COOKE & BIELER LP

Genuine, broad de-risking — 33 positions cut against just 11 increases — shrank Cooke & Bieler's $8.8 billion Q1 2026 book (152 positions) about 7.8% from last quarter's $9.6 billion. The clearest signal sits in energy and insurance: ConocoPhillips shares were slashed 28.2% (a real $64.0 million reduction) and Occidental Petroleum fell 29.0% (-$59.2 million) — yet both positions' dollar values actually rose on the quarter, because oil-linked share prices climbed enough to mask the scale of the share sales. RenaissanceRe (-23.1%, -$75.4 million) and Chubb (-38.1%, -$70.3 million) saw even larger real reductions in the insurance book. This wasn't simply retreat, though: a new $182.0 million stake in Sunbelt Rentals — instantly one of the fund's larger positions — headlines five new commitments alongside Arthur J. Gallagher ($134.8 million) and Verizon ($97.4 million), while Brookfield Asset Management (+54.1%, $48.2 million) and Charles River Laboratories (+42.9%, $44.9 million) saw the largest real additions. Six positions were closed out entirely, led by MKS Inc. (-$154.5 million) and XPO (-$126.9 million).