Large Cap Value Q4 2024


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40 to 50

companies in our fully invested, concentrated portfolio

$7.25

billion minimum market capitalization at initial purchase**

47

year track record

$4.1

billion Large Cap Value assets under management as of 12/31/2024

$10+

billion AUM capacity

  • 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

Large Cap Value

Quarter 4 2024

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 1000® Value Index
Returns as of 12.31.2024. 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 Large Cap Value Performance Disclosures

Quality Characteristics1

  • C&B Large Cap Value
  • Russell 1000® Value Index*
ROC 5 Year Avg Cash Interest Coverage Debt/EBITDA Forecasted P/E (Wtd. Harm. Avg.) P/Normalized Earnings (Wtd. Harm. Avg.)
10.6% 7.4x 2.9x 14.3x 13.7x
10.8% 7.1x 2.7x 18.6x -
ROC 5 Year Avg 10.6% 10.8%
Cash Interest Coverage 7.4x 7.1x
Debt/EBITDA 2.9x 2.7x
Forecasted P/E (Wtd. Harm. Avg.) 14.3x 18.6x
P/Normalized Earnings (Wtd. Harm. Avg.) 13.7x -
Period Ending: 12.31.2024 * Median ** Weighted Harmonic Mean Source: FactSet and Russell®

Portfolio Attributes1

  • C&B Large Cap Value
  • Russell 1000® Value Index
# Holdings Market Cap ($B) Range Market Cap ($B) (Wtd. Avg.) Annual Turnover
48 2.9 - 977.5 93.7 24%
869 0.2 - 977.5 171.2 -
# Holdings 48 869
Market Cap ($B) Range 2.9 - 977.5 0.2 - 977.5
Market Cap ($B) (Wtd. Avg.) 93.7 171.2
Annual Turnover 24% -
Source: FactSet and Russell®

Top 10 Holdings1

Becton Dickinson 3.4%
Gildan Activewear 3.3%
Charles Schwab 3.2%
Open Text 2.9%
Brookfield Corporation 2.8%
London Stock Exchange 2.7%
Fidelity National Financial 2.6%
State Street 2.6%
Omnicom Group 2.6%
Crown Castle 2.6%

Top 10 Holdings1

Becton Dickinson 3.4%
Gildan Activewear 3.3%
Charles Schwab 3.2%
Open Text 2.9%
Brookfield Corporation 2.8%
London Stock Exchange 2.7%
Fidelity National Financial 2.6%
State Street 2.6%
Omnicom Group 2.6%
Crown Castle 2.6%

Sector Weights1

  • C&B Large Cap Value
  • Russell 1000® Value Index
  • Communication Services

    C&B Large Cap Value
    9.2%
    Russell 1000® Value Index
    4.4%
  • Consumer Discretionary

    C&B Large Cap Value
    9.1%
    Russell 1000® Value Index
    6.2%
  • Consumer Staples

    C&B Large Cap Value
    7.6%
    Russell 1000® Value Index
    7.9%
  • Energy

    C&B Large Cap Value
    6.4%
    Russell 1000® Value Index
    6.7%
  • Financials

    C&B Large Cap Value
    25.5%
    Russell 1000® Value Index
    23.1%
  • Health Care

    C&B Large Cap Value
    13.7%
    Russell 1000® Value Index
    14.2%
  • Industrials

    C&B Large Cap Value
    10.0%
    Russell 1000® Value Index
    14.7%
  • Information Technology

    C&B Large Cap Value
    7.0%
    Russell 1000® Value Index
    9.3%
  • Materials

    C&B Large Cap Value
    1.5%
    Russell 1000® Value Index
    4.2%
  • Real Estate

    C&B Large Cap Value
    4.0%
    Russell 1000® Value Index
    4.7%
  • Utilities

    C&B Large Cap Value
    1.8%
    Russell 1000® Value Index
    4.6%
  • Cash

    C&B Large Cap Value
    4.2%
    Russell 1000® Value Index
Source: FactSet and Russell®

Strategy Commentary

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U.S. stocks were mixed in the fourth quarter, but performance was enough to cement another very strong year for equities overall. Growth again outperformed value, as did stocks of larger cap companies for both the quarter and the year. The optimism of investors was qualified with a degree of caution at the end of the year due to uncertainty regarding upcoming Fed moves and the incoming administration’s policy agenda.

Cooke & Bieler’s Large Cap Value Strategy underperformed the Russell 1000® Value Index during the quarter, returning -3.28% gross of fees (-3.45% net of fees) against the benchmark’s -1.98% return.

Additional Cooke & Bieler Large Cap Value Disclosures