Dodge & Cox

Dodge & Cox

Last Update: 11-13-2017

Number of Stocks: 180
Number of New Stocks: 3

Total Value: $124,318 Mil
Q/Q Turnover: 5%

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 (%)
201621.2711.969.3
2015-4.471.38-5.8
201410.4313.69-3.3
3-Year Cumulative27.9 (8.6%/year)29 (8.9%/year)-1.1 (-0.3%/year)
201340.5532.398.2
201222.01166.0
5-Year Cumulative119.4 (17%/year)98.2 (14.7%/year)21.2 (2.3%/year)
2011-4.082.11-6.2
201013.4915.06-1.6
200931.2726.464.8
2008-43.31-37-6.3
20070.145.49-5.3
10-Year Cumulative78 (5.9%/year)95.7 (6.9%/year)-17.7 (-1%/year)
200618.5315.792.7
20059.374.914.5
200419.1710.888.3
200332.3428.683.7
2002-10.54-22.111.6
15-Year Cumulative225.5 (8.2%/year)164.2 (6.7%/year)61.3 (1.5%/year)
20019.33-11.8921.2
200016.31-9.125.4
199920.2121.04-0.8
19985.428.58-23.2
199728.433.36-5.0
20-Year Cumulative573.4 (10%/year)339.2 (7.7%/year)234.2 (2.3%/year)
199622.2722.96-0.7
199533.5237.58-4.1
19945.171.323.9
199318.3310.088.2
199210.827.623.2
25-Year Cumulative1416.1 (11.5%/year)791.8 (9.1%/year)624.3 (2.4%/year)
199121.4730.47-9.0
1990-5.09-3.1-2.0
198926.9431.69-4.8
198813.7616.61-2.9
198711.955.16.8
30-Year Cumulative2725.7 (11.8%/year)1719.7 (10.2%/year)1006 (1.6%/year)
198618.3118.6-0.3
198537.8631.66.3
19845.186.1-0.9
198326.5422.44.1
198222.0721.40.7
35-Year Cumulative7387.9 (13.1%/year)4377.7 (11.5%/year)3010.2 (1.6%/year)
1981-2.57-52.4
198033.1932.30.9

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Dodge & Cox Invests in 7 Positions in the 3rd Quarter Guru acquired 3 new holdings, added to 4 others
Dodge & Cox manages over $104 billion in separate accounts and mutual funds. The firm employs a team research approach in making investment decisions and the investment decisions are made by the Investment Policy Committee. The firm made the following buys during the third quarter: 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...
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Commentaries and Stories

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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...

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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?
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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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Dodge & Cox Funds Comments on Anadarko Petroleum Guru stock highlight
Anadarko Petroleum (NYSE:APC) (a 1.3% position) is an independent oil and gas exploration and production (E&P) company, one of three held in the Fund. The company’s stock price has been negatively impacted in 2017 by a gas leak that caused a fatal explosion. While tragic, this incident did not materially impact our long-term investment outlook for the company. Recent meetings with company management affirmed our belief that Anadarko remains an attractive investment over our three- to five-year investment horizon. More...

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Dodge & Cox Funds Comments on AstraZeneca Guru stock highlight
AstraZeneca (NYSE:AZN), which is based in the United Kingdom, is a global pharmaceutical company with strengths in treatments for cancer, respiratory illnesses, cardiovascular problems, and infectious diseases. In the second half of 2016, the share price was under pressure due to concerns about recent and upcoming patent expirations for several of its major drugs. Despite this headwind, we added to the Fund’s holding in early 2017 after reaffirming our investment thesis. More...

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Dodge & Cox Stock Fund 2nd Quarter Commentary Overview of markets and holdings Dodge & Cox - Dodge & Cox Stock Fund 2nd Quarter Commentary
TO OUR SHAREHOLDERS More...

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Dodge & Cox Stock Fund 2nd Quarter Commentary Review of holdings and returns Dodge & Cox - Dodge & Cox Stock Fund 2nd Quarter Commentary
The Dodge & Cox Stock Fund had a total return of 1.8% for the second quarter of 2017, compared to 3.1% for the S&P 500 Index. For the six months ended June 30, 2017, the Fund had a total return of 6.8%, compared to 9.3% for the S&P 500. More...

