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. Its Stock Fund has returned an annual average of 11.43% over the past 10 years and 14.18% over the past 20 years. Comparatively, the S&P 500 has returned 5.91% and 11.81% in the past 10- and 20-year periods respectively.
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.
(GuruFocus, November 20, 2009) When I was reviewing the portfolio of Dodge & Cox, I stump on a small detail of the company’s funds. Take the flagship Dodge & Cox Stock Fund for example, as of September 30, 2009, the fund’s 83 stocks have an average forward Price-to-Earning ratio of 13.2, that is compared to S&P 500’s 21.4. The firm’s International Stock Fund and Global Stock Fund exhibit less contrast to the benchmark MSCI EAFE index. That is not because the funds’ stocks have much higher PE ratios, but rather, the universe of stock worldwide has smaller PE ratio that that of the US stocks. More...
(GuruFocus, November 19, 2009) We viewed the Dodge & Cox top holdings earlier on in this article, and here is the top purchases during the third quarter of 2009: More...
(GuruFocus, November 19) Mutual funds in Dodge & Cox are managed by an Investment Policy Committee, which currently consists of nine members. Rather than singling out an individual, GuruFocus track the fund under “Dodge & Cox”. The firm manages Dodge & Cox Stock Fund, Global Stock Fund, International Stock Fund, Balanced Stock Fund, and Income Fund. More...
After fine performances for many decades, Dodge & Cox’s stock fund lost 43% in 2008. For the nine months ended September 30, 2009, the Fund had a total return of 25.6%. In the third quarter they did more selling than buying. This the Q3 portfolio update. More...
(GuruFocus, September 14, 2009 ) Investment Guru Dodge & Cox has added to their position in software maker Synopsys Inc. (SNPS). According to GuruFocus Real Time Data, Dodge & Cox increased 13.52% to their existing position at the price around $21.23 per share on August 31, 2009. After the purchase, Dodge and Cox own a total of 15.5 million shares or 13.52% of all shares outstanding. More...
Dodge & Cox is almost fully invested now. They wrote: "Our investment experience and belief in the favorable long-term prospects of the individual companies in our diversified portfolio lead us to be optimistic and persistent in staying fully invested." This is the Q2 portfolio update of Dodge & Cox. More...
Dodge & Cox Q2 shareholder letter: As we continually survey the investment landscape with an eye toward a meaningful economic rebound over the next few years, our bottom-up research approach has led us to invest in many companies in Health Care, Information Technology, and Media, where the Fund is overweight compared to the S&P 500. These areas represented more than 60% of the Fund’s portfolio as of June 30 and include industry leaders Hewlett-Packard, Sony, Comcast, Time Warner, GlaxoSmithKline, Merck, Amgen, and WellPoint. In addition, the Fund holds a number of midsize competitors such as Citrix Systems, Maxim Integrated Products, Interpublic Group, Liberty Media, and Boston Scientific. In other cases, where our analysis indicates that the risks outweigh the potential returns, the Fund has sold positions. Sales in the second quarter included Citigroup and American International Group (AIG). More...
Morningstar Senior Analyst Gregg Wolper wrote an article titled “Is big pharma a big pain?” for hemscott.com, summarizing the opinions expressed by famed money managers in last week’s Morningstar conference. Here are the key points: More...
Dodge & Cox had a bad year in 2008. Over the past 10 years, they are still about 5% a year ahead of the market. They are now heavily weighted in healthcare, tech, and consumer discretionary. This is their Q1 portfolio update. Dodge & Cox owns 208 stocks with a total value of $54.1 billion. These are the details of the buys and sells. New Purchases: BBT, PBR, TWC, More...
Dodge & Cox started their investment management business right before the great depression, and they learned a lot of lessons over the years and did well, until 2008. Apparently they learned something new again in 2008. Dodge & Cox is now almost fully invested. They invest heavily in Healthcare, Consumer Discretionary and Information Technology. These are their buys and sells during the 4th quarter of 2008. More...
Dodge & Cox was founded in 1930, by Van Duyn Dodge and E. Morris Cox. Through its Stock Fund, Global Stock Fund, International Stock Fund, Balanced Fund, and Income Fund that bear the company’s name, the company managed over near $120 Billion as of September 30, 2008. More...
Lately it seems like whenever we talk to advisors and industry watchers, there's one fund family that generates the most discussion: Dodge & Cox. The venerable 78-year-old firm got caught this year holding stocks like Fannie Mae (FNM: 0.87, -0.01, -1.13%), AIG (AIG: 1.94, +0.10, +5.43%) and Wachovia (WB: 5.85, +0.58, +11.00%) as those companies spiraled downward. That's caused the flagship Dodge & Cox Stock (DODGX)Â mutual fund to post a 47.7% loss in 2008, worse than the S&P 500 index's 41.1% decline and far worse than a majority of competitors. More...
The U.S. capital markets continue to experience a period of extraordinary turmoil, marked by liquidity and credit concerns in the financial sector and a series of government interventions. This has been a difficult period for our clients and investors in the Dodge & Cox Funds. More...
Dodge & Cox shareholder letter: "In our experience, the best opportunities for long-term investors can often be found when short-term uncertainty is the greatest and long-term outcomes are unclear. We believe that now is such an opportunity for the long-term investor." More...
Dodge & Cox's performance has been hurt by owning financials. But they are staying their course, buying more of them. Now they own more than 10% of Fannie Mae. Isn't Fannie Mae too hard for them? How will this bet turn out? These are their buys and sells during the second quarter. Dodge & Cox. Dodge & Cox owns 247 stocks with a total value of $107.5 billion. More...
Dodge & Cox, a well respected value firm, has its fund down -21% for the 12 months ended on June 30. The period is certainy very chanllenging. But the team is still adding to their holdings in financials such as American International Group and Fannie Mae. More...
DODGE & COX first quarter commentary: "To invest in the stock market is to become long-term owners of companies. We want to invest at a time when a company’s valuation appears attractive in relation to its earnings power, looking out over the next three-to-five years. That long term “owner” mentality requires an in-depth knowledge of the companies in the Fund and results in portfolio turnover which is quite low. The average holding period for the Fund’s investments is actually over five years." More...
Beating the market with a portfolio of $100 billion seems to be am impossible task. But Dodge & Cox team has been doing that with a balanced value approach. Over the past 5 years they have achieved an average of more than 13%. These are their buys and sells during the first quarter. More...
As investors continue to grapple with disappointing news about credit market dislocations and the near-term U.S. economic outlook, we believe that significant investment opportunities are being created for the patient, long-term investor. More...
Dodge & Cox shareholder letter: "A long-term investment horizon is particularly important in the face of volatility. In our experience, some of the best investment opportunities are created during periods of uncertainty." More...
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