All Cap Value Q4 2020


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40 to 50

companies in our fully invested, concentrated portfolio

19

year track record

$408

million All Cap Value assets under management as of 12/31/2020

114%

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 4 2020

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 3000® Value Index
Annualized Returns As of 12.31.2020 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**
12.7% 10.5x 2.5x 19.5x 13.9x
7.6% 6.6x 3.5x 24.5x -
ROC 5 Year Avg 12.7% 7.6%
Cash Interest Coverage 10.5x 6.6x
Debt/EBITDA 2.5x 3.5x
Forecasted P/E** 19.5x 24.5x
P/Normalized Earnings** 13.9x -
Period Ending: 12.31.2020 * 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 1.2 - 546.3 73.4 39%
2,341 0.04 - 1,187.8 125.1 -
# Holdings 50 2,341
Market Cap ($B) Range 1.2 - 546.3 0.04 - 1,187.8
Market Cap ($B) Wtd Avg 73.4 125.1
Annual Turnover 39% -
Source: Factset and Russell®

Top 10 Holdings1

Arrow Electronics 3.4%
Winnebago Industries 3.2%
Brookfield Asset Management 2.8%
Gildan Activewear 2.8%
AerCap 2.7%
Helen of Troy 2.7%
Chubb 2.6%
Charles Schwab 2.5%
Integra LifeSciences 2.5%
Schweitzer-Mauduit 2.5%

Top 10 Holdings1

Arrow Electronics 3.4%
Winnebago Industries 3.2%
Brookfield Asset Management 2.8%
Gildan Activewear 2.8%
AerCap 2.7%
Helen of Troy 2.7%
Chubb 2.6%
Charles Schwab 2.5%
Integra LifeSciences 2.5%
Schweitzer-Mauduit 2.5%

Sector Weights1

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

    C&B All Cap Value
    3.6%
    Russell 3000® Value Index
    9.2%
  • Consumer Discretionary

    C&B All Cap Value
    10.0%
    Russell 3000® Value Index
    8.0%
  • Consumer Staples

    C&B All Cap Value
    1.4%
    Russell 3000® Value Index
    7.4%
  • Energy

    C&B All Cap Value
    2.3%
    Russell 3000® Value Index
    4.4%
  • Financials

    C&B All Cap Value
    32.3%
    Russell 3000® Value Index
    20.1%
  • Health Care

    C&B All Cap Value
    15.5%
    Russell 3000® Value Index
    13.0%
  • Industrials

    C&B All Cap Value
    21.2%
    Russell 3000® Value Index
    13.6%
  • Information Technology

    C&B All Cap Value
    7.5%
    Russell 3000® Value Index
    9.5%
  • Materials

    C&B All Cap Value
    3.9%
    Russell 3000® Value Index
    4.9%
  • Real Estate

    C&B All Cap Value
    Russell 3000® Value Index
    4.7%
  • Utilities

    C&B All Cap Value
    Russell 3000® Value Index
    5.4%
  • Cash

    C&B All Cap Value
    2.3%
    Russell 3000® Value Index
Source: Factset and Russell®

Market Commentary

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U.S. equity markets ended 2020 on a very strong note, with a fourth quarter advance powerful enough to propel all major indices to positive annual results. Bookending a year that started with their steepest decline on record, small capitalization value stocks roared ahead, posting their best quarter ever in Q4 and beating large cap value issues on a full-year basis for the first time since 2016.

As the tumultuous year of 2020 came to an end, Cooke & Bieler’s All Cap Value Strategy outperformed the Russell 3000® Value Index for the quarter, returning 22.39% gross of fees (22.20% net of fees) against the benchmark’s 17.21%.

Additional Cooke & Bieler All Cap Value Disclosures