Cooke & Bieler
Cooke & Bieler All Cap Value Equity
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 4 investment theses and positions in 22 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of Cooke & Bieler for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Net of Fees
- YTD+1.1%index +19.2%
- 1Y−0.1%index +23.7%
- 3Y · /yr+9.0%index +20.0%
- 5Y · /yr+4.8%index +11.7%
- 10Y · /yr+9.1%index +11.3%
Index: Russell 3000® Value Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | |
|---|---|---|---|---|---|
| Cooke & Bieler All Cap Value Equity | +1.1% | −0.1% | +9.0% | +4.8% | +9.1% |
| Russell 3000® Value Index | +19.2% | +23.7% | +20.0% | +11.7% | +11.3% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
Dentsply Sirona (XRAY) and Waters (WAT) were eliminated to make room for better opportunities.
Dentsply Sirona (XRAY) and Waters (WAT) were eliminated to make room for better opportunities.
ESAB Corp. (ESAB), a global fabrication technology leader in welding consumables, welding equipment, and gas control solutions, was the second-largest detractor.
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.
State Street (STT) reached its price target and was eliminated.
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.
Kraft Heinz (KHC) was eliminated to make room for better opportunities.
Also held
Its investment theses
- RB GlobalSep 2026RB Global operates a leading auction marketplace for salvaged vehicles and used equipment, with management targeting faster EBITDA growth and supported by buybacks.
- ValvolineSep 2026Valvoline 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.
- Automatic Data ProcessingJun 2026Automatic Data Processing is a dominant HR software compounder with scale, embeddedness, and durable free cash flow.
- ESAB Corp.Jun 2026ESAB Corp. is a focused industrial compounder with international leadership, North American share gains, and margin-driven compounding potential.