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 Watch

  • Dodge & Cox Stock Fund 2nd Quarter Commentary

    M A R K E T C O M M E N TA RY

      


  • 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 than just a grid of stocks

      


  • 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.


    Under Armour has a market cap of $16.74 billion; its shares were traded around $38.32 with a P/E ratio of 64.64 and P/S ratio of 3.67. Under Armour had an annual average earnings growth of 23.50% over the past 10 years. GuruFocus rated Under Armour the business predictability rank of 5-star.

      


  • 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.


    It increased its shares in Union Pacific Corp. (UNP) by 4,160% with an impact of 0.93% on the portfolio.

      


  • 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).


    ESRX low p/s

      


  • 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.

      


  • 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:


    The guru increased his shares in Bank of America Corp. (BAC) by 119.31% with an impact of 3.81% on the portfolio.

      


  • Leucadia Opens Positions in FedEx, Adobe System, Broadcom

    Leucadia National (Trades, Portfolio) bought shares in the following stocks in the first quarter:


    Leucadia bought 6,100 shares in FedEx Corp. (FDX) with an impact of 0.14% on the portfolio.

      


  • 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.


    The investor reduced his stake in Time Warner Cable Inc. (TWC) by 69.18% with an impact of -4.64% on the portfolio.

      


  • Fairholme Fund Sells Bank of America, Leucadia National

    Fairholme Fund (Trades, Portfolio) is managed by its founder Bruce Berkowitz (Trades, Portfolio). For the 10-year period after inception in 1999, the fund gained 253% while the Standard & Poor's lost money. During the first quarter the fund traded some stocks as follows:


    It exited its position in Bank of America Corp. (BAC) with an impact of -7.44% on the portfolio.

      


  • 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%.


    Favorable market trading was led by a revenue and earnings beat for the first quarter. UnitedHealth reported revenue of $44.53 billion, beating analysts’ estimates by $570 million and reporting a year-over-year gain of 24.5%. EPS of $1.81 also beat analysts’ expectations and reported a positive gain of 17% year over year.

      


  • 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.


    Market Commentary

      


  • 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.


    Market Commentary

      


  • 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.


    Dodge & Cox’s most noteworthy fourth-quarter transaction was the sale of more than 95% of its stake in Pfizer Inc. (NYSE:PFE), a pharmaceutical company based in Groton, Connecticut. The guru sold 43,023,258 shares for an average price of $33.17 per share. The deal had a -1.36% impact on Dodge & Cox’s portfolio.

      


  • 5 Most Popular S&P 500 Stocks

    The following were five of the most popular Standard & Poor's 500 stocks among the gurus during the fourth quarter, according to results from GuruFocus’ All-in-One Screener.


    Apple (NASDAQ:AAPL)

      


  • 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.


    "What I'd note is, conditions can change direction quickly and so we find that too many investors jump in and out at just the wrong time, and we think that having patience and persistence in retaining a long-term view are essentials to long-term investing success," Strandberg said.

      


  • Charles Brandes' Top Buys During the 4th Quarter

    Charles Brandes (Trades, Portfolio), chairman of Brandes Investment Partners, increased his stakes in many stocks in the fourth quarter.


    He raised his stake in Credit Suisse Group AG (CS) by 121.44%. The deal had an impact of 0.52% on the portfolio.

      


  • Fairholme Fund Cuts Bank of America, Buys Lands' End

    Fairholme Fund (Trades, Portfolio) is managed by its founder, Bruce Berkowitz (Trades, Portfolio). In the 10-year period after inception in 1999, the fund gained 253% while the Standard & Poor's lost money. During the fourth quarter Berkowitz traded many stocks.


    The investor reduced its stake in Bank of America Corp. (BAC) by 71.16%; the deal had an impact of -15.61% on the portfolio.

      


  • Dodge & Cox Comments on HP Inc.

    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.


    From Dodge & Cox Stock Fund annual commentary for 2015.

      


  • Dodge & Cox Comments on Hewlett Packard Enterprise

    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.


    Hewlett Packard Enterprise, one of the largest vendors in information technology (IT), consists of the enterprise technology infrastructure, software, and services segments of the old Hewlett-Packard. We acknowledge the company faces headwinds: the shift to the cloud has negatively impacted all on-premise IT vendors, continued public cloud adoption will likely erode the company’s market share, and competition is keen. Despite these risks, we believe Hewlett Packard Enterprise is an attractive investment due to its strong market positions across its portfolio (e.g., top provider of servers, number two position in IT services), scale advantages, and opportunities to improve its margin structure. Meg Whitman—the CEO of Hewlett Packard Enterprise—has overseen sound acquisitions (e.g., 3Par), new product launches, and cost reduction programs during her tenures at Hewlett-Packard and eBay. Management is actively cutting costs and retooling its product and service offerings to improve the company’s competitiveness. Margins in the Enterprise Services segment should expand as the company optimizes its contract mix and delivery models. The company trades at a compelling valuation (eight times forward estimated earnings), which is among the lowest in the S&P 500.

