Dodge & Cox

Dodge & Cox

Last Update: 05-14-2018

Number of Stocks: 177
Number of New Stocks: 3

Total Value: $123,866 Mil
Q/Q Turnover: 4%

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 (%)
201718.3221.71-3.4
201621.2711.999.3
2015-4.471.24-5.7
3-Year Cumulative37.1 (11.1%/year)38 (11.3%/year)-0.9 (-0.2%/year)
201410.4313.47-3.0
201340.5532.38.2
5-Year Cumulative112.7 (16.3%/year)107.2 (15.7%/year)5.5 (0.6%/year)
201222.0115.996.0
2011-4.081.9-6.0
201013.4915.05-1.6
200931.2726.354.9
2008-43.31-36.79-6.5
10-Year Cumulative110.3 (7.7%/year)125 (8.4%/year)-14.7 (-0.7%/year)
20070.145.14-5.0
200618.5315.852.7
20059.374.834.5
200419.1710.78.5
200332.3428.194.1
15-Year Cumulative330.5 (10.2%/year)307.7 (9.8%/year)22.8 (0.4%/year)
2002-10.54-21.5811.0
20019.33-11.7621.1
200016.31-9.7526.1
199920.2120.4-0.2
19985.428.7-23.3
20-Year Cumulative520.5 (9.6%/year)294.5 (7.1%/year)226 (2.5%/year)
199728.433.47-5.1
199622.2722.49-0.2
199533.5238.04-4.5
19945.170.44.8
199318.3310.088.2
25-Year Cumulative1518.8 (11.8%/year)883.9 (9.6%/year)634.9 (2.2%/year)
199210.827.623.2
199121.4730.47-9.0
1990-5.09-3.1-2.0
198926.9431.69-4.8
198813.7616.61-2.9
30-Year Cumulative2886.5 (12%/year)1955.8 (10.6%/year)930.7 (1.4%/year)
198711.955.16.8
198618.3118.6-0.3
198537.8631.66.3
19845.186.1-0.9
198326.5422.44.1
35-Year Cumulative7157.9 (13%/year)4279.5 (11.4%/year)2878.4 (1.6%/year)
198222.0721.40.7
1981-2.57-52.4
198033.1932.30.9

Top Ranked Articles

Dodge & Cox Opens 10% Stake in Tyco, Buys Mattel Tyco merger with Johnson Controls set off criticism over 'outrageous' tax inversion deal in 2016
In an era of well-dressed portfolio managers and activist shareholders, there is an old-school investment management firm known as Dodge & Cox. Read more...
Is There a Passive Investing Bubble, and Could It Burst? Guru Charles Brandes offers a firm 'yes' to the 1st question and a relatively confident 'yes' to the 2nd
Tapestry Unravels on Kate Spade’s Same-Store Sales Fashion house beats earnings, revenue estimates
Tapestry Inc. (NYSE:TPR), the parent company of fashion brands Coach, Kate Spade and Stuart Weitzman, reported third-quarter 2018 results before the opening bell on Tuesday. Read more...
Diamond Hill’s Top 3 New Investments for the 3rd Quarter The firm invested in Brighthouse Financial, American Campus and Starbucks
Investment firm Diamond Hill Capital (Trades, Portfolio) established positions in seven stocks during the third quarter. The top three purchases were Brighthouse Financial Inc. (NASDAQ:BHF), American Campus Communities Inc. (NYSE:ACC) and Starbucks Corp. (NASDAQ:SBUX). Read more...
Charles Schwab Falls on Revenue Miss Company beat earnings expectations
Brokerage company The Charles Schwab Corp. (NYSE:SCHW) reported its results for the third quarter before the opening bell on Oct. 16. Read more...
» More Dodge & Cox Articles

Commentaries and Stories

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Dodge & Cox Trims NetApp, Walmart, Target Firm's largest sales of the 1st quarter Dodge & Cox - Dodge & Cox Trims NetApp, Walmart, Target
Dodge & Cox, the investment firm founded by Van Duyn Dodge and E. Morris Cox, sold shares of the following stocks in the first quarter. More...

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Rating: 5.0/5 (1 vote)

Tapestry Unravels on Kate Spade’s Same-Store Sales Fashion house beats earnings, revenue estimates Dodge & Cox,John Buckingham - Tapestry Unravels On Kate Spade’s Same-Store Sales
Tapestry Inc. (NYSE:TPR), the parent company of fashion brands Coach, Kate Spade and Stuart Weitzman, reported third-quarter 2018 results before the opening bell on Tuesday. More...

