investors Global Equities Fund (Hedged) Quarterly Commentary Report - December 2020

• Cooper Investors Pty Limited ("CI") is a specialist equities fund manager with funds under management of approximately A$13 billion.
• Having outperformed in October the portfolio lagged somewhat the post-vaccine market rip to finish a little behind the benchmark for the quarter, returning 9.96% versus 12.24%.
• The biggest contributors to outperformance in the quarter were PTC, Sony and Paycom. The biggest detractors to performance included S&P Global and Salesforce and Scout24.
• The portfolio also established a position in Warner Music Group, a leading record label and music publisher.

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