      


  • Dodge & Cox Comments on American Express

    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.


    In 2015, American Express’ stock declined 24%(c) due to concerns that the company’s business model is under pressure: Costco U.S. and JetBlue terminated their exclusive relationships with the card company and the Department of Justice questioned American Express’ ability to enforce rules prohibiting merchants from steering customers to other credit cards. As a result, American Express’ valuation relative to the market is at a historically low level (13 times forward estimated earnings(d)). We initiated a position in the company because we believe these near-term concerns have obscured a long-term investment opportunity. The company has an attractive business model that produces high returns on capital by encouraging more affluent and creditworthy customers to use the company’s credit and charge cards. American Express’ highly perceived rewards program, customer service, and strong brand recognition help attract and retain wealthier customers. The company should benefit from a continued industry shift from paper to plastic payments and growth in its third-party issued cards business. We believe American Express will be able to maintain its strong return on equity and improve profitability in the long run. On December 31, American Express was a 1.4% position in the Fund.

      


  • Dodge & Cox Comments on Schneider Electric

    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.

      


  • Dodge & Cox Comments on Itau Unibanco

    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 and macroeconomic instability has plagued Brazil, we believe Itau is an attractive long-term investment opportunity and added to the holding. On December 31, Itau was a 1.7% position in the Fund.


    From Dodge & Cox International Stock Fund year-end letter 2015.

      


  • Dodge & Cox Stock Fund Annual Letter 2015

    To Our Shareholders

      


  • 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.


    The main stock to watch on Wednesday, Jan. 27, will be Apple (NASDAQ:AAPL) whose shares are down after hours after it reported better-than-expected earnings but missed analyst estimates on revenue. Earnings came in at $3.28 per share on $75.9 billion in revenue vs. analyst expectations of $3.23 per share on revenue of $76.54 billion.

      


  • Dodge & Cox Global Stock Fund 4th Quarter Commentary

    The Dodge & Cox Global Stock Fund had a total return of 3.5% for the fourth quarter of 2015, compared to 5.5% for the MSCI World Index. For 2015, the Fund had a total return of –8.1%, compared to –0.9% for the MSCI World.


    Market Commentary

      


  • Still a Guru Favorite

    Are the gurus right about Bank of America (NYSE:BAC)?


    There are only a few companies that are more widely held by GuruFocus' gurus. Two of these are banks as well: Wells Fargo (NYSE:WFC) and Citigroup (NYSE:C). Meanwhile lots of gurus have been selling out of Bank of America over the past quarter while the stock is within 20% of its 52-week high and only 2.3% above its 52-week low. Today, the bank reported solid earnings that beat expectations.

      


  • Dodge & Cox Stock Fund 2015 Commentary

    The Dodge & Cox Stock Fund had a total return of 4.6% for the fourth quarter of 2015, compared to 7.1% for the S&P 500 Index. For 2015, the Fund had a total return of -4.5%, compared to 1.4% for the S&P 500.


    Market Commentary

      


  • Dodge & Cox Continues to Buy Shell, Coach, Cisco

    Dodge & Cox was founded in 1930 by Van Duyn Dodge and E. Morris Cox. The firm manages a portfolio of 186 stocks with a total value of $99.4 billion. The following are the stocks he has been buying for at least the last two quarters.


    LM Ericsson Telephone Co. (ERIC)

      


  • Berkshire Hathaway, China Mobile, Novartis, Oracle, PetroChina Near 52-Week Lows

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    Berkshire Hathaway Inc. reached the 52-week low of $197,800

      


  • High Dividend Yield Ratios Are Hallmarks of Many Dodge & Cox Stakes

    Ten of the existing stakes in Dodge & Cox's portfolio provide high dividend yields for the company. The firm reduced its positions in six in the third quarter.


    Dodge & Cox was founded in 1930 by Van Duyn Dodge and E. Morris Cox and employs a team research approach in making investment decisions. The investment decisions are made by the Investment Policy Committee.

      


  • Larry Robbins Buys Cigna, Monsanto and Sells Out McDonald's

    Glenview Capital Management, founded in 2000 by Larry Robbins (Trades, Portfolio), is a privately held investment management firm. Robbins’ investments are primarily focused on the U.S. with a smaller amount of exposure in Western Europe.


    The following are his most notable trades during the third quarter.

      


  • Paul Singer Sells Juniper and Fox, Sells Out Family Dollar Stores

    Paul Singer (Trades, Portfolio) founded Elliot Management in 1977, which manages more than $24 billion in assets. Almost 37% of the firm’s portfolio is in the oil and gas industry, notably Hess Corp. (NYSE:HES) and Anadarko Petroleum Corp. (NYSE:APC).


