Large Cap Value Q2 2021


Download the Factsheet
40 to 50

companies in our fully invested, concentrated portfolio

44

year track record

$4.1

billion Large Cap Value assets under management as of 6/30/2021

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 2 2021

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 1000® 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 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**
12.2% 11.3x 2.7x 14.8x 15.3x
10.2% 8.8x 2.9x 18.2x -
ROC 5 Year Avg 12.2% 10.2%
Cash Interest Coverage 11.3x 8.8x
Debt/EBITDA 2.7x 2.9x
Forecasted P/E** 14.8x 18.2x
P/Normalized Earnings** 15.3x -
Period Ending: 6.30.2021 * 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
49 1.4 - 636.0 95.7 33%
842 0.9 - 1,682.0 152.7 -
# Holdings 49 842
Market Cap ($B) Range 1.4 - 636.0 0.9 - 1,682.0
Market Cap ($B) Wtd Avg 95.7 152.7
Annual Turnover 33% -
Source: Factset and Russell®

Top 10 Holdings1

Arrow Electronics 3.5%
Brookfield Asset Management 3.5%
Leidos 3.1%
AerCap 2.8%
Arch Capital 2.8%
Johnson & Johnson 2.8%
Activision Blizzard 2.7%
Charles Schwab 2.7%
Verizon Communications 2.6%
Gildan Activewear 2.6%

Top 10 Holdings1

Arrow Electronics 3.5%
Brookfield Asset Management 3.5%
Leidos 3.1%
AerCap 2.8%
Arch Capital 2.8%
Johnson & Johnson 2.8%
Activision Blizzard 2.7%
Charles Schwab 2.7%
Verizon Communications 2.6%
Gildan Activewear 2.6%

Sector Weights1

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

    C&B Large Cap Value
    7.2%
    Russell 1000® Value Index
    8.5%
  • Consumer Discretionary

    C&B Large Cap Value
    5.5%
    Russell 1000® Value Index
    5.7%
  • Consumer Staples

    C&B Large Cap Value
    7.3%
    Russell 1000® Value Index
    7.2%
  • Energy

    C&B Large Cap Value
    1.0%
    Russell 1000® Value Index
    5.1%
  • Financials

    C&B Large Cap Value
    32.7%
    Russell 1000® Value Index
    20.8%
  • Health Care

    C&B Large Cap Value
    12.8%
    Russell 1000® Value Index
    17.3%
  • Industrials

    C&B Large Cap Value
    17.1%
    Russell 1000® Value Index
    12.0%
  • Information Technology

    C&B Large Cap Value
    6.9%
    Russell 1000® Value Index
    10.2%
  • Materials

    C&B Large Cap Value
    1.1%
    Russell 1000® Value Index
    3.8%
  • Real Estate

    C&B Large Cap Value
    1.1%
    Russell 1000® Value Index
    4.5%
  • Utilities

    C&B Large Cap Value
    2.0%
    Russell 1000® Value Index
    4.8%
  • Cash

    C&B Large Cap Value
    5.3%
    Russell 1000® Value Index
Source: Factset and Russell®

Market Commentary

Download Commentary

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 Large Cap Value Strategy slightly lagged the benchmark in the second quarter, returning 5.05% gross of fees (4.89% net of fees) against a 5.21% return for the Russell 1000® Value Index.

Additional Cooke & Bieler Large Cap Value Disclosures