Dodge & Cox

Dodge & Cox

Last Update: 05-13-2016

Number of Stocks: 191
Number of New Stocks: 12

Total Value: $102,227 Mil
Q/Q Turnover: 5%

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 Buys Union Pacific, American Express The fund's largest increases in the 1st quarter
Dodge & Cox was founded in 1930 by Van Duyn Dodge and E. Morris Cox. During the first quarter the fund bought shares in the following stocks. Read more...
Bruce Berkowitz Buys Bank of America, Sells Leucadia National The investor's largest trades in the 1st quarter
Bruce Berkowitz (Trades, Portfolio) is the founder and the managing member of the Fairholme Fund (Trades, Portfolio). During the first quarter he traded the following stocks: Read more...
John Paulson Trims Time Warner Cable, Starwood Hotels Guru's largest reductions in the 1st quarter
John Paulson (Trades, Portfolio) is the president and portfolio manager of Paulson & Co. Inc. During the first quarter he reduced or closed his shares in many stocks. Read more...
UnitedHealth’s Obamacare Changes to Affect Healthcare Sector Company reported strong 1st quarter results and will exit Obamacare
UnitedHealth (NYSE:UNH) reported its first quarter earnings results on April 19. UnitedHealth is the Dow Jones Industrial Average’s only healthcare stock focused primarily on healthcare plans. Following its early morning earnings release, the company reported a gain for the day of 2.1%. Read more...
Dodge & Cox Trims Stakes in Pfizer, GE, eBay, Microsoft Guru adds to holdings in American Express, Twenty-First Century Fox
Dodge & Cox added three new stakes to its portfolio in the fourth quarter, but the transactions that had the greatest impact were the guru's sales of portions of existing stakes. Read more...
» More Dodge & Cox Articles

Commentaries and Stories

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Rating: 5.0/5 (2 votes)

Dodge & Cox Stock Fund 2nd Quarter Commentary Market and stock commentary Dodge & Cox - Dodge & Cox Stock Fund 2nd Quarter Commentary
M A R K E T C O M M E N TA RY More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Top Gurus Pour Heavy Capital in Major Technology Stocks Stocks like Apple and Microsoft have high ownership despite many guru sells Dodge & Cox,First Eagle Investment,Carl Icahn,Juli - Top Gurus Pour Heavy Capital In Major Technology Stocks
Among all stocks listed on the Standard & Poor’s 500 index, technology stocks have high ownership among gurus, according to the S&P 500 Guru Grid. With a combined rating of 169%, Microsoft Corp. (NASDAQ:MSFT) has the highest combined weighting of all gurus among S&P 500 stocks. Alphabet Inc. (GOOGL) and Apple Inc. (NASDAQ:AAPL) have the second- and third-highest combined weightings. Although these technology companies are heavily owned by gurus, the top two technology stocks featured major sellouts during the first half of the year. More...

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Under Armour's P/S Ratio Near Its 10-Year Low Company trades at P/S ratio of 3.66; 10-year low is 3.56 Dodge & Cox,Ken Fisher,Ron Baron,Steve Mandel - Under Armour's P/S Ratio Near Its 10-Year Low
Under Armour Inc. (NYSE:UA) is traded at P/S ratio of 3.66, close to its 10-year low of 3.56. The company is owned by eight gurus. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Dodge & Cox Buys Union Pacific, American Express The fund's largest increases in the 1st quarter Dodge & Cox,First Eagle Investment,PRIMECAP Manage - Dodge & Cox Buys Union Pacific, American Express
Dodge & Cox was founded in 1930 by Van Duyn Dodge and E. Morris Cox. During the first quarter the fund bought shares in the following stocks. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Express Scripts: Is This a Value Investing Opportunity or a Legal Quagmire? With a recent dip in its share price, company appears on the Historical Low P/S list Wallace Weitz,Dodge & Cox,Barrow Hanley Mewhinney  - Express Scripts: Is This A Value Investing Opportunity Or A Legal Quagmire?
You will have needed a pill or two if you’ve owned Express Scripts Holding Co. (NASDAQ:ESRX) over the past year — with or without the benefit of a pharmacy benefit manager (which is Express Scripts' line of business). More...

LOW P/S, PE, LONG, VALUE


  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

Dodge & Cox: Staying the Course in Value Investing 'We have reasons to believe the current divergence may be destined to narrow and even reverse' Dodge & Cox - Dodge & Cox: Staying The Course In Value Investing
In 2015, growth stocks in the United States and around the world outperformed value stocks by one of the widest margins since the global financial crisis. Although value stocks have outperformed growth stocks for extended periods over most of the last 90 years, the decade 2005-2015 has been one of the few ten-year periods in which value has lagged growth. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bruce Berkowitz Buys Bank of America, Sells Leucadia National The investor's largest trades in the 1st quarter Bruce Berkowitz,Dodge & Cox,Barrow Hanley Mewhinne - Bruce Berkowitz Buys Bank Of America, Sells Leucadia National
Bruce Berkowitz (Trades, Portfolio) is the founder and the managing member of the Fairholme Fund (Trades, Portfolio). During the first quarter he traded the following stocks: More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

John Paulson Trims Time Warner Cable, Starwood Hotels Guru's largest reductions in the 1st quarter John Paulson,Dodge & Cox,Eric Mindich,Jana Partner - John Paulson Trims Time Warner Cable, Starwood Hotels
John Paulson (Trades, Portfolio) is the president and portfolio manager of Paulson & Co. Inc. During the first quarter he reduced or closed his shares in many stocks. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

UnitedHealth’s Obamacare Changes to Affect Healthcare Sector Company reported strong 1st quarter results and will exit Obamacare Dodge & Cox,Jeremy Grantham - UnitedHealth’s Obamacare Changes To Affect Healthcare Sector
UnitedHealth (NYSE:UNH) reported its first quarter earnings results on April 19. UnitedHealth is the Dow Jones Industrial Average’s only healthcare stock focused primarily on healthcare plans. Following its early morning earnings release, the company reported a gain for the day of 2.1%. More...

