Investment Strategies   ■  All Cap Value  ■  Composite Performance

Performance as of 12/31/11
All Cap Value Equity Composite

  Cooke & Bieler (Gross of Fees) Cooke & Bieler (Net of Fees) Russell 3000 Value Excess Gross Return
4Q 2011 10.70% 10.51% 13.33% -2.63%
YTD -0.39% -1.14% -0.10% -0.29%
1 Year -0.39% -1.14% -0.10% -0.29%
3 Years 13.17% 12.35% 11.62% 1.55%
5 Years -1.53% -2.28% -2.58% 1.05%
Since Inception (5/1/01) 5.26% 4.50% 4.08% 1.18%


All Cap Value Equity Composite

All Cap Value Equity Composite
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Taxable client returns may vary from the results above due to tax-efficient portfolio management and higher fee schedules that result from lower portfolio minimums. Please see the Private Client page for more details.


All Cap Value Equity Composite

As of December 31
Year Total Return 
(Gross)
%		 Total Return (Net) % Russell 3000 Value % Composite Dispersion Market Value($ Millions) Total Firm Assets Non-Fee Paying Portfolios % of Total Composite Assets

% of Total Firm Assets

 # of Portfolios
2001** 12.09 11.63 -3.58 N/M $0.2 $1,837.2 100% <0.1 < 5
2002 -9.38 -9.99 -15.18 N/M $51.7 $2,147.8 <1% 2.41 9
2003 38.09 37.26 31.14 0.21 $69.4 $3,421.4 <1% 2.03 6
2004 13.54 12.75 16.94 0.13 $93.7 $5,425.1 <1% 1.73 8
2005 2.71 1.94 6.85 0.06 $98.3 $7,715.8 3.0% 1.27 10
2006 23.60 22.72 22.34 0.63 $124.2 $9,248.0 3.0% 1.34 21
2007 -1.54 -2.28 -1.01 0.46 $120.1 $7,854.3 3.0% 1.53 23
2008 -35.15 -35.69 -36.25 1.53 $108.6 $3,910.4 1.5% 2.78 24
2009 25.28 24.39 19.76 0.78 $152.7 $5,004.0 1.4% 3.05 24
2010 16.16 15.32 16.26 0.16 $154.5 $4,841.5 1.6% 3.19 20
2011
-0.39
-1.14
-0.10
0.50
$166.2
$4,471.6
1.4%
3.72
21
**Composite return and benchmark represent eight months ending 12/31/01.
Cooke & Bieler has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
N/M: For those annual periods with less than five portfolios included for the entire year, dispersion is not presented as it is not considered meaningful.

Notes:
  • 1. Cooke & Bieler, L.P. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). Cooke & Bieler has been independently verified for the period January 1, 1993 through December 31, 2010.
  • Verification evaluates whether (1) the firm has complied with all composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards.  The All Cap Value Equity Composite has been examined for the period from May 1, 2001 through December 31, 2010.  A copy of the verification and examination reports is available upon request.
  • 2. The Firm is defined as Cooke & Bieler, L.P., an independent investment management firm and is registered as an investment adviser under the Investment Advisers Act of 1940.
  • 3. The Cooke & Bieler All Cap Value Equity Composite (Composite), whose inception date is May 1, 2001, includes all fully discretionary, fee paying and non-fee paying all cap value equity portfolios managed for more than one month with a minimum market value of $2500.  For investment purposes, all cap investing is generally defined as investing in securities of companies whose market capitalization range from $500 million and above.  The Composite was created in May 2001.
  • 4.Rates of return are expressed in U.S. dollars.  Portfolios are valued monthly on a trade date basis.  Portfolio returns reflect the reinvestment of dividend and interest income and are calculated using the Modified Dietz method.  Composite returns are calculated monthly by weighting portfolio returns according to the size of each portfolio at the beginning of the month.
  • 5.Performance returns are presented both gross and net of fees.  Gross of fee returns do not reflect the deduction of investment advisory fees.  Individual client returns will be reduced by investment advisory fees and other expenses that it may incur in the management of its investment advisory account.  The investment advisory fees are described in Part II of Form ADV. The standard fee agreement is 0.75 of 1% per annum on the first $10 million of principal, 0.65 of 1% per annum on the next $10 million of principal, 0.55 of 1% per annum on the balance, however fees are negotiable.  As an example, the "cost" of the investment advisory fee of a $10 million portfolio is .75% on an annualized basis.  In a ten-year period, the effect of the investment advisory fee will reduce a 5% annual return by as much as 11.8% on a cumulative basis. On an exception basis, the actual fee charged may depend on the asset size, client location and type of portfolio.  Effective April 1, 2004, Model net of fee Composite returns are calculated quarterly by deducting one quarter of the maximum fee rate of 0.75% from the gross of fee Composite return.  Prior to April 1, 2004, the model net of fee Composite returns were calculated quarterly by deducting one quarter of the maximum fee rate of 0.65% from the gross of fee Composite return.
  • 6. The dispersion is measured using an asset weighted standard deviation of portfolio returns represented within the Composite for the full year.  For those annual periods with less than five portfolios included for the entire period, dispersion is not presented as it is not considered meaningful.
  • 7. A complete list of firm composites is available upon request.  Additional information regarding policies for calculating and reporting returns is also available upon request.
  • 8. The Russell 3000® Value Index returns are provided to represent the investment environment existing during the time periods shown and are not covered by the report of independent verifiers. For comparison purposes, the index is fully invested and includes the reinvestment of income. The returns for the index do not include any transaction costs, management fees or other costs.
  • 9. Past performance is not indicative of future results.