TAPESTRY, KATE SPADE, COACH, STUART WEITZMAN, FASHION, BEAT, DECLINE


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Dodge & Cox Stock Fund 1st Quarter Commentary Discussion of holdings and market Dodge & Cox - Dodge & Cox Stock Fund 1st Quarter Commentary
The Dodge & Cox Stock Fund had a total return of –1.8% for the first quarter of 2018, compared to –0.8% for the S&P 500 Index. More...

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5 Energy Stocks in Gurus' Portfolios Investors are buying these popular stocks Pioneer Investments,Dodge & Cox - 5 Energy Stocks In Gurus' Portfolios
According to the GuruFocus All-In-One Screener, the following energy stocks are popular among gurus. More...

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Dodge & Cox Expands Stake in Telecom Operator The guru has 10% ownership of Zayo Group, which sells dark or unused fiber to connect users to data centers Dodge & Cox - Dodge & Cox Expands Stake In Telecom Operator
Dodge & Cox is binging on shares of Colorado-based telecom operator, Zayo Group Holdings Inc. (NYSE:ZAYO). More...

ZAYO, TECH, DARK FIBER, DATA-CENTERS, EARNINGS, DEBT, FREE CASH FLOW, INFRASTRUCTURE, CELL TOWERS


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Dodge & Cox Opens 10% Stake in Tyco, Buys Mattel Tyco merger with Johnson Controls set off criticism over 'outrageous' tax inversion deal in 2016 Dodge & Cox - Dodge & Cox Opens 10% Stake In Tyco, Buys Mattel
In an era of well-dressed portfolio managers and activist shareholders, there is an old-school investment management firm known as Dodge & Cox. More...

MATTEL, TOYS, TAXES, INVERSION, MERGER, TYCO,


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Mason Hawkins Sells T. Rowe Price, Alphabet, FedEx Southeastern's largest sales of the 4th quarter PRIMECAP Management,Dodge & Cox - Mason Hawkins Sells T. Rowe Price, Alphabet, FedEx
Mason Hawkins (Trades, Portfolio) is the  chief executive officer and founder of Southeastern Asset Management. His firm sold shares of the following stocks during the fourth quarter. More...

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Dodge & Cox Comments on Baker Hughes GE Guru stock highlight
We have held Baker Hughes in the Fund since 1998, actively adding to and trimming from the position given relative valuation opportunities and changing fundamentals over the years. In July 2017, GE (NYSE:GE) Oil & Gas completed its acquisition of Baker Hughes, forming Baker Hughes GE (BHGE), now the second largest oilfield services company in the world after Schlumberger (also held in the Fund, 1.6% at year end). By combining oilfield services (Baker Hughes) and oilfield equipment (GE Oil & Gas) businesses, BHGE is the only company that serves the upstream, midstream, and downstream segments of the Oil, Gas, and Consumable Fuels industry. More...

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Dodge & Cox Comments on GlaxoSmithKline Guru stock highlight
The Fund recently re-established a position in GlaxoSmithKline (NYSE:GSK), after selling it in 2015. Based in the United Kingdom, the company has leading therapeutic franchises in respiratory care and HIV. In addition to its traditional pharmaceuticals business, the company is diversified through strong and growing businesses in vaccines and over-the-counter consumer health. More...

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Dodge & Cox Comments on Eli Lilly Guru stock highlight
During the second quarter of 2017, we initiated a position in Eli Lilly (NYSE:LLY), a leading drug company focused on branded pharmaceuticals and animal health products. As the only pharmaceutical company with a presence across all major drug classes in the diabetes field, it has an advantage in contracting and marketing products. Until recently, Eli Lilly was losing market share to Novo Nordisk and Sanofi in the key area of diabetes classes, given its smaller emerging markets footprint and lack of a basal insulin therapy. This trend reversed as Eli Lilly launched several new products during the last few years, and the company is now gaining share in most therapeutic areas within diabetes. Eli Lilly’s partnership with Boehringer Ingelheim, where costs and profits are shared 50/50, has been important in rejuvenating its diabetes portfolio. More...

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Dodge & Cox 4th Quarter Commentary Shareholder letter from the firm Dodge & Cox - Dodge & Cox 4th Quarter Commentary
TO OUR SHAREHOLDERS More...

