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'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 (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 (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. (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 (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. (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. (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 (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 (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.

      


Add Notes, Comments

If you want to ask a question, or report a bug, please create a support ticket.

User Comments

No comment yet



Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK