Here’s a review of the Dodge & Cox sell-outs along with an interactive valuation chart to track changing share prices over 10 years. All trades were made as of quarter ending March 31, 2013.
Sold Out: Telekomunikasi Indonesia Tbk (TLK) – Telecommunication Services
Dodge & Cox sold out its holding in the Indonesian telecom services company, TLK, selling a little more than 2.3 million shares at an average price of $40.89 for an 18.3% gain. GuruFocus shows that Dodge & Cox held this stock for 19 quarters, all of them positive gain quarters. The first quarter of 2009 was the highest gaining quarter for 112.5%.
The current share price is $48.38 compared to valuations over 10 years:
TLK data by GuruFocus.com
Sold Out: John Wiley & Sons, Inc. (JW.A) – Publishing
Dodge & Cox also sold out its holding in the worldwide publisher, JW.A, as of last quarter, selling 6,000 shares at an average price of $38.84 for a gain of 0.6%. GuruFocus shows that Dodge & Cox held this stock for seven quarters, with mixed results ranging from a loss of 22.9% in the second quarter of 2011 to a high gain of 20.2% in the third quarter of 2009.
The current share price is $39.08 compared to valuations over 10 years:
JW.A data by GuruFocus.com
Sold Out: Northern Trust Corporation (NTRS) – Asset Management
Dodge & Cox sold out its holding in the financial holding company, NTRS, as of last quarter, selling 8,000 shares at an average price of $52.94 for a gain of 7.3%.
The current share price is $56.82 compared to valuations over 10 years:
NTRS data by GuruFocus.com
In addition to three sell outs, Dodge & Cox Funds reduced 19 positions in the first quarter of 2013.
A mutual fund company founded in 1930, Dodge & Cox Funds leads five funds, including the Dodge & Cox Stock Fund, Dodge & Cox Global Stock Fund, International Stock Fund, Balanced Fund and Income Fund. In 2012, the Dodge & Cox Stock Fund had an annual return of 22.01%. In this first quarter of 2013, the same fund returned 11.74%.
In its recently updated portfolio, Dodge & Cox lists 163 stocks with two of them new.
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