All Cap Value Q2 2022


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40 to 50

companies in our fully invested, concentrated portfolio

21

year track record

$382

million All Cap Value assets under management as of 6/30/2022

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 2 2022

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 3000® Value Index
Annualized Returns As of 6.30.2022 Source: Factset and Russell® Past performance is not indicative of future results. All investing involves risk, including loss of principal. 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**
13.0% 11.9x 2.9x 11.6x 11.7x
7.0% 6.7x 2.9x 13.6x -
ROC 5 Year Avg 13.0% 7.0%
Cash Interest Coverage 11.9x 6.7x
Debt/EBITDA 2.9x 2.9x
Forecasted P/E** 11.6x 13.6x
P/Normalized Earnings** 11.7x -
Period Ending: 6.30.2022 * 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
49 0.7 - 1,435.6 87.5 33%
2,263 0.01 - 1,441.0 136.5 -
# Holdings 49 2,263
Market Cap ($B) Range 0.7 - 1,435.6 0.01 - 1,441.0
Market Cap ($B) Wtd Avg 87.5 136.5
Annual Turnover 33% -
Source: Factset and Russell®

Top 10 Holdings1

Arrow Electronics 3.4%
Johnson & Johnson 3.1%
Brookfield Asset Management 3.1%
Arch Capital 2.9%
Verizon Communications 2.8%
London Stock Exchange 2.7%
Progressive 2.7%
State Street 2.6%
Helen of Troy 2.5%
Winnebago 2.5%

Top 10 Holdings1

Arrow Electronics 3.4%
Johnson & Johnson 3.1%
Brookfield Asset Management 3.1%
Arch Capital 2.9%
Verizon Communications 2.8%
London Stock Exchange 2.7%
Progressive 2.7%
State Street 2.6%
Helen of Troy 2.5%
Winnebago 2.5%

Sector Weights1

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

    C&B All Cap Value
    7.6%
    Russell 3000® Value Index
    8.4%
  • Consumer Discretionary

    C&B All Cap Value
    11.2%
    Russell 3000® Value Index
    6.0%
  • Consumer Staples

    C&B All Cap Value
    5.8%
    Russell 3000® Value Index
    7.0%
  • Energy

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

    C&B All Cap Value
    32.2%
    Russell 3000® Value Index
    20.0%
  • Health Care

    C&B All Cap Value
    16.1%
    Russell 3000® Value Index
    16.9%
  • Industrials

    C&B All Cap Value
    13.4%
    Russell 3000® Value Index
    10.1%
  • Information Technology

    C&B All Cap Value
    7.0%
    Russell 3000® Value Index
    8.9%
  • Materials

    C&B All Cap Value
    0.3%
    Russell 3000® Value Index
    4.2%
  • Real Estate

    C&B All Cap Value
    Russell 3000® Value Index
    5.5%
  • Utilities

    C&B All Cap Value
    2.1%
    Russell 3000® Value Index
    5.9%
  • Cash

    C&B All Cap Value
    4.4%
    Russell 3000® Value Index
Source: Factset and Russell®

Market Commentary

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The investing environment went from challenging to nearly universally negative during the second quarter as markets struggled to digest rising interest rates, unexpectedly high levels of inflation, and signs of economic deterioration. This troublesome combination caused sentiment to turn overwhelmingly negative as it resurrected unhappy memories of the stubborn stagflation that hampered stocks much of the 1970s.

Cooke & Bieler’s All Cap Value Strategy provided some downside protection during the difficult market environment of the second quarter, returning -11.65% gross of fees (-11.84% net of fees) against a -12.41% return for the Russell 3000® Value Index.

Additional Cooke & Bieler All Cap Value Disclosures