Dodge & Cox

Dodge & Cox

Last Update: 01-08-2016

Number of Stocks: 186
Number of New Stocks: 7

Total Value: $99,410 Mil
Q/Q Turnover: 6%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Dodge & Cox' s Profile & Performance

Profile

Dodge & Cox was founded in 1930, by Van Duyn Dodge and E. Morris Cox. As of March 2006, Dodge & Cox managed over $104 billion in separate accounts and mutual funds.

Web Page:http://www.dodgeandcox.com/

Investing Philosophy

Dodge & Cox employs a team research approach in making investment decisions. The investment decisions are made by the Investment Policy Committee. The nine members of this committee include Wendell W. Birkhofer, Bryan Cameron, John A. Gunn, Harry R. Hagey, David C. Hoeft, Kenneth E. Olivier, Charles F. Pohl, Gregory R. Serrurier, and Diana S. Strandberg. Dodge & Cox believe that a well-tuned, group decision making process enhances individual thinking and moves the portfolio beyond dependence on any single person. The Dodge & Cox team is guided both in what they buy and what they sell by an ongoing search for superior relative value, steering clear of popular choices that come at a price they would rather not pay. Investing when valuations are low creates greater potential for capital appreciation. They look to be long-term owners of companies whose current valuations don’t reflect their long-term earnings and cash-flow prospects.

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of Dodge & Cox Stock FUND

YearReturn (%)S&P500 (%)Excess Gain (%)
201410.4313.69-3.3
201340.5532.398.2
201222.01166.0
3-Year Cumulative89.4 (23.7%/year)74.6 (20.4%/year)14.8 (3.3%/year)
2011-4.082.11-6.2
201013.4915.06-1.6
5-Year Cumulative106.1 (15.6%/year)105.1 (15.5%/year)1 (0.1%/year)
200931.2726.464.8
2008-43.31-37-6.3
20070.145.49-5.3
200618.5315.792.7
20059.374.914.5
10-Year Cumulative99.2 (7.1%/year)109.4 (7.7%/year)-10.2 (-0.6%/year)
200419.1710.888.3
200332.3428.683.7
2002-10.54-22.111.6
20019.33-11.8921.2
200016.31-9.125.4
15-Year Cumulative257.3 (8.9%/year)86.4 (4.2%/year)170.9 (4.7%/year)
199920.2121.04-0.8
19985.428.58-23.2
199728.433.36-5.0
199622.2722.96-0.7
199533.5237.58-4.1
20-Year Cumulative848.9 (11.9%/year)554.6 (9.8%/year)294.3 (2.1%/year)
19945.171.323.9
199318.3310.088.2
199210.827.623.2
199121.4730.47-9.0
1990-5.09-3.1-2.0
25-Year Cumulative1408.8 (11.5%/year)893.3 (9.6%/year)515.5 (1.9%/year)
198926.9431.69-4.8
198813.7616.61-2.9
198711.955.16.8
198618.3118.6-0.3
198537.8631.66.3
30-Year Cumulative3878.3 (13.1%/year)2402.2 (11.3%/year)1476.1 (1.8%/year)
19845.186.1-0.9
198326.5422.44.1
198222.0721.40.7
1981-2.57-52.4
198033.1932.30.9
35-Year Cumulative8287.5 (13.5%/year)4858.2 (11.8%/year)3429.3 (1.7%/year)

