Small Cap Value Q1 2024


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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

$2.1

billion Small Cap Value assets under management as of 3/31/2024

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 1 2024

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 2000® Value Index
Returns as of 3.31.2024. 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.)
11.0% 6.0x 2.2x 14.6x 11.8x
5.7% 4.0x 3.3x 21.0x -
ROC 5 Year Avg 11.0% 5.7%
Cash Interest Coverage 6.0x 4.0x
Debt/EBITDA 2.2x 3.3x
Forecasted P/E (Wtd. Harm. Avg.) 14.6x 21.0x
P/Normalized Earnings (Wtd. Harm. Avg.) 11.8x -
Period Ending: 3.31.2024 * 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 - 12.4 4.6 28%
1,419 0.0 - 10.0 2.9 -
# Holdings 44 1,419
Market Cap ($B) Range 0.4 - 12.4 0.0 - 10.0
Market Cap ($B) (Wtd. Avg.) 4.6 2.9
Annual Turnover 28% -
Source: FactSet and Russell®

Top 10 Holdings1

Winnebago 3.8%
Gildan Activewear 3.6%
Air Lease 3.4%
Woodward 3.4%
Glacier Bancorp 3.3%
Dream Finders Homes 3.1%
American Woodmark 2.8%
Essent 2.8%
Tecnoglass 2.8%
American Eagle 2.8%

Top 10 Holdings1

Winnebago 3.8%
Gildan Activewear 3.6%
Air Lease 3.4%
Woodward 3.4%
Glacier Bancorp 3.3%
Dream Finders Homes 3.1%
American Woodmark 2.8%
Essent 2.8%
Tecnoglass 2.8%
American Eagle 2.8%

Sector Weights1

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

    C&B Small Cap Value
    Russell 2000® Value Index
    2.3%
  • Consumer Discretionary

    C&B Small Cap Value
    23.9%
    Russell 2000® Value Index
    11.1%
  • Consumer Staples

    C&B Small Cap Value
    3.5%
    Russell 2000® Value Index
    2.2%
  • Energy

    C&B Small Cap Value
    2.0%
    Russell 2000® Value Index
    10.1%
  • Financials

    C&B Small Cap Value
    16.1%
    Russell 2000® Value Index
    25.8%
  • Health Care

    C&B Small Cap Value
    12.2%
    Russell 2000® Value Index
    9.3%
  • Industrials

    C&B Small Cap Value
    31.4%
    Russell 2000® Value Index
    14.8%
  • Information Technology

    C&B Small Cap Value
    4.2%
    Russell 2000® Value Index
    5.9%
  • Materials

    C&B Small Cap Value
    Russell 2000® Value Index
    5.0%
  • Real Estate

    C&B Small Cap Value
    Russell 2000® Value Index
    9.7%
  • Utilities

    C&B Small Cap Value
    Russell 2000® Value Index
    3.7%
  • Cash

    C&B Small Cap Value
    6.7%
    Russell 2000® Value Index
Source: FactSet and Russell®

Strategy Commentary

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Despite incrementally less dovish signals from the Fed, U.S. equities continued to rally strongly, ending the quarter at all-time highs.

Cooke & Bieler’s Small Cap Value Strategy posted positive absolute and relative returns in the first quarter, generating 8.59% gross of fees (8.33% net of fees) against a 2.90% return for the Russell 2000® Value Index. 

Additional Cooke & Bieler Small Cap Value Disclosures