All Cap Value Q2 2017


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40 to 50

companies in our fully invested, concentrated portfolio

17

year track record

$355

million All Cap Value assets under management as of 6/30/2017

109%

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 2 2017

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 3000® Value Index
Annualized Returns As of 6.30.2017 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**
8.4% 9.0x 2.4x 16.4x 14.2x
3.9% 6.5x 2.7x 16.7x
ROC 5 Year Avg. 8.4% 3.9%
Cash Interest Coverage 9.0x 6.5x
Debt/EBITDA 2.4x 2.7x
Forecasted P/E** 16.4x 16.7x
P/Normalized Earnings** 14.2x
Period Ending: 6.30.2017 * 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
49 0.7 - 417.8 65.3 37%
2,118 0.09 - 418.3 106.1
# Holdings 49 2,118
Market Cap ($B) Range 0.7 - 417.8 0.09 - 418.3
Market Cap ($B) WTD Avg. 65.3 106.1
Turnover 37%
Source: Factset and Russell®

Top 10 Holdings1

FirstCash Inc. 3.2%
AerCap Holdings NV 2.8%
Gildan Activewear Inc. 2.7%
Abbott Laboratories 2.5%
State Street Corp. 2.5%
JPMorgan Chase & Co. 2.5%
Twenty-First Century Fox Inc. 2.4%
Fidelity National Financial Inc. 2.4%
Laboratory Corporation of America 2.4%
Omnicom Group Inc. 2.4%

Top 10 Holdings1

FirstCash Inc. 3.2%
AerCap Holdings NV 2.8%
Gildan Activewear Inc. 2.7%
Abbott Laboratories 2.5%
State Street Corp. 2.5%
JPMorgan Chase & Co. 2.5%
Twenty-First Century Fox Inc. 2.4%
Fidelity National Financial Inc. 2.4%
Laboratory Corporation of America 2.4%
Omnicom Group Inc. 2.4%

Sector Weights1

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

    C&B All Cap Value
    17.5%
    Russell 3000® Value Index
    7.2%
  • Consumer Staples

    C&B All Cap Value
    4.9%
    Russell 3000® Value Index
    8.8%
  • Energy

    C&B All Cap Value
    3.3%
    Russell 3000® Value Index
    10.0%
  • Financials

    C&B All Cap Value
    30.5%
    Russell 3000® Value Index
    25.9%
  • Health Care

    C&B All Cap Value
    14.2%
    Russell 3000® Value Index
    13.6%
  • Industrials

    C&B All Cap Value
    14.4%
    Russell 3000® Value Index
    9.0%
  • Information Technology

    C&B All Cap Value
    4.3%
    Russell 3000® Value Index
    8.2%
  • Materials

    C&B All Cap Value
    6.3%
    Russell 3000® Value Index
    2.8%
  • Real Estate

    C&B All Cap Value
    Russell 3000® Value Index
    5.5%
  • Telecommunication Services

    C&B All Cap Value
    Russell 3000® Value Index
    3.0%
  • Utilities

    C&B All Cap Value
    Russell 3000® Value Index
    6.2%
  • Cash

    C&B All Cap Value
    4.8%
    Russell 3000® Value Index
Source: Factset and Russell®

Market Commentary

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Investors shrugged off ongoing drama on the political stage both here and abroad along with continued Fed tightening to deliver a quiet second quarter for equities. The quarter was also a profitable one for equity investors, with gains across most major indices. The Cooke & Bieler All Cap Value strategy generated strong outperformance relative to the Russell 3000® Value Index (RAV). 

Additional Cooke & Bieler All Cap Value Disclosures