Dodge & Cox

Dodge & Cox

Last Update: 03-20-2017

Number of Stocks: 182
Number of New Stocks: 5

Total Value: $112,547 Mil
Q/Q Turnover: 4%

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 (%)
201621.2711.969.3
2015-4.471.38-5.8
201410.4313.69-3.3
3-Year Cumulative27.9 (8.6%/year)29 (8.9%/year)-1.1 (-0.3%/year)
201340.5532.398.2
201222.01166.0
5-Year Cumulative119.4 (17%/year)98.2 (14.7%/year)21.2 (2.3%/year)
2011-4.082.11-6.2
201013.4915.06-1.6
200931.2726.464.8
2008-43.31-37-6.3
20070.145.49-5.3
10-Year Cumulative78 (5.9%/year)95.7 (6.9%/year)-17.7 (-1%/year)
200618.5315.792.7
20059.374.914.5
200419.1710.888.3
200332.3428.683.7
2002-10.54-22.111.6
15-Year Cumulative225.5 (8.2%/year)164.2 (6.7%/year)61.3 (1.5%/year)
20019.33-11.8921.2
200016.31-9.125.4
199920.2121.04-0.8
19985.428.58-23.2
199728.433.36-5.0
20-Year Cumulative573.4 (10%/year)339.2 (7.7%/year)234.2 (2.3%/year)
199622.2722.96-0.7
199533.5237.58-4.1
19945.171.323.9
199318.3310.088.2
199210.827.623.2
25-Year Cumulative1416.1 (11.5%/year)791.8 (9.1%/year)624.3 (2.4%/year)
199121.4730.47-9.0
1990-5.09-3.1-2.0
198926.9431.69-4.8
198813.7616.61-2.9
198711.955.16.8
30-Year Cumulative2725.7 (11.8%/year)1719.7 (10.2%/year)1006 (1.6%/year)
198618.3118.6-0.3
198537.8631.66.3
19845.186.1-0.9
198326.5422.44.1
198222.0721.40.7
35-Year Cumulative7387.9 (13.1%/year)4377.7 (11.5%/year)3010.2 (1.6%/year)
1981-2.57-52.4
198033.1932.30.9

Top Ranked Articles

7 Cheap Stocks Based on Price-Sales All-in-One Screener identifies stocks with low P/S ratios
According to GuruFocus' All-in-One Screener, the following stocks with market caps above $5 billion look cheap since they are trading with low price-sales (P/S) ratios. Read more...
Dodge & Cox Invests in 7 Positions in the 3rd Quarter Guru acquired 3 new holdings, added to 4 others
Dodge & Cox manages over $104 billion in separate accounts and mutual funds. The firm employs a team research approach in making investment decisions and the investment decisions are made by the Investment Policy Committee. The firm made the following buys during the third quarter: 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...
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Commentaries and Stories

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Dodge & Cox Funds First Quarter Commentary Overview of performance of holdings Dodge & Cox - Dodge & Cox Funds First Quarter Commentary
The Dodge & Cox Stock Fund had a total return of 5.0% for the first quarter of 2017, compared to 6.1% for the S&P 500 Index. More...

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JPMorgan’s 1st-Quarter Earnings Boosted by Trading Bank reports17% increase in profit Dodge & Cox - JPMorgan’s 1st-Quarter Earnings Boosted By Trading
JPMorgan Chase & Co. (NYSE:JPM), the nation’s largest bank by assets, released its first-quarter 2017 earnings on April 13, reporting a 17% increase in profit from trading. More...

EARNINGS, 1Q, 2017, JPMORGAN, BANKS


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7 Stocks With Growing Book Values Companies have wide margins of safety Howard Marks,Dodge & Cox,Jeremy Grantham,Jim Simon - 7 Stocks With Growing Book Values
The following companies have grown their book values per share (BV/S) over the last 10 years. More...

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American Express Announces Quarterly Dividend Forward dividend yield of 1.62% Warren Buffett,Dodge & Cox,Barrow Hanley Mewhinney - American Express Announces Quarterly Dividend
American Express (NYSE:AXP) has announced a quarterly dividend of 32 cents with an ex-dividend date of April 5. The dividend is unchanged from the previous two quarters. American Express currently has a forward dividend yield of 1.62%. More...