HEALTHCARE


  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Dodge & Cox Funds' 1st Quarter 2016 Global Stock Fund Commentary Review of economy and holdings Dodge & Cox - Dodge & Cox Funds' 1st Quarter 2016 Global Stock Fund Commentary
The Dodge & Cox Global Stock Fund had a total return of –1.3% for the first quarter of 2016, compared to –0.3% for the MSCI World Index. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Dodge & Cox Funds' 1st Quarter 2016 Commentary Review of economy and stock holdings Dodge & Cox - Dodge & Cox Funds' 1st Quarter 2016 Commentary
The Dodge & Cox Stock Fund had a total return of –1.0% for the first quarter of 2016, compared to 1.3% for the S&P 500 Index. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Dodge & Cox Trims Stakes in Pfizer, GE, eBay, Microsoft Guru adds to holdings in American Express, Twenty-First Century Fox Dodge & Cox - Dodge & Cox Trims Stakes In Pfizer, GE, EBay, Microsoft
Dodge & Cox added three new stakes to its portfolio in the fourth quarter, but the transactions that had the greatest impact were the guru's sales of portions of existing stakes. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Dodge & Cox: Value Investing in 2016 Fund managers discuss their strategy Dodge & Cox - Dodge & Cox: Value Investing In 2016
Value managers Diana Strandberg and Charles Pohl discuss their fund's underperformance of the S&P 500 as growth surpassed value in recent years. The result has been more opportunities arising, particularly in financials, energy and emerging markets. More...

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Dodge & Cox Comments on HP Inc. Guru stock highlight
As the leader in printing and personal computer sales globally, HP Inc. (NYSE:HPQ)’s key challenge is declining revenues. Partly due to the stronger U.S. dollar, consensus estimates have the company’s sales declining approximately 10% in 2016. Many investors believe a shrinking market for hardware and ink may be too difficult to overcome; we believe this view of the company’s prospects is too pessimistic. HP’s management is aggressively cutting costs and has plans to introduce more new products. For example, HP has portions of its printing business (e.g., high-end graphics production) that are currently growing and may increase share in the established copier market and in the more nascent 3D print market. Moreover, the company generates robust free cash flow. Trading at seven times forward estimated earnings, HP remains an attractive investment opportunity with strong business prospects given its large valuation discount to the overall market. More...

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Dodge & Cox Comments on Hewlett Packard Enterprise Guru stock highlight
After providing strong returns in 2013 and 2014, Hewlett-Packard was the Fund’s largest detractor from results during 2015. Hewlett-Packard recently split into two entities—Hewlett Packard Enterprise (NYSE:HPE) and HP Inc. (NYSE:HPQ)—which should result in greater focus and flexibility for each company to achieve its strategic goals. To assess secular challenges and evaluate the risks and opportunities of each stand-alone business, we met numerous times with their management teams and competitors and spoke with industry consultants. As a result, we added to the Fund’s positions in both companies. On December 31, Hewlett Packard Enterprise was a 2.5% position and HP Inc. was a 1.8% position in the Fund. More...

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Dodge & Cox Comments on American Express Guru stock highlight
American Express (NYSE:AXP)—the largest new purchase in the Fund during 2015—provides charge and credit card products and travel-related services to consumers and businesses worldwide. The company is the number one credit/charge card issuer and merchant acquirer in the United States measured by billed business, and its network is the second largest after Visa. Historically, American Express has generated attractive returns due to its vertical integration and strong value proposition for high-spending customers. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

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. More...

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Dodge & Cox Comments on Itau Unibanco Guru stock highlight
Itau Unibanco (NYSE:ITUB), Brazil’s leading bank, has strong market positions in consumer credit and payments and is exposed to under-penetrated areas of the financial market that are poised to grow over the next three to five years. Brazil’s struggling economy and sharp currency depreciation weighed substantially on Itau Unibanco’s stock during 2015 (down 41%(e) in U.S. dollars). We conducted both on-the-ground and other due diligence with company management and government officials to evaluate economic and company-specific concerns. What we found reaffirmed our view that Itau’s management has proactively managed credit risk by reducing exposures and raising provisions. Management is focused on enhancing shareholder value and has a solid track record of capital allocation. Beyond this cycle, management is investing for the future and strengthening Itau’s competitive advantage. For example, Itau continues to invest in online access to better serve the needs of affluent customers and more efficiently handle payments and transactions for its retail customer base. At 1.6 times tangible book value, Itau trades at a 10-year low valuation. While political More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Dodge & Cox Stock Fund Annual Letter 2015 Review of market and holdings Dodge & Cox - Dodge & Cox Stock Fund Annual Letter 2015
To Our Shareholders More...

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Stocks in the Spotlight As earnings season begins to heat up, Apple disappoints, U.S. Steel comes under pressure, and Capital One comes through David Einhorn,Dodge & Cox,Diamond Hill Capital,Ray - Stocks In The Spotlight
Indexes had a nice rebound along with oil on Tuesday on renewed optimism that oil producers will look to curb production in the near future. The problem with this is twofold. For one, Saudi Arabia has been pretty adamant that it plans to keep producing oil in order to preserve market share. Second, more supply is set to hit the market, this time from Iran whose sanctions have been lifted. Neighboring Iraq is also set to increase its oil production from 3.8 million barrels per day to 4 million plus. More...

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