Small Cap Value Q1 2022


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40 to 60

companies in our fully invested, concentrated portfolio

13

year track record

$1.9

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

108%

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

85%

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 1 2022

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 2000® 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 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**
11.8% 7.9x 3.2x 12.8x 11.2x
5.5% 5.0x 2.9x 16.7x -
ROC 5 Year Avg 11.8% 5.5%
Cash Interest Coverage 7.9x 5.0x
Debt/EBITDA 3.2x 2.9x
Forecasted P/E** 12.8x 16.7x
P/Normalized Earnings** 11.2x -
Period Ending: 3.31.2022 * 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 - 8.7 4.1 29%
1,436 0.01 - 14.7 3.1 -
# Holdings 45 1,436
Market Cap ($B) Range 0.6 - 8.7 0.01 - 14.7
Market Cap ($B) Wtd Avg 4.1 3.1
Annual Turnover 29% -
Source: Factset and Russell®

Top 10 Holdings1

Helen of Troy 3.9%
Winnebago 3.6%
Gildan Activewear 3.3%
Essent 3.2%
WSFS Financial 3.1%
Colfax 3.0%
Plexus 3.0%
IAA 3.0%
Umpqua 2.8%
PGT Innovations 2.8%

Top 10 Holdings1

Helen of Troy 3.9%
Winnebago 3.6%
Gildan Activewear 3.3%
Essent 3.2%
WSFS Financial 3.1%
Colfax 3.0%
Plexus 3.0%
IAA 3.0%
Umpqua 2.8%
PGT Innovations 2.8%

Sector Weights1

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

    C&B Small Cap Value
    Russell 2000® Value Index
    3.6%
  • Consumer Discretionary

    C&B Small Cap Value
    21.7%
    Russell 2000® Value Index
    7.1%
  • Consumer Staples

    C&B Small Cap Value
    1.1%
    Russell 2000® Value Index
    3.0%
  • Energy

    C&B Small Cap Value
    2.6%
    Russell 2000® Value Index
    9.6%
  • Financials

    C&B Small Cap Value
    20.7%
    Russell 2000® Value Index
    25.3%
  • Health Care

    C&B Small Cap Value
    9.2%
    Russell 2000® Value Index
    8.9%
  • Industrials

    C&B Small Cap Value
    31.4%
    Russell 2000® Value Index
    15.3%
  • Information Technology

    C&B Small Cap Value
    5.7%
    Russell 2000® Value Index
    5.4%
  • Materials

    C&B Small Cap Value
    4.2%
    Russell 2000® Value Index
    4.5%
  • Real Estate

    C&B Small Cap Value
    Russell 2000® Value Index
    11.9%
  • Utilities

    C&B Small Cap Value
    Russell 2000® Value Index
    5.4%
  • Cash

    C&B Small Cap Value
    3.5%
    Russell 2000® 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 Small Cap Value Strategy underperformed the Russell 2000® Value Index, posting -10.06% gross of fees (-10.30% net of fees) against a -2.40% return for the benchmark.

Additional Cooke & Bieler Small Cap Value Disclosures