All Cap Value Q3 2021


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40 to 50

companies in our fully invested, concentrated portfolio

20

year track record

$411

million All Cap Value assets under management as of 9/30/2021

113%

upside market capture ratio since inception (5/1/01)

99%

downside market capture ratio since inception (5/1/01)

  • 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

All Cap Value

Quarter 3 2021

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 3000® Value Index
Annualized Returns As of 9.30.2021 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 All Cap Value Performance Disclosures

Quality Characteristics1

  • C&B All Cap Value
  • Russell 3000® Value Index*
ROC 5 Year Avg Cash Interest Coverage Debt/EBITDA Forecasted P/E** P/Normalized Earnings**
12.3% 9.8x 2.8x 14.4x 14.1x
7.2% 7.3x 2.8x 17.1x -
ROC 5 Year Avg 12.3% 7.2%
Cash Interest Coverage 9.8x 7.3x
Debt/EBITDA 2.8x 2.8x
Forecasted P/E** 14.4x 17.1x
P/Normalized Earnings** 14.1x -
Period Ending: 9.30.2021 * Median ** Weighted Harmonic Mean Source: Factset and Russell®

Portfolio Attributes1

  • C&B All Cap Value
  • Russell 3000® Value Index
# Holdings Market Cap ($B) Range Market Cap ($B) Wtd Avg Annual Turnover
48 1.1 - 618.7 77.2 41%
2,277 0.03 - 1,784.9 145.7 -
# Holdings 48 2,277
Market Cap ($B) Range 1.1 - 618.7 0.03 - 1,784.9
Market Cap ($B) Wtd Avg 77.2 145.7
Annual Turnover 41% -
Source: Factset and Russell®

Top 10 Holdings1

Winnebago 3.3%
Helen of Troy 3.1%
AerCap 3.0%
Brookfield Asset Management 2.9%
Gildan Activewear 2.8%
FirstCash 2.8%
Arch Capital 2.7%
Arrow Electronics 2.6%
Johnson & Johnson 2.6%
Leidos 2.5%

Top 10 Holdings1

Winnebago 3.3%
Helen of Troy 3.1%
AerCap 3.0%
Brookfield Asset Management 2.9%
Gildan Activewear 2.8%
FirstCash 2.8%
Arch Capital 2.7%
Arrow Electronics 2.6%
Johnson & Johnson 2.6%
Leidos 2.5%

Sector Weights1

  • C&B All Cap Value
  • Russell 3000® Value Index
  • Communication Services

    C&B All Cap Value
    6.3%
    Russell 3000® Value Index
    8.0%
  • Consumer Discretionary

    C&B All Cap Value
    9.3%
    Russell 3000® Value Index
    5.8%
  • Consumer Staples

    C&B All Cap Value
    5.7%
    Russell 3000® Value Index
    6.8%
  • Energy

    C&B All Cap Value
    1.8%
    Russell 3000® Value Index
    5.2%
  • Financials

    C&B All Cap Value
    32.6%
    Russell 3000® Value Index
    21.8%
  • Health Care

    C&B All Cap Value
    12.5%
    Russell 3000® Value Index
    16.9%
  • Industrials

    C&B All Cap Value
    19.9%
    Russell 3000® Value Index
    11.8%
  • Information Technology

    C&B All Cap Value
    4.2%
    Russell 3000® Value Index
    9.9%
  • Materials

    C&B All Cap Value
    3.0%
    Russell 3000® Value Index
    3.7%
  • Real Estate

    C&B All Cap Value
    Russell 3000® Value Index
    5.1%
  • Utilities

    C&B All Cap Value
    1.9%
    Russell 3000® Value Index
    4.9%
  • Cash

    C&B All Cap Value
    3.0%
    Russell 3000® Value Index
Source: Factset and Russell®

Market Commentary

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Following a breakneck advance through the first half of the year, U.S. equity indices turned in mixed results for the third quarter. The market’s tone shifted noticeably in September when investors faced increasing evidence that supply chain disruptions, rising input cost inflation, and labor shortages might negatively impact the near-term trajectory of the economic recovery.

Cooke & Bieler’s All Cap Value Strategy outperformed the benchmark in the third quarter, returning -0.44% gross of fees (-0.63% net of fees) against a -0.93% return for the Russell 3000® Value Index.

Additional Cooke & Bieler All Cap Value Disclosures