Large Cap Value Q1 2021


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40 to 50

companies in our fully invested, concentrated portfolio

44

year track record

$4.0

billion Large Cap Value assets under management as of 3/31/2021

106%

upside market capture ratio since 2000

88%

downside market capture ratio since 2000

  • 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

Large Cap Value

Quarter 1 2021

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 1000® 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 Large Cap Value Performance Disclosures

Quality Characteristics1

  • C&B Large Cap Value
  • Russell 1000® Value Index*
ROC 5 Year Avg Cash Interest Coverage Debt/EBITDA Forecasted P/E** P/Normalized Earnings**
12.1% 11.0x 2.8x 15.2x 14.9x
10.3% 7.8x 3.2x 19.4x -
ROC 5 Year Avg 12.1% 10.3%
Cash Interest Coverage 11.0x 7.8x
Debt/EBITDA 2.8x 3.2x
Forecasted P/E** 15.2x 19.4x
P/Normalized Earnings** 14.9x -
Period Ending: 3.31.2021 * Median ** Weighted Harmonic Mean Source: Factset and Russell®

Portfolio Attributes1

  • C&B Large Cap Value
  • Russell 1000® Value Index
# Holdings Market Cap ($B) Range Market Cap ($B) Wtd Avg Annual Turnover
48 5.2 - 591.7 91.1 44%
860 0.7 - 1,396.8 146.8 -
# Holdings 48 860
Market Cap ($B) Range 5.2 - 591.7 0.7 - 1,396.8
Market Cap ($B) Wtd Avg 91.1 146.8
Annual Turnover 44% -
Source: Factset and Russell®

Top 10 Holdings1

Arrow Electronics 3.6%
AerCap 3.4%
Brookfield Asset Management 3.2%
Leidos 2.9%
Verizon Communications 2.8%
Arch Capital 2.7%
Johnson & Johnson 2.6%
Chubb 2.6%
Fidelity National Financial 2.5%
Berkshire Hathaway 2.5%

Top 10 Holdings1

Arrow Electronics 3.6%
AerCap 3.4%
Brookfield Asset Management 3.2%
Leidos 2.9%
Verizon Communications 2.8%
Arch Capital 2.7%
Johnson & Johnson 2.6%
Chubb 2.6%
Fidelity National Financial 2.5%
Berkshire Hathaway 2.5%

Sector Weights1

  • C&B Large Cap Value
  • Russell 1000® Value Index
  • Communication Services

    C&B Large Cap Value
    7.1%
    Russell 1000® Value Index
    9.2%
  • Consumer Discretionary

    C&B Large Cap Value
    6.0%
    Russell 1000® Value Index
    7.8%
  • Consumer Staples

    C&B Large Cap Value
    6.0%
    Russell 1000® Value Index
    7.1%
  • Energy

    C&B Large Cap Value
    0.9%
    Russell 1000® Value Index
    5.1%
  • Financials

    C&B Large Cap Value
    32.0%
    Russell 1000® Value Index
    20.6%
  • Health Care

    C&B Large Cap Value
    12.6%
    Russell 1000® Value Index
    12.6%
  • Industrials

    C&B Large Cap Value
    16.9%
    Russell 1000® Value Index
    13.9%
  • Information Technology

    C&B Large Cap Value
    7.3%
    Russell 1000® Value Index
    9.5%
  • Materials

    C&B Large Cap Value
    2.7%
    Russell 1000® Value Index
    4.8%
  • Real Estate

    C&B Large Cap Value
    1.0%
    Russell 1000® Value Index
    4.3%
  • Utilities

    C&B Large Cap Value
    2.1%
    Russell 1000® Value Index
    5.0%
  • Cash

    C&B Large Cap Value
    5.4%
    Russell 1000® 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. That appetite was voracious for the stocks of companies poised to benefit most from economic reopening and recovery, keeping small cap well ahead of the pack along with cyclical and financial issues.

Cooke & Bieler’s Large Cap Value Strategy returned 11.55% gross of fees (11.39% net of fees), slightly outperforming the Russell 1000® Value Index, which returned 11.26%.

Additional Cooke & Bieler Large Cap Value Disclosures