All Cap Value Q2 2018


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40 to 50

companies in our fully invested, concentrated portfolio

17

year track record

$364

million All Cap Value assets under management as of 6/30/2018

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 2 2018

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 3000® Value Index
Annualized Returns As of 6.30.2018 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**
7.7% 9.5x 2.6x 14.0x 12.9x
4.4% 5.9x 3.2x 15.0x -
ROC 5 Year Avg 7.7% 4.4%
Cash Interest Coverage 9.5x 5.9x
Debt/EBITDA 2.6x 3.2x
Forecasted P/E** 14.0x 15.0x
P/Normalized Earnings** 12.9x -
Period Ending: 6.30.2018 * 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 - 460.6 68.5 32%
2,093 0.09 - 758.3 106.8 -
# Holdings 50 2,093
Market Cap ($B) Range 0.6 - 460.6 0.09 - 758.3
Market Cap ($B) Wtd Avg 68.5 106.8
Turnover 32% -
Source: Factset and Russell®

Top 10 Holdings1

Helen of Troy Ltd. 3.6%
Schweitzer-Mauduit Int’l Inc. 3.1%
AerCap Holdings NV 3.0%
FirstCash Inc. 2.9%
Crown Holdings Inc. 2.8%
Gildan Activewear Inc. 2.7%
Arrow Electronics Inc. 2.7%
Verizon Communications Inc. 2.6%
Allergan PLC 2.5%
Intercontinental Exchange Inc. 2.5%

Top 10 Holdings1

Helen of Troy Ltd. 3.6%
Schweitzer-Mauduit Int’l Inc. 3.1%
AerCap Holdings NV 3.0%
FirstCash Inc. 2.9%
Crown Holdings Inc. 2.8%
Gildan Activewear Inc. 2.7%
Arrow Electronics Inc. 2.7%
Verizon Communications Inc. 2.6%
Allergan PLC 2.5%
Intercontinental Exchange Inc. 2.5%

Sector Weights1

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

    C&B All Cap Value
    14.1%
    Russell 3000® Value Index
    8.6%
  • Consumer Staples

    C&B All Cap Value
    4.0%
    Russell 3000® Value Index
    6.9%
  • Energy

    C&B All Cap Value
    3.5%
    Russell 3000® Value Index
    10.8%
  • Financials

    C&B All Cap Value
    27.1%
    Russell 3000® Value Index
    23.7%
  • Health Care

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

    C&B All Cap Value
    18.5%
    Russell 3000® Value Index
    8.2%
  • Information Technology

    C&B All Cap Value
    5.9%
    Russell 3000® Value Index
    9.9%
  • Materials

    C&B All Cap Value
    7.1%
    Russell 3000® Value Index
    4.1%
  • Real Estate

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

    C&B All Cap Value
    2.6%
    Russell 3000® Value Index
    3.4%
  • Utilities

    C&B All Cap Value
    Russell 3000® Value Index
    5.8%
  • Cash

    C&B All Cap Value
    3.4%
    Russell 3000® Value Index
Source: Factset and Russell®

Market Commentary

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U.S. equity indices posted positive returns in the second quarter, with small capitalization stocks outperforming larger ones by a significant margin.

The Russell 3000® Value Index (RAV) returned 1.71% for the quarter, with the late-quarter rise in oil prices driving outsized returns among the benchmark’s Energy constituents, while the flattening yield curve propelled its Real Estate and Utilities components.

Additional Cooke & Bieler All Cap Value Disclosures