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Cooke & Bieler

Jun 2026 → Sep 2026 · 7 funds

Our archive holds 15 letters from Cooke & Bieler, behind 27 investment theses and positions in 63 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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15
Letters
63
Companies
33
Moves
27
Theses

7 strategies

Cooke & Bieler publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 33 moves

  • ExitedDentsply Sirona
    September 2026
    “Dentsply Sirona (XRAY) and Waters (WAT) were eliminated to make room for better opportunities.”
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  • New positionGates Industrial
    September 2026
    “Gates Industrial (GTES) is a leading global manufacturer of highly engineered power transmission and uid power solutions – primarily belts and hydraulic hoses – to diverse replacement channel customers and OEMs serving automotive, construction, agriculture, general industrial, and oil and gas markets.”
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  • TrimmedFidelity National Financial
    September 2026
    “holdings within Financials and Consumer Discretionary such as Fidelity National Financial, Brookeld Corporation, and Gildan Activewear lagged most.”
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  • TrimmedMiddleby
    September 2026
    “Midera Food Processing (MFP) was received through the spin-o of Middleby’s (MIDD) food processing division.”
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  • AddedMidera Food Processing
    September 2026
    “We built up the position into a more average-sized holding during the quarter.”
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  • ExitedWaters
    September 2026
    “Waters (WAT) was eliminated to make room for higher conviction opportunities.”
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  • New positionAPi Group
    September 2026
    “APi Group (APG) is an acquisitive business services provider with expertise in re safety and security, along with a smaller specialty contracting unit servicing primarily telecom and utility companies.”
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  • ExitedMarketAxess
    September 2026
    “H.B. Fuller (FUL) and MarketAxess (MKTX) were eliminated to make room for better opportunities.”
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  • New positionLouisiana-Pacific
    September 2026
    “Louisiana-Pacic (LPX) is a leading manufacturer of engineered wood building materials, serving the residential, light commercial, and outdoor construction markets.”
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  • ExitedIDT Corp.
    September 2026
    “IDT Corp. (IDT) reached its price target and was eliminated.”
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  • ExitedESAB Corporation
    September 2026
    “ESAB Corp. (ESAB), a global fabrication technology leader in welding consumables, welding equipment, and gas control solutions, was the second-largest detractor.”
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  • ExitedH.B. Fuller
    September 2026
    “H.B. Fuller (FUL) and MarketAxess (MKTX) were eliminated to make room for better opportunities.”
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  • New positionAsbury Automotive
    September 2026
    “Asbury Automotive (ABG) is a leading, well-run, and diversied U.S. automotive dealer trading at an attractive valuation.”
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  • TrimmedMidera Food Processing
    September 2026
    “We began eliminating the position during the quarter to make room for better opportunities.”
    Read the letter
  • New positionESAB Corp.
    September 2026
    “ESAB Corp. (ESAB) is a global fabrication technology leader in welding consumables, welding equipment, and gas control solutions.”
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  • New positionESAB Corp.
    June 2026
    “Since its 2022 spin- o from Colfax, ESAB has become a more focused industrial compounder, reinvesting free cash ow into innovation, commercial execution, and adjacent acquisitions.”
    Read the letter
  • ExitedState Street
    June 2026
    “State Street (STT) reached its price target and was eliminated.”
    Read the letter
  • New positionCBRE Group
    June 2026
    “CBRE Group (CBRE) is the world’s largest commercial real estate services provider, with leading global positions across leasing, sales, property and facilities management, project management, investment management, development, and valuation services.”
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  • ExitedStanley Black & Decker
    June 2026
    “Stanley Black & Decker (SWK) was eliminated to make room for better opportunities.”
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  • New positionArmstrong World Industries
    June 2026
    “Armstrong World Industries (AWI) is the leading North American manufacturer of non-residential ceiling systems.”
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  • ExitedDMC Global
    June 2026
    “DMC Global (BOOM) was eliminated due to a broken thesis, with weakness across all three of their segments and NobelClad structurally impaired by persistent 50% metal taris.”
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  • New positionInterparfums
    June 2026
    “We were able to initiate the position at an attractive valuation as growth temporarily slowed in 2026 following a strong three-year run.”
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  • ExitedAcuity
    June 2026
    “Acuity (AYI) and State Street (STT) reached their price targets and were eliminated.”
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  • ExitedGlobant
    June 2026
    “Globant (GLOB) was eliminated to make room for better opportunities.”
    Read the letter
  • ExitedAtlas Energy Solutions
    June 2026
    “Atlas Energy Solutions (AESI) reached its price target and was eliminated.”
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  • New positionTetra Tech
    June 2026
    “Tetra Tech (TTEK) is a leading high-end technical consulting and engineering services rm focused on water, environmental science, and sustainable infrastructure.”
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  • New positionPPG Industries
    June 2026
    “PPG Industries (PPG) is a global leader in paints and coatings.”
    Read the letter
  • ExitedWeatherford International
    June 2026
    “Arrow Electronics (ARW), Atlas Energy Solutions (AESI), and Weatherford International (WFRD) reached their price targets and were eliminated.”
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  • New positionAutomatic Data Processing
    June 2026
    “These circumstances created an opportunity to invest in a high-single-digit compounder with durable free cash ow, disciplined capital allocation, and a strong balance sheet.”
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  • ExitedChubb
    June 2026
    “Chubb (CB) was eliminated to make room for higher conviction opportunities.”
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Showing the 30 most recent of 33 recorded moves.

Companies held · 63

Every company Cooke & Bieler has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 27

  • Brookfield Corporation
    September 2026

    Brookfield Corporation is a diversified real assets, insurance, and asset management company with solid underlying earnings and a path to higher core earnings.

    Read the full thesis
  • ConocoPhillips
    September 2026

    ConocoPhillips is a large diversified E&P company with resilient cash flows, a low-cost resource base, and expected free cash flow growth supporting dividends and buybacks.

    Read the full thesis
  • ESAB Corp.
    September 2026

    ESAB Corp. is a focused welding and gas control equipment leader with international dominance, North American share gain potential, and attractive long-term compounding.

    Read the full thesis
  • RB Global
    September 2026

    RB Global operates a leading auction marketplace for salvaged vehicles and used equipment, with management targeting faster EBITDA growth and supported by buybacks.

    Read the full thesis
  • Valvoline
    September 2026

    Valvoline operates quick lube centers in the U.S. and Canada, and the company is seen as attractively valued with buybacks expected to resume despite margin pressure.

    Read the full thesis
  • APi Group
    September 2026

    APi Group is a business services provider whose inspection-first strategy and acquisitions are increasing recurring, higher-margin revenue and should improve profitability.

    Read the full thesis
  • ESAB Corp.
    September 2026

    ESAB Corp. offers long-term growth and margin support from the Eddy acquisition despite near-term margin pressure.

    Read the full thesis
  • Asbury Automotive
    September 2026

    Asbury Automotive combines an attractive valuation, dealership franchise advantages, and consolidation opportunities in a fragmented market.

    Read the full thesis
  • Integer Holdings
    September 2026

    Integer Holdings is a leading outsourced medical device design and manufacturing company with an unusually attractive valuation that drew private equity interest and a takeout by KKR.

    Read the full thesis
  • Midera Food Processing
    September 2026

    Midera Food Processing is a leading food-processing equipment maker with growth from automation, consolidation, acquisitions, and margin expansion.

    Read the full thesis
  • Dream Finders Homes
    September 2026

    Dream Finders Homes is a top 15 U.S. homebuilder, and the acquisition of Beazer Homes should create scale, synergies, and lower leverage.

    Read the full thesis
  • BrightView
    September 2026

    BrightView is the largest U.S. commercial landscaping company, and accelerating land maintenance growth should improve free cash flow and support buybacks at an attractive valuation.

    Read the full thesis

Letter archive · 15

2026

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