Concentrated Value Q2 2021


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15 to 25

companies in our fully invested, concentrated portfolio

5

year track record

$165

million CV assets under management as of 6/30/2021

138%

upside market capture ratio since inception (7/1/15)

105%

downside market capture ratio since inception (7/1/15)

  • 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

    • Long-term/low turnover
    • Fully invested/limit on cash
  • Performance

    • Consistent pattern of results
    • Objective: Outperform the benchmark over the longer term

Concentrated Value

Quarter 2 2021

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 3000® Value Index
Annualized Returns As of 6.30.2021 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 Concentrated Value Performance Disclosures

Quality Characteristics1

  • C&B Concentrated Value
  • Russell 3000® Value Index*
ROC 5 Year Avg Cash Interest Coverage Debt/EBITDA Forecasted P/E** P/Normalized Earnings**
11.5% 9.8x 2.8x 14.9x 14.3x
7.3% 7.4x 3.1x 18.5x -
ROC 5 Year Avg 11.5% 7.3%
Cash Interest Coverage 9.8x 7.4x
Debt/EBITDA 2.8x 3.1x
Forecasted P/E** 14.9x 18.5x
P/Normalized Earnings** 14.3x -
Period Ending: 6.30.2021 * Median ** Weighted Harmonic Mean Source: Factset and Russell®

Portfolio Attributes1

  • C&B Concentrated Value
  • Russell 3000® Value Index
# Holdings Market Cap ($B) Range Market Cap ($B) Wtd Avg Annual Turnover
22 1.4 - 433.7 63.6 57%
2,226 0.03 - 1,682.0 142.5 -
# Holdings 22 2,226
Market Cap ($B) Range 1.4 - 433.7 0.03 - 1,682.0
Market Cap ($B) Wtd Avg 63.6 142.5
Annual Turnover 57% -
Source: Factset and Russell®

Top 10 Holdings1

Gildan Activewear 7.1%
Arch Capital 7.1%
Brookfield Asset Management 6.9%
Arrow Electronics 5.8%
Helen of Troy 5.3%
Progressive 5.2%
Philip Morris 5.2%
IAA 5.0%
Becton Dickinson 4.9%
AerCap 4.8%

Top 10 Holdings1

Gildan Activewear 7.1%
Arch Capital 7.1%
Brookfield Asset Management 6.9%
Arrow Electronics 5.8%
Helen of Troy 5.3%
Progressive 5.2%
Philip Morris 5.2%
IAA 5.0%
Becton Dickinson 4.9%
AerCap 4.8%

Sector Weights1

  • C&B Concentrated Value
  • Russell 3000® Value Index
  • Communication Services

    C&B Concentrated Value
    Russell 3000® Value Index
    8.2%
  • Consumer Discretionary

    C&B Concentrated Value
    16.0%
    Russell 3000® Value Index
    5.9%
  • Consumer Staples

    C&B Concentrated Value
    5.2%
    Russell 3000® Value Index
    6.9%
  • Energy

    C&B Concentrated Value
    Russell 3000® Value Index
    5.2%
  • Financials

    C&B Concentrated Value
    31.1%
    Russell 3000® Value Index
    21.1%
  • Health Care

    C&B Concentrated Value
    19.9%
    Russell 3000® Value Index
    16.9%
  • Industrials

    C&B Concentrated Value
    17.5%
    Russell 3000® Value Index
    12.2%
  • Information Technology

    C&B Concentrated Value
    9.4%
    Russell 3000® Value Index
    9.9%
  • Materials

    C&B Concentrated Value
    Russell 3000® Value Index
    3.9%
  • Real Estate

    C&B Concentrated Value
    Russell 3000® Value Index
    5.0%
  • Utilities

    C&B Concentrated Value
    Russell 3000® Value Index
    4.8%
  • Cash

    C&B Concentrated Value
    1.0%
    Russell 3000® Value Index
Source: Factset and Russell®

Market Commentary

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U.S. equity markets advanced for the fifth consecutive quarter, posting solid gains in the second quarter led by large cap stocks. Though all major indices were up, underlying return composition diverged wildly across style and size.

Cooke & Bieler’s Concentrated Value Strategy lagged the benchmark in the second quarter, returning 4.41% gross of fees (4.20% net of fees) against a 5.16% return for the Russell 3000® Value Index.

Additional Cooke & Bieler Concentrated Value Disclosures