    He manages a portfolio composed of 56 stocks with total value of $5.124 billion. The following are the top sales during the last quarter.

      


  • Highlights From HP's Final Combined Earnings Call

    Hewlett-Packard (NYSE:HPQ) reported its last earnings announcement as a combined company on Nov. 24. Results for the business continued to reflect weak personal computer sales and challenging industry competition in enterprise technology. Revenue for the full year was down 7% at $103.4 billion. EPS for the year was also lower, down 4% at $3.59.


    HP Inc.

      


  • John Burbank Jumps in Alphabet, Dollar Tree and Sells Rite Aid, NRG

    John Burbank is the chief investment officer of Passport Capital LLC, the global investment firm he founded in 2000. He manages a portfolio composed of 119 stocks with a total value of $5.55 billion. The following are his largest trades during the third quarter.


    The investor reduced his stake in Liberty Global PLC (LBTYK) by 62.48% with an impact of -3.09% on the portfolio.

      


  • Stocks With the Highest Dividend Yield in Berkowitz’s Portfolio

    Bruce Berkowitz (Trades, Portfolio) is the founder and the managing member of Fairholme Capital Management. He focuses investments on companies that have exceptional management, generate free cash and are cheaply priced.


    Berkowitz will also invest in mediocre companies trading at a significant discount to intrinsic value where there exists a catalyst. I've selected the stocks with highest dividend yields in Berkowitz’s portfolio.

      


  • Dodge & Cox Comments on Express Scripts

    Over the past decade, Express Scripts (NASDAQ:ESRX) has been a significant beneficiary of three industry trends: increased generic penetration, mail order pharmacy growth, and industry consolidation. The past round of mergers—CVS/Caremark, Express Scripts/Medco Health Solutions (Medco), and SXC Health Solutions/Catalyst Health—has created an oligopolistic market structure where the top three players now control over 65% of industry volumes.


    Following its merger with Medco in 2012, Express Scripts became the largest PBM in the United States. The company now generates over $100 billion in annual revenue and manages 1.3 billion claims, or 30 percent of all U.S. prescription claims. Today, the company operates three vertically integrated businesses: a basic pharmacy benefit manager, a mail order pharmacy, and a specialty pharmacy. Express Scripts has achieved measurable growth by providing patients with generic drugs. With multiple equivalent treatments available, the company has used its buying power to save money for customers and generate profits; its mission is well aligned with customers looking to reduce health care and pharmacy cost trends. This strategy has boosted generic drug penetration to high levels.

      


  • Dodge & Cox Global Stock Fund 3rd Quarter Commentary

    The Dodge & Cox Global Stock Fund had a total return of –13.1% for the third quarter of 2015, compared to –8.4% for the MSCI World Index. For the nine months ended September 30, 2015, the Fund had a total return of –11.2%, compared to –6.0% for the MSCI World.


    Market Commentary

      


  • Dodge & Cox Sells Most of Stakes in Chevron, GlaxoSmithKline

    A team research approach guides Dodge & Cox’s investment decisions. The strategy works pretty well. Dodge & Cox enjoyed returns of more than 10% in 2014, which was good compared to many investors but modes compared to the returns from 2012 (22.01%) and 2013 (40.55%).


    Dodge & Cox’s most noteworthy third-quarter transaction was its sale of nearly 95% of its stake in Chevron Corp. (NYSE:CVX), a San Ramon, Calif.-based oil and gas company. Dodge & Cox sold 10,738,382 shares for an average price of $84.18 per share. The deal had a -0.93% impact on Dodge & Cox’s portfolio.

      


  • Undervalued Stocks With Growing Earnings Among Dodge & Cox's Holdings

    Dodge & Cox was founded in 1930 by Van Duyn Dodge and E. Morris Cox and employs a team research approach in making investment decisions.


    The following are the most undervalued stocks on the hedge fund’s portfolio that during the last five years have shown a strong growth rate on earnings per share ratio (EPS).

      


  • EMC Corp's Value Makes It a Worthy Target for Dell

    Recently, the PC-maker Dell Inc. (DELL) announced its purchasing offer to acquire the data-storage company EMC Corp. (EMC) in a $67 billion agreement.


    EMC, together with its subsidiaries, supports the businesses and service providers to transform information technology operations to an as-a-service model (ITaaS). The company operates in three segments: EMC Information Infrastructure, Pivotal and VMware Virtual Infrastructure.

      


  • Dodge and Cox Q3 2015 Commentary



  • Insiders Are Buying WidePoint and Selling Paycom

    The All-In-One Guru Screener can be used to find insider buys over the last week by clicking on the Insiders tab and changing the settings for All Insider Buying to “$1,000,000+” and duration to "September 2015."


