The Mid Cap Value Equity Composite has been examined for the period from March 1, 1998 through December 31, 2024. The examination report is available upon request.

The Cooke & Bieler Mid Cap Value Equity Composite (Composite) has an inception date of March 1, 1998 and includes all fully discretionary, fee paying, mid cap value equity portfolios managed for more than one month. The Composite was created in March 1998. For investment purposes, we generally define mid cap equity securities as those of companies whose market capitalization is within the Russell Midcap® Index at initial time of purchase. Securities are selected using the firm’s fundamental, bottom-up approach. Portfolios are concentrated, typically holding approximately 40-50 securities. 

The standard fee agreement is 0.75 of 1% on the first $25 million, 0.65 of 1% on the next $25 million, and 0.58 of 1% per annum on the remaining balance, however fees are negotiable. Effective 1/1/2017, net of fee returns are calculated monthly by deducting one twelfth of the annual model fee rate for the respective period across all accounts in the Composite. The Composite includes accounts that pay performance-based fees. Prior to 1/1/2017, net of fee returns reflect the deduction of actual management fees. As of 12/31/25, less than 1% of Composite assets are custodied with brokers that do not charge trading commissions. Accounts custodied elsewhere will incur trading expenses, which may reduce returns.

For comparison purposes, the Composite is measured against the Russell Midcap® Value Index. The index returns are provided to represent the investment environment existing during the time periods shown and are not covered by the report of independent verifiers. FTSE Russell is a subsidiary of London Stock Exchange Group (LSEG) and is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of FTSE Russell Indexes.

Cooke & Bieler Additional Disclosures

Notes:

1. Cooke & Bieler, L.P. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Cooke & Bieler has been independently verified for the periods January 1, 1993 through December 31, 2024. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite maintenance as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm‐wide basis. Verification does not provide assurance on the accuracy of any specific performance report.
2. The Firm is defined as Cooke & Bieler, L.P., an independent investment management firm and is registered as an investment adviser under the Investment Advisers Act of 1940. Registration does not imply a certain level of skill or training.
3. Rates of return are calculated in U.S. dollars. Portfolios are valued monthly on a trade date basis. Portfolio returns reflect the reinvestment of dividend and interest income.
4. Returns are presented both gross and net of fees. Gross of fee returns do not reflect the deduction of investment advisory fees. Client returns will be reduced by investment advisory fees and other expenses they may incur in the management of their investment advisory accounts. Investment advisory fees are described in Part 2A of Form ADV. The actual fee charged is subject to negotiation and may depend on the asset size, client location, and type of portfolio.
5. Dispersion is measured using an asset weighted standard deviation of portfolio gross returns represented within the Composite for the full year.
6. A list of composite descriptions and a complete list of pooled fund descriptions for limited distribution pooled funds is available upon request. Policies for valuing investments, calculating performance, and preparing GIPS Reports are also available upon request.
7. For comparison purposes, each index is fully invested and includes the reinvestment of income. The returns for each index do not include any transaction costs, management fees or other costs.
8. The three-year annualized ex-post standard deviation measures the variability of the Composite (using gross returns) and the benchmark for the preceding 36-month period.
9. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
10. Past performance is not indicative of future results. All investing involves risk, including loss of principal.