All Cap Value Q4 2019


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40 to 50

companies in our fully invested, concentrated portfolio

18

year track record

$391

million All Cap Value assets under management as of 12/31/2019

111%

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 4 2019

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 3000® Value Index
Annualized Returns As of 12.31.2019 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**
12.5% 9.9x 2.4x 14.9x 14.1x
7.7% 5.8x 3.2x 17.0x -
ROC 5 Year Avg 12.5% 7.7%
Cash Interest Coverage 9.9x 5.8x
Debt/EBITDA 2.4x 3.2x
Forecasted P/E** 14.9x 17.0x
P/Normalized Earnings** 14.1x -
Period Ending: 12.31.2019 * 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
50 0.9 - 554.4 79.6 36%
2,166 0.03 - 554.4 122.1 -
# Holdings 50 2,166
Market Cap ($B) Range 0.9 - 554.4 0.03 - 554.4
Market Cap ($B) Wtd Avg 79.6 122.1
Annual Turnover 36% -
Source: Factset and Russell®

Top 10 Holdings1

Winnebago Industries 4.0%
Arrow Electronics 3.3%
Schweitzer-Mauduit International 2.7%
AerCap Holdings 2.7%
Brookfield Asset Management 2.7%
Helen of Troy 2.5%
UnitedHealth Group 2.5%
JPMorgan Chase 2.4%
Carnival 2.4%
State Street 2.4%

Top 10 Holdings1

Winnebago Industries 4.0%
Arrow Electronics 3.3%
Schweitzer-Mauduit International 2.7%
AerCap Holdings 2.7%
Brookfield Asset Management 2.7%
Helen of Troy 2.5%
UnitedHealth Group 2.5%
JPMorgan Chase 2.4%
Carnival 2.4%
State Street 2.4%

Sector Weights1

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

    C&B All Cap Value
    5.9%
    Russell 3000® Value Index
    7.8%
  • Consumer Discretionary

    C&B All Cap Value
    13.8%
    Russell 3000® Value Index
    6.1%
  • Consumer Staples

    C&B All Cap Value
    1.7%
    Russell 3000® Value Index
    8.5%
  • Energy

    C&B All Cap Value
    3.0%
    Russell 3000® Value Index
    8.1%
  • Financials

    C&B All Cap Value
    24.9%
    Russell 3000® Value Index
    24.3%
  • Health Care

    C&B All Cap Value
    12.7%
    Russell 3000® Value Index
    12.5%
  • Industrials

    C&B All Cap Value
    23.2%
    Russell 3000® Value Index
    9.9%
  • Information Technology

    C&B All Cap Value
    7.4%
    Russell 3000® Value Index
    6.5%
  • Materials

    C&B All Cap Value
    5.6%
    Russell 3000® Value Index
    4.3%
  • Real Estate

    C&B All Cap Value
    Russell 3000® Value Index
    5.6%
  • Utilities

    C&B All Cap Value
    Russell 3000® Value Index
    6.6%
  • Cash

    C&B All Cap Value
    1.8%
    Russell 3000® Value Index
Source: Factset and Russell®

Market Commentary

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U.S. equity markets ended the year on a very strong note, with indices reaching record highs. Investor optimism was buoyed by easing trade tensions and indications of diminishing recession risks.

Against this backdrop, the Russell 3000® Value Index (RAV) generated a 7.48% return. Notably, growth outperformed value and bond-proxy sectors underperformed the broader market. For the full year period, US equity indices – soothed by the Fed’s accommodative monetary policy pivot – were up broadly and significantly, posting returns upwards of 20%, with particular strength in Technology.

Additional Cooke & Bieler All Cap Value Disclosures