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Dodge & Cox Buys Carefusion Corp., Nokia Corp., Suntrust Banks Inc., Sells Health Management Associates Inc., International Paper Company, Kyocera Corp.

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After fine performances for many decades, Dodge & Cox’s stock fund lost 43% in 2008. For the nine months ended September 30, 2009, the Fund had a total return of 25.6%. In the third quarter they did more selling than buying. This the Q3 portfolio update.

Dodge & Cox is invested heavily in health care sector. This is what they wrote in their shareholder letter regarding to healthcare:

In our view, the cloud of uncertainty hanging over the sector is giving us the opportunity to invest in solid business franchises in pharmaceuticals, medical devices, and services at their lowest valuations in decades. Our fundamental research and stock selection process continues to be “bottom-up” oriented, focused on the long-term outlook for and valuation of individual companies. We develop a range of potential outcomes, incorporating downside risk and upside potential, for each company’s profits and cash flow. As we assess the possible impact of U.S. health care reform, we believe current stock prices for many leading companies reflect a fairly pessimistic scenario and may not reflect positive developments. For example, technological innovation will continue to drive advancements in medical products and services. We also believe the developing world is likely to be a source of significant long-term incremental growth, as more resources are dedicated to modern health care.

Dodge & Cox buys Carefusion Corp., Nokia Corp., Suntrust Banks Inc., Allergan Inc., Ecolab Inc., Intuitive Surgical Inc., sells Health Management Associates Inc., International Paper Company, Kyocera Corp., Pacific Capital Bancorp, Statoil Asa, Alleghany Corp. during the 3-months ended 09/30/2009, according to the most recent filings of his investment company, Dodge & Cox. Dodge & Cox owns 193 stocks with a total value of $78.8 billion. These are the details of the buys and sells.

For the details of Dodge & Cox's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Dodge+%26+Cox

This is the sector weightings of his portfolio:

Health Care

21.8%

Consumer Services

19%

Technology

15.6%

Financials

11.6%

Oil & Gas

10.9%

Industrials

10.8%

Telecommunications

4.2%

Consumer Goods

3.3%

Basic Materials

2.3%



These are the top 5 holdings of Dodge & Cox

  1. HewlettPackard Company (HPQ) - 73,818,728 shares, 4.42% of the total portfolio
  2. Novartis AG (NVS) - 65,401,863 shares, 4.18% of the total portfolio
  3. Schlumberger Ltd. (SLB) - 51,322,416 shares, 3.88% of the total portfolio
  4. GlaxoSmithKline Plc (GSK) - 67,266,971 shares, 3.37% of the total portfolio
  5. News Corp. (NWS-A) - 203,032,030 shares, 3.09% of the total portfolio

 

Added: Vodafone Group Plc ( VOD)

Dodge & Cox added to their holdings in Vodafone Group Plc by 23138.9%. Their purchase prices were between $18.5 and $23.54, with an estimated average price of $21.04. The impact to their portfolio due to this purchase was 1.52%. Their holdings were 53,456,935 shares as of 09/30/2009.

Vodafone AirTouch Plc is the world's largest international mobile communications firm. Their primary operation is in digital and analog cellular telephone networks of Vodafone. Vodafone Group Plc has a market cap of $122.86 billion; its shares were traded at around $22.55 with and P/S ratio of 2. The dividend yield of Vodafone Group Plc stocks is 5.4%.

Added: Symantec Corp. ( SYMC)

Dodge & Cox added to their holdings in Symantec Corp. by 2623.08%. Their purchase prices were between $14.78 and $17.46, with an estimated average price of $15.72. The impact to their portfolio due to this purchase was 0.59%. Their holdings were 29,261,450 shares as of 09/30/2009.

Symantec, a world leader in Internet security technology, provides a broad range of content security solutions to individuals and companies. The company is a leading provider of anti-virus protection, Internet content and e-mail filtering, and mobile code detection technologies to enterprise customers. Symantec Corp. has a market cap of $14.12 billion; its shares were traded at around $17.34 with a P/E ratio of 12.7 and P/S ratio of 2.3. Symantec Corp. had an annual average earning growth of 20.6% over the past 10 years. GuruFocus rated Symantec Corp. the business predictability rank of 3-star.

Added: General Electric Company (GE)

Dodge & Cox added to their holdings in General Electric Company by 18.9%. Their purchase prices were between $10.71 and $17.01, with an estimated average price of $13.68. The impact to their portfolio due to this purchase was 0.44%. Their holdings were 134,040,119 shares as of 09/30/2009.

General Electric Company has a market cap of $167.37 billion; its shares were traded at around $15.75 with a P/E ratio of 12.9 and P/S ratio of 0.9. The dividend yield of General Electric Company stocks is 2.5%. General Electric Company had an annual average earning growth of 12.7% over the past 10 years. GuruFocus rated General Electric Company the business predictability rank of 3.5-star.

Added: Bank Of Ny Mellon Cp (BK)

Dodge & Cox added to their holdings in Bank Of Ny Mellon Cp by 72.18%. Their purchase prices were between $26.74 and $30.74, with an estimated average price of $28.66. The impact to their portfolio due to this purchase was 0.34%. Their holdings were 22,130,675 shares as of 09/30/2009.

Bank of New York is a bank holding company and one of the world's larger financial institutions. They provide comprehensive financial services to individuals, small and mid-sized businesses, multinational corporations, financial institutions, governments and public agencies worldwide. Their products and services are organized into five business lines: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Markets and Retail Banking. Bank Of Ny Mellon Cp has a market cap of $32.84 billion; its shares were traded at around $27.3 with a P/E ratio of 10.7 and P/S ratio of 2.7. The dividend yield of Bank Of Ny Mellon Cp stocks is 1.3%.

Added: U.s. Bancorp ( USB)

Dodge & Cox added to their holdings in U.s. Bancorp by 89403.2%. Their purchase prices were between $16.59 and $23.25, with an estimated average price of $20.71. The impact to their portfolio due to this purchase was 0.28%. Their holdings were 10,257,961 shares as of 09/30/2009.

U.S. Bancorp is a financial services holding company. They operate full-service branch offices and ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of Firstar Bank and U.S. Bank. U.s. Bancorp has a market cap of $45.89 billion; its shares were traded at around $24 with a P/E ratio of 29.7 and P/S ratio of 2.4. The dividend yield of U.s. Bancorp stocks is 0.8%. U.s. Bancorp had an annual average earning growth of 13.4% over the past 10 years. GuruFocus rated U.s. Bancorp the business predictability rank of 3.5-star.

Added: Cemex S.a.b. De C.v. (CX)

Dodge & Cox added to their holdings in Cemex S.a.b. De C.v. by 18.63%. Their purchase prices were between $7.79 and $14.2, with an estimated average price of $11.05. The impact to their portfolio due to this purchase was 0.17%. Their holdings were 67,786,561 shares as of 09/30/2009.

CEMEX is one of the largest cement companies in the world, with close to 78 million metric tons of production capacity. Through operating subsidiaries in four continents, they are engaged in the production, distribution, marketing and sale of cement, ready-mix concrete, aggregates and clinker. They are also the world's leading producer of white cement and the world's largest trader of cement and clinker. Cemex S.a.b. De C.v. has a market cap of $9.19 billion; its shares were traded at around $11.37 with and P/S ratio of 0.4.

Added: Millicom International Cellular S.a. ( MICC)

Dodge & Cox added to their holdings in Millicom International Cellular S.a. by 355.5%. Their purchase prices were between $56.27 and $77.59, with an estimated average price of $70.02. The impact to their portfolio due to this purchase was 0.1%. Their holdings were 1,448,494 shares as of 09/30/2009.

MILLICOM INTL is a leading international operator of cellular telephony services, primarily in emerging markets where the basic telephone service is often inadequate and where economic development and change are creating new demand for communication services. MIC has sought to establish an early presence in markets with little or no cellular service by applying for cellular licenses, primarily through joint ventures with prominent local business partners. Millicom International Cellular S.a. has a market cap of $7.77 billion; its shares were traded at around $71.59 with a P/E ratio of 15 and P/S ratio of 2.2. Millicom International Cellular S.a. had an annual average earning growth of 5.7% over the past 5 years.

New Purchase: Carefusion Corp. (CFN)

Dodge & Cox initiated holdings in Carefusion Corp.. Their purchase prices were between $18.45 and $21.99, with an estimated average price of $20.17. The impact to their portfolio due to this purchase was 0.52%. Their holdings were 18,937,926 shares as of 09/30/2009.

CareFusion is a global corporation serving the health care industry with products and services that help hospitals measurably improve the safety and quality of care. The company develops market-leading technologies including Alaris ? IV pumps, Pyxis ? automated dispensing and patient identification systems, AVEA ? and Pulmonetic Systems ventilation and respiratory products, ChloraPrep ? and MedMined services for infection prevention, neurological monitoring and diagnostic products, V. Mueller ? surgical instruments, and an extensive line of products that support interventional medicine. The company is headquartered in San Diego, California. Carefusion Corp. has a market cap of $5.49 billion; its shares were traded at around $24.82 with and P/S ratio of 1.2.

New Purchase: Nokia Corp. ( NOK)

Dodge & Cox initiated holdings in Nokia Corp.. Their purchase prices were between $12.25 and $15.75, with an estimated average price of $13.86. The impact to their portfolio due to this purchase was 0.44%. Their holdings were 23,974,200 shares as of 09/30/2009.

Nokia is the world leader in mobile communications. Backed by its experience, innovation, user-friendliness and secure solutions, the company has become the leading supplier of mobile phones and a leading supplier of mobile, fixed and IP networks. By adding mobility to the Internet Nokia creates new opportunities for companies and further enriches the daily lives of people. Nokia is a broadly held company with listings on six major exchanges. Nokia Corp. has a market cap of $50.41 billion; its shares were traded at around $13.46 with a P/E ratio of 14.7 and P/S ratio of 0.7. The dividend yield of Nokia Corp. stocks is 2.9%. Nokia Corp. had an annual average earning growth of 12.1% over the past 10 years. GuruFocus rated Nokia Corp. the business predictability rank of 4.5-star.

New Purchase: Suntrust Banks Inc. ( STI)

Dodge & Cox initiated holdings in Suntrust Banks Inc.. Their purchase prices were between $15.04 and $23.77, with an estimated average price of $19.94. The impact to their portfolio due to this purchase was 0.15%. Their holdings were 5,104,008 shares as of 09/30/2009.

SunTrust Banks, Inc. is a commercial banking organization. The company provides a wide range of services to meet the financial needs of its growing customer base in Alabama, Florida, Georgia, Maryland, Tennessee, Virginia, and the District of Columbia. Its primary businesses include traditional deposit and credit services as well as trust and investment services. (Company Press Release) Suntrust Banks Inc. has a market cap of $10.1 billion; its shares were traded at around $20.25 with and P/S ratio of 1.1. The dividend yield of Suntrust Banks Inc. stocks is 0.2%. Suntrust Banks Inc. had an annual average earning growth of 2.3% over the past 10 years.

New Purchase: Ecolab Inc. ( ECL)

Dodge & Cox initiated holdings in Ecolab Inc.. Their purchase prices were between $37.18 and $47.48, with an estimated average price of $41.82. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 5,000 shares as of 09/30/2009.

Ecolab Inc. is the global leader in cleaning, sanitizing, food safety and infection control products and services. Ecolab delivers comprehensive programs and services to the foodservice, food and beverage processing, healthcare, and hospitality markets. Ecolab Inc. has a market cap of $10.79 billion; its shares were traded at around $45.54 with a P/E ratio of 24.1 and P/S ratio of 1.8. The dividend yield of Ecolab Inc. stocks is 1.2%. Ecolab Inc. had an annual average earning growth of 12.3% over the past 10 years. GuruFocus rated Ecolab Inc. the business predictability rank of 5-star.

New Purchase: Allergan Inc. ( AGN)

Dodge & Cox initiated holdings in Allergan Inc.. Their purchase prices were between $45.36 and $58.18, with an estimated average price of $53.39. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 3,564 shares as of 09/30/2009.

Allergan, Inc. is a provider of eye care and specialty pharmaceutical products throughout the world with products in the eye care pharmaceutical, ophthalmic surgical device, over-the-counter contact lens care, movement disorder, and dermatological markets. Its worldwide consolidated revenues are principally generated by prescription and non-prescription pharmaceutical products in the areas of ophthalmology and skin care, neurotoxins, intraocular lenses and other ophthalmic surgical products, and contact lens care products. Allergan Inc. has a market cap of $18.08 billion; its shares were traded at around $59.47 with a P/E ratio of 21.6 and P/S ratio of 4.1. The dividend yield of Allergan Inc. stocks is 0.3%.

New Purchase: Intuitive Surgical Inc. ( ISRG)

Dodge & Cox initiated holdings in Intuitive Surgical Inc.. Their purchase prices were between $142.6 and $259, with an estimated average price of $213.86. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 1,100 shares as of 09/30/2009.

Intuitive Surgical, Inc. designs and manufactures the da Vinci Surgical System. The da Vinci Surgical System seamlessly translates the surgeon's natural hand movements on instrument controls at a console into corresponding micromovements of instruments positioned inside the patient through small puncture incisions, or ports. The products provide the surgeon with the range of motion and fine tissue control previously possible only with open surgery, while simultaneously allowing the surgeon to work through small ports. Intuitive Surgical Inc. has a market cap of $10.23 billion; its shares were traded at around $269.69 with a P/E ratio of 48.6 and P/S ratio of 11.8.

Reduced: Masco Corp. ( MAS)

Dodge & Cox reduced to their holdings in Masco Corp. by 45.63%. Their sale prices were between $8.24 and $15.13, with an estimated average price of $12.64. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 272,366 shares as of 09/30/2009.

Masco Corporation is the country's leading manufacturer of home improvement and building products that bring the highest quality and value to your home and family. Although Masco may not yet be a household word, you probably recognize some of our family members. Currently, we have over 30 quality building products manufacturers in our family. Masco Corp. has a market cap of $4.8 billion; its shares were traded at around $13.36 with a P/E ratio of 1336 and P/S ratio of 0.5. The dividend yield of Masco Corp. stocks is 2.2%. Masco Corp. had an annual average earning growth of 7.5% over the past 10 years. GuruFocus rated Masco Corp. the business predictability rank of 4.5-star.

Reduced: Stryker Corp. ( SYK)

Dodge & Cox reduced to their holdings in Stryker Corp. by 48.39%. Their sale prices were between $37.39 and $47.69, with an estimated average price of $41.38. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 8,000 shares as of 09/30/2009.

Stryker Corporation develops, manufactures, and markets specialty surgical and medical products, including orthopaedic implants, bone cement, trauma systems used in bone repair, powered surgical instruments, endoscopic systems, craniomaxillofacial fixation devices, specialty surgical equipment used in neurosurgery and patient care and handling equipment for the global market and provide outpatient physical and occupational rehabilitation services. Stryker Corp. has a market cap of $19.58 billion; its shares were traded at around $49.25 with a P/E ratio of 17.2 and P/S ratio of 2.9. The dividend yield of Stryker Corp. stocks is 0.8%. Stryker Corp. had an annual average earning growth of 23.4% over the past 10 years. GuruFocus rated Stryker Corp. the business predictability rank of 4-star.

Reduced: Ncr Corp. ( NCR)

Dodge & Cox reduced to their holdings in Ncr Corp. by 55.25%. Their sale prices were between $10.9 and $14.17, with an estimated average price of $13.12. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 47,874 shares as of 09/30/2009.

NCR Corporation is a recognized world leader in providing Relationship Technology solutions for the retail, financial, communications, travel and transportation, and insurance markets. NCR's Relationship Technology solutions include privacy-enabled Teradata warehouses, ATMs and store automation. The company's business solutions are built on the foundation of its long-established industry knowledge and consulting expertise, value-adding software, global customer support services, a complete line of consumable and media products, and world-leading hardware technology. Ncr Corp. has a market cap of $1.62 billion; its shares were traded at around $10.2 with a P/E ratio of 12.7 and P/S ratio of 0.3. Ncr Corp. had an annual average earning growth of 20.6% over the past 5 years.

Reduced: Unum Group ( UNM)

Dodge & Cox reduced to their holdings in Unum Group by 37.02%. Their sale prices were between $14.8 and $22.78, with an estimated average price of $19.79. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 13,100 shares as of 09/30/2009.

UnumProvident is the industry leader in disability income protection and one of the top providers of supplemental benefits in the nation. The company's subsidiaries offer comprehensive insurance solutions to help protect against the financial effects of accident, illness or death. Below are the countries in which we operate, and the companies that offer products in each country. Unum Group has a market cap of $6.46 billion; its shares were traded at around $19.5 with a P/E ratio of 7.6 and P/S ratio of 0.7. The dividend yield of Unum Group stocks is 1.7%.

Reduced: The Gap Inc. ( GPS)

Dodge & Cox reduced to their holdings in The Gap Inc. by 23.06%. Their sale prices were between $14.95 and $22.55, with an estimated average price of $18.49. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 230,600 shares as of 09/30/2009.

The Gap, Inc. is a global specialty retailer which operates stores selling casual apparel, personal care and other accessories for men, women and children under the Gap, Banana Republic and Old Navy brands. The company designs virtually all of its products, which in turn are manufactured by independent sources, and sells them under its brand names. The Gap Inc. has a market cap of $15.45 billion; its shares were traded at around $22.14 with a P/E ratio of 16.6 and P/S ratio of 1.1. The dividend yield of The Gap Inc. stocks is 1.5%. The Gap Inc. had an annual average earning growth of 4.6% over the past 10 years.

Reduced: Whirlpool Corp. ( WHR)

Dodge & Cox reduced to their holdings in Whirlpool Corp. by 35.91%. Their sale prices were between $41.74 and $73.02, with an estimated average price of $58.95. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 5,800 shares as of 09/30/2009.

Whirlpool Corp. manufactures and markets a full line of major appliances and related products, primarily for home use. The company's principal products are home laundry appliances, home refrigerators and freezers, home cooking appliances, home dishwashers, room air-conditioning equipment, and mixers and other small household appliances. The company also produces hermetic compressors and plastic components, primarilyfor the home appliance and electronics industries. Whirlpool Corp. has a market cap of $5.43 billion; its shares were traded at around $73.31 with a P/E ratio of 16.7 and P/S ratio of 0.3. The dividend yield of Whirlpool Corp. stocks is 2.3%. Whirlpool Corp. had an annual average earning growth of 5.7% over the past 10 years. GuruFocus rated Whirlpool Corp. the business predictability rank of 2.5-star.

Reduced: White Mountains Insurance Group Ltd. ( WTM)

Dodge & Cox reduced to their holdings in White Mountains Insurance Group Ltd. by 33.33%. Their sale prices were between $222.28 and $315, with an estimated average price of $278.33. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 1,000 shares as of 09/30/2009.

White Mountains Insurance Group, Ltd. is engaged in the business of property and casualty insurance and reinsurance. White Mountains Insurance Group Ltd. has a market cap of $2.87 billion; its shares were traded at around $323.5 with a P/E ratio of 23.1 and P/S ratio of 1. The dividend yield of White Mountains Insurance Group Ltd. stocks is 0.3%. White Mountains Insurance Group Ltd. had an annual average earning growth of 16.7% over the past 5 years.

Reduced: Firstenergy Corp. (FE)

Dodge & Cox reduced to their holdings in Firstenergy Corp. by 24.02%. Their sale prices were between $37.19 and $47.13, with an estimated average price of $43.33. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 19,300 shares as of 09/30/2009.

FirstEnergy Corp. is a diversified energy services holding company as the result of the merger of Ohio Edison Company and Centerior Energy Corporation. FirstEnergy companies provide electricity and natural gas services and a wide array of energy-related products and services. FirstEnergy's four electric utility companies, Ohio Edison and its Pennsylvania Power subsidiary, The Illuminating Company and Toledo Edison, serve customers in northern and central Ohio and western Pennsylvania. (Company Press Release) Firstenergy Corp. has a market cap of $12.69 billion; its shares were traded at around $41.64 with a P/E ratio of 10.2 and P/S ratio of 1. The dividend yield of Firstenergy Corp. stocks is 5.3%. Firstenergy Corp. had an annual average earning growth of 4.4% over the past 10 years.

Reduced: Weyerhaeuser Company (WY)

Dodge & Cox reduced to their holdings in Weyerhaeuser Company by 22.59%. Their sale prices were between $27.68 and $39.65, with an estimated average price of $35.1. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 5,465 shares as of 09/30/2009.

Weyerhaeuser Company is principally engaged in the growing and harvesting of timber and the manufacture, distribution and sale of forest products, real estate development and construction, and other real estate relatedactivities. Its business segments are timberlands; wood products;pulp, paper and packaging; and real estate and related assets. Weyerhaeuser Company has a market cap of $8.06 billion; its shares were traded at around $38.12 with and P/S ratio of 1. The dividend yield of Weyerhaeuser Company stocks is 0.5%. Weyerhaeuser Company had an annual average earning growth of 4.6% over the past 10 years.

Reduced: Conocophillips ( COP)

Dodge & Cox reduced to their holdings in Conocophillips by 27.78%. Their sale prices were between $39.44 and $46.8, with an estimated average price of $43.99. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 233,245 shares as of 09/30/2009.

ConocoPhillips is a major international integrated energy company with operations in some 49 countries. Conocophillips has a market cap of $77.44 billion; its shares were traded at around $52.22 with a P/E ratio of 14 and P/S ratio of 0.3. The dividend yield of Conocophillips stocks is 3.8%. Conocophillips had an annual average earning growth of 19% over the past 10 years.

Reduced: Becton Dickinson And Company ( BDX)

Dodge & Cox reduced to their holdings in Becton Dickinson And Company by 33.54%. Their sale prices were between $63.75 and $73.6, with an estimated average price of $68.85. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 46,422 shares as of 09/30/2009.

Becton, Dickinson and Co. is engaged principally in the manufacture and sale of a broad line of supplies, devices and systems used by health care professionals, medical research institutions and the general public. BD's operations consist of three worldwide business segments: Medical Systems, Biosciences, and Preanalytical Solutions. Becton Dickinson And Company has a market cap of $17.28 billion; its shares were traded at around $72.2 with a P/E ratio of 14.5 and P/S ratio of 2.4. The dividend yield of Becton Dickinson And Company stocks is 1.8%. Becton Dickinson And Company had an annual average earning growth of 10.8% over the past 10 years. GuruFocus rated Becton Dickinson And Company the business predictability rank of 4-star.

Reduced: The Sherwinwilliams Company ( SHW)

Dodge & Cox reduced to their holdings in The Sherwinwilliams Company by 31.92%. Their sale prices were between $52.05 and $62.13, with an estimated average price of $58.64. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 14,500 shares as of 09/30/2009.

Sherwin-Williams Co. is a manufacturer, distributor and retailer of paint, coatings and related products. It is the one of largest paint companies in the United States and in the world. Well known brands include Sherwin- Williams, Dutch Boy, Pratt & Lambert, Martin-Senour, Thompson's, Minwax and Krylon. (Company Press Release) The Sherwinwilliams Company has a market cap of $6.92 billion; its shares were traded at around $59.54 with a P/E ratio of 15.7 and P/S ratio of 0.9. The dividend yield of The Sherwinwilliams Company stocks is 2.4%. The Sherwinwilliams Company had an annual average earning growth of 9.7% over the past 10 years. GuruFocus rated The Sherwinwilliams Company the business predictability rank of 2.5-star.