    According to the above filters, the following are the recent buys from company insiders during the third week of September.

      


  • Procter and Gamble’s CFO on the Company’s Transformation

    In 2015 Procter & Gamble (NYSE:PG) reported total sales revenue of $76.3 billion. In recent quarters the company’s topline sales have been consistently struggling. In 2015 sales revenue grew at a rate of -5% following 1% revenue growth in 2014. In a discussion at the Barclays Global Consumer Staples Conference, Jon Moeller, Procter & Gamble’s chief financial officer, provided his insight on the firm’s transformation and direction.


    Current market environment

      


  • Xerox Expands Health Care Technology and Launches New Brand Strategy

    Xerox (NYSE:XRX) is a well-known brand in the technology industry. Its business focuses on two main aspects which include document technology and business process services. In recent quarters it has continued to struggle to gain market share versus its dominant peers IBM (NYSE:IBM) and Hewlett-Packard (NYSE:HPQ). On Aug. 24 Xerox announced the acquisition of health care analytics company RSA Medical and on Aug, 28 also announced the launch of a new brand strategy around the theme “Work Can Work Better.” Despite Xerox’s efforts to expand in health care technology and improve its brand positioning, industry analysts are skeptical of its growth prospects.


    Xerox has been lagging its industry peers in market share and revenue growth over the past few quarters. In its most recent earnings report it posted revenue of $4.6 billion with earnings of $246 million and earnings per share of $0.22. Total revenue missed analysts’ revenue consensus for the second quarter by $50 million and fell 7% from the comparable quarter. Earnings were in line with analysts’ average estimate; however, both earnings and earnings per share fell from the comparable quarter. Earnings were down 19%, and earnings per share were down 12%.

      


  • Dodge & Cox Funds 2015 Fixed Income Mid-Year Review

    See the video here.


    Read the transcript below.

      


  • Dodge & Cox Acquires Stake in Priceline

    Founded 85 years ago, San Francisco-based mutual fund company Dodge & Cox examines investment opportunities with a team research approach, then an investment policy committee makes the decision whether to invest. Recent returns have been impressive – 10.43% last year, 40.55% in 2013 and 22.01% in 2012.


    Dodge & Cox made only one new buy in the second quarter, but it was the firm’s most noteworthy transaction. Dodge & Cox invested in a 680,765-share stake in Priceline Group Inc. (NASDAQ:PCLN), a Connecticut-based provider of travel and related services, for an average price of $1,192.39 per share. The deal had a 0.71% impact on Dodge & Cox’s portfolio.

      


  • Dodge & Cox Funds' 2015 Equity Mid-Year Review



  • Ariel Capital Advisors bought Sanofi and Priceline in Q2 2015

    At the end of the second quarter of 2015, the hedge fund Ariel Capital Advisors reported a total value of its portfolio of $174,199,000 with an increase of 3.44% since the previous quarter.


    During the Q2 2015, the hedge fund bought 282 new stocks and increased 51 stakes. The following are the most heavily weighted buys of U.S. companies the hedge fund has done during that quarter.

      


  • Dodge & Cox International Stock Fund Q2 Commentary 2015

    The Dodge & Cox International Stock Fund had a total return of –0.3% for the second quarter of 2015, compared to 0.6% for the MSCI EAFE (Europe, Australasia, Far East) Index. For the six months ended June 30, 2015, the Fund had a total return of 3.9%, compared to 5.5% for the MSCI EAFE. At quarter end, the Fund had net assets of $69.7 billion with net cash of 1.7%.


    Market Commentary

      


  • Dodge & Cox Global Stock Fund Second-Quarter Commentary 2015

    The Dodge & Cox Global Stock Fund had a total return of 0.8% for the second quarter of 2015, compared to 0.3% for the MSCI World Index. For the six months ended June 30, 2015, the Fund had a total return of 2.2%, compared to 2.6% for the MSCI World. At quarter end, the Fund had net assets of $6.5 billion with net cash of 1.7%.


    Market Commentary

      


  • Dodge & Cox Fund Second Quarter Commentary 2015

    The Dodge & Cox Stock Fund had a total return of 2.6% for the second quarter of 2015, compared to 0.3% for the S&P 500 Index. For the six months ended June 30, 2015, the Fund had a total return of 1.4%, compared to 1.2% for the S&P 500. At quarter end, the Fund had net assets of $59.9 billion with net cash of 0.7%.


    Market commentary

      


  • Bill Frels' Stocks With Growing Yields

    Bill Frels (Trades, Portfolio) is the portfolio manager at Mairs & Power, which is an SEC-registered investment advisory firm and is Minnesota's oldest investment firm under private ownership and management.


