All Cap Value Q1 2021


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40 to 50

companies in our fully invested, concentrated portfolio

19

year track record

$445

million All Cap Value assets under management as of 3/31/2021

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 1 2021

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 3000® Value Index
Annualized Returns As of 3.31.2021 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 2.8x 15.1x 14.6x
7.5% 6.4x 3.4x 19.6x -
ROC 5 Year Avg 12.7% 7.5%
Cash Interest Coverage 10.5x 6.4x
Debt/EBITDA 2.8x 3.4x
Forecasted P/E** 15.1x 19.6x
P/Normalized Earnings** 14.6x -
Period Ending: 3.31.2021 * 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 1.5 - 591.7 76.4 35%
2,367 0.05 - 1,396.8 136.7 -
# Holdings 50 2,367
Market Cap ($B) Range 1.5 - 591.7 0.05 - 1,396.8
Market Cap ($B) Wtd Avg 76.4 136.7
Annual Turnover 35% -
Source: Factset and Russell®

Top 10 Holdings1

Winnebago 3.6%
Arrow Electronics 3.5%
AerCap 3.2%
Brookfield Asset Management 3.0%
Gildan Activewear 2.7%
Schweitzer-Mauduit 2.7%
Arch Capital 2.5%
Berkshire Hathaway 2.4%
Chubb 2.4%
Verizon Communications 2.3%

Top 10 Holdings1

Winnebago 3.6%
Arrow Electronics 3.5%
AerCap 3.2%
Brookfield Asset Management 3.0%
Gildan Activewear 2.7%
Schweitzer-Mauduit 2.7%
Arch Capital 2.5%
Berkshire Hathaway 2.4%
Chubb 2.4%
Verizon Communications 2.3%

Sector Weights1

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

    C&B All Cap Value
    3.6%
    Russell 3000® Value Index
    8.7%
  • Consumer Discretionary

    C&B All Cap Value
    9.8%
    Russell 3000® Value Index
    8.3%
  • Consumer Staples

    C&B All Cap Value
    5.6%
    Russell 3000® Value Index
    6.8%
  • Energy

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

    C&B All Cap Value
    33.1%
    Russell 3000® Value Index
    21.1%
  • Health Care

    C&B All Cap Value
    13.6%
    Russell 3000® Value Index
    12.2%
  • Industrials

    C&B All Cap Value
    20.5%
    Russell 3000® Value Index
    14.1%
  • Information Technology

    C&B All Cap Value
    7.0%
    Russell 3000® Value Index
    9.3%
  • Materials

    C&B All Cap Value
    4.3%
    Russell 3000® Value Index
    4.9%
  • Real Estate

    C&B All Cap Value
    Russell 3000® Value Index
    4.6%
  • Utilities

    C&B All Cap Value
    1.5%
    Russell 3000® Value Index
    5.0%
  • Cash

    C&B All Cap Value
    0.9%
    Russell 3000® Value Index
Source: Factset and Russell®

Market Commentary

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U.S. equity markets continued to surge during the first quarter of 2021. Intensifying economic momentum, another enormous dose of fiscal stimulus, highly accommodative monetary policy, and expanding vaccine availability further fueled the market’s appetite for risk.

Cooke & Bieler’s All Cap Value Strategy returned 11.31% gross of fees (11.13% net of fees), modestly underperforming the Russell 3000® Value Index, which returned 11.89%.

Additional Cooke & Bieler All Cap Value Disclosures