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Growing Revenue and EPS 6 companies that have grown their profitability Dodge & Cox,Warren Buffett,Spiros Segalas,Richard  - Growing Revenue And EPS
The following companies have boosted their revenue and earnings over the last five years. More...

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Gurus’ Holdings With Negative Performances Worst-performing assets in gurus' portfolios Dodge & Cox,Bill Nygren,HOTCHKIS & WILEY,Joel Gree - Gurus’ Holdings With Negative Performances
While gurus hold positions in these companies, the stock prices and returns continue to fall. These are the worst-performing stocks over the last three months with a long-term presence in more than three gurus’ portfolios. More...

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Ronald Muhlenkamp Adds 7 New Stocks to Portfolio Guru’s largest investment was in media and entertainment company Ronald Muhlenkamp,Dodge & Cox,Daniel Loeb,Barrow H - Ronald Muhlenkamp Adds 7 New Stocks To Portfolio
Muhlenkamp & Co. Inc. founder Ronald Muhlenkamp (Trades, Portfolio) purchased seven new holdings in the first quarter. They are Twenty-First Century Fox Inc. (NASDAQ:FOXA), Dow Chemical Co. (DOW), Microchip Technology Inc. (NASDAQ:MCHP), Cabot Oil & Gas Corp. (NYSE:COG), Eldorado Gold Corp. (NYSE:EGO), Ameriprise Financial Inc. (NYSE:AMP) and The Cooper Companies Inc. (NYSE:COO). More...

MUHLENKAMP, BUYS, 1Q, 2017


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Dodge & Cox Buys Express Scripts, Bristol-Myers, HP The guru's largest 1st-quarter transactions Dodge & Cox,Warren Buffett,Barrow Hanley Mewhinney - Dodge & Cox Buys Express Scripts, Bristol-Myers, HP
Dodge & Cox was founded in 1930 by Van Duyn Dodge and E. Morris Cox, and it manages a portfolio of 179 stocks. During the first quarter the guru traded shares in the following companies. More...

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Charles Brandes Sells Western Digital, Citigroup, JPMorgan The guru's largest 1st-quarter transactions Charles Brandes,Dodge & Cox,HOTCHKIS & WILEY,PRIME - Charles Brandes Sells Western Digital, Citigroup, JPMorgan
Charles Brandes (Trades, Portfolio) is the chairman of Brandes Investment Partners. During the first quarter the guru sold shares in the following stocks: More...

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Charles Brandes Invests in Health Care in 1st Quarter Guru buys AstraZeneca, CVS, Gilead Sciences, others Charles Brandes,Dodge & Cox,Barrow Hanley Mewhinne - Charles Brandes Invests In Health Care In 1st Quarter
Charles Brandes (Trades, Portfolio)’ Brandes Investment Partners gained 49 new holdings during the quarter. Among the purchases were several health care stocks. His three largest new health care holdings are AstraZeneca PLC (NYSE:AZN), CVS Health Corp. (NYSE:CVS) and Gilead Sciences Inc. (NASDAQ:GILD). More...

BRANDES, BUYS, 1Q, TRADES, HEALTHCARE


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T Rowe Price's 1st-Quarter Stock Sells Union Pacific, Analog Devices among firm's largest transactions T Rowe Price Equity Income Fund,Dodge & Cox,First  - T Rowe Price's 1st-Quarter Stock Sells
The T Rowe Price Equity Income Fund (Trades, Portfolio), which has a conservative, value-oriented approach to pursuing dividend income and long-term capital growth, sold the following stocks during the first quarter:  More...

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Dodge & Cox Funds First Quarter Commentary Overview of performance of holdings Dodge & Cox - Dodge & Cox Funds First Quarter Commentary
The Dodge & Cox Stock Fund had a total return of 5.0% for the first quarter of 2017, compared to 6.1% for the S&P 500 Index. More...

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JPMorgan’s 1st-Quarter Earnings Boosted by Trading Bank reports17% increase in profit Dodge & Cox - JPMorgan’s 1st-Quarter Earnings Boosted By Trading
JPMorgan Chase & Co. (NYSE:JPM), the nation’s largest bank by assets, released its first-quarter 2017 earnings on April 13, reporting a 17% increase in profit from trading. More...

EARNINGS, 1Q, 2017, JPMORGAN, BANKS


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