    His portfolio is composed of 187 stocks and it has a total value of $7,270 million.

      


  • Dodge & Cox Reduces Stake in AOL

    San Francisco-based firm Dodge & Cox was founded in 1930 and prides itself on having a strong and reliable team of investors that have worked together for over a decade. Consistency over a long period of time seems to be the firm's approach on investing as well. Dodge & Cox looks for long-term trends in companies rather than short-term market trends, which is why the firm has such a low quarter-over-quarter turnover rate of 4%.


    With 187 positions in its portfolio valued at $108.5 billion, 22.9% of the stocks are in the technology sector, 21.5% of its positions are financial services and 16% are in the healthcare sector.

      


  • Guru Stocks at 52-Week Lows: XOM, WMT, PG, CVX, GSK

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    Exxon Mobil Corporation (NYSE:XOM) Reached the 52-Week Low of $84.02

      


  • Dodge & Cox Buys 2 New Stocks

    Dodge & Cox was founded in 1930 and is a firm employing a long-term approach and strict price discipline. It has $250 billion in assets under management and returned 11.32% on average annually over the past 20 years, compared to 9.39% for the S&P 500.


    The managers discussed their view of market valuations and portfolio positioning in their first quarter fact sheet:

      


  • Dodge & Cox Keeps Buying Express Scripts

    Dodge & Cox (Trades, Portfolio) 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.


    In terms of investment philosophy, 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.

      


  • Dodge & Cox’ Stock Fund Q1 2015 Commentary

    The Dodge & Cox Stock Fund had a total return of –1.2% for the first quarter of 2015, compared to 1.0% for the S&P 500 Index. At quarter end, the Fund had net assets of $59.4 billion with net cash of 0.4%.


    MARKET COMMENTARY

      


  • Dodge & Cox’ Global Stock Fund Q1 2015 Commentary

    The Dodge & Cox Global Stock Fund had a total return of 1.4% for the first quarter of 2015, compared to 2.3% for the MSCI World Index. At quarter end, the Fund had net assets of $6.3 billion with net cash of 2.9%.


    MARKET COMMENTARY

      


  • Morgan Stanley's Q1 Results Beat Wall Street Estimates

    In this article, let's take a look at Morgan Stanley (NYSE:MS), a $72.64 billion market cap company, which is a financial holding company that provides various financial products and services to corporations, governments, financial institutions, and individuals worldwide.


    Beating Consensus Estimates

      


  • Market Valuations and Expected Returns – March 12, 2015

    The market was up more than 30% in 2013, the best year since the go-go years of 1990s. 2014 was another strong year for the market. The S&P 500 index was up more than 13%. Since the market recovery in 2009, the stock market has been up for 6 consecutive years. Yet in January 2015, the stock market benchmark S&P 500 lost 3.10%. In February, the market regained its strength by increasing 5.49%. Can market continue to grow in 2015?


    Bernard Baruch once said “A market without bears would be like a nation without a free press. There would be no one to criticize and restrain the false optimism that always leads to disaster.”

      


  • Weekly CEO Buys Highlight: S, OPK, CAPL, CLF, MOSY

    According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below:


    Sprint Corp: President and CEO Raul Marcelo Claure bought 5,080,000 shares

      


  • Bill Nygren Focuses On Apache Corp.

    Bill Nygren (Trades, Portfolio) is portfolio manager of The Oakmark Fund, The Oakmark Select Fund and the Oakmark Global Select Fund. Nygren has an M.S. in finance from the University of Wisconsin-Madison and a B.S. in accounting from the University of Minnesota.


    Web Page:http://www.oakmark.com/

      


  • Prem Watsa Top Growing Stocks

    “Why do Roman bridges historically last for a long, long time? Why did they last for a long time? The key reason was that the people who designed the bridges had to stand underneath it before the traffic went on. So they made sure there was a massive margin of safety. And bridges lasted for years and years and years. “


    This is just one of the wise quotes from guru Prem Watsa (Trades, Portfolio), owner of Fairfax Financial Holdings, a fund with $1,545 Mil of Total Value with 43 Stocks on its portfolio.

      


  • Dodge & Cox 2014 Equity Year in Review



  • Guru David Tepper Adds One Company to Portfolio in Fourth Quarter

    Hedge fund manager and founder of Appaloosa Management David Tepper (Trades, Portfolio) has built a reputation over the years for investing in distressed companies.


    Tepper bought only one stock in the fourth quarter – American Realty Capital Properties Inc (ARCP), a Phoenix-based real estate company. Tepper bought 2,927,632 shares in the company for an average price of $9.77 per share.

