Small Cap Value Q3 2021


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40 to 60

companies in our fully invested, concentrated portfolio

13

year track record

$2.1

billion Small Cap Value assets under management as of 9/30/2021

108%

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

84%

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 3 2021

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 2000® 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 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**
12.0% 8.3x 2.7x 15.3x 13.0x
5.6% 6.0x 2.9x 21.4x -
ROC 5 Year Avg 12.0% 5.6%
Cash Interest Coverage 8.3x 6.0x
Debt/EBITDA 2.7x 2.9x
Forecasted P/E** 15.3x 21.4x
P/Normalized Earnings** 13.0x -
Period Ending: 9.30.2021 * 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 0.6 - 9.1 4.3 38%
1,429 0.03 - 19.5 2.9 -
# Holdings 45 1,429
Market Cap ($B) Range 0.6 - 9.1 0.03 - 19.5
Market Cap ($B) Wtd Avg 4.3 2.9
Annual Turnover 38% -
Source: Factset and Russell®

Top 10 Holdings1

Winnebago 4.5%
Helen of Troy 4.2%
IAA 3.6%
Umpqua 3.6%
Gildan Activewear 3.5%
FirstCash 3.3%
WSFS Financial 3.2%
Colfax 3.2%
American Woodmark 3.1%
Essent 3.0%

Top 10 Holdings1

Winnebago 4.5%
Helen of Troy 4.2%
IAA 3.6%
Umpqua 3.6%
Gildan Activewear 3.5%
FirstCash 3.3%
WSFS Financial 3.2%
Colfax 3.2%
American Woodmark 3.1%
Essent 3.0%

Sector Weights1

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

    C&B Small Cap Value
    Russell 2000® Value Index
    4.2%
  • Consumer Discretionary

    C&B Small Cap Value
    21.0%
    Russell 2000® Value Index
    8.0%
  • Consumer Staples

    C&B Small Cap Value
    1.0%
    Russell 2000® Value Index
    2.8%
  • Energy

    C&B Small Cap Value
    2.2%
    Russell 2000® Value Index
    7.1%
  • Financials

    C&B Small Cap Value
    22.0%
    Russell 2000® Value Index
    26.2%
  • Health Care

    C&B Small Cap Value
    8.3%
    Russell 2000® Value Index
    11.2%
  • Industrials

    C&B Small Cap Value
    31.7%
    Russell 2000® Value Index
    14.9%
  • Information Technology

    C&B Small Cap Value
    4.9%
    Russell 2000® Value Index
    5.5%
  • Materials

    C&B Small Cap Value
    6.4%
    Russell 2000® Value Index
    4.5%
  • Real Estate

    C&B Small Cap Value
    Russell 2000® Value Index
    11.1%
  • Utilities

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

    C&B Small Cap Value
    2.4%
    Russell 2000® 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 Small Cap Value Strategy lagged the benchmark in the third quarter, returning -3.80% gross of fees (-4.04% net of fees) against -2.98% for the Russell 2000® Value Index.

Additional Cooke & Bieler Small Cap Value Disclosures