Dodge & Cox

Dodge & Cox

Last Update: 02-13-2015

Number of Stocks: 190
Number of New Stocks: 3

Total Value: $107,627 Mil
Q/Q Turnover: 7%

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 Buys Boston Scientific Corp., HSBC Holdings PLC, Home Depot Inc., Sells Syngenta AG, Lockheed Martin Corp., Genentech Inc.
Manage more than $100 billion and still achieve outstanding returns? Even Warren Buffett is having a hard time doing it. Dodge & Cox does this with a value investing team. They have achieved great returns. These are the details of the buys and sells during the second quarter. Dodge & Cox owns 221 stocks with a total value of $138.5 billion. Read more...
Guru Stocks at 52-Week Lows: NSRGY, TEF, FTE, PC, CME
According to GuruFocus' list of 52-week lows, these Guru stocks have reached their 52-week lows. Read more...
The Most Overlooked Technology Bargain: Computer Sciences (CSC)
Computer Sciences Corporation (CSC) carries a 4-Star GuruFocus rating for business predictability. Read more...
Dodge & Cox Favors Motorola (MOT), Buys Boston Scientific (BSX) and Home Depot (HD)
Value investing team Dodge & Cox likes to buy companies that are temporarily undervalued by the stock market but have a favorable outlook for long-term growth. They value companies based on their underlying financial condition and prospects including future earnings, cash flow and dividends. Over the past 20 years, Dodge & Cox Stock Fund has returned more than 13% a year, beating S&P500 by more than 3% a year. Their funds are closed to new investors. Read more...
Dodge & Cox 2Q Letter - Comments Financials, Tech
TO OUR SHAREHOLDERS Read more...
» More Dodge & Cox Articles

Commentaries and Stories

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Morgan Stanley's Q1 Results Beat Wall Street Estimates
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Bill Nygren Focuses On Apache Corp.
Bill Nygren (Trades, Portfolio) is portfolio manager of The Oakmark Fund, The Oakmark Select Fund and the Oakmark Global Select Fund. Nygren has an M.S. in finance from the University of Wisconsin-Madison and a B.S. in accounting from the University of Minnesota. More...

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Prem Watsa Top Growing Stocks
“Why do Roman bridges historically last for a long, long time? Why did they last for a long time? The key reason was that the people who designed the bridges had to stand underneath it before the traffic went on. So they made sure there was a massive margin of safety. And bridges lasted for years and years and years. “ More...

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Dodge & Cox 2014 Equity Year in Review
Watch the video here. More...

VIDEO, DODGE AND COX, CHARLES POHL


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Guru David Tepper Adds One Company to Portfolio in Fourth Quarter David Tepper, DODGE & COX, GLOBAL VALUE, MANNING & - Guru David Tepper Adds One Company To Portfolio In Fourth Quarter
Hedge fund manager and founder of Appaloosa Management David Tepper (Trades, Portfolio) has built a reputation over the years for investing in distressed companies. More...

REAL ESTATE, STOCK, DIVEST, FACEBOOK, SOCIAL MEDIA


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Dodge & Cox’s Global Stock Fund Comments on Siam Commercial Bank
Siam Commercial Bank (BKK:SCB), the largest retail bank in Thailand, is a new addition to the Fund. During late 2013 and early 2014, Thailand lacked a functioning government, and the country’s stock market suffered. Siam Commercial’s stock was no exception, as its valuation declined to eight times forward earnings. During prior periods of political uncertainty, the Thai economy continued to grow, and Siam Commercial delivered an attractive return on shareholder’s equity and increased its book value per share. More...

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Dodge & Cox’s Global Stock Fund Comments on Standard Chartered
Domiciled in the United Kingdom, Standard Chartered (LSE:STAN) has extensive geographic reach. The company provides consumer and wholesale banking products to customers throughout the emerging markets (especially in Asia, Africa, and the Middle East); approximately a third of the company’s deposits are located in Greater China. Falling commodity prices, concerns about asset quality, regulatory fines, and increasing capital requirements in the United Kingdom weighed on the company’s share price, and its valuation fell to 0.8 times book value in October, a historically low level. More...

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Dodge & Cox’s Global Stock Fund Q4 2014 Shareholder Letter
TO OUR SHAREHOLDERS More...

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Dodge & Cox’s Stock Fund Comments on Schlumberger NV
Schlumberger (SLB), the world’s leading oil services company, is the most technologically-focused company among the integrated oilfield service companies, with double the R&D budget of its closest peer. We believe that its consistent spending on technology (e.g., enhanced recovery techniques, seismic interpretation, directional drilling) has provided the company with a competitive advantage that is sustainable over time. The company’s innovation efforts have enabled the industry to extract oil and gas from deepwater and shale resources that were previously cost-prohibitive or physically challenging to reach. Schlumberger is the dominant international provider in key markets, including the Middle East and Russia. The majority of its revenues come from outside the United States, and its international business has higher margins than its U.S. operations. We believe that Schlumberger is well positioned to continue to benefit from the long- term relationships it has with international oil companies and producing nations. If the price of oil remains low, the company will face a challenging environment. Relative to competitors, its More...

