The Dodge & Cox Global Stock Fund had a total return of 24.1% for the fourth quarter of 2020, compared to 14.0% for the MSCI World Index. For 2020, the Fund had a total return of 6.0%, compared to 15.9% for the MSCI World.

Investment Commentary

In 2020, global equity markets were extremely volatile. Global stocks fell sharply in the spring as the coronavirus (COVID-19) pandemic evolved, then rebounded quickly off of March lows and performed well during the second and third quarters. After the successful development of effective COVID-19 vaccines, markets rebounded sharply again in November as investors looked

As of Jan. 14, the GuruFocus All-in-One Screener, a Premium feature, found that the following guru-owned banks have low price-earnings ratios. While some of them are great value investments, others may need to be researched more carefully, according to the discounted cash flow calculator.

Citigroup

With a market cap of $139 billion, Citigroup Inc. (C) has a price-earnings ratio of 13.11 and a price-book ratio of 0.79. According to the DCF calculator, the stock has a fair value of $54.79 while trading at $66.85.

The stock has declined 17.79% over the last 12

The Dodge & Cox Global Stock Fund had a total return of 2.9% for the third quarter of 2020, compared to 7.9% for the MSCI World Index. For the nine months ended September 30, 2020, the Fund had a total return of –14.6%, compared to 1.7% for the MSCI World.

Investment Commentary

Global equity markets were extremely volatile during the first nine months of 2020. In the first quarter, the coronavirus (COVID-19) evolved into a global pandemic, disrupting major economies around the world and abruptly ending the longest stock market bull run in U.S. history. Global equities fell sharply, but

Screening for stocks with a compelling Shiller price-earnings ratio increases the likelihood of uncovering value opportunities. Thus, investors may want to consider the following stocks, as their Shiller price-earnings ratios are standing below the S&P 500 index's historical average of 16.74 as of Sept. 23.

Itau Unibanco Holding SA

The first company to consider is Itau Unibanco Holding SA (ITUB), a Brazilian bank.

Itau Unibanco Holding SA has a Shiller price-earnings ratio of 8.78, which is the result of a share price of $3.99 as of Sept. 23 and inflation adjusted earnings per share of 45.4 cents on average

According to the GuruFocus All-in-One Screener as of Sept. 16, the following banks are popular among gurus.

UBS

UBS Group AG (UBS) has a market cap of $44.21 billion. Its revenue of $30 million has increased 0.80% over the past 10 years.

The company is held by eight gurus, including Dodge & Cox with 3.58% of outstanding shares, Pioneer Investments (Trades, Portfolio) with 0.48% and Richard Pzena (Trades, Portfolio) with 0.20%.

As of Sept. 16, the stock was trading with a price-earnings ratio of 9.41. The share

The Dodge & Cox Global Stock Fund had a total return of 20.3% for the second quarter of 2020, compared to 19.4% for the MSCI World Index. For the six months ended June 30, 2020, the Fund had a total return of –17.0%, compared to –5.8% for the MSCI World.

Investment Commentary

In the first quarter of 2020, the coronavirus (COVID-19) pandemic evolved into a global threat that disrupted major economies and greatly increased volatility in the financial markets. After declining sharply in the first quarter, the MSCI World rebounded strongly in the second quarter, with every sector and region

Ken Heebner (Trades, Portfolio) sold shares of the following stocks during the third quarter.

Itau Unibanco Holding SA

During the quarter, the guru trimmed his Itau Unibanco Holding SA (ITUB) stake by 41.62%. The portfolio was impacted by -3.77%.

The Brazilian bank has a market cap of $84.58 billion and an enterprise value of $102.55 billion.

GuruFocus gives the company a profitability and growth rating of 4 out of 10. The return on equity of 16.74% and return on assets of 1.61% are outperforming 83% of companies in the Banks industry.

The Dodge & Cox Global Stock Fund had a total return of -0.4% for the third quarter of 2019, compared to 0.5% for the MSCI World Index. For the nine months ended September 30, 2019, the Fund had a total return of 11.8%, compared to 17.6% for the MSCI World.

INVESTMENT COMMENTARY

Growth stocks continued to outperform value stocks2 year to date, as valuations of technology-related companies continued to rise, amidst some volatility. Over the last decade, the MSCI World Growth Index has outperformed the MSCI World Value Index by an average of 3.4 percentage points per year.3 Despite posting

While gurus hold positions in these companies, their share prices and returns continue to decline. The following are the worst-performing stocks over the past six months with a long-term presence in more than five gurus' portfolios.

Shares of HDFC Bank Ltd. (HDB) declined 6.49% over the past six months. The stock is held by seven gurus.

