All Cap Value Q1 2018


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40 to 50

companies in our fully invested, concentrated portfolio

16

year track record

$350

million All Cap Value assets under management as of 3/31/2018

108%

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 1 2018

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 3000® Value Index
Annualized Returns As of 3.31.2018 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**
6.3% 9.0x 2.7x 14.0x 12.7x
3.7% 6.1x 3.2x 14.8x -
ROC 5 Year Avg 6.3% 3.7%
Cash Interest Coverage 9.0x 6.1x
Debt/EBITDA 2.7x 3.2x
Forecasted P/E** 14.0x 14.8x
P/Normalized Earnings** 12.7x -
Period Ending: 3.31.2018 * 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
50 0.6 - 492.2 68.0 31%
2,109 0.005 - 492.2 112.0 -
# Holdings 50 2,109
Market Cap ($B) Range 0.6 - 492.2 0.005 - 492.2
Market Cap ($B) Wtd Avg 68.0 112.0
Turnover 31% -
Source: Factset and Russell®

Top 10 Holdings1

FirstCash Inc. 3.6%
Helen of Troy Ltd. 3.2%
AerCap Holdings NV 2.9%
Schweitzer-Mauduit Int’l Inc. 2.9%
TCF Financial Corp. 2.6%
Allergan PLC 2.6%
Crown Holdings Inc. 2.6%
Arrow Electronics Inc. 2.6%
Steelcase Inc. 2.5%
Gildan Activewear Inc. 2.4%

Top 10 Holdings1

FirstCash Inc. 3.6%
Helen of Troy Ltd. 3.2%
AerCap Holdings NV 2.9%
Schweitzer-Mauduit Int’l Inc. 2.9%
TCF Financial Corp. 2.6%
Allergan PLC 2.6%
Crown Holdings Inc. 2.6%
Arrow Electronics Inc. 2.6%
Steelcase Inc. 2.5%
Gildan Activewear Inc. 2.4%

Sector Weights1

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

    C&B All Cap Value
    17.1%
    Russell 3000® Value Index
    7.1%
  • Consumer Staples

    C&B All Cap Value
    3.9%
    Russell 3000® Value Index
    7.6%
  • Energy

    C&B All Cap Value
    3.3%
    Russell 3000® Value Index
    10.4%
  • Financials

    C&B All Cap Value
    30.0%
    Russell 3000® Value Index
    27.4%
  • Health Care

    C&B All Cap Value
    13.8%
    Russell 3000® Value Index
    13.1%
  • Industrials

    C&B All Cap Value
    16.6%
    Russell 3000® Value Index
    8.5%
  • Information Technology

    C&B All Cap Value
    4.0%
    Russell 3000® Value Index
    9.2%
  • Materials

    C&B All Cap Value
    6.6%
    Russell 3000® Value Index
    3.0%
  • Real Estate

    C&B All Cap Value
    Russell 3000® Value Index
    5.0%
  • Telecommunication Services

    C&B All Cap Value
    2.2%
    Russell 3000® Value Index
    2.7%
  • Utilities

    C&B All Cap Value
    Russell 3000® Value Index
    5.9%
  • Cash

    C&B All Cap Value
    2.5%
    Russell 3000® Value Index
Source: Factset and Russell®

Market Commentary

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After delivering nine consecutive quarters of positive returns, U.S. equities, as measured by the S&P 500 Index, delivered the first quarter of negative returns since the third quarter of 2015. Volatility also returned during the first quarter. In 2017, there were eight days in which the S&P 500 advanced or declined more than 1%. In the first quarter of 2018, there were 23.

The Russell 3000® Value Index fell 2.82% in 1Q. Declines, while not dramatic, were broad-based with every sector except Information Technology posting negative returns.

Additional Cooke & Bieler All Cap Value Disclosures