Mid Cap Value Q3 2015


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40 to 50

Companies in our fully invested, concentrated portfolio.

17

Year track record.

$412

Million mid cap value assets under management as of 09/30/2015.

98%

Upside market capture ratio since 2000.

79%

Downside market capture ratio since 2000.

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    • Long-term/low turnover
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  • Performance

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Mid Cap Value

Quarter 3 2015

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell Midcap 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 Mid Cap Value Performance Disclosures

Quality Characteristics1

  • C&B Mid Cap Value
  • Russell Midcap Value Index*
ROC 5 Year Avg Cash Interest Coverage Debt/Ebitda Forecast P/E P/Normalized Earnings**
8.9% 10.1x 2.0x 15.3x 11.9x
5.7% 7.2x 2.5x 16.8x
ROC 5 Year Avg 8.9% 5.7%
Cash Interest Coverage 10.1x 7.2x
Debt/Ebitda 2.0x 2.5x
Forecast P/E 15.3x 16.8x
P/Normalized Earnings** 11.9x
Period Ending: 09.30.2015 * Median ** Weighted Harmonic Mean Source: Factset and Russell®

Portfolio Attributes1

  • C&B Mid Cap Value
  • Russell Midcap Value Index
# Holdings Market Cap ($B) Range Market Cap ($B) WTD Avg Annual Turnover
48 $0.4 - $27.9 $7.7 42%
557 $0.5 - $26.2 $10.6
# Holdings 48 557
Market Cap ($B) Range $0.4 - $27.9 $0.5 - $26.2
Market Cap ($B) WTD Avg $7.7 $10.6
Annual Turnover 42%
Source: Factset and Russell®

Top 10 Holdings1

RenaissanceRe Holdings Ltd. 4.0%
Commerce Bancshares Inc. 3.3%
Schweitzer-Mauduit International Inc. 3.3%
TCF Financial Corp. 3.2%
Laboratory Corp. of America 3.1%
State Street Corp. 3.0%
First Cash Financial Services Inc. 3.0%
Omnicom Group Inc. 2.9%
Cardinal Health Inc. 2.7%
Fidelity National Financial 2.6%

Top 10 Holdings1

RenaissanceRe Holdings Ltd. 4.0%
Commerce Bancshares Inc. 3.3%
Schweitzer-Mauduit International Inc. 3.3%
TCF Financial Corp. 3.2%
Laboratory Corp. of America 3.1%
State Street Corp. 3.0%
First Cash Financial Services Inc. 3.0%
Omnicom Group Inc. 2.9%
Cardinal Health Inc. 2.7%
Fidelity National Financial 2.6%

Sector Weights1

  • C&B Mid Cap Value
  • Russell Midcap Value Index
  • Consumer Discretionary

    C&B Mid Cap Value
    11.7%
    Russell Midcap Value Index
    8.4%
  • Consumer Staples

    C&B Mid Cap Value
    Russell Midcap Value Index
    3.9%
  • Energy

    C&B Mid Cap Value
    3.9%
    Russell Midcap Value Index
    8.7%
  • Financials

    C&B Mid Cap Value
    28.2%
    Russell Midcap Value Index
    34.1%
  • Health Care

    C&B Mid Cap Value
    11.7%
    Russell Midcap Value Index
    6.0%
  • Industrials

    C&B Mid Cap Value
    25.4%
    Russell Midcap Value Index
    9.6%
  • Information Technology

    C&B Mid Cap Value
    8.1%
    Russell Midcap Value Index
    9.6%
  • Materials

    C&B Mid Cap Value
    9.2%
    Russell Midcap Value Index
    6.1%
  • Telecommunication Services

    C&B Mid Cap Value
    Russell Midcap Value Index
    1.5%
  • Utilities

    C&B Mid Cap Value
    Russell Midcap Value Index
    12.1%
  • Cash

    C&B Mid Cap Value
    1.8%
    Russell Midcap 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. As a result, equity markets saw their first correction in 46 months - the third-longest stretch since the Great Depression - ending the quarter with the Russell Midcap Value® Index (the Index) down 8.0%.

Additional Cooke & Bieler Mid Cap Value Disclosures