Top Ranked Articles

Dodge & Cox Comments on American Express Guru stock highlight
American Express (NYSE:AXP)—the largest new purchase in the Fund during 2015—provides charge and credit card products and travel-related services to consumers and businesses worldwide. The company is the number one credit/charge card issuer and merchant acquirer in the United States measured by billed business, and its network is the second largest after Visa. Historically, American Express has generated attractive returns due to its vertical integration and strong value proposition for high-spending customers. Read more...
Dodge & Cox Comments on Hewlett Packard Enterprise Guru stock highlight
After providing strong returns in 2013 and 2014, Hewlett-Packard was the Fund’s largest detractor from results during 2015. Hewlett-Packard recently split into two entities—Hewlett Packard Enterprise (NYSE:HPE) and HP Inc. (NYSE:HPQ)—which should result in greater focus and flexibility for each company to achieve its strategic goals. To assess secular challenges and evaluate the risks and opportunities of each stand-alone business, we met numerous times with their management teams and competitors and spoke with industry consultants. As a result, we added to the Fund’s positions in both companies. On December 31, Hewlett Packard Enterprise was a 2.5% position and HP Inc. was a 1.8% position in the Fund. Read more...
Dodge & Cox Comments on HP Inc. Guru stock highlight
As the leader in printing and personal computer sales globally, HP Inc. (NYSE:HPQ)’s key challenge is declining revenues. Partly due to the stronger U.S. dollar, consensus estimates have the company’s sales declining approximately 10% in 2016. Many investors believe a shrinking market for hardware and ink may be too difficult to overcome; we believe this view of the company’s prospects is too pessimistic. HP’s management is aggressively cutting costs and has plans to introduce more new products. For example, HP has portions of its printing business (e.g., high-end graphics production) that are currently growing and may increase share in the established copier market and in the more nascent 3D print market. Moreover, the company generates robust free cash flow. Trading at seven times forward estimated earnings, HP remains an attractive investment opportunity with strong business prospects given its large valuation discount to the overall market. Read more...
Dodge & Cox Comments on Itau Unibanco Guru stock highlight
Itau Unibanco (NYSE:ITUB), Brazil’s leading bank, has strong market positions in consumer credit and payments and is exposed to under-penetrated areas of the financial market that are poised to grow over the next three to five years. Brazil’s struggling economy and sharp currency depreciation weighed substantially on Itau Unibanco’s stock during 2015 (down 41%(e) in U.S. dollars). We conducted both on-the-ground and other due diligence with company management and government officials to evaluate economic and company-specific concerns. What we found reaffirmed our view that Itau’s management has proactively managed credit risk by reducing exposures and raising provisions. Management is focused on enhancing shareholder value and has a solid track record of capital allocation. Beyond this cycle, management is investing for the future and strengthening Itau’s competitive advantage. For example, Itau continues to invest in online access to better serve the needs of affluent customers and more efficiently handle payments and transactions for its retail customer base. At 1.6 times tangible book value, Itau trades at a 10-year low valuation. While political Read more...
Dodge & Cox Comments on Schneider Electric Guru stock highlight
Schneider Electric (XPAR:SUNV), a 2.2% position in the Fund, is a global leader in electrical products, systems, and services such as low- and medium-voltage gear, factory automation equipment and systems, and uninterruptible power supply solutions for data centers. While incorporated in France, Schneider derives only 27% of its revenues from Western Europe and more than 40% of its sales come from emerging markets. Thus, Schneider is a prime example that a company’s domicile does not always reflect its true revenue exposure. Schneider’s stock performed poorly in 2015 (down 21% in U.S. dollars) due to lower than expected construction and industrial activity, driven in large part by a slowdown in China, Russia, and Brazil. Read more...
» More Dodge & Cox Articles

Commentaries and Stories

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Dodge & Cox Comments on HP Inc. Guru stock highlight
As the leader in printing and personal computer sales globally, HP Inc. (NYSE:HPQ)’s key challenge is declining revenues. Partly due to the stronger U.S. dollar, consensus estimates have the company’s sales declining approximately 10% in 2016. Many investors believe a shrinking market for hardware and ink may be too difficult to overcome; we believe this view of the company’s prospects is too pessimistic. HP’s management is aggressively cutting costs and has plans to introduce more new products. For example, HP has portions of its printing business (e.g., high-end graphics production) that are currently growing and may increase share in the established copier market and in the more nascent 3D print market. Moreover, the company generates robust free cash flow. Trading at seven times forward estimated earnings, HP remains an attractive investment opportunity with strong business prospects given its large valuation discount to the overall market. More...

  • Currently 0.00/5

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Dodge & Cox Comments on Hewlett Packard Enterprise Guru stock highlight
After providing strong returns in 2013 and 2014, Hewlett-Packard was the Fund’s largest detractor from results during 2015. Hewlett-Packard recently split into two entities—Hewlett Packard Enterprise (NYSE:HPE) and HP Inc. (NYSE:HPQ)—which should result in greater focus and flexibility for each company to achieve its strategic goals. To assess secular challenges and evaluate the risks and opportunities of each stand-alone business, we met numerous times with their management teams and competitors and spoke with industry consultants. As a result, we added to the Fund’s positions in both companies. On December 31, Hewlett Packard Enterprise was a 2.5% position and HP Inc. was a 1.8% position in the Fund. More...

