All Cap Value Q4 2015


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40 to 50

Companies in our fully invested, concentrated portfolio.

14

Year track record.

$269

Million All Cap Value assets under management as of 12/31/2015.

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 4 2015

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 3000 Value Index
Annualized Returns As of 12.31.2015 Source: FactSet and Russell® Past performance is not indicative of future results. All investing involves risk, including loss of principal. 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**
12.4% 12.2x 2.0x 16.5x 14.2x
6.0% 6.9x 2.2x 17.0x
ROC 5 Year Avg 12.4% 6.0%
Cash Interest Coverage 12.2x 6.9x
Debt/Ebitda 2.0x 2.2x
Forecasted P/E 16.5x 17.0x
P/Normalized Earnings** 14.2x
Period Ending: 12.31.2015 * 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
46 0.5 - 324.5 60.2 38%
2,042 0.02 - 448.8 101.2
# Holdings 46 2,042
Market Cap ($B) Range 0.5 - 324.5 0.02 - 448.8
Market Cap ($B) WTD Avg 60.2 101.2
Turnover 38%
Source: FactSet and Russell®

Top 10 Holdings1

Schweitzer-Mauduit International Inc. 3.7%
State Street Corp. 3.1%
Wells Fargo & Co. 3.1%
JPMorgan Chase & Co. 3.1%
RenaissanceRe Holdings Ltd. 3.1%
First Cash Financial Services Inc. 3.0%
Laboratory Corp. of America 2.9%
Reliance Steel & Aluminum Co. 2.7%
Philip Morris International Inc. 2.6%
Omnicom Group Inc. 2.6%

Top 10 Holdings1

Schweitzer-Mauduit International Inc. 3.7%
State Street Corp. 3.1%
Wells Fargo & Co. 3.1%
JPMorgan Chase & Co. 3.1%
RenaissanceRe Holdings Ltd. 3.1%
First Cash Financial Services Inc. 3.0%
Laboratory Corp. of America 2.9%
Reliance Steel & Aluminum Co. 2.7%
Philip Morris International Inc. 2.6%
Omnicom Group Inc. 2.6%

Sector Weights1

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

    C&B All Cap Value
    14.7%
    Russell 3000 Value Index
    5.6%
  • Consumer Staples

    C&B All Cap Value
    5.4%
    Russell 3000 Value Index
    6.7%
  • Energy

    C&B All Cap Value
    4.5%
    Russell 3000 Value Index
    11.6%
  • Financials

    C&B All Cap Value
    27.4%
    Russell 3000 Value Index
    31.4%
  • Health Care

    C&B All Cap Value
    13.6%
    Russell 3000 Value Index
    11.4%
  • Industrials

    C&B All Cap Value
    18.6%
    Russell 3000 Value Index
    10.5%
  • Information Technology

    C&B All Cap Value
    2.5%
    Russell 3000 Value Index
    11.5%
  • Materials

    C&B All Cap Value
    8.8%
    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
    6.3%
  • Cash

    C&B All Cap Value
    4.5%
    Russell 3000 Value Index
Source: FactSet and Russell®

Strategy Commentary

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After sliding meaningfully last quarter, the U.S. stock market regained its footing in the fourth quarter. Though volatility picked up later in the period and some economic sectors gave back most of their early quarter gains – likely in anticipation of the Fed’s decision to raise short-term interest rates for the first time in nearly a decade – stocks ultimately advanced. Returns were more even across style and market cap dimensions than they had been through the first nine months, but stocks of larger cap companies with perceived strong growth prospects continued to be in favor.

Additional Cooke & Bieler All Cap Value Disclosures