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 Watch

  • Pioneer Investments Exits Wells Fargo, Coca-Cola, Buys Walt Disney

    Pioneer Investment Management 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 of 2016, the firm traded shares in the following stocks:


    The guru almost closed its stake in Wells Fargo & Co. (WFC). It was reduced by 97.32% with an impact of -0.6% on the portfolio.

      


  • 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:


    The investor exited his position in Time Warner Inc. (TWX) with an impact of -1.52% on the portfolio.

      


  • 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%.


    The firm has kept its dividend at 39 cents for the past three quarters.

      


  • 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.


    It is a style that has worked. The San Francisco-based firm reports in its year-end message that its flagship Stock Fund had a total return of 21.3% in 2016, well ahead of the 12% posted by the S&P 500 Index.

      


  • Scott Black Continues to Buy Allergan, CVS Health, 6 Others

    Scott Black (Trades, Portfolio) is the chairman, president, chief investment officer and chief compliance officer at Delphi Management Inc. He manages a portfolio composed of 93 stocks with a total value of $171 million. In the third and fourth quarters of 2016 the guru bought shares in the following stocks:


    Southern Missouri Bancorp Inc. (SMBC)

      


  • The Complete List of 4th Quarter 2016 Hedge Fund Letters to Investors

    This wide-ranging list is published here thanks to Vintage Value Investing.


    February 10, 2017

      


  • 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).


    It’s the latest spinoff from the Alphabet Inc. (NASDAQ:GOOG)(NASDAQ:GOOGL) empire, which wisely purchased YouTube some years ago and has since built it into a powerhouse in its own right. By the end of 2016, fans were watching YouTube 1 billion hours a day.

      


  • 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:


    The guru increased its shares in JPMorgan Chase & Co. (JPM) by 107.20% with an impact of 0.97% on the portfolio.

      


  • 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:


    The investor reduced his shares in Hewlett Packard Enterprise Co. (HPE) by 68.53% with an impact of -0.84% on the portfolio.

      


  • 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).


    The firm was founded in 1979. For its equity portfolios, the firm seeks value by investing in stocks with below-market price-earnings (P/E) ratios, below-market price-book (P/B) ratios and above-market dividend yields, regardless of market conditions. For fixed income, the firm defines value as “temporarily mispriced securities with yield-to-maturity advantages over Treasury bonds of comparable maturity.” The firm employs a research-driven, bottom-up approach to select investment prospects.

      


  • Dodge & Cox Comments on Wells Fargo

    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.

      


  • Dodge & Cox Comments on AstraZeneca

    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.

      


  • 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.


    In 2016, one of Bristol-Myers’ lead immuno-oncology trials (CheckMate-026) failed and its stock price declined significantly. We think this is a short-term setback, and believe the company’s immuno-oncology business is particularly attractive with its strong pipeline of other drugs, significant growth potential, and reasonable valuation at 20 times forward earnings. After weighing the risks versus the long-term opportunities, we initiated a position in Bristol-Myers, which accounted for 1.3% of the Fund on December 31.

      


  • Dodge & Cox's Stock Fund 4th Quarter Letter to Shareholders

    TO OUR SHAREHOLDERS

      


  • 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.


    Advanced Micro Devices Inc. (NASDAQ:AMD) with a market cap of $9.19 billion has outperformed the S&P 500 Index by 370.1% over the last 12 months.

      


  • 7 Stocks You Could Buy to Beat 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.


    Companhia Siderurgica Nacional ADR (SID) with a market cap of $5.1 billion has outperformed the S&P 500 Index by 390.7% during the last 12 months.

      


  • 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.


    Twenty-First Century Fox Inc. Class A (FOXA) is trading at about $30 per share with a P/S ratio of 2.08, a trailing 12-month price-earnings (P/E) multiple of 19.76 and an estimated forward P/E multiple of 15.80. The company has a market cap of $55.72 billion, and the stock price has risen at an annualized rate of 5% over the last 10 years.

      


  • Dodge & Cox's Global Stock Fund 4th Quarter Commentary

    The Dodge & Cox Global Stock Fund had a total return of 7.1% for the fourth quarter of 2016, compared to 1.9% for the MSCI World Index. For 2016, the Fund had a total return of 17.1%, compared to 7.5% for the MSCI World.

      


  • Dodge & Cox's Stock Fund 4th Quarter Commentary

    The Dodge & Cox Stock Fund had a total return of 10.7% for the fourth quarter of 2016, compared to 3.8% for the S&P 500 Index. For 2016, the Fund had a total return of 21.3%, compared to 12.0% for the S&P 500.

      


  • Spiros Segalas Buys 4 New Stocks in 4th Quarter

    Spiros Segalas (Trades, Portfolio) of Jennison Associates and the Harbor Capital Appreciation Fund acquired four new holdings in the fourth quarter. Among his new holdings for the final quarter of 2016 are FedEx Corp. (NYSE:FDX), Charter Communications Inc. (NASDAQ:CHTR), Ulta Salon Cosmetics & Fragrance Inc. (NASDAQ:ULTA) and Expedia Inc. (NASDAQ:EXPE).


    Segalas is director, chief investment officer, president and founding member of Jennison Associates. The Harbor fund is subadvised by Jennison. Segalas, who has managed the fund since 1990, seeks long-term growth of capital. According to the fund's prospectus, it invests in midcap to large-cap growth stocks. Segalas looks for companies that have high revenue and earnings growth, improving profitability and strong balance sheets.

      


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