Dodge & Cox

Dodge & Cox

Last Update: 09-09-2016

Number of Stocks: 178
Number of New Stocks: 4

Total Value: $101,253 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 (%)
2015-4.471.19-5.7
201410.4313.69-3.3
201340.5532.398.2
3-Year Cumulative48.3 (14%/year)52.3 (15.1%/year)-4 (-1.1%/year)
201222.01166.0
2011-4.082.11-6.2
5-Year Cumulative73.5 (11.7%/year)80.4 (12.5%/year)-6.9 (-0.8%/year)
201013.4915.06-1.6
200931.2726.464.8
2008-43.31-37-6.3
20070.145.49-5.3
200618.5315.792.7
10-Year Cumulative74 (5.7%/year)102 (7.3%/year)-28 (-1.6%/year)
20059.374.914.5
200419.1710.888.3
200332.3428.683.7
2002-10.54-22.111.6
20019.33-11.8921.2
15-Year Cumulative193.5 (7.4%/year)107.5 (5%/year)86 (2.4%/year)
200016.31-9.125.4
199920.2121.04-0.8
19985.428.58-23.2
199728.433.36-5.0
199622.2722.96-0.7
20-Year Cumulative578.9 (10.1%/year)381.4 (8.2%/year)197.5 (1.9%/year)
199533.5237.58-4.1
19945.171.323.9
199318.3310.088.2
199210.827.623.2
199121.4730.47-9.0
25-Year Cumulative1418.6 (11.5%/year)937.3 (9.8%/year)481.3 (1.7%/year)
1990-5.09-3.1-2.0
198926.9431.69-4.8
198813.7616.61-2.9
198711.955.16.8
198618.3118.6-0.3
30-Year Cumulative2656.8 (11.7%/year)1824 (10.4%/year)832.8 (1.3%/year)
198537.8631.66.3
19845.186.1-0.9
198326.5422.44.1
198222.0721.40.7
1981-2.57-52.4
35-Year Cumulative5915.9 (12.4%/year)3692.3 (10.9%/year)2223.6 (1.5%/year)
198033.1932.30.9

Top Ranked Articles

Dodge & Cox Comments on Schneider Electric Guru stock highlight
Schneider Electric (XPAR:SUNV), a 2.2% position in the Fund, is a global leader in electrical products, systems, and services such as low- and medium-voltage gear, factory automation equipment and systems, and uninterruptible power supply solutions for data centers. While incorporated in France, Schneider derives only 27% of its revenues from Western Europe and more than 40% of its sales come from emerging markets. Thus, Schneider is a prime example that a company’s domicile does not always reflect its true revenue exposure. Schneider’s stock performed poorly in 2015 (down 21% in U.S. dollars) due to lower than expected construction and industrial activity, driven in large part by a slowdown in China, Russia, and Brazil. Read more...
Bill Gates Foundation Traded in 2 Companies in 2nd Quarter Foudation trimmed stake in Berkshire Hathaway, bought and sold 4 share classes in Liberty Global
Bill Gates (Trades, Portfolio)’ Bill & Melinda Gates Foundation reduced three positions and added to two in the second quarter. Read more...
Dodge & Cox Comments on Bank of America Guru stock highlight
The largest bank in the United States by deposits, Bank of America (NYSE:BAC) has leading positions in the lines of business that comprise the majority of its revenues, including consumer banking and wealth management. Since the financial crisis, Bank of America has gained market share in its core businesses and navigated ever tougher regulatory requirements, while increasing capital and liquidity. As a part of its restructuring plan, management has simplified the business, reduced expenses, and implemented a more customer-focused strategy. Longer term, improved fundamentals and potential cyclical tailwinds (e.g., additional loan growth, higher rates, increased capital markets activity) could produce a significantly higher return on assets, as well as multiple expansion, dividend increases, and/or share repurchases. Read more...
Dodge & Cox Comments on Goldman Sachs Guru stock highlight
Goldman Sachs (NYSE:GS) (2.5% of the Fund) is a leading global investment bank, securities broker, and investment manager that provides financial services to a diversified client base that includes corporations, financial institutions, governments, and high-net-worth individuals. Since the financial crisis, Goldman Sachs has deleveraged its balance sheet, shed risky assets, and increased its liquidity. As European competitors (e.g., Credit Suisse, UBS, Royal Bank of Scotland) continue to cut costs and retreat from investment banking, Goldman has an opportunity to further increase its market share in many key businesses. While regulatory requirements have increased, this should reduce the probability of large trading losses. Finally, although market turns can be sudden and difficult to predict, Goldman Sachs has demonstrated an ability to remain profitable: over the past 16 quarters, its return on common equity has averaged an impressive 10%. Read more...
6 Stocks Trading Below the Peter Lynch Value Undervalued companies with a wide margin of safety
According to GuruFocus' All-in-One Screener, several gurus are focusing on stocks whose Peter Lynch fair value is far above the current price. The following stocks are trading with wide margins of safety and at least five gurus are shareholders. Read more...
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Commentaries and Stories

