Dodge & Cox

Dodge & Cox

Last Update: 2014-11-13

Number of Stocks: 204
Number of New Stocks: 41

Total Value: $104,558 Mil
Q/Q Turnover: 3%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Dodge & Cox Watch

  • Dodge & Cox Discuss Their Investments in Pharmaceuticals

    EXECUTIVE SUMMARY


    The Pharmaceutical (Pharma) industry has long been a significant engine of the global economy. Throughout the 1990s, Pharma industry valuations were high due to expected industry growth, robust profitability, and overall optimism about scientific advancements. However, by the turn of the millennium, positive sentiment was decreasing in light of tougher FDA approval standards, health care cost scrutiny, and reduced research and development (R&D) productivity. By 2009, valuations plummeted to historically low levels as investors appeared to be questioning the viability of the traditional “Large Pharma” business model.

      


  • Dodge & Cox Video - Understanding the Pharmaceutical Industry

    Pharmaceuticals analysts at investing firm Dodge & Cox explain the industry, where they have a "significant overweight" position.


    Watch the video here.

      


  • Dodge & Cox's Top New Buys of Q3

    The Dodge & Cox fund in companies that it believes the stock market is undervaluing but have strong potential long-term growth. It returned 8% for the first nine months of the year, just shy of the 8.3% return of the S&P 500.


    Managers at Dodge & Cox are optimistic about the direction of stocks going forward, saying in this third quarter letter:

      


  • Dodge & Cox Global Stock Fund Q3 Commentary

    The Dodge & Cox Global Stock Fund had a total return of –0.3% for the third quarter of 2014, compared to –2.2% for the MSCI World Index. For the nine months ended September 30, 2014, the Fund had a total return of 8.4%, compared to 3.9% for the MSCI World. At quarter end, the Fund had net assets of $5.8 billion with a cash position of 3.9%.


    MARKET COMMENTARY

      


  • Dodge & Cox’ Stock Fund Third Quarter 2014 Commentary

    The Dodge & Cox Stock Fund had a total return of 0.9% for the third quarter of 2014, compared to 1.1% for the S&P 500 Index. For the nine months ended September 30, 2014, the Fund had a total return of 8.0%, compared to 8.3% for the S&P 500. At quarter end, the Fund had net assets of $58.7 billion with a cash position of 1.4%.


    MARKET COMMENTARY

      


  • Dodge & Cox Second Quarter 2014 Commentary

    The Dodge & Cox Stock Fund had a total return of 4.5% for the second quarter of 2014, compared to 5.2% for the S&P 500 Index. For the six months ended June 30, 2014, the Fund had a total return of 7.0%, compared to 7.1% for the S&P 500. At quarter end, the Fund had net assets of $58.4 billion with a cash position of 0.8%.


    MARKET COMMENTARY

      


  • Dodge & Cox First Quarter 2014 Commentary

    The Dodge & Cox Stock Fund had a total return of 2.4% for the first quarter of 2014, compared to 1.8% for the S&P 500 Index. At quarter end, the Fund had net assets of $55.6 billion with a cash position of 2.3%.


    MARKET COMMENTARY

      


  • Dodge & Cox Funds 2013 Equity Year in Review

    Dodge & Cox analysts discuss their 2013 equity year in a video here.


    Below is a transcript of the video.

      


  • 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.

      


  • Dodge & Cox Funds Stock Fund Q4 Shareholder Letter

    TO OUR SHAREHOLDERS


    The Dodge & Cox Stock Fund had a total return of 19.6% for the six months ending December 31, 2013, compared to a return of 16.3% 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 Index. At year end, th e Fund had net assets of $54.8 billion with a cash position of 1.7%.

      


  • 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.


    Additionally, I will evaluate which institutional investors bought the stock in the recent quarters (institutional backup can tell a lot about a stock), and the initiatives that the company is putting in motion in order to ameliorate its sales and margins.

      


  • 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%.


    MARKET COMMENTARY

      


  • Dodge & Cox Discusses the Media and Internet Landscape

    Dodge & Cox analysts discuss the fundamental changes and the trends taking place in the media and Internet landscape, as well as the effects it is having on related companies. Watch the video here.  


  • Dodge & Cox Funds - Finding Fixed Income Opportunities Abroad

    Dodge & Cox manages discuss the opportunities and risks they are seeing abroad in a video here.  