FINANCIAL SERVICES, AMERICAN EXPRESS


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Stocks With Growing Book Values and Margins of Safety Undervalued stocks with rising BV/S Howard Marks,Dodge & Cox,Jeremy Grantham,Jim Simon - Stocks With Growing Book Values And Margins Of Safety
The following companies have a growing book value per share (BV/S) over the last 10 years. More...

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JPMorgan Increases Quarterly Dividend Forward dividend yield of 2.30% Dodge & Cox,Barrow Hanley Mewhinney & Strauss - JPMorgan Increases Quarterly Dividend
JPMorgan (NYSE:JPM) has increased its quarterly dividend to 50 cents from 48 cents. The dividend has an ex-dividend date of April 4. With the dividend the stock now has a forward dividend yield of 2.30%. More...

FINANCIAL STOCKS, JPMORGAN, DIVIDEND


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Scott Black Sells Time Warner, Union Pacific, Tegna The guru's largest 4th-quarter sales Scott Black,Dodge & Cox,Pioneer Investments,Spiros - Scott Black Sells Time Warner, Union Pacific, Tegna
Scott Black (Trades, Portfolio) is the chairman, president, chief investment officer and chief compliance officer at Delphi Management Inc. During the fourth quarter he sold shares in the following stocks: More...

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Microsoft Announces Quarterly Dividend Forward dividend yield is 2.41% Dodge & Cox,First Eagle Investment,Barrow Hanley M - Microsoft Announces Quarterly Dividend
Microsoft (NASDAQ:MSFT) has announced a quarterly dividend of 39 cents with an ex-dividend date of May 16 and a payable date of June 8. With the quarterly dividend the firm’s forward dividend yield is now 2.41% which is slightly higher than its trailing 12-month dividend of 2.32%. More...

MICROSOFT, TECHNOLOGY, DIVIDEND


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The Dodge & Cox Case for Active Investing Justification for making your own way when choosing stocks Dodge & Cox - The Dodge & Cox Case For Active Investing
Dodge & Cox (Trades, Portfolio), a mutual fund that can be found among the investing gurus at GuruFocus, is an institutional investor. And, one with a unique style. More...

INVESTING STYLE, ACTIVE VS PASSIVE, GURU, INVESTMENT GURU, INSTITUTIONAL INVESTOR, MUTUAL FUNDS, RETAIL INVESTORS, ACTIVE INVESTING, LONG


  • Currently 4.73/5

Rating: 4.7/5 (15 votes)

The Complete List of 4th Quarter 2016 Hedge Fund Letters to Investors Read everything from Ackman to Buffett to Klarman here, from Vintage Value Investing Dodge & Cox,Fairholme Fund - The Complete List Of 4th Quarter 2016 Hedge Fund Letters To Investors
This wide-ranging list is published here thanks to Vintage Value Investing. More...

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Will YouTube TV Kill Big Cable? Cable companies, already bleeding subscribers, now face the competition with the world’s biggest video service DOdge & Cox,PRIMECAP Management,Jeremy Grantham,Wa - Will YouTube TV Kill Big Cable?
YouTube, which has entertained the world with kittens and helped fix innumerable clogged drains, has announced it will launch YouTube TV, a low-cost cable TV service. In other words fewer channels than conventional cable at a lower price. YouTube TV plans to offer some 40 channels for just $35 a month and add a number of features, including a virtual DVR (digital video recorder). More...

ENTERTAINMENT, VIDEO, CORD-CUTTING, CABLE-CUTTING, SKINNY-TV, CABLE TV, LONG


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Pioneer Investments Boosts JPMorgan, BlackRock, Comcast The guru's largest purchases of the 4th quarter Pioneer Investments,Dodge & Cox,PRIMECAP Managemen - Pioneer Investments Boosts JPMorgan, BlackRock, Comcast
Pioneer Investments (Trades, Portfolio) operates in wide areas of investment vehicles: mutual funds, single manager hedge funds, funds of hedge funds, structured products, segregated and managed accounts and institutional funds. During the fourth quarter the firm bought shares in the following stocks: More...

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Joel Greenblatt Cuts Hewlett Packard, Walt Disney, Oracle The guru's largest 4th-quarter sales Joel Greenblatt,Dodge & Cox,PRIMECAP Management,HO - Joel Greenblatt Cuts Hewlett Packard, Walt Disney, Oracle
Joel Greenblatt (Trades, Portfolio) is known for the invention of Magic Formula Investing, and founder of the New York Securities Auction Corporation (NYSAC). Greenblatt is founder and managing partner of Gotham Asset Management LLC. During the fourth quarter the guru sold shares in the following stocks: More...