The Indian bank has a $94.70 billion market cap. The stock was trading with a price-earnings ratio of 13.74. As of Thursday, the share price of $102 was 21.46% below the 52-week high and 21.15% above

According to the GuruFocus All-In-One Screener, the following companies have grown their book value per share over the past decade.

Book value per share is calculated as total equity minus preferred stock, divided by shares outstanding. Theoretically, it is what shareholders will receive if a company is liquidated. Total equity is a balance sheet item and equal to total assets minus total liabilities. Since the book value per share may not reflect the company’s true value, some investors check the tangible book value to confirm their investment ideas.

The book value per share of Itau Unibanco Holding SA (ITUB)

According to the GuruFocus All-in-One Screener, the following companies are trading at a discount and have positive three- to five-year future earnings estimates.

Shares of International Business Machines Corp. (IBM) are trading around $143 per share. The discounted cash flow calculator gives the stock a fair value of $103.59 per share, suggesting it is overpriced by 38.62%.

The tech company, which provides a range of services as well as software and hardware, has a GuruFocus profitability and growth rating of 7 out of 10. Analysts project a three-year to five-year earnings growth rate of

Screening for stocks that are more than doubling 20-year high-quality corporate bonds' earnings yields enhances the likelihood of gaining impressive margins.

These bonds represent corporate loans issued by companies that are triple-A, double-A and single-A-rated.

The Federal Reserve Bank of St. Louis indicated the 20-year bond’s monthly average spot rate is 3.82%. Therefore, the following securities have an earnings yield of more than 7.64% and a price-earnings ratio below 13.09 as of Aug. 16.

What’s more, the Peter Lynch line indicates these stocks are not expensive.

Itau Unibanco Holding SA (ITUB) closed at $8.58 per share on Friday

According to the GuruFocus All-in-One Screener, the following companies are trading at a discount and have positive three- to five-year future earnings estimates.

Shares of United Parcel Service Inc. (UPS) are trading around $101.75 per share. The discounted cash flow calculator gives the stock a fair value of $72.45 per share, suggesting it is overpriced by 38%.

The parcel delivery company has a GuruFocus profitability and growth rating of 7 out of 10. Its earnings per share have grown 6.4% over the last five years. Analysts project a three-year to five-year earnings growth

According to the GuruFocus All-In-One Screener, the following companies have grown their book value per share (BV/S) over the past decade.

BV/S is calculated as total equity minus preferred stock, divided by shares outstanding. Theoretically, it is what shareholders will receive if a company is liquidated. Total equity is a balance sheet item and equal to total assets minus total liabilities. Since the BV/S may not reflect the company’s true value, some investors check the tangible book value to confirm their investment ideas.

The BV/S of SORL Auto Parts Inc. (SORL) has grown 7.40% over the last 10 years.

Companies that are growing their earnings are often good investments because they can return a solid profit to investors. According to the discounted cash flow calculator, the following undervalued companies have grown their earnings over a five-year period.

The earnings per share of BlackRock Inc. (BLK) have grown 13% annually over the last five years.

According to the DCF calculator, the stock is undervalued and is trading with a 32% margin of safety at $410 per share. The price-earnings ratio 15.76. The share price has been as high as $594.52 and as low as

Companies that are growing their earnings are often good investments because they can return a solid profit to investors. According to the discounted cash flow calculator, the following undervalued companies have grown their earnings over a five-year period.

The earnings per share of Walgreens Boots Alliance Inc. (WBA) have grown 16% annually over the last five years.

According to the DCF calculator, the stock is undervalued and is trading with a 4% margin of safety at $70 per share. The price-earnings ratio is 12.89. The share price has been as high as $86.31

Companies that are growing their earnings are often good investments because they can return a solid profit to investors. According to the discounted cash flow calculator, the following undervalued companies have grown their earnings over a five-year period.

The earnings per share of Biogen Inc. (BIIB) have grown 19% annually over the last five years.

According to the DCF calculator, the stock is undervalued and is trading with a 27% margin of safety at $300 per share. The price-earnings ratio is 19.09. The share price has been as high as $388.67 and as low

Capital Growth Management co-founder Ken Heebner (Trades, Portfolio) bought shares of the following stocks in both the second and third quarters.

Anglo American PLC (NGLOY)

In the second quarter, the guru increased his position by 69.03% and added 4.71% in the third quarter.

With a market cap of $30 billion, the miner produces platinum, diamonds and coal. Its revenue of $27.81 billion has declined 0.20% over the last five years.

Heebner is the largest shareholder of the company among the gurus with 0.14% of outstanding shares, followed by Ken Fisher (