      


  • Dodge & Cox’s Global Stock Fund Comments on Siam Commercial Bank

    Siam Commercial Bank (BKK:SCB), the largest retail bank in Thailand, is a new addition to the Fund. During late 2013 and early 2014, Thailand lacked a functioning government, and the country’s stock market suffered. Siam Commercial’s stock was no exception, as its valuation declined to eight times forward earnings. During prior periods of political uncertainty, the Thai economy continued to grow, and Siam Commercial delivered an attractive return on shareholder’s equity and increased its book value per share.


    As a part of our due diligence process for owning Kasikornbank in Thailand, we had closely followed Siam Commercial to understand the competitive landscape. After conducting additional in-depth research, we concluded that these political concerns provided us with a long-term investment opportunity at a low valuation. Siam Commercial’s leading positions in retail banking and fee-related financial services provide it with a durable franchise. We believe that the company’s high return on equity—generated by a combination of stable net interest margins, high fee income, ample provisions, efficient operations, and moderate leverage—is sustainable over our investment horizon. Furthermore, we believe that Siam Commercial is well prepared to absorb economic volatility, given its high profitability, capital levels, and loan loss reserves. After weighing these opportunities against the political risk, we initiated a position; Siam Commercial was a 0.4% holding in the Fund at year end.

      


  • Dodge & Cox’s Global Stock Fund Comments on Standard Chartered

    Domiciled in the United Kingdom, Standard Chartered (LSE:STAN) has extensive geographic reach. The company provides consumer and wholesale banking products to customers throughout the emerging markets (especially in Asia, Africa, and the Middle East); approximately a third of the company’s deposits are located in Greater China. Falling commodity prices, concerns about asset quality, regulatory fines, and increasing capital requirements in the United Kingdom weighed on the company’s share price, and its valuation fell to 0.8 times book value in October, a historically low level.


    Standard Chartered has been held in the Fund since 2008. Over the years, we have spent considerable time researching and analyzing the company in various market environments. Standard Chartered’s broad network across the developing world would be very difficult to replicate today. The company’s global payments and trade business is a particular strength: local roots from its longstanding presence allow for local currency funding, and cooperation across the network provides integrated wholesale banking services to clients. The bank is exposed to economic growth and increasing trade flows in emerging markets.

      


  • Dodge & Cox’s Global Stock Fund Q4 2014 Shareholder Letter

    TO OUR SHAREHOLDERS


    The Dodge & Cox Global Stock Fund had a total return of 6.9%, compared to a return of 4.9% for the MSCI World Index for the year ending December 31, 2014. At year end, the Fund had net assets of $5.9 billion with a cash position of 3.1%.

      


  • Dodge & Cox’s Stock Fund Comments on Schlumberger NV

    Schlumberger (SLB), the world’s leading oil services company, is the most technologically-focused company among the integrated oilfield service companies, with double the R&D budget of its closest peer. We believe that its consistent spending on technology (e.g., enhanced recovery techniques, seismic interpretation, directional drilling) has provided the company with a competitive advantage that is sustainable over time. The company’s innovation efforts have enabled the industry to extract oil and gas from deepwater and shale resources that were previously cost-prohibitive or physically challenging to reach. Schlumberger is the dominant international provider in key markets, including the Middle East and Russia. The majority of its revenues come from outside the United States, and its international business has higher margins than its U.S. operations. We believe that Schlumberger is well positioned to continue to benefit from the long- term relationships it has with international oil companies and producing nations. If the price of oil remains low, the company will face a challenging environment. Relative to competitors, its strong franchises and solid balance sheet and cash flow should allow the company to endure an extended downturn. Weighing this risk with Schlumberger’s valuation and opportunities, we believe that the company (a 2.5% position in the Fund) remains an attractive investment opportunity.


    From Dodge & Cox’s Stock Fund Q4 2014 Shareholder Letter.

      


  • Dodge & Cox’s Stock Fund Comments on Google

    As the most popular internet destination in the world, Google (GOOG, GOOGL) has extremely high search engine market share in both developed and emerging markets: ~70% desktop share and over 90% mobile share globally. The company is well-positioned to benefit from continued growth in its core search business as internet penetration increases (currently at approximately 40% globally), users spend more time online, e-commerce expands, and more advertising revenue is earned online. Google also has meaningful non-search assets in display advertising (e.g., YouTube, DoubleClick), mobile (e.g., Android), and social (e.g., Google+). The company is led by a long-term, product- focused management team with significant economic ownership and a demonstrated focus on shareholders and financial returns. However, Google faces increasing competition, greater regulatory scrutiny around the world, and declining margins due to rising R&D expenses. Despite these issues, we believe that its valuation at 17 times forward estimated earnings(c) is reasonable considering its strong long-term growth prospects and cash generation potential. Recently, we added to the Fund’s position; Google was a 2.3% holding at year end.


    From Dodge & Cox’s Stock Fund Q4 2014 Shareholder Letter.