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6 Stocks Beating the S&P 500 Alibaba tops the list of stocks that outperformed the benchmark over the past year PRIMECAP Management,Dodge & Cox - 6 Stocks Beating The S&P 500
According to the GuruFocus All-in-One Guru Screener, the following stocks have outperformed the Standard & Poor's 500 Index over the past 12 months and were bought by gurus in the last quarter. More...

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5 Tech Companies Gurus Are Buying These popular stocks have positions in several gurus' portfolios Dodge & Cox,Jim Simons - 5 Tech Companies Gurus Are Buying
According to the GuruFocus All-In-One Screener, the following companies in the technology sector have positions in gurus' portfolios. More...

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9 Positions Dodge & Cox Increased in the Past 2 Quarters Eli Lilly, Target among firm's investments Dodge & Cox - 9 Positions Dodge & Cox Increased In The Past 2 Quarters
Van Duyn Dodge and E. Morris Cox founded Dodge & Cox in 1930. In both the second and third quarters, the firm invested in the following stocks: More...

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Longleaf Partners Sells FedEx, Alphabet, Exits Scripps Networks The investor's largest 3rd quarter sells Dodge & Cox,Barrow, Hanley, Mewhinney & Strauss - Longleaf Partners Sells FedEx, Alphabet, Exits Scripps Networks
Southeastern Asset Management was founded in by its CEO and Chairman, Mason Hawkins (Trades, Portfolio). The fund produced an average 10.51% annual return since inception. During the last year, the fund returned 13.55%, underperforming the 23.63% return of the S&P 500 Index. The guru sold shares in the following stocks during the third quarter. More...

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Diamond Hill’s Top 3 New Investments for the 3rd Quarter The firm invested in Brighthouse Financial, American Campus and Starbucks Diamond Hill Capital,Dodge & Cox,T Rowe Price Equi - Diamond Hill’s Top 3 New Investments For The 3rd Quarter
Investment firm Diamond Hill Capital (Trades, Portfolio) established positions in seven stocks during the third quarter. The top three purchases were Brighthouse Financial Inc. (NASDAQ:BHF), American Campus Communities Inc. (NYSE:ACC) and Starbucks Corp. (NASDAQ:SBUX). More...

DIAMOND HILL, BUYS, 3Q, PORTFOLIO


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6 Stocks With High Business Predictability Ratings Costco, Comcast among companies ranked by GuruFocus Dodge & Cox,First Eagle Investment,Steve Mandel,Ke - 6 Stocks With High Business Predictability Ratings
According to GuruFocus’ All-in-One Screener, the following stocks have high business predictability ratings and total returns since the beginning of the year are positive. At least five gurus are shareholders in the companies. More...

