Dodge & Cox

Dodge & Cox

Last Update: 2014-08-13

Number of Stocks: 168
Number of New Stocks: 1

Total Value: $104,868 Mil
Q/Q Turnover: 6%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Dodge & Cox' s Profile & Performance

Profile

Dodge & Cox was founded in 1930, by Van Duyn Dodge and E. Morris Cox. As of March 2006, Dodge & Cox managed over $104 billion in separate accounts and mutual funds.

Web Page:http://www.dodgeandcox.com/

Investing Philosophy

Dodge & Cox employs a team research approach in making investment decisions. The investment decisions are made by the Investment Policy Committee. The nine members of this committee include Wendell W. Birkhofer, Bryan Cameron, John A. Gunn, Harry R. Hagey, David C. Hoeft, Kenneth E. Olivier, Charles F. Pohl, Gregory R. Serrurier, and Diana S. Strandberg. Dodge & Cox believe that a well-tuned, group decision making process enhances individual thinking and moves the portfolio beyond dependence on any single person. The Dodge & Cox team is guided both in what they buy and what they sell by an ongoing search for superior relative value, steering clear of popular choices that come at a price they would rather not pay. Investing when valuations are low creates greater potential for capital appreciation. They look to be long-term owners of companies whose current valuations don’t reflect their long-term earnings and cash-flow prospects.

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of Dodge & Cox Stock FUND

YearReturn (%)S&P500 (%)Excess Gain (%)
201340.5531.559.0
201222.0115.46.6
2011-4.082.08-6.2
3-Year Cumulative64.5 (18%/year)55 (15.7%/year)9.5 (2.3%/year)
201013.4915.06-1.6
200931.2726.464.8
5-Year Cumulative145.1 (19.6%/year)125.5 (17.7%/year)19.6 (1.9%/year)
2008-43.31-37-6.3
20070.145.61-5.5
200618.5315.792.7
20059.374.914.5
200419.17127.2
10-Year Cumulative114.9 (8%/year)104.1 (7.4%/year)10.8 (0.6%/year)
200332.3428.73.6
2002-10.54-22.111.6
20019.33-11.921.2
200016.31-9.125.4
199920.2121-0.8
15-Year Cumulative288.9 (9.5%/year)98.3 (4.7%/year)190.6 (4.8%/year)
19985.428.6-23.2
199728.433.4-5.0
199622.2723-0.7
199533.5237.6-4.1
19945.171.33.9
20-Year Cumulative803.7 (11.6%/year)483.2 (9.2%/year)320.5 (2.4%/year)
199318.3310.18.2
199210.827.63.2
199121.4730.5-9.0
1990-5.09-3.1-2.0
198926.9431.7-4.8
25-Year Cumulative1634.4 (12.1%/year)1050.7 (10.3%/year)583.7 (1.8%/year)
198813.7616.6-2.8
198711.955.16.8
198618.3118.6-0.3
198537.8631.66.3
19845.186.1-0.9
30-Year Cumulative3689.2 (12.9%/year)2235.1 (11.1%/year)1454.1 (1.8%/year)
198326.5422.44.1
198222.0721.40.7
1981-2.57-52.4
198033.1932.30.9

Top Ranked Articles

Dodge & Cox Buys Boston Scientific Corp., HSBC Holdings PLC, Home Depot Inc., Sells Syngenta AG, Lockheed Martin Corp., Genentech Inc.
Manage more than $100 billion and still achieve outstanding returns? Even Warren Buffett is having a hard time doing it. Dodge & Cox does this with a value investing team. They have achieved great returns. These are the details of the buys and sells during the second quarter. Dodge & Cox owns 221 stocks with a total value of $138.5 billion. Read more...
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Dodge & Cox Favors Motorola (MOT), Buys Boston Scientific (BSX) and Home Depot (HD)
Value investing team Dodge & Cox likes to buy companies that are temporarily undervalued by the stock market but have a favorable outlook for long-term growth. They value companies based on their underlying financial condition and prospects including future earnings, cash flow and dividends. Over the past 20 years, Dodge & Cox Stock Fund has returned more than 13% a year, beating S&P500 by more than 3% a year. Their funds are closed to new investors. Read more...
Dodge & Cox 2Q Letter - Comments Financials, Tech
TO OUR SHAREHOLDERS Read more...
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Gurus Choose This Stock for Long-Term Investment
When the 2007 economic crisis went full scale, several companies saw their stock plummet together with the global market. Dropping from a historic high of $40 to $10 in less than six months, Weatherford International (WFT) is a clear example. After a small rebound, stock value entered another negative trend returning to the $10 mark at the end of 2012. However, market performance improved throughout 2013, reaching $17 per share. The positive trend caught the attention of several new and old gurus. Dodge & Cox is currently the largest shareholder, with a position consolidated through four purchases during the last quarter of 2013 and first of the current year. Mario Gabelli (Trades, Portfolio) and Steven Cohen (Trades, Portfolio) hold important shares as well, with positions dating back to 2009, making the stock a case study for long-term investment.The Good Times Keep on RollingWeatherford International announced on February that remediated material weakness for income tax accounting, reduced net debt by $687 million, and generated positive free cash flow of $298 million in the fourth quarter of fiscal 2013. Also, revenue for the fourth quarter of 2013 was $3.74 billion compared with $3.82 billion in the third quarter of 2013 and $4.06 billion in the fourth quarter of 2012. Nonetheless, full year financial indicators reported improvements across the board.Weatherford International partnered the Alamo College to provide job training using a $1.5 million Skills Development Fund grant from the Texas Workforce Commission. The project will provide the company with trained and competitive human resources. Also, being a manufacturer and provider of equipment and services for drilling, completion and production of oil and natural gas wells, Weatherford International’s long-term performance depends on successful research and development.Some of the latest product introductions announced by management are the Reveal 360, an imaging technique that removes the blind spots from wireline wellbore images; and the RipTide RFID, the drilling industry’s most advanced concentric underreamer. Another important step is the agreement with CurTran LLC to use, sell and distribute LiteWire, the first commercial scale production of a carbon nanotube technology in wire and cable form.Good Prospects, Fragile StandingFuture prospects continue to improve, as management decided to move Weatherford International’s base to Ireland. The decision is in response to Switzerland’s policy changes concerning executive pays. The move allows the company “to operate at the lowest possible cost while enhancing the company’s ability to retain, as well as further attract, the best women and men in the industry,” Weatherford chairman, president and CEO Bernard Duroc-Danner said.Weatherford International's growth prospects are abroad. Mexico, Russia, China, Australia and Saudi Arabia hold the greatest potential related to cost reductions and improvements in capital efficiency. Additional opportunities will appear in Iraq as projects reach completion and become operative during 2014. Also, outlook for activities in North America contemplates a depressed natural gas environment overshadowed by the predominance of oil activity in Canada and the U.S.Currently trading at 16.78 times its consensus earnings, Weatherford International is at the industry average. And, although the company’s balance sheet has shown improvements during the last year it is far from healthy. Debt continues to rise while revenue has stagnated and cash flow remains negative. Most important, management expects to widen operating margins after relocation is complete.Last, Weatherford International sold its pipeline and specialty services business to Baker Hughes (BHI) last month. The transaction is an important sign of the troubles faced by current finances. Also, it is a clear return to the basics and divestiture of non-core activities. In the end, the company is not performing well, and even when prospects are promising, risks associated with this stock remain varied in type and important in size. Hence, it is not recommended to take a position in the company.Disclosure: Vanina Egea holds no position in any of the mentioned stocks. More...

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