Mid Cap Value Q2 2021


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40 to 50

companies in our fully invested, concentrated portfolio

23

year track record

$3.9

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

103%

upside market capture ratio since 2000

87%

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

Mid Cap Value

Quarter 2 2021

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell Midcap® 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 Mid Cap Value Performance Disclosures

Quality Characteristics1

  • C&B Mid Cap Value
  • Russell Midcap® Value Index*
ROC 5 Year Avg Cash Interest Coverage Debt/EBITDA Forecasted P/E** P/Normalized Earnings**
13.0% 11.4x 2.7x 15.0x 15.0x
9.9% 8.2x 2.9x 20.1x -
ROC 5 Year Avg 13.0% 9.9%
Cash Interest Coverage 11.4x 8.2x
Debt/EBITDA 2.7x 2.9x
Forecasted P/E** 15.0x 20.1x
P/Normalized Earnings** 15.0x -
Period Ending: 6.30.2021 * Median ** Weighted Harmonic Mean Source: Factset and Russell®

Portfolio Attributes1

  • C&B Mid Cap Value
  • Russell Midcap® Value Index
# Holdings Market Cap ($B) Range Market Cap ($B) Wtd Avg Annual Turnover
48 1.3 - 57.5 12.7 39%
695 0.9 - 58.1 20.8 -
# Holdings 48 695
Market Cap ($B) Range 1.3 - 57.5 0.9 - 58.1
Market Cap ($B) Wtd Avg 12.7 20.8
Annual Turnover 39% -
Source: Factset and Russell®

Top 10 Holdings1

FirstCash 3.6%
Helen of Troy 3.6%
Gildan Activewear 3.5%
Arrow Electronics 3.4%
Leidos 3.2%
Fidelity National Financial 3.1%
IAA 3.0%
Syneos Health 2.9%
Hill-Rom 2.8%
Arch Capital 2.8%

Top 10 Holdings1

FirstCash 3.6%
Helen of Troy 3.6%
Gildan Activewear 3.5%
Arrow Electronics 3.4%
Leidos 3.2%
Fidelity National Financial 3.1%
IAA 3.0%
Syneos Health 2.9%
Hill-Rom 2.8%
Arch Capital 2.8%

Sector Weights1

  • C&B Mid Cap Value
  • Russell Midcap® Value Index
  • Communication Services

    C&B Mid Cap Value
    1.9%
    Russell Midcap® Value Index
    4.2%
  • Consumer Discretionary

    C&B Mid Cap Value
    16.7%
    Russell Midcap® Value Index
    10.9%
  • Consumer Staples

    C&B Mid Cap Value
    2.5%
    Russell Midcap® Value Index
    4.2%
  • Energy

    C&B Mid Cap Value
    Russell Midcap® Value Index
    5.1%
  • Financials

    C&B Mid Cap Value
    25.9%
    Russell Midcap® Value Index
    16.1%
  • Health Care

    C&B Mid Cap Value
    11.7%
    Russell Midcap® Value Index
    8.8%
  • Industrials

    C&B Mid Cap Value
    24.6%
    Russell Midcap® Value Index
    16.0%
  • Information Technology

    C&B Mid Cap Value
    7.6%
    Russell Midcap® Value Index
    9.7%
  • Materials

    C&B Mid Cap Value
    2.3%
    Russell Midcap® Value Index
    7.3%
  • Real Estate

    C&B Mid Cap Value
    1.0%
    Russell Midcap® Value Index
    10.5%
  • Utilities

    C&B Mid Cap Value
    2.0%
    Russell Midcap® Value Index
    7.0%
  • Cash

    C&B Mid Cap Value
    3.9%
    Russell Midcap® 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 Mid Cap Value Strategy lagged the benchmark in the second quarter, returning 4.29% gross of fees (4.10% net of fees) against a 5.66% return for the Russell Midcap® Value Index.

Additional Cooke & Bieler Mid Cap Value Disclosures