      


  • Dodge & Cox’s Stock Fund Comments on Hewlett-Packard Co

    Hewlett-Packard (HPQ), a long-term holding in the Fund, is an example of how our patience, persistence, and ability to build conviction in the face of uncertainty have benefited recent performance (up 101% in 2013 and up 46% in 2014, and the largest contributor to Fund results in both years). We believe that Hewlett-Packard remains an attractive investment opportunity with strong business prospects given its large valuation discount to the overall market. As the world’s largest enterprise technology company, Hewlett-Packard has a strong, well- recognized brand and serves more than one billion end users in more than 170 countries. The company generates high, recurring free cash flow. Over our three- to five-year investment horizon, Hewlett-Packard is positioned to benefit from growth opportunities in the cloud, security, and converged network infrastructure markets. Furthermore, we believe that the competent management of the company’s operating businesses is underappreciated by the market. Current risks to the business include the possibility of expensive acquisitions, macroeconomic weakness, and competitive threats in PCs, services, and enterprise server/storage/networking. While these risks are significant, we believe that the valuation reflects an overly pessimistic outlook.


    In October, the company announced plans to separate the business into two companies—Hewlett-Packard Enterprise and HP Inc.—and expects to complete the transaction by October 2015. Hewlett-Packard Enterprise will consist of technology infrastructure, software, and services, with a focus on growth opportunities from cloud, big data, security, and mobility. HP Inc. will consist of the personal computing and printing businesses, which generate strong cash flow; the new company intends to invest in innovative technologies, such as 3-D printing. We believe that the proposed deal could build long-term shareholder value. The announcement comes four years into Hewlett-Packard’s five-year turnaround strategy. Management believes that the separation will provide greater focus, flexibility, and management alignment for each new company. Additionally, we believe the proposed capital structures and capital allocation strategy would be better tailored for each company’s respective growth profile. On December 31, Hewlett-Packard was a 4.1% position in the Fund.

      


  • Dodge & Cox’s Stock Fund Q4 2014 Shareholder Letter

    TO OUR SHAREHOLDERS


    The Dodge & Cox Stock Fund had a total return of 10.4% for the year ending December 31, 2014, compared to a return of 13.7% for the S&P 500 Index. At year end, the Fund had net assets of $60.3 billion with a cash position of 1.2%.

      


  • Walt Disney´s Dividend Hike Seems to Adequate to Its Intrinsic Value

    In this article, let's take a look at The Walt Disney Company (NYSE:DIS), a $159.52 billion market cap company, which is a media and entertainment conglomerate which has diversified global operations intheme parks, filmed entertainment, television broadcasting and consumer products.


    Dividend Hike

      


  • Dodge & Cox's Stock Fund Q4 2014 Commentary

    The Dodge & Cox Stock Fund had a total return of 2.2% for the fourth quarter of 2014, compared to 4.9% for the S&P 500 Index. For 2014, the Fund had a total return of 10.4%, compared to 13.7% for the S&P 500. At year end, the Fund had net assets of $60.3 billion with a cash position of 1.2%.


    MARKET COMMENTARY

      


  • Dodge & Cox International Fund Q3 Commentary

    The Dodge & Cox International Stock Fund had a total return of –2.7% for the third quarter of 2014, compared to –5.9% for the MSCI EAFE (Europe, Australasia, Far East) Index. For the nine months ended September 30, 2014, the Fund had a total return of 5.0%, compared to –1.4% for the MSCI EAFE. At quarter end, the Fund had net assets of $64.7 billion with a cash position of 1.7%.


    MARKET COMMENTARY

      


  • UNH: A Strong Candidate for Income and Capital Appreciation

    American health care is a turbulent space these days, with the Affordable Care Act, budget restraints, aging Baby Boomers, and a whole lot more.


    Yet this company seems to sail through it all reasonably comfortably, with strong revenue and earnings growth since the financial crisis of the last decade.

      


  • 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:

      


  • Black Friday ... Or Red Friday?

    Black Friday was invented by retailers to kick off the holiday season and encourage shoppers to get Christmas shopping done and out of the way the day after Thanksgiving. In 2005, Cyber Monday became popular, giving shoppers the option to stay away from the Black Friday mobs and shop from home on the computer.


    This year, the turnout for Black Friday was not as hectic and the stores at the mall were not bombarded with eager shoppers who had been camping outside since the night before, right after eating turkey and stuffing with the family on Thanksgiving. What happened to this retail holiday? And will there still be a Black Friday in years to come?

