All Cap Value Q1 2020


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40 to 50

companies in our fully invested, concentrated portfolio

18

year track record

$270

million All Cap Value assets under management as of 3/31/2020

111%

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

100%

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 2020

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 3000® Value Index
Annualized Returns As of 3.31.2020 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**
12.9% 10.4x 2.5x 10.4x 8.5x
7.7% 5.8x 3.2x 13.6x -
ROC 5 Year Avg 12.9% 7.7%
Cash Interest Coverage 10.4x 5.8x
Debt/EBITDA 2.5x 3.2x
Forecasted P/E** 10.4x 13.6x
P/Normalized Earnings** 8.5x -
Period Ending: 3.31.2020 * 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 0.5 - 445.6 65.3 41%
2,156 0.01 - 445.6 99.5 -
# Holdings 50 2,156
Market Cap ($B) Range 0.5 - 445.6 0.01 - 445.6
Market Cap ($B) Wtd Avg 65.3 99.5
Annual Turnover 41% -
Source: Factset and Russell®

Top 10 Holdings1

UnitedHealth 3.1%
Brookfield Asset Mgmt 3.1%
Arrow Electronics 3.0%
Helen of Troy 3.0%
Schweitzer-Mauduit 2.7%
TE Connectivity 2.6%
United Parcel Service 2.6%
Johnson & Johnson 2.6%
Colfax 2.6%
Progressive 2.6%

Top 10 Holdings1

UnitedHealth 3.1%
Brookfield Asset Mgmt 3.1%
Arrow Electronics 3.0%
Helen of Troy 3.0%
Schweitzer-Mauduit 2.7%
TE Connectivity 2.6%
United Parcel Service 2.6%
Johnson & Johnson 2.6%
Colfax 2.6%
Progressive 2.6%

Sector Weights1

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

    C&B All Cap Value
    3.8%
    Russell 3000® Value Index
    8.3%
  • Consumer Discretionary

    C&B All Cap Value
    11.0%
    Russell 3000® Value Index
    5.3%
  • Consumer Staples

    C&B All Cap Value
    2.5%
    Russell 3000® Value Index
    10.2%
  • Energy

    C&B All Cap Value
    2.2%
    Russell 3000® Value Index
    5.3%
  • Financials

    C&B All Cap Value
    30.6%
    Russell 3000® Value Index
    21.8%
  • Health Care

    C&B All Cap Value
    15.0%
    Russell 3000® Value Index
    15.0%
  • Industrials

    C&B All Cap Value
    19.1%
    Russell 3000® Value Index
    9.6%
  • Information Technology

    C&B All Cap Value
    7.6%
    Russell 3000® Value Index
    7.1%
  • Materials

    C&B All Cap Value
    5.9%
    Russell 3000® Value Index
    4.2%
  • Real Estate

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

    C&B All Cap Value
    Russell 3000® Value Index
    7.8%
  • Cash

    C&B All Cap Value
    2.4%
    Russell 3000® Value Index
Source: Factset and Russell®

Market Commentary

Download Commentary

The scale and speed of this quarter’s equity market rout were unprecedented, marked by the fastest bear market descent in U.S. history. The wholesale selloff was staggering and unforeseen, but with no historical analog for the unfolding coronavirus pandemic and economic landscape, it was in many respects understandable.

Against this backdrop, the Russell 3000® Value Index (RAV) declined by 27.32%, the worst quarterly result since its inception. Performance was broadly negative across Index constituents, ranging from bad in the Utilities and Consumer Staples sectors to atrocious in Energy, where freefalling demand converged with free-flowing supply.

Additional Cooke & Bieler All Cap Value Disclosures