Eucryphia cordifolia Cav. is a long-lived evergreen tree species, commonly found as a canopy emergent tree in the Chilean temperate rain forest. This species displays successive leaf cohorts throughout the entire growing season. Thus, full leaf expansion occurs under different environmental conditions during growing such as air temperature, vapor pressure deficit and the progress of moderate water stress (WS). These climate variations can be reflected as differences in anatomical and physiological characteristics among leaf cohorts. Thus, we investigated the potential adaptive role of different co-existing leaf cohorts in seedlings grown under shade, drought stress or a combination of the two. Photosynthetic and anatomical traits were measured in the first displayed leaf cohort and in a subsequent leaf cohort generated during the mid-season. Although most anatomical and photosynthetic pigments did not vary between cohorts, photosynthetic acclimation did occur in the leaf cohort and was mainly driven by biochemical processes such as leaf nitrogen content, Rubisco carboxylation capacity and maximal Photosystem II electron transport rather than CO2 diffusion conductance. Cohort acclimation could be relevant in the context of climate change, as this temperate rainforest will likely face some degree of summer WS even under low light conditions. We suggest that the acclimation of the photosynthetic capacity among current leaf cohorts represents a well-tuned mechanism helping E. cordifolia seedlings to face a single stress like shade or drought stress, but is insufficient to cope with simultaneous stresses.