      


  • 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

      


  • Latest Real Time Picks

    The Real Time Picks section of GuruFocus is a great way to ideas from the investing gurus. We currently follow 147 guru portfolios. If a guru makes a purchase or sale of a company in which he or she owns a greater than 5 percent stake, SEC regulations require the trade to be reported within 10 days. Some of the gurus report their trades within 2 days. The type of filing can disclose whether the trade is a passive (Schedule 13G) or activist (Schedule 13D) holding. The link to the filing is available through the Real Time Picks section. The latest Real-Time Picks are from John Paulson, Ron Baron, Mario Gabelli and Dodge & Cox.


    John Paulson of Paulson & Company initiated a new holding of 61,384,234 Class A shares of Overseas Shipholding Group (OSGIQ)on 08/31/2014, as reported in the latest 13G filings by John Paulson (Trades, Portfolio). The filing indicates that Paulson owns 56,425,082 shares of Class A common stock and 4,959,152 shares of common stock issuable upon exercise of Class A warrants. The investment gives Paulson a 19.35 percent stake in the company. OSG is a leading provider of global energy transportation services. It owns and operates a fleet of international and U.S. Flag vessels that transport crude oil, refined petroleum products and liquefied natural gas (LNG) worldwide. The company filed for Chapter 11 bankruptcy in November of 2012. On August 5, the emergence from bankruptcy was announced. Class B shares are now trading under the symbol, OGSRB, but the Class A shares are not shown as trading yet. Paulson most likely had an earlier investment in the company and received the new shares and warrants as part of the bankruptcy plan. It will be difficult to value the new company until its first post-bankruptcy financial statements are filed. I had left a message for investor relations but have not received a call back, yet. I was informed by a brokerage office that the current shares trading OTC are Class B shares.

      


  • Weekly CEO Buys Highlight: FSIC, NLY, OPK, GPC, ACXM

    According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below:


    FS Investment Corp (NYSE:FSIC): CEO Michael C. Forman Bought 160,409 Shares

      


  • 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

      


  • Guru Stocks at 52-Week Lows: GOOG, C, HMC, SMFG, STT

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    Google Inc (NASDAQ:GOOG) Reached the 52-Week Low of $520.63

      


  • Weekly CEO Buys Highlight: CLMS, AOL, HOS, GEO, OPK

    According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below:


      


  • Guru Stocks at 52-Week Lows: GOOG, HSBC, C, HMC, NMR

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    Google Inc. (NASDAQ:GOOG) Reached the 52-Week Low of $509.96

      


  • 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

      


  • Guru Stocks at 52-Week Lows: HSBC, VZ, TM, MTU, HMC

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    HSBC Holdings Plc (NYSE:HSBC) Reached the 52-Week Low of $50.85

      


  • Forest Laboratories Is an Option for Wealthy Investors Who Could Afford to Pay a High Premium

    Forest Laboratories Inc. (NYSE: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.


    The company’s principal products include Namenda (memantineHCl) for Alzheimer´s disease, Savella (milnacipranHCl) for fibromyalgia, Bystolic for hypertension and Benicar (olmesartanmedoxomil) for high blood pressure.

      


  • Guru Stocks at 52-Week Lows: HMC, NMR, SDRL, ZTS, BBBY

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    Honda Motor Co. Ltd. (NYSE:HMC) Reached the 52-Week Low of $34.17

      


  • 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 (NYSE: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 Rolling

    Weatherford 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 Standing

    Future 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 (NYSE: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.

      


  • Guru Stocks at 52-Week Lows: HSBC, KO, HMC, LNKD, ED

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    HSBC Holdings Plc (NYSE:HSBC) Reached the 52-Week Low of $50.82

      


  • Guru Stocks at 52-Week Lows: CEO, BCS, HMC, ED, ZTS

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    CNOOC Ltd. (NYSE:CEO) Reached the 52-Week Low of $151.56

      


  • Investors Should Not Fear, Protect Your Portfolio with ADT

    The ADT Corporation (NYSE:ADT) is a provider of electronic security, interactive home and business automation and related monitoring services in the U.S. and Canada (about 6.5 million residential and small business customers).


      


  • Guru Stocks at 52-Week Lows: VZ, HSBC, CHL, MTU, HMC

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    Verizon Communications Inc. (NYSE:VZ) Reached the 52-Week Low of $46.91

      


  • Forest Laboratories' Recovery

    Organized in 1956, Forest Laboratories Inc. (NYSE: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.


    Forest also has well-established franchises in therapeutic areas of the central nervous, cardiovascular and respiratory systems, as well as R&D (research and development) programs addressing a great range of health conditions. Last fiscal year, the company posted total revenues of $3.1 billion, down 31.8%, mostly due to the loss exclusivity on the antidepressant Lexapro and the massive hole that left.

      


  • Guru Stocks at 52-Week Lows: VZ, HSBC, CHL, PTR, T

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    Verizon Communications Inc. (NYSE:VZ) Reached the 52-Week Low of $46.08

      


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