Small Cap Value Q1 2021


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40 to 60

companies in our fully invested, concentrated portfolio

12

year track record

$2.2

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

110%

upside market capture ratio since inception (8/1/08)

83%

downside market capture ratio since inception (8/1/08)

  • 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

Small Cap Value

Quarter 1 2021

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 2000® 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 Small Cap Value Performance Disclosures

Quality Characteristics1

  • C&B Small Cap Value
  • Russell 2000® Value Index*
ROC 5 Year Avg Cash Interest Coverage Debt/EBITDA Forecasted P/E** P/Normalized Earnings**
12.1% 7.6x 2.9x 17.5x 15.2x
6.4% 5.6x 3.5x 22.7x -
ROC 5 Year Avg 12.1% 6.4%
Cash Interest Coverage 7.6x 5.6x
Debt/EBITDA 2.9x 3.5x
Forecasted P/E** 17.5x 22.7x
P/Normalized Earnings** 15.2x -
Period Ending: 3.31.2021 * Median ** Weighted Harmonic Mean Source: Factset and Russell®

Portfolio Attributes1

  • C&B Small Cap Value
  • Russell 2000® Value Index
# Holdings Market Cap ($B) Range Market Cap ($B) Wtd Avg Annual Turnover
45 0.8 - 10.2 4.5 36%
1,507 0.05 - 18.2 3.1 -
# Holdings 45 1,507
Market Cap ($B) Range 0.8 - 10.2 0.05 - 18.2
Market Cap ($B) Wtd Avg 4.5 3.1
Annual Turnover 36% -
Source: Factset and Russell®

Top 10 Holdings1

Gildan Activewear 4.0%
American Woodmark 3.8%
Essent Group 3.7%
Winnebago 3.7%
Colfax 3.3%
FirstCash 3.2%
Schweitzer-Mauduit 3.2%
Helen of Troy 3.0%
Umpqua 3.0%
Integra LifeSciences 3.0%

Top 10 Holdings1

Gildan Activewear 4.0%
American Woodmark 3.8%
Essent Group 3.7%
Winnebago 3.7%
Colfax 3.3%
FirstCash 3.2%
Schweitzer-Mauduit 3.2%
Helen of Troy 3.0%
Umpqua 3.0%
Integra LifeSciences 3.0%

Sector Weights1

  • C&B Small Cap Value
  • Russell 2000® Value Index
  • Communication Services

    C&B Small Cap Value
    Russell 2000® Value Index
    2.6%
  • Consumer Discretionary

    C&B Small Cap Value
    18.6%
    Russell 2000® Value Index
    14.2%
  • Consumer Staples

    C&B Small Cap Value
    Russell 2000® Value Index
    3.5%
  • Energy

    C&B Small Cap Value
    0.6%
    Russell 2000® Value Index
    4.9%
  • Financials

    C&B Small Cap Value
    18.8%
    Russell 2000® Value Index
    27.1%
  • Health Care

    C&B Small Cap Value
    9.1%
    Russell 2000® Value Index
    6.4%
  • Industrials

    C&B Small Cap Value
    33.6%
    Russell 2000® Value Index
    17.2%
  • Information Technology

    C&B Small Cap Value
    4.6%
    Russell 2000® Value Index
    5.6%
  • Materials

    C&B Small Cap Value
    9.5%
    Russell 2000® Value Index
    6.3%
  • Real Estate

    C&B Small Cap Value
    Russell 2000® Value Index
    8.3%
  • Utilities

    C&B Small Cap Value
    Russell 2000® Value Index
    3.9%
  • Cash

    C&B Small Cap Value
    5.2%
    Russell 2000® Value Index
Source: Factset and Russell®

Market Commentary

Download Commentary

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 Small Cap Value Strategy returned 16.30% gross of fees (16.02% net of fees), underperforming the Russell 2000® Value Index, which returned 21.17%.

Additional Cooke & Bieler Small Cap Value Disclosures