I won’t get into a long explanation here, because it can be complicated. Without having measured the Cobra and settings I can’t be sure of the affect of the adjustment. The draw bias is most likely weight related, as Rlafoone stated. More weight in the heel of the club. Technically, assuming a square face at impact, opening the face angle reduces the effective loft at impact. Closing the face angle increases the effective loft, assuming square face at impact. You’ll just need to work with the adjustments and hit some shots and evaluate. That 14.5 deg. loft, if measured in the traditional way, is with the clubface square.
Britt Lindsey
it’s a draw biased club due to internal weighting this is by design.
however…
if you lower loft, it closes the face – more chance to go left. increase loft, opens the face, more chance to go right. However if you setup with the face square to the target line your back to strictly the weighted draw bias at 14.5 degrees.
to get the benefit of changing the face angle you need to sole the club and allow it to fall into it’s natural position of open or closed to reap the benefit of your loft change.
that’s my understanding. i’m sure there are other opinions.
here’s a good link that explains it:
https://www.youtube.com/watch?v=aj5KOk2oXU0