Dodge & Cox Q2 shareholder letter: As we continually survey the investment landscape with an eye toward a meaningful economic rebound over the next few years, our bottom-up research approach has led us to invest in many companies in Health Care, Information Technology, and Media, where the Fund is overweight compared to the S&P 500. These areas represented more than 60% of the Fund’s portfolio as of June 30 and include industry leaders Hewlett-Packard, Sony, Comcast, Time Warner, GlaxoSmithKline, Merck, Amgen, and WellPoint. In addition, the Fund holds a number of midsize competitors such as Citrix Systems, Maxim Integrated Products, Interpublic Group, Liberty Media, and Boston Scientific. In other cases, where our analysis indicates that the risks outweigh the potential returns, the Fund has sold positions. Sales in the second quarter included Citigroup and American International Group (AIG).
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