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Barrow, Hanley, Mewhinney & Strauss’ Top 3 New Holdings Firm invests in entertainment, science and home improvement in 4th quarter Barrow Hanley Mewhinney & Strauss,Dodge & Cox,Dona - Barrow, Hanley, Mewhinney & Strauss’ Top 3 New Holdings
Dallas-based investment firm Barrow, Hanley, Mewhinney & Strauss gained 25 new holdings in the final quarter of 2016. The firm’s top three new holdings are Twenty-First Century Fox Inc. (NASDAQ:FOXA), E.I. du Pont de Nemours & Co. (NYSE:DD) and Lowe’s Companies Inc. (NYSE:LOW). More...

BHMS, 4Q, BUYS, DALLAS, BARROW HANLEY


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Dodge & Cox Comments on Wells Fargo Guru stock highlight
While we trimmed Financials on a net basis during the fourth quarter, we opportunistically added to Wells Fargo (NYSE:WFC) (up only 5% for 2016), which detracted from relative performance and was weak among bank stocks due to regulatory infractions and fines. We were disappointed to learn about the bank’s sales practices that resulted in improper account openings, but are convinced Wells Fargo is actively addressing the issues. After a comprehensive review, we believe Wells Fargo’s superior franchise, deep management team, track record of generating higher returns than other banks, and attractive valuation at 1.6 times book value make it an attractive long-term investment opportunity. On December 31, Wells Fargo was a 1.8% position in the Fund. More...

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Dodge & Cox Comments on AstraZeneca Guru stock highlight
AstraZeneca (NYSE:AZN), which is based in the United Kingdom, is a global pharmaceutical company with strengths in treatment for cancer and respiratory, cardiovascular, and infectious diseases. The share price has been under pressure due to recent and upcoming patent expirations for major drugs. Despite this headwind, the long-term growth outlook is favorable because of the company’s robust new drug pipeline, particularly in oncology. AstraZeneca has an attractive position in the revolutionary field of cancer immunotherapy, which harnesses the disease -fighting capabilities of the body’s immune system to reduce and potentially eliminate cancer tumors. With a 4.6% dividend yield, the current valuation is reasonable and does not appear to reflect the potential success of the immunotherapy drug pipeline. More...

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Dodge & Cox Comments on Bristol-Myers Squibb Guru stock highlight Dodge & Cox - Dodge & Cox Comments On Bristol-Myers Squibb
Once a diversified pharmaceutical company facing significant patent expirations (a “cliff”), Bristol-Myers (NYSE:BMY) has transitioned into a focused biopharmaceutical company that is positioned to grow. Many of its competitors responded to their patent cliffs by expanding into other non-drug areas; Bristol-Myers shed its interests in those assets unrelated to the drug business (e.g., medical supply, nutritionals), focused on specialty drugs, and concentrated on only those therapeutic areas that it believed could be profitable over the long term. Its medicines help millions of people fight against such diseases as cancer, cardiovascular disease, hepatitis, HIV/ AIDS, and rheumatoid arthritis. More...

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Dodge & Cox's Stock Fund 4th Quarter Letter to Shareholders Discussion of market and holdings Dodge & Cox - Dodge & Cox's Stock Fund 4th Quarter Letter To Shareholders
TO OUR SHAREHOLDERS More...

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7 Stocks Outperforming the Market Gurus bought these stocks in the 4th quarter Dodge & Cox,John Burbank - 7 Stocks Outperforming The Market
According to GuruFocus' All-in-One Guru Screener, the following are some of the stocks that have outperformed the Standard & Poor's 500 Index over the last 12 months and were bought by gurus during the last quarter. More...

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Rating: 3.7/5 (3 votes)

7 Cheap Stocks Based on Price-Sales All-in-One Screener identifies stocks with low P/S ratios Dodge & Cox,Donald Yacktman,Yacktman Fund,Yacktman - 7 Cheap Stocks Based On Price-Sales
According to GuruFocus' All-in-One Screener, the following stocks with market caps above $5 billion look cheap since they are trading with low price-sales (P/S) ratios. More...

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