Reduced: Mcdonald's Corp. ( MCD)

Dodge & Cox reduced to their holdings in Mcdonald's Corp. by 24.84%. Their sale prices were between $54.23 and $58.82, with an estimated average price of $56.25. The impact to their portfolio due to this sale was -0.01%. Dodge & Cox still held 379,741 shares as of 09/30/2009.

McDonald's Corporation develops, operates, franchises and services a worldwide system of restaurants that prepare, assemble, package and sell a limited menu of value-priced foods. The company operates primarily in the quick-service hamburger restaurant business. All restaurants are operated by the company or, under the terms of franchise arrangements, by franchisees who are independent third parties, or by affiliates operating under joint-venture agreements between the company and local business people. Mcdonald's Corp. has a market cap of $67.85 billion; its shares were traded at around $62.17 with a P/E ratio of 16.2 and P/S ratio of 2.9. The dividend yield of Mcdonald's Corp. stocks is 3.2%. Mcdonald's Corp. had an annual average earning growth of 7.2% over the past 10 years.

Reduced: Genuine Parts Company ( GPC)

Dodge & Cox reduced to their holdings in Genuine Parts Company by 84.9%. Their sale prices were between $32.56 and $39.15, with an estimated average price of $35.98. The impact to their portfolio due to this sale was -0.02%. Dodge & Cox still held 334,892 shares as of 09/30/2009.

GENUINE PARTS COMPANY is a distributor of automotive replacement parts in the U.S., Canada and Mexico. The Company also distributes industrial replacement parts in the U.S. and in Canada through its Motion Industries subsidiary. S. P. Richards Company, the Office Products Group, distributes product nationwide in the U.S. and in Canada. The Electrical/Electronic Group, EIS, Inc., distributes electrical and electronic components throughout the U.S. and in Canada and Mexico. Genuine Parts Company has a market cap of $5.79 billion; its shares were traded at around $36.27 with a P/E ratio of 14.9 and P/S ratio of 0.5. The dividend yield of Genuine Parts Company stocks is 4.4%. Genuine Parts Company had an annual average earning growth of 4.7% over the past 10 years. GuruFocus rated Genuine Parts Company the business predictability rank of 2.5-star.

Reduced: Liberty Media Corporation - Series A Liberty Enter (LMDIA)

Dodge & Cox reduced to their holdings in Liberty Media Corporation - Series A Liberty Enter by 39.44%. Their sale prices were between $24.82 and $30.91, with an estimated average price of $27.79. The impact to their portfolio due to this sale was -0.08%. Dodge & Cox still held 5,365,172 shares as of 09/30/2009.

Liberty Media Corporation is a holding company, which, through its subsidiaries owns interests in a broad range of electronic retailing, media, communications and entertainment businesses. Those interests are attributed to three tracking stock groups: (1) the Liberty Interactive group, which includes Liberty's interests in QVC, Provide Commerce, Backcountry.com, BUYSEASONS, Bodybuilding.com, IAC/InterActiveCorp, and Expedia, (2) the Liberty Entertainment group, which includes Liberty's interests in The DIRECTV Group, Inc., Starz Entertainment, FUN Technologies, Inc., GSN, LLC, WildBlue Communications, Inc., and Liberty Sports Holdings LLC, and (3) the Liberty Capital group, which includes all businesses, assets and liabilities not attributed to the Interactive group or the Entertainment group including its subsidiaries Starz Media, LLC, Atlanta National League Baseball Club, Inc., and TruePosition, Inc., and minority equity investments in Time Warner Inc. and Sprint Nextel Cor Liberty Media Corporation - Series A Liberty Enter has a market cap of $16.66 billion; its shares were traded at around $33.66 .

Reduced: Carmax Inc. ( KMX)

Dodge & Cox reduced to their holdings in Carmax Inc. by 22.14%. Their sale prices were between $13.4 and $21.2, with an estimated average price of $16.81. The impact to their portfolio due to this sale was -0.09%. Dodge & Cox still held 15,583,358 shares as of 09/30/2009.

CarMax Group is a subsidiary of Circuit City Stores, Inc. The company is one of the nation's largest retailers of brand-name consumer electronics and major appliances, and a leading retailer of personal computers and music software. The company is adding value to this industry with a consumer offer that includes extraordinary selection; everyday low prices marked clearly on every car; quality gaurantees; and exceptional customer service. (PRESS RELEASE) Carmax Inc. has a market cap of $4.61 billion; its shares were traded at around $20.8 with a P/E ratio of 32 and P/S ratio of 0.7. Carmax Inc. had an annual average earning growth of 21.9% over the past 5 years.

Reduced: Petroleo Brasileiro S.a.petrobras ( PBR-A)

Dodge & Cox reduced to their holdings in Petroleo Brasileiro S.a.petrobras by 23.07%. Their sale prices were between $29.1 and $38.94, with an estimated average price of $34.6. The impact to their portfolio due to this sale was -0.11%. Dodge & Cox still held 9,213,100 shares as of 09/30/2009.

