The Cook & Bynum Fund (Ticker: COBYX, www.cookandbynum.com/cobyx) has received a 5-Star Morningstar Rating™ based on its risk-adjusted performance among 1,524 Large Blend funds for the 3-year period ended June 30, 2012. The mutual fund invests in a select few undervalued businesses around the world and is managed by Cook & Bynum Capital Management, which was founded in 2001 by Richard Cook and Dowe Bynum. “Our whole team is thrilled that the fund’s first Morningstar rating is five stars,” said Mr. Cook. “Since the inception of the firm, we have sought to invest in businesses that are within our circle of competence, have durable competitive advantages, are run by capable and trustworthy managers, and trade at substantial discounts to their intrinsic value.” “We do not artificially limit our investment universe based on market capitalization, industry, or geographic constraints,” added Mr. Bynum. “Instead, we prefer to concentrate capital in our best ideas and rely on proprietary, on-the-ground research and the disciplined application of our investment process to guide our buy and sell decisions. We place substantially all of our liquid net worth alongside our investors to align, as closely as possible, our incentives with their goals.” About Cook & Bynum Capital Management, LLC Founded in 2001, Cook & Bynum Capital Management, LLC (“CBCM”) is an SEC-registered investment adviser based in Birmingham, Alabama that has $220 million in assets under management (as of June 30, 2012). In addition to The Cook & Bynum Fund, CBCM manages money for clients via private partnerships. About The Cook & Bynum Fund The Cook & Bynum Fund, an open-end mutual fund, seeks long-term growth of capital by making concentrated equity investments in undervalued companies across the globe. As determined by fundamental, bottom-up research, all investments must satisfy four core criteria: circle of competence, business, people, and price. The Fund avoids leverage to minimize the risk of permanent capital loss and maximize long-term returns. Additional information on the Fund, including how to invest, can be found at www.cookandbynum.com/cobyx. About the Portfolio Managers of The Cook & Bynum Fund Richard P. Cook Richard co-founded Cook & Bynum Capital Management in 2001. Before forming the firm, he worked for Tudor Investment Corporation in Greenwich, Connecticut. Richard attended Hampden-Sydney College where he graduated summa cum laude in three years with a B.S. in Mathematics, Applied Mathematics, and Economics and was a member of Phi Beta Kappa. Richard now serves on the Board of Trustees of Hampden-Sydney.
J. Dowe BynumDowe co-founded Cook & Bynum Capital Management in 2001. Before forming the firm, he worked as an analyst in the Equities Division of Goldman, Sachs & Co., Inc. in New York, New York. Dowe attended Princeton University where he graduated with a B.S.E. in Operations Research & Financial Engineering and a Certificate in Finance. Dowe serves on the Glenwood Board of Directors & Advisors and is also a member of the Mountain Brook City Schools Foundation Board. The Cook & Bynum Fund is distributed by BHIL Distributors, Inc., Member FINRA.