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Railroad Companies Offer High Margin Potential A look at the SGA expense to gross profit ratio Daniel Loeb,Dodge & Cox - Railroad Companies Offer High Margin Potential
As of Sept. 21, several companies in the railroad industry have an efficient business operation. Two companies, Canada Pacific Railway Ltd. (NYSE:CP) and Union Pacific Corp. (NYSE:UNP), have a selling, general & administrative expense to gross profit ratio of about 30%, which suggests durable competitive advantage. With low SGA expenses, these companies have potential for high profit margins. More...

WARREN BUFFETT, CHARLIE MUNGER, DANIEL LOEB, DODGE & COX


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10 Stocks Dodge & Cox Keep Buying Firm's repeat purchases in the last 2 quarters Dodge & Cox - 10 Stocks Dodge & Cox Keep Buying
Dodge & Cox was founded in 1930 by Van Duyn Dodge and E. Morris Cox. The firm manages a portfolio composed of 178 stocks with a total value of $101,253 million. In both the first and second quarters, the firm bought shares in the following stocks. More...

BUYS, TRADES


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Dodge & Cox Trims Hewlett Packard Enterprise Stake Company's market price has soared by 38% since the 4th quarter of 2015 Dodge & Cox - Dodge & Cox Trims Hewlett Packard Enterprise Stake
Dodge & Cox, a firm that invests primarily in a diversified portfolio of equity securities, trimmed its stake in Hewlett Packard Enterprise (NYSE:HPE) by 7,747,840 shares for an average price of $17.51 per share during the second quarter. More...

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Dodge & Cox Exits Time Warner Cable, Buys MetLife Guru's largest trades in the 2nd quarter Dodge & Cox,Warren Buffett,Steve Mandel,Chase Cole - Dodge & Cox Exits Time Warner Cable, Buys MetLife
Dodge & Cox was founded in 1930, by Van Duyn Dodge and E. Morris Cox. During the second quarter the guru’s most heavily weighted trades were as follows: More...

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Apache Announces Discovery of Oil in West Texas Find has potential to be largest in decade Dodge & Cox,Chris Davis,Bill Nygren,Charles Brande - Apache Announces Discovery Of Oil In West Texas
Apache Corp. (NYSE:APA), an independent energy company, announced the discovery of 2 billion to 3 billion barrels of oil in a West Texas field on Wednesday. More...

OIL, GAS, ENERGY, WEST TEXAS, APACHE, ALPINE


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Westport's Top 7 Transactions in 2nd Quarter Were Reductions Firm sells 30% of position in Universal Health Services Dodge & Cox,Pioneer Investments - Westport's Top 7 Transactions In 2nd Quarter Were Reductions
Westport Asset Management (Trades, Portfolio)’s top seven transactions in the second quarter were reductions of stakes in its portfolio. More...

WESTPORT, SALES, REDUCTIONS


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Bill Gates Foundation Traded in 2 Companies in 2nd Quarter Foudation trimmed stake in Berkshire Hathaway, bought and sold 4 share classes in Liberty Global Dodge & Cox,Warren Buffett - Bill Gates Foundation Traded In 2 Companies In 2nd Quarter
Bill Gates (Trades, Portfolio)’ Bill & Melinda Gates Foundation reduced three positions and added to two in the second quarter. More...

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6 Stocks With Growing Yields Companies have solid and steady long-term returns Dodge & Cox,Pioneer Investments,NWQ Managers,Joel  - 6 Stocks With Growing Yields
Thanks to GuruFocus’ All-In-One Screener, we can highlight stocks that have a five-year growing dividend yield with strong profitability and a long-term track record of solid returns and growing asset value. More...

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Joel Greenblatt Buys Fox, ConAgra and Intuit The guru's top 3 2nd-quarter buys Joel Greenblatt,Dodge & Cox,Jana Partners,PRIMECAP - Joel Greenblatt Buys Fox, ConAgra And Intuit
During the second quarter, Joel Greenblatt (Trades, Portfolio) of Gotham Asset Management LLC acquired three new holdings. They are Twenty-First Century Fox Inc. (NASDAQ:FOXA), ConAgra Foods Inc. (NYSE:CAG) and Intuit Inc. (NASDAQ:INTU). More...

GREENBLATT, BUYS, SECOND QUARTER


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Akre Capital Buys Fortive, Sells Arlington Fund's new holding is a new business Chuck Akre,Dodge & Cox,Jim Simons - Akre Capital Buys Fortive, Sells Arlington
During the second quarter, Akre Capital Management LLC acquired one new holding and sold out of another. The fund bought Fortive Corp. (NYSE:FTV) and sold Arlington Asset Investment Corp. (NYSE:AI). More...

