Dodge & Cox

Dodge & Cox

Last Update: 2014-02-14

Number of Stocks: 163
Number of New Stocks: 3

Total Value: $95,923 Mil
Q/Q Turnover: 3%

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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The Most Overlooked Technology Bargain: Computer Sciences (CSC)
Computer Sciences Corporation (CSC) carries a 4-Star GuruFocus rating for business predictability. Read more...
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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Commentaries and Stories

  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

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Forest Laboratories Inc. (FRX) is one of the largest U.S.-based pharmaceutical companies in the area of developing, producing and selling central nervous system (CNS)-related prescription drugs. The company also focuses on the development and introduction of new products, including products developed in collaboration with licensing partners. 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...

ENERGY, OIL, GAS, EQUIPMENT, DRILLING


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Investors Should Not Fear, Protect Your Portfolio with ADT
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Forest Laboratories' Recovery
Organized in 1956, Forest Laboratories Inc. (FRX) is a pharmaceutical corporation focused on the in-licensing drugs for development. Its products include those developed by it and those acquired from other pharmaceutical companies and integrated into its marketing and distribution systems. Forest and it subsidaries develop, manufacture and sell branded forms of ethical drug products, most of which are only available with written instructions from a physician. Forest emphasizes detailing to physicians of those branded ethical drugs that have the most potential for growth and benefit for patients. The company mainly sells its drugs in the U.S., but has a small international presence. More...

LONG, PHARMA, BIO, DRUGS


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Verizon Tops Most Guru-Held Communications Services of the Year John Paulson,Dodge & Cox - Verizon Tops Most Guru-Held Communications Services Of The Year
Using the GuruFocus Aggregated Portfolio Screener you can filter results to see what companies maintain the highest amount of guru ownership. By using this screener, we filtered down to see which companies based out of the Communications Services sector were held by the highest number of gurus. The following five companies come from this industry and are held by the largest number of gurus. More...

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Top Held European Stocks Highlighted by Health Care and Oil and Gas Stocks Dodge & Cox,Ken Fisher - Top Held European Stocks Highlighted By Health Care And Oil And Gas Stocks
Using the GuruFocus Aggregated Portfolio Screener you can filter results to see what companies were bought by the largest numbers of gurus over a certain period of time. By using this screener, we filtered down to see which companies based in Europe were bought by the highest number of gurus. More...

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  • Currently 4.00/5

Rating: 4.0/5 (3 votes)

Top 10 Guru-Held Stocks of the Fourth Quarter Ken Fisher,Dodge & Cox - Top 10 Guru-Held Stocks Of The Fourth Quarter
Using the GuruFocus Aggregated Portfolio Screener you can filter results to see what companies maintain the highest amount of guru ownership. By using this screener, we filtered down to see which companies were held by the highest number of gurus. The following ten companies come from a variety of industries, are based actually all based out of the United States and are held by the largest number of gurus as of the close of the fourth quarter More...

  • Currently 1.00/5

Rating: 1.0/5 (1 vote)

Dodge & Cox Funds 2013 Equity Year in Review
Dodge & Cox analysts discuss their 2013 equity year in a video here. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Dodge & Cox Comments on Capital One
Capital One (COF) (the Fund's largest position at 4.0%) is a consumer finance firm with credit card, auto lending, and banking businesses. The company has a strong franchise, attractive growth opportunities, and a disciplined management team with a solid track record and long-term focus. Capital One has grown market share while achieving high return on equity through its data analytics, which have led to sophisticated marketing and strong underwriting. Its acquisitions of ING Direct and HSBC's credit card portfolio appear to be strategically sound. While regulatory reform could force changes in business practices that could adversely affect the industry, we believe Capital One— trading at 11 times forward earnings—is an attractive long-term investment opportunity. More...

  • Currently 2.00/5

Rating: 2.0/5 (4 votes)

Dodge & Cox Funds Stock Fund Q4 Shareholder Letter
TO OUR SHAREHOLDERS More...

  • Currently 4.80/5

Rating: 4.8/5 (5 votes)

Symantec Corp After Reporting Better Than Expected Earnings: Profitability Analysis
Profitability is one of the main factors one must look at when analyzing a company. It is not only the reason behind a company’s existence, but also a key element when determining whether to invest in a company or not. Thus, in this article I will look into Symantec Corp (SYMC)´s earnings and earnings growth (which came in better than expected on the last reported quarter), profit margins and other profitability ratios. More...

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Weekly Three-Year Low Highlight: COH, GLPI, AUO, JCP
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Rating: 2.0/5 (3 votes)

Weekly Guru Bargains Highlights: PBR.A
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Rating: 5.0/5 (1 vote)

Dodge & Cox Funds Fourth Quarter 2013 Commentary
The Dodge & Cox Stock Fund had a total return of 11.8% for the fourth quarter of 2013, compared to 10.5% for the S&P 500 Index. For 2013, the Fund had a total return of 40.6%, compared to 32.4% for the S&P 500. At year end, the Fund had net assets of $54.8 billion with a cash position of 1.7%. More...

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