All Cap Value Q3 2015


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40 to 50

Companies in our fully invested, concentrated portfolio.

14

Year track record.

$257

Million All Cap Value assets under management as of 09/30/2015.

106%

Upside market capture ratio since inception (5/1/01)

93%

Downside market capture ratio since inception (5/1/01)

  • Guides

    Philosophy

    • Fundamentals drive stock prices
    • Capital preservation improves returns
    • Culture shapes investment decisions
  • Shapes

    Process

    • Thorough, proprietary research by career analysts
    • Focus on valuation and risk controls
    • Team environment – group discussion/analyst decision
  • Generates

    Portfolio

    • Concentrated and diversified
    • Long-term/low turnover
    • Fully invested/limit on cash
  • Performance

    • Consistent pattern of results
    • Objective: Outperform the benchmark over the longer term

All Cap Value

Quarter 3 2015

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 3000 Value Index
Annualized Returns As of 09.30.2015 Source: Factset and Russell® Past Performance is not indicative of future results 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. Click for additional C&B All Cap Value Performance Disclosures

Quality Characteristics1

  • C&B All Cap Value
  • Russell 3000 Value Index*
ROC 5 Year Avg Cash Interest Coverage Debt/Ebitda Forecasted P/E P/Normalized Earnings**
10.3% 13.0x 1.9x 15.3x 12.7x
4.4% 7.0x 2.2x 16.3x
ROC 5 Year Avg 10.3% 4.4%
Cash Interest Coverage 13.0x 7.0x
Debt/Ebitda 1.9x 2.2x
Forecasted P/E 15.3x 16.3x
P/Normalized Earnings** 12.7x
Period Ending: 09.30.2015 * Median ** Weighted Harmonic Mean Source: Factset and Russell®

Portfolio Attributes1

  • C&B All Cap Value
  • Russell 3000 Value Index
# Holdings Market Cap ($B) Range Market Cap ($B) WTD Avg Turnover
45 $0.5 - $310.0 $58.4 39%
1,997 $0.04 - $358.0 $91.4
# Holdings 45 1,997
Market Cap ($B) Range $0.5 - $310.0 $0.04 - $358.0
Market Cap ($B) WTD Avg $58.4 $91.4
Turnover 39%
Source: Factset and Russell®

Top 10 Holdings1

RenaissanceRe Holdings Ltd. 3.4%
State Street Corp. 3.4%
Wells Fargo & Co. 3.1%
JPMorgan Chase & Co. 3.0%
Schweitzer-Mauduit International Inc. 2.9%
UnitedHealth Group Inc. 2.8%
United Parcel Service Inc. 2.8%
Laboratory Corp. of America 2.7%
Reliance Steel & Aluminum Co. 2.7%
Progressive Corp. 2.7%

Top 10 Holdings1

RenaissanceRe Holdings Ltd. 3.4%
State Street Corp. 3.4%
Wells Fargo & Co. 3.1%
JPMorgan Chase & Co. 3.0%
Schweitzer-Mauduit International Inc. 2.9%
UnitedHealth Group Inc. 2.8%
United Parcel Service Inc. 2.8%
Laboratory Corp. of America 2.7%
Reliance Steel & Aluminum Co. 2.7%
Progressive Corp. 2.7%

Sector Weights1

  • C&B All Cap Value
  • Russell 3000 Value Index
  • Consumer Discretionary

    C&B All Cap Value
    12.7%
    Russell 3000 Value Index
    5.8%
  • Consumer Staples

    C&B All Cap Value
    5.3%
    Russell 3000 Value Index
    6.7%
  • Energy

    C&B All Cap Value
    4.8%
    Russell 3000 Value Index
    12.1%
  • Financials

    C&B All Cap Value
    29.1%
    Russell 3000 Value Index
    31.4%
  • Health Care

    C&B All Cap Value
    13.0%
    Russell 3000 Value Index
    11.0%
  • Industrials

    C&B All Cap Value
    19.2%
    Russell 3000 Value Index
    10.3%
  • Information Technology

    C&B All Cap Value
    5.5%
    Russell 3000 Value Index
    11.2%
  • Materials

    C&B All Cap Value
    7.9%
    Russell 3000 Value Index
    2.7%
  • Telecommunication Services

    C&B All Cap Value
    Russell 3000 Value Index
    2.4%
  • Utilities

    C&B All Cap Value
    Russell 3000 Value Index
    6.5%
  • Cash

    C&B All Cap Value
    2.4%
    Russell 3000 Value Index
Source: Factset and Russell®

Market Commentary

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The U.S. stock market pulled back meaningfully during the quarter amid growing concerns about global economic health. Selling pressure took hold in mid-August when Chinese investors, spooked by weak Chinese export data and a reactive yuan devaluation, raced for the exits, triggering a cascade of selling around the globe. Equity markets saw their first correction in 46 months – the third-longest stretch since the Great Depression – ending the quarter with the Russell 3000® Value Index (the Index) down 8.6%.

Additional Cooke & Bieler All Cap Value Disclosures