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Dodge & Cox Stock Fund 3rd Quarter Commentary Discussion of stocks and market Dodge & Cox - Dodge & Cox Stock Fund 3rd Quarter Commentary
The Dodge & Cox Stock Fund had a total return of 4.8% for the third quarter of 2017, compared to 4.5% for the S&P 500 Index. For the nine months ended September 30, 2017, the Fund had a total return of 11.9%, compared to 14.2% for the S&P 500. Investment Commentary After posting the strongest first half return in years, the U.S. equity market continued to rise in the third quarter: the S&P 500 appreciated 4% and ended the period at an all-time high. Energy (up 7%), which benefited from a 20% rebound in oil prices, and Information Technology (up 9%) were the strongest sectors of the market, while Consumer Staples (down 1%) was the weakest. During the first nine months of 2017, U.S. growth stocks (the higher valuation portion of the equity market) outperformed value stocks (the lower valuation portion of the market) by 13 percentage points overall.2 The “FAANG” growth stocks—Facebook, Amazon, Apple, Netflix, and Google—were particularly strong and accounted for 21% of the S&P 500’s total return. Since Dodge & Cox’s approach is value oriented, this trend had a negative impact on the Fund’s relative results. The rally in U.S. equities since March 2009 is now the second-longest bull run in U.S. history. Solid U.S. corporate earnings growth and improved economic growth have boosted equity market returns and propelled U.S. equity valuations toward the high end of the historical range. Consequently, we have adopted a tempered return outlook for the overall U.S. market going forward. Nevertheless, as an active manager with a strict price discipline, we remain optimistic about the long-term prospects for the Fund’s portfolio, which trades at a significant discount to the overall U.S. equity market. On September 30, the Fund’s portfolio of 68 companies traded at 16 times forward estimated earnings, compared to 19 times for the S&P 500. As a result of individual security selection, the portfolio continues to be tilted toward more economically sensitive companies: Financials comprised 27% of the portfolio, Information Technology accounted for 18%, and Energy was 8% at quarter end. We are also finding attractive investment opportunities in the Health Care sector. For example, we recently initiated a position in Gilead Sciences, a biopharmaceutical company focused on treatments and research for HIV/AIDS and hepatitis, among others. While Gilead is facing patent expirations for some of its blockbuster drugs, we believe the company will return to growth and the current valuation is overly pessimistic. Despite increasing geopolitical tensions, we continue to see evidence of economic growth, the potential for higher interest rates, and increasing corporate earnings, which would benefit the Fund’s investments. The U.S. economy has been expanding at a slow, but steady pace, and healthy employment growth has been accompanied by modest wage growth. In addition, the prospects for tax reform have improved, and the Federal Reserve has signaled additional rate hikes are forthcoming. These factors, combined with accelerating global GDP growth, a recovery in energy and commodity prices, and corporate cost reductions could propel corporate earnings higher and support current market valuations in certain sectors. The rewards of active management are most likely to accrue to those investors who have the discipline to maintain a long-term investment horizon. We thank our fellow shareholders for your confidence in Dodge & Cox. Third Quarter Performance Review The Fund outperformed the S&P 500 by 0.3 percentage points during the quarter. Key Contributors to Relative Results The Fund’s only holding in the Consumer Staples sector, Wal-Mart (up 4% compared to down 1% for the S&P 500 sector), helped returns. Health Care holdings (up 5% compared to up 4% for the S&P 500 sector) contributed, including Alnylam Pharmaceuticals (up 47%), Bristol-Myers Squibb (up 15%), and Cigna (up 12%). Technology companies VMware (up 25%), HP Inc. (up 15%), and Hewlett Packard Enterprise (up 14%) also contributed. Key Detractors From Relative Results Weaker returns for the Fund’s Consumer Discretionary holdings (flat compared to up 1% for the S&P 500 sector), combined with a higher average weighting in the sector (16% versus 12%), hurt results. DISH Network (down 14%), and Twenty-First Century Fox (down 6%) were weak. Johnson Controls International (down 6%) and Sprint (down 5%) also detracted. Year-to-Date Performance Review The Fund underperformed the S&P 500 by 2.4 percentage points year to date. Key Detractors From Relative Results Weaker relative returns for the Fund’s holdings in Financials (up 8% compared to up 13% for the S&P 500 sector) and a higher average weighting in the sector (28% versus 14%) detracted. Capital One Financial (down 2%) and Goldman Sachs (flat) lagged. The Fund’s average overweight position in Energy (8% versus 6%) and weaker performance (down 17% compared to down 7% for the S&P 500 sector) hurt results. Anadarko Petroleum (down 30%) and Apache (down 27%) were key detractors. The Fund’s Information Technology holdings performed well (up 24%), but lagged the S&P 500 sector (up 27%). Express Scripts (down 8%) and Twenty-First Century Fox (down 5%) also detracted. Key Contributors From Relative Results Health Care holdings (up 24% compared to up 20% for the S&P 500 sector) and a higher average weighting in the sector (20% versus 14%) contributed. Alnylam Pharmaceuticals (up 214%), Cigna (up 40%), AstraZeneca (up 30%), and Sanofi (up 26%) performed well. The Fund’s holding in Wal-Mart (up 15%) performed well in relation to the Consumer Staples sector (up 7%), and especially the Food Products industry (down 6%). HP Inc. (up 37%) and Charter Communications (up 26%) also contributed. More...

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Charles Schwab Falls on Revenue Miss Company beat earnings expectations Dodge & Cox,PRIMECAP Management,Frank Sands,Ruane  - Charles Schwab Falls On Revenue Miss
Brokerage company The Charles Schwab Corp. (NYSE:SCHW) reported its results for the third quarter before the opening bell on Oct. 16. More...

CHARLES SCHWAB, EARNINGS, 3Q, BEAT, MISS


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Is There a Passive Investing Bubble, and Could It Burst? Guru Charles Brandes offers a firm 'yes' to the 1st question and a relatively confident 'yes' to the 2nd Charles Brandes,Dodge & Cox - Is There A Passive Investing Bubble, And Could It Burst?
More...

GURUS, CHARLES BRANDES, BRANDES INVESTMENT PARTNERS, BENJAMIN GRAHAM, PASSIVE INVESTING, ACTIVE INVESTING, PASSIVE INVESTMENT BUBBLE, FINANCIAL BUBBLES, ACTIVE SHARE, DIRECTED INVESTING, THOUGHTFUL IN


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