Petrolo Brasilerio was founded in October of 1953 to operate in the Brazilian oil sector. The company is a mixed capital corporation that operates in the exploration, production, refining, commercialization, transportation, import, and export of oil and oil products. It also operates in the natural gas segment, in oil product distribution, in petrochemicals, and in fertilizers. The company's main domestic clients are oil products and natural gas distributors as well as major industrial consumers. Petroleo Brasileiro S.a.petrobras has a market cap of $188.07 billion; its shares were traded at around $42.87 with and P/S ratio of 1.3. The dividend yield of Petroleo Brasileiro S.a.petrobras stocks is 0.8%. Petroleo Brasileiro S.a.petrobras had an annual average earning growth of 36.6% over the past 10 years.

Reduced: Credit Suisse Group (CS)

Dodge & Cox reduced to their holdings in Credit Suisse Group by 36.45%. Their sale prices were between $42.98 and $56.86, with an estimated average price of $49.55. The impact to their portfolio due to this sale was -0.11%. Dodge & Cox still held 4,413,887 shares as of 09/30/2009.

CREDIT SUISSE GROUP and Winterthur offer investment products, private banking and financial advisory services, as well as insurance and pension solutions. Credit Suisse First Boston provides securities underwriting, sales and trading, financial advisory, investment research, venture capital and asset management services. Because they specialize in gaining a deep understanding of their clients' financial needs, they know that no one's needs are two-dimensional. 360? Choice. Credit Suisse Group has a market cap of $65.49 billion; its shares were traded at around $55.28 with and P/S ratio of 1.2. The dividend yield of Credit Suisse Group stocks is 0.1%. Credit Suisse Group had an annual average earning growth of 43.9% over the past 10 years. GuruFocus rated Credit Suisse Group the business predictability rank of 2-star.

Reduced: Royal Dutch Shell Plc (RDS-B)

Dodge & Cox reduced to their holdings in Royal Dutch Shell Plc by 35.65%. Their sale prices were between $47.06 and $58.07, with an estimated average price of $52.83. The impact to their portfolio due to this sale was -0.12%. Dodge & Cox still held 4,962,872 shares as of 09/30/2009.

Royal Dutch Shell plc is the result of the unification of Royal Dutch and Shell Transport. Royal Dutch Shell Plc has a market cap of $188.05 billion; its shares were traded at around $59.68 with a P/E ratio of 14.2 and P/S ratio of 0.4. The dividend yield of Royal Dutch Shell Plc stocks is 5.6%. Royal Dutch Shell Plc had an annual average earning growth of 16.1% over the past 10 years.

Reduced: Sony Corp. ( SNE)

Dodge & Cox reduced to their holdings in Sony Corp. by 21.18%. Their sale prices were between $23.85 and $30, with an estimated average price of $26.71. The impact to their portfolio due to this sale was -0.29%. Dodge & Cox still held 37,216,497 shares as of 09/30/2009.

Sony Corporation develops and manufactures consumer and industrial electronic equipment. The Company's products include audio and video equipment, televisions, displays, semiconductors, electronic components, computers and computer peripherals, and telecommunication equipment. The Company is also active in the worldwide music and image-based software markets. Sony Corp. has a market cap of $28.34 billion; its shares were traded at around $28.24 with a P/E ratio of 10.9 and P/S ratio of 0.4. The dividend yield of Sony Corp. stocks is 0.8%.

Reduced: Computer Sciences Corp. ( CSC)

Dodge & Cox reduced to their holdings in Computer Sciences Corp. by 34.68%. Their sale prices were between $42.18 and $53.25, with an estimated average price of $48.32. The impact to their portfolio due to this sale was -0.32%. Dodge & Cox still held 13,820,836 shares as of 09/30/2009.

Computer Sciences Corp. offers a broad array of professional services to clients in the global commercial and government markets and specializes in the application of advanced and complex I/T to achieve its customers' strategic objectives. Its service offerings include outsourcing, systems integration, and I/T and management consulting and other professional services, including e-business solutions. Computer Sciences Corp. has a market cap of $8.18 billion; its shares were traded at around $53.91 with a P/E ratio of 13.4 and P/S ratio of 0.5. Computer Sciences Corp. had an annual average earning growth of 9.1% over the past 10 years. GuruFocus rated Computer Sciences Corp. the business predictability rank of 5-star.

Sold Out: Pacific Capital Bancorp ( PCBC)

Dodge & Cox sold out their holdings in Pacific Capital Bancorp. Their sale prices were between $1.68 and $3.18, with an estimated average price of $2.39.