AKRE, SECOND, QUARTER, BUY, SELL, FORTIVE


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6 Stocks Trading Below the Peter Lynch Value Undervalued companies with a wide margin of safety Dodge & Cox,Arnold Schneider - 6 Stocks Trading Below The Peter Lynch Value
According to GuruFocus' All-in-One Screener, several gurus are focusing on stocks whose Peter Lynch fair value is far above the current price. The following stocks are trading with wide margins of safety and at least five gurus are shareholders. More...

UNDERVALUED, INVESTING, PETER LYNCH


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Dodge & Cox Comments on Goldman Sachs Guru stock highlight
Goldman Sachs (NYSE:GS) (2.5% of the Fund) is a leading global investment bank, securities broker, and investment manager that provides financial services to a diversified client base that includes corporations, financial institutions, governments, and high-net-worth individuals. Since the financial crisis, Goldman Sachs has deleveraged its balance sheet, shed risky assets, and increased its liquidity. As European competitors (e.g., Credit Suisse, UBS, Royal Bank of Scotland) continue to cut costs and retreat from investment banking, Goldman has an opportunity to further increase its market share in many key businesses. While regulatory requirements have increased, this should reduce the probability of large trading losses. Finally, although market turns can be sudden and difficult to predict, Goldman Sachs has demonstrated an ability to remain profitable: over the past 16 quarters, its return on common equity has averaged an impressive 10%. More...

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Dodge & Cox Comments on Union Pacific Guru stock highlight
While scores of railroads once operated in the United States, the industry is now concentrated: there are two major railroad lines east of the Mississippi and two in the West. We recently initiated a position in Union Pacific (NYSE:UNP), which owns an irreplaceable railroad franchise covering 23 western states. More...

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Dodge & Cox Comments on Bank of America Guru stock highlight
The largest bank in the United States by deposits, Bank of America (NYSE:BAC) has leading positions in the lines of business that comprise the majority of its revenues, including consumer banking and wealth management. Since the financial crisis, Bank of America has gained market share in its core businesses and navigated ever tougher regulatory requirements, while increasing capital and liquidity. As a part of its restructuring plan, management has simplified the business, reduced expenses, and implemented a more customer-focused strategy. Longer term, improved fundamentals and potential cyclical tailwinds (e.g., additional loan growth, higher rates, increased capital markets activity) could produce a significantly higher return on assets, as well as multiple expansion, dividend increases, and/or share repurchases. More...

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Dodge & Cox Stock Fund 2nd Quarter Shareholder Letter Fund managers discuss market environment, holdings Dodge & Cox - Dodge & Cox Stock Fund 2nd Quarter Shareholder Letter
Market Commentary More...

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Is Now the Time to Invest in Motorcycle Companies? Sales were down at Harley-Davidson by more than 5% in 2nd quarter Columbia Wanger,Dodge & Cox - Is Now The Time To Invest In Motorcycle Companies?
The motorcycle industry and the oil industry have an interesting relationship. More...

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Van Den Berg's Best Investments of 2nd Quarter Schlumberger, Dynamic Materials have largest returns Arnold Van Den Berg,Dodge & Cox,Barrow Hanley Mewh - Van Den Berg's Best Investments Of 2nd Quarter
Arnold Van Den Berg is a value investor who has been managing Century Management since its founding in 1974. During the second quarter, the guru raised several stakes, and the following are the ones with the highest performances since those buys. More...

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Dodge & Cox Comments on Union Pacific Guru stock highlight
While scores of railroads once operated in the United States, the industry is now concentrated: there are two major railroad lines east of the Mississippi and two in the West. We recently initiated a position in Union Pacific (NYSE:UNP), which owns an irreplaceable railroad franchise covering 23 western states. More...

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Dodge & Cox Comments on Goldman Sachs Guru stock highlight
Goldman Sachs (NYSE:GS) (1.9% of the Fund) is a leading global investment bank, securities broker, and investment manager that provides financial services to a diversified client base that includes corporations, financial institutions, governments, and high-net-worth individuals. Since the financial crisis, Goldman Sachs has deleveraged its balance sheet, shed risky assets, and increased its liquidity. As European competitors (e.g., Credit Suisse, UBS, Royal Bank of Scotland) continue to cut costs and retreat from investment banking, Goldman has an opportunity to further increase its market share in many key businesses. While regulatory requirements have increased, this should reduce the probability of large trading losses. Finally, although market turns can be sudden and difficult to predict, Goldman Sachs has demonstrated an ability to remain profitable: over the past 16 quarters, its return on common equity has averaged an impressive 10%. More...

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