COOKE & BIELER LP recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
Cooke & Bieler LP is an investment management firm based out of Philadelphia. The company was established in 1949 by cofounders Jay Cooke and Louis Bieler and currently operates under a partnership structure with 32 total employees of which 12 are investment professionals. Cooke & Bieler originally began as a local investment firm and has grown into “an institutional and private wealth manager with an international client base.” The company was affiliated with United Asset Management (Old Mutual) from 1986 to 2001, when the company would conduct a management buyback. Cooke & Bieler conducts its research internally, utilizing a conservative fundamental approach to make its investment decisions. The company utilizes a bottom up approach and invests in the value and growth stock companies of mid, large and all cap companies in the fixed income and public equity markets of the U.S. The company manages fixed income, equity, and balanced portfolios for its clients and benchmarks its performance against various S&P and Russell indexes. Cooke & Bieler invests most heavily in the finance sector, which alone makes up over a quarter of its total asset allocations, and also invests in the consumer discretionary, health care, industrials, energy, consumer staples, information technology, and materials sectors, among other sectors to a lesser degree, in order of decreasing allocations. The company holds almost $5 billion in total assets under management spread across 293 accounts, all of which are discretionary except for 4 which make up just over a billion of its held assets. Although its total number of accounts has been gradually decreasing in recent years, its total assets under management, despite some volatility, has increased in recent years, growing from $3.9 billion back in 2010 to its current amount today. Cooke & Bieler mainly caters to high net worth individuals, which alone makes up over a third of its clientele, and also provides to individuals, charities, and others, in order of decreasing clientele.
As of the latest 13F report, the guru’s equity portfolio contained 101 stocks valued at a total of $10.18Bil. The top holdings were ARW(3.60%), AER(3.52%), and STT(3.17%).
According to GuruFocus data, these were COOKE & BIELER LP’s top five trades of the quarter.
Arch Capital Group Ltd
COOKE & BIELER LP reduced their investment in NAS:ACGL by 3,768,434 shares. The trade had a 1.85% impact on the equity portfolio. During the quarter, the stock traded for an average price of $55.83.
On 02/08/2023, Arch Capital Group Ltd traded for a price of $63.98 per share and a market cap of $23.66Bil. The stock has returned 32.57% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Arch Capital Group Ltd has a price-earnings ratio of 20.51, a price-book ratio of 2.15, a price-earnings-to-growth (PEG) ratio of 0.99, a EV-to-Ebitda ratio of 18.04 and a price-sales ratio of 2.73.
The price-to-GF Value ratio is 1.26, earning the stock a GF Value rank of 3.
FirstCash Holdings Inc
COOKE & BIELER LP reduced their investment in NAS:FCFS by 1,212,297 shares. The trade had a 0.96% impact on the equity portfolio. During the quarter, the stock traded for an average price of $88.56.
On 02/08/2023, FirstCash Holdings Inc traded for a price of $91.48999999999999 per share and a market cap of $4.24Bil. The stock has returned 25.29% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, FirstCash Holdings Inc has a price-earnings ratio of 17.04, a price-book ratio of 2.25, a price-earnings-to-growth (PEG) ratio of 2.70, a EV-to-Ebitda ratio of 7.51 and a price-sales ratio of 1.59.
The price-to-GF Value ratio is 0.94, earning the stock a GF Value rank of 7.
General Mills Inc
COOKE & BIELER LP reduced their investment in NYSE:GIS by 1,077,519 shares. The trade had a 0.89% impact on the equity portfolio. During the quarter, the stock traded for an average price of $81.45.
On 02/08/2023, General Mills Inc traded for a price of $75.86499999999999 per share and a market cap of $44.73Bil. The stock has returned 14.37% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, General Mills Inc has a price-earnings ratio of 15.84, a price-book ratio of 4.42, a price-earnings-to-growth (PEG) ratio of 2.99, a EV-to-Ebitda ratio of 14.13 and a price-sales ratio of 2.36.
The price-to-GF Value ratio is 1.08, earning the stock a GF Value rank of 5.
Warner Music Group Corp
The guru established a new position worth 2,336,194 shares in NAS:WMG, giving the stock a 0.8% weight in the equity portfolio. Shares traded for an average price of $29.15 during the quarter.
On 02/08/2023, Warner Music Group Corp traded for a price of $36.755 per share and a market cap of $18.96Bil. The stock has returned -0.34% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, Warner Music Group Corp has a price-earnings ratio of 34.67, a price-book ratio of 122.52, a EV-to-Ebitda ratio of 18.60 and a price-sales ratio of 3.19.
Brookfield Asset Management Ltd
The guru established a new position worth 2,418,536 shares in NYSE:BAM, giving the stock a 0.68% weight in the equity portfolio. Shares traded for an average price of $30.09 during the quarter.
On 02/08/2023, Brookfield Asset Management Ltd traded for a price of $35 per share and a market cap of $14.37Bil. The stock has returned 0.00% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 1 out of 10.
In terms of valuation, Brookfield Asset Management Ltd has a price-earnings ratio of 35.68, a price-book ratio of 2.13, a EV-to-Ebitda ratio of 13.59 and a price-sales ratio of 16.86.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
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