All Cap Value Q1 2022


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40 to 50

companies in our fully invested, concentrated portfolio

20

year track record

$436

million All Cap Value assets under management as of 3/31/2022

112%

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

100%

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 1 2022

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 3000® Value Index
Annualized Returns As of 3.31.2022 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% 11.0x 2.8x 13.0x 13.4x
7.2% 7.0x 2.7x 16.0x -
ROC 5 Year Avg 12.3% 7.2%
Cash Interest Coverage 11.0x 7.0x
Debt/EBITDA 2.8x 2.7x
Forecasted P/E** 13.0x 16.0x
P/Normalized Earnings** 13.4x -
Period Ending: 3.31.2022 * 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 0.8 - 782.1 78.9 28%
2,284 0.01 - 1,849.3 158.5 -
# Holdings 48 2,284
Market Cap ($B) Range 0.8 - 782.1 0.01 - 1,849.3
Market Cap ($B) Wtd Avg 78.9 158.5
Annual Turnover 28% -
Source: Factset and Russell®

Top 10 Holdings1

Brookfield Asset Management 3.1%
Arch Capital 2.9%
Arrow Electronics 2.9%
Gildan Activewear 2.8%
Johnson & Johnson 2.7%
Helen of Troy 2.7%
State Street 2.6%
Verizon Communications 2.5%
Becton Dickinson 2.5%
Winnebago 2.4%

Top 10 Holdings1

Brookfield Asset Management 3.1%
Arch Capital 2.9%
Arrow Electronics 2.9%
Gildan Activewear 2.8%
Johnson & Johnson 2.7%
Helen of Troy 2.7%
State Street 2.6%
Verizon Communications 2.5%
Becton Dickinson 2.5%
Winnebago 2.4%

Sector Weights1

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

    C&B All Cap Value
    6.4%
    Russell 3000® Value Index
    6.9%
  • Consumer Discretionary

    C&B All Cap Value
    9.5%
    Russell 3000® Value Index
    5.1%
  • Consumer Staples

    C&B All Cap Value
    5.7%
    Russell 3000® Value Index
    7.1%
  • Energy

    C&B All Cap Value
    1.9%
    Russell 3000® Value Index
    7.3%
  • Financials

    C&B All Cap Value
    33.3%
    Russell 3000® Value Index
    21.0%
  • Health Care

    C&B All Cap Value
    13.8%
    Russell 3000® Value Index
    17.4%
  • Industrials

    C&B All Cap Value
    16.2%
    Russell 3000® Value Index
    11.2%
  • Information Technology

    C&B All Cap Value
    4.8%
    Russell 3000® Value Index
    9.0%
  • Materials

    C&B All Cap Value
    1.4%
    Russell 3000® Value Index
    4.1%
  • Real Estate

    C&B All Cap Value
    Russell 3000® Value Index
    5.4%
  • Utilities

    C&B All Cap Value
    2.2%
    Russell 3000® Value Index
    5.4%
  • Cash

    C&B All Cap Value
    4.7%
    Russell 3000® Value Index
Source: Factset and Russell®

Market Commentary

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Stocks turned in their worst performance since the onset of the pandemic two years ago as investors processed a seeming tsunami of bad news and pushed all major indices into negative territory. The Russian invasion of Ukraine signaled not just the largest European war in 75 years, but perhaps the most aggressive sanctions regime in history.

Amidst another tumultuous quarter, Cooke & Bieler’s All Cap Value Strategy underperformed the Russell 3000® Value Index, posting -1.92% gross of fees (-2.11% net of fees) against a -0.85% return for the benchmark.

Additional Cooke & Bieler All Cap Value Disclosures