Pacific Capital Bancorp is a bank holding company for Santa Barbara Bank & Trust, First National Bank of Central California and South Valley National Bank. The banks offer a full range of commercial banking services to households, professionals, and small- to medium-sized businesses. These include various commercial, real estate and consumer loan, leasing and deposit products. The banks offers other services like electronic fund transfers and safe deposit boxes to both individuals and businesses. Pacific Capital Bancorp has a market cap of $32.6 million; its shares were traded at around $0.69 with and P/S ratio of 0.1. Pacific Capital Bancorp had an annual average earning growth of 14.7% over the past 10 years. GuruFocus rated Pacific Capital Bancorp the business predictability rank of 3.5-star.

Sold Out: Statoil Asa (STO)

Dodge & Cox sold out their holdings in Statoil Asa. Their sale prices were between $18.26 and $23.16, with an estimated average price of $21.32.

Statoil is an integrated oil and gas company. One of the world's biggest sellers of crude oil, Statoil is also a major supplier of natural gas in the European market and has substantial industrial operations. The group has service stations in the Scandinavian countries, Ireland, Poland, the Baltic states and Russia. Statoil is one of the world's most environmentally-efficient producers and transporters of oil and gas. Statoil Asa has a market cap of $79.24 billion; its shares were traded at around $24.88 with a P/E ratio of 11.7 and P/S ratio of 0.7. The dividend yield of Statoil Asa stocks is 2.4%. Statoil Asa had an annual average earning growth of 23.1% over the past 5 years.

Sold Out: Health Management Associates Inc. ( HMA)

Dodge & Cox sold out their holdings in Health Management Associates Inc.. Their sale prices were between $4.8 and $7.93, with an estimated average price of $6.36.

Health Management Associates, Inc. provides a broad range of general acute care health services in non-urban communities. The Company pursues a business strategy of efficiently and profitably operating its existing base of facilities and selectively acquiring additional 100 to 300 bed acute care hospitals located in non-urban communities in market areas of 40,000 to 300,000 people in the southeastern and southwestern UnitedStates. Health Management Associates Inc. has a market cap of $1.66 billion; its shares were traded at around $6.73 with a P/E ratio of 14.9 and P/S ratio of 0.3. Health Management Associates Inc. had an annual average earning growth of 25.2% over the past 10 years. GuruFocus rated Health Management Associates Inc. the business predictability rank of 3.5-star.

Sold Out: International Paper Company (IP)

Dodge & Cox sold out their holdings in International Paper Company. Their sale prices were between $13.99 and $24.16, with an estimated average price of $19.78.

International Paper Co. is a global paper and forest products company thatis complemented by an extensive distribution system. The company producesprinting and writing papers, pulp, tissue, paperboard and packaging and wood products. The company also manufacture specialty chemicals and specialty panels and laminated products. Its primary markets and manufacturing and distribution operations are in the United States, Europe and the Pacific Rim. International Paper Company has a market cap of $10.58 billion; its shares were traded at around $24.44 with a P/E ratio of 28.4 and P/S ratio of 0.4. The dividend yield of International Paper Company stocks is 0.4%.

Sold Out: Kyocera Corp. ( KYO)

Dodge & Cox sold out their holdings in Kyocera Corp.. Their sale prices were between $72.16 and $92.46, with an estimated average price of $80.98.

Kyocera Corporation was founded in 1959 as a company specializing in the production of fine ceramic components, Kyocera has expanded its business byeffectively developing and applying its ceramics technologies. The company has grown to be a world-leading manufacturer of ceramics, including custom parts and consumer products. Kyocera's materials, components, and finished products are used in virtually all fields of industry. In addition to ceramics, products also include information, tele-communications, and Optical equipment. Kyocera Corp. has a market cap of $14.86 billion; its shares were traded at around $80.98 with a P/E ratio of 16.5 and P/S ratio of 1.4. The dividend yield of Kyocera Corp. stocks is 0.7%. Kyocera Corp. had an annual average earning growth of 8.4% over the past 10 years. GuruFocus rated Kyocera Corp. the business predictability rank of 2-star.

Sold Out: Alleghany Corp. (Y)

Dodge & Cox sold out their holdings in Alleghany Corp.. Their sale prices were between $251 and $285.04, with an estimated average price of $265.85.

ALLEGHANY CORP. is engaged, through its subsidiaries Chicago Title and Trust Company (``CT&T``), Chicago Title Insurance Company (`` CTI``), Security Union Title Insurance Company (``Security Union``) and Ticor Title Insurance Company (``Ticor Title``) and their subsidiaries, in the sale and underwriting of title insurance and in other real estate-related services businesses, and through CT&T's subsidiary, Alleghany Asset Management, Inc. (``Alleghany Asset Management``) and its subsidiaries, in certain other financial services businesses. Alleghany Corp. has a market cap of $2.38 billion; its shares were traded at around $264.4 with a P/E ratio of 17.5 and P/S ratio of 2.4. Alleghany Corp. had an annual average earning growth of 11.4% over the past 10 years.



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