All Cap Value Q2 2019


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40 to 50

companies in our fully invested, concentrated portfolio

18

year track record

$350

million All Cap Value assets under management as of 6/30/2019

110%

upside market capture ratio since inception (5/1/01)

95%

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 2019

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 3000® Value Index
Annualized Returns As of 6.30.2019 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**
13.0% 9.4x 2.5x 13.1x 12.7x
7.6% 5.6x 3.5x 15.2x -
ROC 5 Year Avg 13.0% 7.6%
Cash Interest Coverage 9.4x 5.6x
Debt/EBITDA 2.5x 3.5x
Forecasted P/E** 13.1x 15.2x
P/Normalized Earnings** 12.7x -
Period Ending: 6.30.2019 * 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 Annual Turnover
47 1.0 - 522.9 71.1 40%
2,069 0.002 - 1,026.9 121.0 -
# Holdings 47 2,069
Market Cap ($B) Range 1.0 - 522.9 0.002 - 1,026.9
Market Cap ($B) Wtd Avg 71.1 121.0
Annual Turnover 40% -
Source: Factset and Russell®

Top 10 Holdings1

Winnebago Industries 3.4%
Fidelity National Financial 3.1%
Arrow Electronics 3.1%
AerCap 2.7%
Brookfield Asset Management 2.6%
Helen of Troy 2.6%
Intercontinental Exchange 2.5%
Schweitzer-Mauduit International 2.5%
Allergan 2.4%
Syneos Health 2.4%

Top 10 Holdings1

Winnebago Industries 3.4%
Fidelity National Financial 3.1%
Arrow Electronics 3.1%
AerCap 2.7%
Brookfield Asset Management 2.6%
Helen of Troy 2.6%
Intercontinental Exchange 2.5%
Schweitzer-Mauduit International 2.5%
Allergan 2.4%
Syneos Health 2.4%

Sector Weights1

  • C&B All Cap Value
  • Russell 3000® Value Index
  • Communication Services

    C&B All Cap Value
    4.2%
    Russell 3000® Value Index
    6.8%
  • Consumer Discretionary

    C&B All Cap Value
    12.9%
    Russell 3000® Value Index
    5.5%
  • Consumer Staples

    C&B All Cap Value
    1.7%
    Russell 3000® Value Index
    7.4%
  • Energy

    C&B All Cap Value
    3.3%
    Russell 3000® Value Index
    8.7%
  • Financials

    C&B All Cap Value
    24.2%
    Russell 3000® Value Index
    23.0%
  • Health Care

    C&B All Cap Value
    11.8%
    Russell 3000® Value Index
    14.4%
  • Industrials

    C&B All Cap Value
    21.0%
    Russell 3000® Value Index
    8.2%
  • Information Technology

    C&B All Cap Value
    9.2%
    Russell 3000® Value Index
    9.9%
  • Materials

    C&B All Cap Value
    7.6%
    Russell 3000® Value Index
    4.0%
  • Real Estate

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

    C&B All Cap Value
    Russell 3000® Value Index
    6.5%
  • Cash

    C&B All Cap Value
    4.0%
    Russell 3000® Value Index
Source: Factset and Russell®

Market Commentary

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The second quarter was a bumpy ride for the U.S. stock market. The rally that began late last year continued through April, was upended in May by renewed concerns about the economy and a more protracted trade war, then was revived in June by the Fed’s clear pivot toward monetary easing.

The Russell 3000® Value Index (RAV) returned 3.68%, with every sector except Energy posting gains, led by Financials and Industrials. Returns were strongest for large cap stocks, but otherwise underlying market dynamics lacked discernable themes.

Additional Cooke & Bieler All Cap Value Disclosures