All Cap Value Q3 2023


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40 to 50

companies in our fully invested, concentrated portfolio

$1.4

billion minimum market capitalization at initial purchase**

22

year track record

$373

million All Cap Value assets under management as of 9/30/2023

Closed

to new investors as of December 31, 2019

  • 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 3 2023

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 3000® Value Index
Returns as of 9.30.2023. Returns greater than one year are annualized. 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 (Wtd. Harm. Avg.) P/Normalized Earnings (Wtd. Harm. Avg.)
11.5% 6.8x 3.2x 12.7x 11.4x
7.1% 5.6x 3.0x 15.3x -
ROC 5 Year Avg 11.5% 7.1%
Cash Interest Coverage 6.8x 5.6x
Debt/EBITDA 3.2x 3.0x
Forecasted P/E (Wtd. Harm. Avg.) 12.7x 15.3x
P/Normalized Earnings (Wtd. Harm. Avg.) 11.4x -
Period Ending: 9.30.2023 * 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
50 1.2 - 1,652.6 86.7 26%
2,293 0.0 - 760.6 130.2 -
# Holdings 50 2,293
Market Cap ($B) Range 1.2 - 1,652.6 0.0 - 760.6
Market Cap ($B) (Wtd. Avg.) 86.7 130.2
Annual Turnover 26% -
Source: FactSet and Russell®

Top 10 Holdings1

Brookfield 3.2%
AerCap 3.0%
Winnebago 2.8%
Chubb 2.8%
State Street 2.6%
Helen of Troy 2.5%
Becton, Dickinson and Co. 2.5%
London Stock Exchange 2.5%
Omnicom 2.4%
Arrow Electronics 2.4%

Top 10 Holdings1

Brookfield 3.2%
AerCap 3.0%
Winnebago 2.8%
Chubb 2.8%
State Street 2.6%
Helen of Troy 2.5%
Becton, Dickinson and Co. 2.5%
London Stock Exchange 2.5%
Omnicom 2.4%
Arrow Electronics 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
    4.9%
  • Consumer Discretionary

    C&B All Cap Value
    10.2%
    Russell 3000® Value Index
    5.3%
  • Consumer Staples

    C&B All Cap Value
    5.7%
    Russell 3000® Value Index
    8.0%
  • Energy

    C&B All Cap Value
    2.2%
    Russell 3000® Value Index
    9.3%
  • Financials

    C&B All Cap Value
    28.6%
    Russell 3000® Value Index
    20.8%
  • Health Care

    C&B All Cap Value
    14.5%
    Russell 3000® Value Index
    14.9%
  • Industrials

    C&B All Cap Value
    16.0%
    Russell 3000® Value Index
    13.2%
  • Information Technology

    C&B All Cap Value
    8.5%
    Russell 3000® Value Index
    9.0%
  • Materials

    C&B All Cap Value
    Russell 3000® Value Index
    4.8%
  • Real Estate

    C&B All Cap Value
    1.8%
    Russell 3000® Value Index
    5.0%
  • Utilities

    C&B All Cap Value
    1.8%
    Russell 3000® Value Index
    4.8%
  • Cash

    C&B All Cap Value
    4.2%
    Russell 3000® Value Index
Source: FactSet and Russell®

Strategy Commentary

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Markets continued their upward trend early in the third quarter, though rising oil prices and the prospect of persistently higher interest rates ultimately sapped investor optimism and pushed major indices down modestly for the full three-month period.

Cooke & Bieler’s All Cap Value Strategy underperformed the Russell 3000® Value Index in the quarter, posting a -4.30% return gross of fees (-4.49% net of fees) against a -3.15% return for the Index.

Additional Cooke & Bieler All Cap Value Disclosures