Bell Global Equities Fund Exits Costco Stake After 12 Years, Citing Stretched Valuation

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Summary · why it matters

Bell Global Equities Fund sold its entire position in Costco Wholesale Corporation during May 2026, ending a holding period of more than 12 years. The fund said Costco’s forward earnings multiple of approximately 45 times meant the risk-reward profile was no longer compelling, especially as many other high-quality companies have seen their valuations de-rate materially lower. The position delivered a total shareholder return of roughly 1,000 percent, or about 21 percent compound annual return, over the life of the investment. The fund also exited Pool Corporation following the unexplained departure of its CEO and Copart due to signs that a growth turnaround had not yet materialized. Bell Global Equities Fund will continue to monitor Costco for a potential reinvestment opportunity.

Impact on assets 3

Consumer Staples▼ · 1 stocks
Costco Wholesale Corp
COST
▼ NegativeCapitalrelevance

Fund sold stake citing stretched valuation at 45x forward earnings, implying overvaluation concern.

Industrials▼ · 1 stocks
Copart Inc
CPRT
▼ NegativeCapitalrelevance

Fund exited Copart due to signs that a growth turnaround had not yet materialized.

Consumer Discretionary▼ · 1 stocks
Pool Corporation
POOL
▼ NegativeCapitalrelevance

Fund exited Pool Corporation following the unexplained departure of its CEO.

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