  • Dodge & Cox Impact Sells and Company Earnings Update

    The third quarter portfolio of Dodge & Cox lists 164 stocks and a total value of $88.03 billion with a quarter-over-quarter turnover of 3%. The firm bought three new stocks in the third quarter. The average return of Dodge & Cox over 12 months is 27.77%.

    The recent trading of Sprint Corp. (S) is very active, with a third quarter report that its wireless revenue of $7.3 billion has increased year-over-year for the thirteenth consecutive year. Sprint is one of the recent high-impact reductions made by Dodge & Cox in the third quarter.  


  • Dodge & Cox Comments on Royal Dutch Shell

    LNG is also growing faster than other traditional sources of energy, partly due to growing power generation and industrial usage. In the form of LNG, natural gas can be transported long distances. The Middle East, Africa, and Australia have significant natural gas reserves and are among the largest exporters of LNG; the biggest importers include Asia and Europe. As one of the world's largest producers of natural gas and suppliers of LNG, Royal Dutch Shell (RDS) is well positioned to benefit from increasing LNG demand in our opinion. LNG continues to be a driver of future growth, accounting for nearly one quarter of Shell's new resource production. This well-diversified business segment has grown more than 10% annually over the last few years, and we project similar growth rates over our investment horizon. Shell's LNG growth is much faster than the demand growth for other traditional sources of energy. While we evaluate the geopolitical risks inherent in the Energy sector against company fundamentals, Shell is held in the Dodge & CoxGlobal Stock Fund and International Stock Fund due to its reasonable valuation and exposure to LNG.

    From Dodge & Cox Funds' The Energy Sector commentary.  


  • Dodge & Cox Comments on General Electric

    Consumers commonly associate General Electric (GE) with light bulbs and refrigerators. However, energy is also a major source of the company's earnings. General Electric is a leading provider of wind power, clean coal, natural gas turbines, solar, and nuclear fuel technologies. In addition, the company provides financing to energy companies around the globe through its GE Capital business segment. We have chosen not to invest in early-stage alternative energy companies that lack established business models and customer franchises, or are very reliant on new or unproven technologies becoming commercially successful in the future. General Electric, by contrast, offers us exposure to these fast growing areas in a diversified portfolio of leading businesses, which can partially offset the risks associated with the adoption of alternative energy technologies. We believe this company has the financial strength to fund new innovations out of existing cash flow, and the brand recognition, established distribution, and staying power that are critical for customer adoption of any long- term energy solutions.

    From Dodge & Cox Funds' The Energy Sector commentary.  


  • Dodge & Cox Comments on Petrobras

    Petrobras (PBR), one of Latin America's largest companies, is a world leader in developing advanced technology for deep-water and ultra-deep water oil production. The company has an attractive asset base with above-average, long-term growth opportunities in reserves and production. Petrobras has an advantaged position in world-class resource basins; its oil fields in the Campos Basin account more than 80% of the Brazilian oil production and its "pre-salt" assets are among the world's largest new oil producing developments in decades. The Brazilian government owns over half of the company's voting shares, and has made Petrobras' growth a national priority. While the government's ownership and social objectives may force the company to take non-economic actions, we believe Petrobras' valuation and strong franchise make it an attractive investment opportunity.

    From Dodge & Cox Funds' The Energy Sector commentary.  


  • Dodge & Cox Comments on Schlumberger

    Schlumberger (SLB) (the world's leading oil services company) has been a long-term holding in theDodge & Cox Equity Funds. Roughly two-thirds of Schlumberger's revenues come from outside the United States. The company is the dominant international provider in key markets including the Middle East and Russia. Historically, its international business has had higher margins and faster growth rates than its U.S. operations. Among its peers, Schlumberger has also consistently spent more on technology and research and development. Although a supply or demand shock to oil prices could reduce industry exploration and production budgets, we believe Schlumberger is well positioned to continue to benefit from the long-term relationships it has with international oil companies and producing countries.

    From Dodge & Cox Funds' The Energy Sector commentary.  


  • The Energy Sector - Dodge & Cox Funds Commentary

    Energy, a critical input to the modern global economy, accounts for approximately 8% of world GDP. Energy prices have a large effect on economic activity, significantly impacting consumers, companies, and countries. We will discuss the application of Dodge & Cox's long-standing investment philosophy in evaluating this vital sector of the global economy, the Energy positioning in the Dodge & Cox Equity Funds, (a) and some broad industry trends that are influencing our individual security selection.

    OVERVIEW OF DODGE & COX'S INVESTMENT APPROACH  


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