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Dodge & Cox Comments on American Express Guru stock highlight
American Express (NYSE:AXP)—the largest new purchase in the Fund during 2015—provides charge and credit card products and travel-related services to consumers and businesses worldwide. The company is the number one credit/charge card issuer and merchant acquirer in the United States measured by billed business, and its network is the second largest after Visa. Historically, American Express has generated attractive returns due to its vertical integration and strong value proposition for high-spending customers. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Dodge & Cox Comments on Schneider Electric Guru stock highlight
Schneider Electric (XPAR:SUNV), a 2.2% position in the Fund, is a global leader in electrical products, systems, and services such as low- and medium-voltage gear, factory automation equipment and systems, and uninterruptible power supply solutions for data centers. While incorporated in France, Schneider derives only 27% of its revenues from Western Europe and more than 40% of its sales come from emerging markets. Thus, Schneider is a prime example that a company’s domicile does not always reflect its true revenue exposure. Schneider’s stock performed poorly in 2015 (down 21% in U.S. dollars) due to lower than expected construction and industrial activity, driven in large part by a slowdown in China, Russia, and Brazil. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Dodge & Cox Comments on Itau Unibanco Guru stock highlight
Itau Unibanco (NYSE:ITUB), Brazil’s leading bank, has strong market positions in consumer credit and payments and is exposed to under-penetrated areas of the financial market that are poised to grow over the next three to five years. Brazil’s struggling economy and sharp currency depreciation weighed substantially on Itau Unibanco’s stock during 2015 (down 41%(e) in U.S. dollars). We conducted both on-the-ground and other due diligence with company management and government officials to evaluate economic and company-specific concerns. What we found reaffirmed our view that Itau’s management has proactively managed credit risk by reducing exposures and raising provisions. Management is focused on enhancing shareholder value and has a solid track record of capital allocation. Beyond this cycle, management is investing for the future and strengthening Itau’s competitive advantage. For example, Itau continues to invest in online access to better serve the needs of affluent customers and more efficiently handle payments and transactions for its retail customer base. At 1.6 times tangible book value, Itau trades at a 10-year low valuation. While political More...

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Rating: 5.0/5 (1 vote)

Dodge & Cox Stock Fund Annual Letter 2015 Review of market and holdings Dodge & Cox - Dodge & Cox Stock Fund Annual Letter 2015
To Our Shareholders More...

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Stocks in the Spotlight As earnings season begins to heat up, Apple disappoints, U.S. Steel comes under pressure, and Capital One comes through David Einhorn,Dodge & Cox,Diamond Hill Capital,Ray - Stocks In The Spotlight
Indexes had a nice rebound along with oil on Tuesday on renewed optimism that oil producers will look to curb production in the near future. The problem with this is twofold. For one, Saudi Arabia has been pretty adamant that it plans to keep producing oil in order to preserve market share. Second, more supply is set to hit the market, this time from Iran whose sanctions have been lifted. Neighboring Iraq is also set to increase its oil production from 3.8 million barrels per day to 4 million plus. More...

  • Currently 4.50/5

Rating: 4.5/5 (2 votes)

Dodge & Cox Global Stock Fund 4th Quarter Commentary Discussion of market and holdings Dodge & Cox - Dodge & Cox Global Stock Fund 4th Quarter Commentary
The Dodge & Cox Global Stock Fund had a total return of 3.5% for the fourth quarter of 2015, compared to 5.5% for the MSCI World Index. For 2015, the Fund had a total return of –8.1%, compared to –0.9% for the MSCI World. More...

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Still a Guru Favorite Bank of America beat earnings estimates and is still held by 20-plus gurus Dodge & Cox,James Barrow,Bruce Berkowitz,HOTCHKIS  - Still A Guru Favorite
Are the gurus right about Bank of America (NYSE:BAC)? More...

BANKS, FINANCIALS


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Dodge & Cox Stock Fund 2015 Commentary Fund declined 4.5% for the year Dodge & Cox - Dodge & Cox Stock Fund 2015 Commentary
The Dodge & Cox Stock Fund had a total return of 4.6% for the fourth quarter of 2015, compared to 7.1% for the S&P 500 Index. For 2015, the Fund had a total return of -4.5%, compared to 1.4% for the S&P 500. More...

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Dodge & Cox Continues to Buy Shell, Coach, Cisco Firm increases several holdings in 3rd quarter Dodge & Cox - Dodge & Cox Continues To Buy Shell, Coach, Cisco
Dodge & Cox was founded in 1930 by Van Duyn Dodge and E. Morris Cox. The firm manages a portfolio of 186 stocks with a total value of $99.4 billion. The following are the stocks he has been buying for at least the last two quarters. More...