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Dodge & Cox’s Stock Fund Comments on Google
As the most popular internet destination in the world, Google (GOOG, GOOGL) has extremely high search engine market share in both developed and emerging markets: ~70% desktop share and over 90% mobile share globally. The company is well-positioned to benefit from continued growth in its core search business as internet penetration increases (currently at approximately 40% globally), users spend more time online, e-commerce expands, and more advertising revenue is earned online. Google also has meaningful non-search assets in display advertising (e.g., YouTube, DoubleClick), mobile (e.g., Android), and social (e.g., Google+). The company is led by a long-term, product- focused management team with significant economic ownership and a demonstrated focus on shareholders and financial returns. However, Google faces increasing competition, greater regulatory scrutiny around the world, and declining margins due to rising R&D expenses. Despite these issues, we believe that its valuation at 17 times forward estimated earnings(c) is reasonable considering its strong long-term growth More...

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Dodge & Cox’s Stock Fund Comments on Hewlett-Packard Co
Hewlett-Packard (HPQ), a long-term holding in the Fund, is an example of how our patience, persistence, and ability to build conviction in the face of uncertainty have benefited recent performance (up 101% in 2013 and up 46% in 2014, and the largest contributor to Fund results in both years). We believe that Hewlett-Packard remains an attractive investment opportunity with strong business prospects given its large valuation discount to the overall market. As the world’s largest enterprise technology company, Hewlett-Packard has a strong, well- recognized brand and serves more than one billion end users in more than 170 countries. The company generates high, recurring free cash flow. Over our three- to five-year investment horizon, Hewlett-Packard is positioned to benefit from growth opportunities in the cloud, security, and converged network infrastructure markets. Furthermore, we believe that the competent management of the company’s operating businesses is underappreciated by the market. Current risks to the business include the possibility of expensive acquisitions, macroeconomic weakness, and competitive threats in PCs, services, More...

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Dodge & Cox’s Stock Fund Q4 2014 Shareholder Letter
TO OUR SHAREHOLDERS More...

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Walt Disney´s Dividend Hike Seems to Adequate to Its Intrinsic Value Dodge & Cox,Mario Gabelli - Walt Disney´s Dividend Hike Seems To Adequate To Its Intrinsic Value
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DIVIDEND, GROWTH, PRICE PERFORMANCE


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Dodge & Cox's Stock Fund Q4 2014 Commentary
The Dodge & Cox Stock Fund had a total return of 2.2% for the fourth quarter of 2014, compared to 4.9% for the S&P 500 Index. For 2014, the Fund had a total return of 10.4%, compared to 13.7% for the S&P 500. At year end, the Fund had net assets of $60.3 billion with a cash position of 1.2%. More...

Dodge & Cox, Commentary


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Dodge & Cox International Fund Q3 Commentary
The Dodge & Cox International Stock Fund had a total return of –2.7% for the third quarter of 2014, compared to –5.9% for the MSCI EAFE (Europe, Australasia, Far East) Index. For the nine months ended September 30, 2014, the Fund had a total return of 5.0%, compared to –1.4% for the MSCI EAFE. At quarter end, the Fund had net assets of $64.7 billion with a cash position of 1.7%. More...

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UNH: A Strong Candidate for Income and Capital Appreciation Chris Davis,Dodge & Cox - UNH: A Strong Candidate For Income And Capital Appreciation
American health care is a turbulent space these days, with the Affordable Care Act, budget restraints, aging Baby Boomers, and a whole lot more. More...

HEALTH CARE, INSURANCE, LONG, UnitedHealth Group


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Dodge & Cox Discuss Their Investments in Pharmaceuticals Dodge & Cox - Dodge & Cox Discuss Their Investments In Pharmaceuticals
EXECUTIVE SUMMARY More...

recent stock picks, pharmaceutical industry


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Dodge & Cox Video - Understanding the Pharmaceutical Industry Dodge & Cox - Dodge & Cox Video - Understanding The Pharmaceutical Industry
Pharmaceuticals analysts at investing firm Dodge & Cox explain the industry, where they have a "significant overweight" position. More...

pharmaceutical industry


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Dodge & Cox's Top New Buys of Q3 Dodge & Cox - Dodge & Cox's Top New Buys Of Q3
The Dodge & Cox fund in companies that it believes the stock market is undervaluing but have strong potential long-term growth. It returned 8% for the first nine months of the year, just shy of the 8.3% return of the S&P 500. More...

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Black Friday ... Or Red Friday? Bill Nygren,Dodge & Cox,James Barrow,Warren Buffet - Black Friday ... Or Red Friday?
Black Friday was invented by retailers to kick off the holiday season and encourage shoppers to get Christmas shopping done and out of the way the day after Thanksgiving. In 2005, Cyber Monday became popular, giving shoppers the option to stay away from the Black Friday mobs and shop from home on the computer. More...

BLACK FRIDAY, CYBER MONDAY, FERGUSON PROTEST, WALMART PROTEST, THANKSGIVING, HOLIDAY SHOPPING


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