Small Cap Value Q4 2023


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40 to 60

companies in our fully invested, concentrated portfolio

$0.35 to $6.0

billion market capitalization range at initial purchase**

15

year track record

$2.0

billion Small Cap Value assets under management as of 12/31/2023

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

Small Cap Value

Quarter 4 2023

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 2000® Value Index
Returns as of 12.31.2023. 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 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 (Wtd. Harm. Avg.) P/Normalized Earnings (Wtd. Harm. Avg.)
10.9% 6.3x 2.2x 14.0x 11.2x
5.5% 4.3x 3.2x 23.1x -
ROC 5 Year Avg 10.9% 5.5%
Cash Interest Coverage 6.3x 4.3x
Debt/EBITDA 2.2x 3.2x
Forecasted P/E (Wtd. Harm. Avg.) 14.0x 23.1x
P/Normalized Earnings (Wtd. Harm. Avg.) 11.2x -
Period Ending: 12.31.2023 * 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
44 0.4 - 10.0 4.3 26%
1,431 0.0 - 8.3 2.7 -
# Holdings 44 1,431
Market Cap ($B) Range 0.4 - 10.0 0.0 - 8.3
Market Cap ($B) (Wtd. Avg.) 4.3 2.7
Annual Turnover 26% -
Source: FactSet and Russell®

Top 10 Holdings1

Winnebago 4.1%
Glacier Bancorp 3.7%
Gildan Activewear 3.2%
Air Lease 3.0%
American Woodmark 3.0%
Helen of Troy 3.0%
Woodward 2.9%
Dentsply Sirona 2.8%
Integer 2.7%
Essent 2.7%

Top 10 Holdings1

Winnebago 4.1%
Glacier Bancorp 3.7%
Gildan Activewear 3.2%
Air Lease 3.0%
American Woodmark 3.0%
Helen of Troy 3.0%
Woodward 2.9%
Dentsply Sirona 2.8%
Integer 2.7%
Essent 2.7%

Sector Weights1

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

    C&B Small Cap Value
    Russell 2000® Value Index
    2.4%
  • Consumer Discretionary

    C&B Small Cap Value
    23.2%
    Russell 2000® Value Index
    10.9%
  • Consumer Staples

    C&B Small Cap Value
    2.8%
    Russell 2000® Value Index
    2.3%
  • Energy

    C&B Small Cap Value
    1.8%
    Russell 2000® Value Index
    9.2%
  • Financials

    C&B Small Cap Value
    19.3%
    Russell 2000® Value Index
    27.2%
  • Health Care

    C&B Small Cap Value
    11.9%
    Russell 2000® Value Index
    8.8%
  • Industrials

    C&B Small Cap Value
    32.8%
    Russell 2000® Value Index
    14.1%
  • Information Technology

    C&B Small Cap Value
    3.8%
    Russell 2000® Value Index
    5.9%
  • Materials

    C&B Small Cap Value
    Russell 2000® Value Index
    4.7%
  • Real Estate

    C&B Small Cap Value
    Russell 2000® Value Index
    10.5%
  • Utilities

    C&B Small Cap Value
    Russell 2000® Value Index
    3.9%
  • Cash

    C&B Small Cap Value
    4.4%
    Russell 2000® Value Index
Source: FactSet and Russell®

Strategy Commentary

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The U.S. stock market advanced sharply during the fourth quarter with all major indices posting double-digit returns.

Cooke & Bieler’s Small Cap Value Strategy generated strong absolute and relative results in the final quarter of the year, returning 16.82% gross of fees (16.54% net of fees) against a 15.26% return for the Russell 2000® Value Index.

Additional Cooke & Bieler Small Cap Value Disclosures