Investment Strategies   ■  Mid Cap Value  ■  Composite Performance

Performance as of 3/31/13
Mid Cap Value Equity Composite

 

Cooke & Bieler (Gross of Fees)

 Cooke & Bieler (Net of Fees) Russell Midcap Value Excess Gross Return
1Q13 13.08% 12.91% 14.21% -1.13%
1 Year 19.75% 19.05% 21.49% -1.74%
3 Years1 15.39% 14.71% 14.96% 0.43%
5 Years1 10.70% 10.06% 8.53% 2.17%
10 Years1 11.79% 11.12% 12.57% -0.78%
1Annualized


Mid Cap Value Equity Composite

Mid Cap Value Equity Composite

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Mid Cap Value Equity Composite

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.


C&B Mid Cap Value Equity Composite Information

As of December 31
Year Total Return 
(Gross)		 Total Return (Net) Russell Midcap Value Index Russell Midcap Value 3-Yr Std. Dev. Composite 3-Yr Std. Dev. Composite Dispersion Market Value % of Total Firm Assets Total Firm Assets # of Portfolios
% % % $ Millions $ Millions
2003 41.13 39.87 38.07 0.63 $757.3 22 $3,421.4 39
2004 12.47 11.68 23.71 0.30 $1,411.0 26 $5,425.1 53
2005 7.48 6.87 12.65 0.22 $1,616.1 21 $7,715.8 54
2006 27.17 26.52 20.22 0.15 $2,048.8 22 $9,248.0 45
2007 -7.83 -8.33 -1.42 0.22 $1,741.6 22 $7,854.3 48
2008 -32.33 -32.70 -38.44 0.60 $737.6 19 $3,910.4 22
2009 30.46 29.71 34.21 0.75 $769.6 15 $5,004.0 17
2010 22.64 21.93 24.75 0.31 $582.0 12 $4,841.5 12
2011 -0.88 -1.46 -1.38 22.78 21.42 0.18 $414.3 9 $4,471.6 10
2012 20.53 19.82 18.51 16.76 17.27 0.25 $452.6 10 $4,434.6 10

 

Notes:
  • 1. Cooke & Bieler, L.P. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Cooke & Bieler has been independently verified for the periods January 1, 1993 through December 31, 2011.
  • Verification assesses whether (1) the firm has complied with all the 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 Mid Cap Value Equity Composite has been examined for the periods from March 1, 1998 through December 31, 2011. The verification and examination reports are 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.  Registration does not imply a certain level of skill or training.
  • 3. The Cooke & Bieler Mid Cap Value Equity Composite (Composite), whose inception date is March 1, 1998, includes all fully discretionary, fee paying, mid cap value equity portfolios with a market value minimum of $1 million managed for more than one month. Prior to January 1, 2012, the minimum market value was $2,500. For investment purposes, mid-cap equity investing is generally defined as investing in securities of companies whose market capitalization are within a range of $1 billion to $12 billion or within the Russell Midcap Value Index at the time of purchase. 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 March 1998.
  • 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 our 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 .85 of 1% per annum on the first $10 million of principal, .75 of 1% on the next $10 million and .65 of 1% on increments above $20 million, however fees are negotiable.  As an example, the "cost" of the investment advisory fee of a $10 million portfolio is .85% 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 13.3% on a cumulative basis.  The actual fee charged may depend on the asset size and type of portfolio.  Net of fee returns reflect the deduction of actual management fees, and are calculated in the same manner as gross of fee returns.
  • 6. The dispersion is the 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 year, dispersion is not presented as it is not considered to be meaningful.
  • 7. A list of composite descriptions is available upon request.  Policies for valuing portfolios, calculating performance, and preparing compliant presentations are also available upon request.
  • 8. The Russell Midcap® 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. The three-year annualized ex-post standard deviation measures the variability of the composite (using gross returns) and the benchmark for the preceding 36-month period.  The three-year annualized ex-post standard deviation is not required to be presented for periods prior to 2011.
  • 10. Past performance is not indicative of future results.