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Berkshire Hathaway, China Mobile, Novartis, Oracle, PetroChina Near 52-Week Lows GuruFocus reveals list of companies approaching 52-week lows Dodge & Cox,David Dreman,Kahn Brothers,HOTCHKIS & - Berkshire Hathaway, China Mobile, Novartis, Oracle, PetroChina Near 52-Week Lows
According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows. More...

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High Dividend Yield Ratios Are Hallmarks of Many Dodge & Cox Stakes HSBC Holdings, GlaxoSmithKline are among 10 stocks with highest yields in portfolio Dodge & Cox,Sarah Ketterer,James Barrow,Richard Sn - High Dividend Yield Ratios Are Hallmarks Of Many Dodge & Cox Stakes
Ten of the existing stakes in Dodge & Cox's portfolio provide high dividend yields for the company. The firm reduced its positions in six in the third quarter. More...

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Larry Robbins Buys Cigna, Monsanto and Sells Out McDonald's Stakes in animal health care company, Citigroup, T-Mobile are reduced in quarter Larry Robbins,Dodge & Cox,Vanguard Health Care Fun - Larry Robbins Buys Cigna, Monsanto And Sells Out McDonald's
Glenview Capital Management, founded in 2000 by Larry Robbins (Trades, Portfolio), is a privately held investment management firm. Robbins’ investments are primarily focused on the U.S. with a smaller amount of exposure in Western Europe. More...

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Highlights From HP's Final Combined Earnings Call HP Enterprise’s sales outpace HP Inc. as the two firms take new directions Dodge & Cox - Highlights From HP's Final Combined Earnings Call
Hewlett-Packard (NYSE:HPQ) reported its last earnings announcement as a combined company on Nov. 24. Results for the business continued to reflect weak personal computer sales and challenging industry competition in enterprise technology. Revenue for the full year was down 7% at $103.4 billion. EPS for the year was also lower, down 4% at $3.59. More...

TECHNOLOGY


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John Burbank Jumps in Alphabet, Dollar Tree and Sells Rite Aid, NRG Largest trade is the sale of Liberty Global with an impact of 3% on his portfolio John Burbank,Dodge & Cox,Chris Davis,First Eagle I - John Burbank Jumps In Alphabet, Dollar Tree And Sells Rite Aid, NRG
John Burbank is the chief investment officer of Passport Capital LLC, the global investment firm he founded in 2000. He manages a portfolio composed of 119 stocks with a total value of $5.55 billion. The following are his largest trades during the third quarter. More...

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Dodge & Cox Comments on Express Scripts Guru stock highlight
Over the past decade, Express Scripts (NASDAQ:ESRX) has been a significant beneficiary of three industry trends: increased generic penetration, mail order pharmacy growth, and industry consolidation. The past round of mergers—CVS/Caremark, Express Scripts/Medco Health Solutions (Medco), and SXC Health Solutions/Catalyst Health—has created an oligopolistic market structure where the top three players now control over 65% of industry volumes. More...

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Dodge & Cox Global Stock Fund 3rd Quarter Commentary The Fund seeks long-term growth of principal and income Dodge & Cox - Dodge & Cox Global Stock Fund 3rd Quarter Commentary
The Dodge & Cox Global Stock Fund had a total return of –13.1% for the third quarter of 2015, compared to –8.4% for the MSCI World Index. For the nine months ended September 30, 2015, the Fund had a total return of –11.2%, compared to –6.0% for the MSCI World. More...

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Dodge & Cox Sells Most of Stakes in Chevron, GlaxoSmithKline Guru invests in stakes in UBS Group, Harley-Davidson Dodge & Cox - Dodge & Cox Sells Most Of Stakes In Chevron, GlaxoSmithKline
A team research approach guides Dodge & Cox’s investment decisions. The strategy works pretty well. Dodge & Cox enjoyed returns of more than 10% in 2014, which was good compared to many investors but modes compared to the returns from 2012 (22.01%) and 2013 (40.55%). More...

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Undervalued Stocks With Growing Earnings Among Dodge & Cox's Holdings Apple's and Deere's EPS have grown by more than 30% over the last five years. They are still undervalued. Dodge & Cox,Warren Buffett,Carl Icahn,Ken Fisher,J - Undervalued Stocks With Growing Earnings Among Dodge & Cox's Holdings
Dodge & Cox was founded in 1930 by Van Duyn Dodge and E. Morris Cox and employs a team research approach in making investment decisions. More...

UNDERVALUED,EARNINGS,


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