Cooper Investors Global Equities Fund (Unhedged) - Cooper Investors Pty Limited on Shenandoah Telecommunications
Thesis
Shenandoah Telecommunications is another existing Reversionary holding nearing the end of a multiyear capacity expansion. Cooper expects the completion of that investment cycle to create an inflection toward positive cash flow. The opportunity fits the fund's preference for company-specific execution drivers that are less correlated with broad market themes. The investment case depends on the expected cash-flow harvesting phase materializing after the expansion.
“who are both on the cusp of completing multi-year capacity expansions and inflecting to positive cash flows.”
Key risks
- Execution of a multi-year capacity expansion