All Cap Value Q1 2025

Stocks entered 2025 on a high note, following the two strongest years of equity performance this century. That momentum proved unsustainable, however, as key pillars of recent investor optimism – hopes for an AI-driven spending boom, a more favorable regulatory environment, and a more dovish monetary policy – came into question. Larger-cap and value equities outperformed their smaller-cap and growth counterparts. 

Cooke & Bieler’s All Cap Value Strategy underperformed the Index during the volatile first quarter, posting a 0.49% return gross of fees (0.30% net of fees) against a 1.64% return for the Russell 3000® Value Index.

40 to 50

companies in our fully invested, concentrated portfolio

$1.7

billion minimum market capitalization at initial purchase**

23

year track record

$355

million All Cap Value assets under management as of 3/31/2025

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 1 2025

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 3000® Value Index
Returns as of 03.31.2025. 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.)
10.2% 7.2x 3.0x 14.1x 12.9x
7.2% 5.0x 3.0x 17.4x -
ROC 5 Year Avg 10.2% 7.2%
Cash Interest Coverage 7.2x 5.0x
Debt/EBITDA 3.0x 3.0x
Forecasted P/E (Wtd. Harm. Avg.) 14.1x 17.4x
P/Normalized Earnings (Wtd. Harm. Avg.) 12.9x -
Period Ending: 03.31.2025 * 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
48 0.9 - 1,149.0 95.7 23%
2,297 0.0 - 1,149.0 181.9 -
# Holdings 48 2,297
Market Cap ($B) Range 0.9 - 1,149.0 0.0 - 1,149.0
Market Cap ($B) (Wtd. Avg.) 95.7 181.9
Annual Turnover 23% -
Source: FactSet and Russell®

Top 10 Holdings1

Becton Dickinson 3.3%
Fidelity National Financial 3.0%
RB Global 3.0%
Charles Schwab 2.9%
Crown Castle 2.8%
Gildan Activewear 2.8%
ConocoPhillips 2.7%
AerCap 2.7%
Brookfield 2.5%
RenaissanceRe 2.5%

Top 10 Holdings1

Becton Dickinson 3.3%
Fidelity National Financial 3.0%
RB Global 3.0%
Charles Schwab 2.9%
Crown Castle 2.8%
Gildan Activewear 2.8%
ConocoPhillips 2.7%
AerCap 2.7%
Brookfield 2.5%
RenaissanceRe 2.5%

Sector Weights1

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

    C&B All Cap Value
    6.5%
    Russell 3000® Value Index
    4.5%
  • Consumer Discretionary

    C&B All Cap Value
    6.7%
    Russell 3000® Value Index
    5.9%
  • Consumer Staples

    C&B All Cap Value
    5.5%
    Russell 3000® Value Index
    7.9%
  • Energy

    C&B All Cap Value
    6.1%
    Russell 3000® Value Index
    7.1%
  • Financials

    C&B All Cap Value
    22.7%
    Russell 3000® Value Index
    23.6%
  • Health Care

    C&B All Cap Value
    15.3%
    Russell 3000® Value Index
    14.5%
  • Industrials

    C&B All Cap Value
    19.3%
    Russell 3000® Value Index
    14.0%
  • Information Technology

    C&B All Cap Value
    6.6%
    Russell 3000® Value Index
    8.5%
  • Materials

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

    C&B All Cap Value
    4.3%
    Russell 3000® Value Index
    5.0%
  • Utilities

    C&B All Cap Value
    1.8%
    Russell 3000® Value Index
    4.9%
  • Cash

    C&B All Cap Value
    5.2%
    Russell 3000® Value Index
Source: FactSet and Russell®

Additional Cooke & Bieler All Cap Value Disclosures