All Cap Value Q2 2020


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40 to 50

companies in our fully invested, concentrated portfolio

19

year track record

$337

million All Cap Value assets under management as of 6/30/2020

113%

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 2 2020

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 3000® Value Index
Annualized Returns As of 6.30.2020 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**
13.1% 9.2x 2.6x 17.0x 11.1x
7.9% 6.2x 3.5x 22.9x -
ROC 5 Year Avg 13.1% 7.9%
Cash Interest Coverage 9.2x 6.2x
Debt/EBITDA 2.6x 3.5x
Forecasted P/E** 17.0x 22.9x
P/Normalized Earnings** 11.1x -
Period Ending: 6.30.2020 * 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 0.9 - 433.8 62.1 39%
2,278 0.05 - 969.9 107.2 -
# Holdings 50 2,278
Market Cap ($B) Range 0.9 - 433.8 0.05 - 969.9
Market Cap ($B) Wtd Avg 62.1 107.2
Annual Turnover 39% -
Source: Factset and Russell®

Top 10 Holdings1

Winnebago 4.4%
Arrow Electronics 3.3%
Helen of Troy 3.2%
TE Connectivity 2.8%
Schweitzer-Mauduit Int'l. 2.7%
Essent Group 2.7%
Johnson & Johnson 2.6%
Chubb 2.6%
United Parcel Service 2.6%
Brookfield Asset Management 2.5%

Top 10 Holdings1

Winnebago 4.4%
Arrow Electronics 3.3%
Helen of Troy 3.2%
TE Connectivity 2.8%
Schweitzer-Mauduit Int'l. 2.7%
Essent Group 2.7%
Johnson & Johnson 2.6%
Chubb 2.6%
United Parcel Service 2.6%
Brookfield Asset Management 2.5%

Sector Weights1

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

    C&B All Cap Value
    3.2%
    Russell 3000® Value Index
    8.9%
  • Consumer Discretionary

    C&B All Cap Value
    12.9%
    Russell 3000® Value Index
    7.2%
  • Consumer Staples

    C&B All Cap Value
    1.6%
    Russell 3000® Value Index
    7.9%
  • Energy

    C&B All Cap Value
    2.2%
    Russell 3000® Value Index
    5.2%
  • Financials

    C&B All Cap Value
    29.8%
    Russell 3000® Value Index
    19.1%
  • Health Care

    C&B All Cap Value
    13.8%
    Russell 3000® Value Index
    13.6%
  • Industrials

    C&B All Cap Value
    20.4%
    Russell 3000® Value Index
    12.6%
  • Information Technology

    C&B All Cap Value
    7.8%
    Russell 3000® Value Index
    10.0%
  • Materials

    C&B All Cap Value
    5.8%
    Russell 3000® Value Index
    4.5%
  • Real Estate

    C&B All Cap Value
    Russell 3000® Value Index
    5.1%
  • 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

Download Commentary

Equity indices staged a remarkable comeback in the second quarter following last quarter’s quickest-ever bear market descent. Buoyed by massive government stimulus, the hope for a COVID-19 vaccine, and indications of sequential economic improvement, value stocks performed well on an absolute basis, with the Russell 3000® Value Index (RAV) returning 14.55%, but they again lagged their growth counterparts.

Additional Cooke & Bieler All Cap Value Disclosures