Mid Cap Value Q1 2022


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40 to 50

companies in our fully invested, concentrated portfolio

24

year track record

$4.3

billion Mid Cap Value assets under management as of 3/31/2022

103%

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

Mid Cap Value

Quarter 1 2022

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell Midcap® 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 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**
13.6% 10.1x 2.5x 12.9x 13.5x
9.7% 8.9x 2.8x 16.2x -
ROC 5 Year Avg 13.6% 9.7%
Cash Interest Coverage 10.1x 8.9x
Debt/EBITDA 2.5x 2.8x
Forecasted P/E** 12.9x 16.2x
P/Normalized Earnings** 13.5x -
Period Ending: 3.31.2022 * 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 2.8 - 66.6 16.0 32%
698 0.1 - 60.7 22.6 -
# Holdings 48 698
Market Cap ($B) Range 2.8 - 66.6 0.1 - 60.7
Market Cap ($B) Wtd Avg 16.0 22.6
Annual Turnover 32% -
Source: Factset and Russell®

Top 10 Holdings1

Helen of Troy 3.4%
Arrow Electronics 3.4%
Arch Capital 3.2%
Fidelity National Financial 2.9%
Gildan Activewear 2.7%
State Street 2.7%
Globe Life 2.6%
Gentex 2.6%
Colfax 2.6%
FirstCash 2.5%

Top 10 Holdings1

Helen of Troy 3.4%
Arrow Electronics 3.4%
Arch Capital 3.2%
Fidelity National Financial 2.9%
Gildan Activewear 2.7%
State Street 2.7%
Globe Life 2.6%
Gentex 2.6%
Colfax 2.6%
FirstCash 2.5%

Sector Weights1

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

    C&B Mid Cap Value
    4.3%
    Russell Midcap® Value Index
    3.5%
  • Consumer Discretionary

    C&B Mid Cap Value
    17.0%
    Russell Midcap® Value Index
    9.3%
  • Consumer Staples

    C&B Mid Cap Value
    2.6%
    Russell Midcap® Value Index
    4.7%
  • Energy

    C&B Mid Cap Value
    1.9%
    Russell Midcap® Value Index
    7.2%
  • Financials

    C&B Mid Cap Value
    24.7%
    Russell Midcap® Value Index
    16.4%
  • Health Care

    C&B Mid Cap Value
    11.7%
    Russell Midcap® Value Index
    7.8%
  • Industrials

    C&B Mid Cap Value
    23.4%
    Russell Midcap® Value Index
    14.1%
  • Information Technology

    C&B Mid Cap Value
    8.7%
    Russell Midcap® Value Index
    9.4%
  • Materials

    C&B Mid Cap Value
    Russell Midcap® Value Index
    8.1%
  • Real Estate

    C&B Mid Cap Value
    Russell Midcap® Value Index
    11.5%
  • Utilities

    C&B Mid Cap Value
    2.5%
    Russell Midcap® Value Index
    7.7%
  • Cash

    C&B Mid Cap Value
    3.2%
    Russell Midcap® 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 Mid Cap Value Strategy underperformed the Russell Midcap® Value Index, posting -4.46% gross of fees (-4.64% net of fees) against a -1.82% return for the benchmark.

Additional Cooke & Bieler Mid Cap Value Disclosures