Investment Strategies   ■  Large Cap Value  ■ Composite Performance

C&B Large Cap Value Equity Composite Information

As of December 31
Year Total Return 
(Gross)		 Total Return (Net)  S&P 500® Russell 1000 Value® S&P 500® 3-Yr Std. Dev. Russell 1000 Value® 3-Yr Std. Dev. Composite 3-Yr Std. Dev. Composite Dispersion Market Value Total Firm Assets % of Total Firm Assets # of  Portfolios
% % % %         $ Millions $ Millions
2002 -9.98 -10.58 -22.10 -15.52 0.40 $764.2 $2,147.8 36% 10
2003 34.58 33.76 28.68 30.03 0.70 $898.4 $3,421.4 26% 13
2004 14.06 13.35 10.88 16.49 0.15 $1,422.8 $5,425.1 26% 24
2005 1.44 0.78 4.91 7.05 0.23 $2,009.1 $7,715.8 26% 41
2006 22.64 21.88 15.79 22.25 0.68 $2,622.4 $9,248.0 28% 42
2007 -0.72 -1.12 5.49 -0.17 0.41 $1,751.4 $7,854.3 22% 37
2008 -33.15 -33.46 -37.00 -36.85 0.59 $732.1 $3,910.4 19% 32
2009 28.67 27.97 26.46 19.69 0.66 $1,066.9 $5,004.0 21% 32
2010* 15.86 15.23 15.06 15.51 0.19 $1,817.8 $4,855.3 37% 52
2011 0.49 -0.16 2.11 0.39 18.71 20.69 19.55 0.17 $1,814.1 $4,471.6 41% 52
Cooke & Bieler has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
*See Item #3 on Page 1 of Disclosures

 

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 Large Cap Value Equity Composite has been examined for the period from January 1, 1993 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. Effective July 1, 2010, the Cooke & Bieler Large Cap Value Equity Composite (Composite) includes all fully discretionary, fee paying, tax-exempt portfolios managed for more than one quarter with an initial market value minimum of $1 million. Prior to July 1, 2010, the Composite included only employee benefit tax-exempt portfolios. For investment purposes, our style is most closely related to the large cap equity investor. We generally purchase securities whose market capitalization at time of purchase is at least $3 billion. Prior to 9/30/05, the market capitalization was normally greater than $1 billion and prior to July, 2011 the market capitalization was $2 billion. Securities are selected using the firm’s fundamental, bottom-up approach. Portfolios are more concentrated, typically holding approximately 40-50 securities. The Composite was created in January 1997. Until January 2002, the Composite was previously named the Employee Benefit Tax-Exempt Equity Composite.
  • 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. Beginning January 1, 1997, composite returns are calculated monthly by weighting portfolio returns according to the size of each portfolio at the beginning of the month. Previously, composite returns were calculated quarterly by weighting quarterly portfolio returns according to the size of each portfolio at the beginning of the quarter. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.
  • 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. Investment advisory fees are described in Part II of Form ADV. The standard fee agreement is 0.65 of 1% per annum on the first $20 million of principal, 0.60 of 1% per annum on the next $20 million of principal, 0.50 of 1% per annum on the next $60 million of principal, and 0.40 of 1% per annum on the balance, however fees are negotiable. As an example, the "cost" of the investment advisory fee of a $20 million portfolio is .65% 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 10.3% on a cumulative basis. The actual fee charged may depend on the asset size and type of portfolio. Prior to 1/1/2007, model net of fee Composite returns were used. Net of fee returns were calculated quarterly by deducting one quarter of the maximum fee rate of 0.65% from the gross of fee Composite return. From 1/1/2007 through 12/31/2010, net of fee returns reflected the deduction of actual management fees, and were calculated in the same manner as gross of fee returns. Beginning 1/1/2011, model net of fee Composite returns are used.
  • 6. The dispersion is measured using an asset weighted standard deviation of portfolio returns represented within the Composite for the full year.
  • 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 benchmark for the Composite is the S&P 500 Index®, which has historically been most representative of the equity markets. The Russell 1000® Value Index is also displayed since the portfolios comprising the Composite are managed in accordance with a valuation discipline. The index returns are provided to represent the environment existing during the periods shown and are not covered by the report of independent verifiers. For comparison purposes, each index is fully invested and includes the reinvestment of income. The returns for each index do not include any transaction costs, management fees or other costs.
  • 9. Past performance is not indicative of future results.