Insight into Dodge & Cox (Trades, Portfolio)'s First Quarter 2024 Investment Moves and Strategic Decisions
Dodge & Cox (Trades, Portfolio), established in 1930 by Van Duyn Dodge and E. Morris Cox, is renowned for its disciplined investment approach, focusing on long-term value creation. The firm leverages a team-based research strategy to make investment decisions, guided by the Investment Policy Committees. This structure ensures continuity in their investment philosophy, emphasizing investments in undervalued companies with promising long-term prospects.
Summary of New Buys
Dodge & Cox (Trades, Portfolio) introduced five new stocks to its portfolio this quarter, highlighted by significant acquisitions in various sectors:
- American Electric Power Co Inc (AEP, Financial) with 11,364,305 shares, representing 0.57% of the portfolio and valued at $978.47 million.
- Sun Communities Inc (SUI, Financial), acquiring 5,418,615 shares, which constitute about 0.4% of the portfolio, totaling $696.73 million.
- EchoStar Corp (SATS, Financial) with 13,656,514 shares, making up 0.11% of the portfolio, with a total investment of $194.61 million.
Key Position Increases
Dodge & Cox (Trades, Portfolio) also strategically increased its holdings in 38 stocks, with notable expansions in:
- International Flavors & Fragrances Inc (IFF, Financial), where they added 12,288,286 shares, bringing the total to 27,729,011 shares. This move increased the share count by 79.58% and impacted the portfolio by 0.61%, with a total value of $2.38 billion.
- Charter Communications Inc (CHTR, Financial), increasing their stake by 3,163,944 shares to a total of 11,563,786 shares, marking a 37.67% rise in share count, valued at $3.36 billion.
Summary of Sold Out Positions
In a significant portfolio adjustment, Dodge & Cox (Trades, Portfolio) exited positions in three companies:
- DISH Network Corp (DISH, Financial), selling all 38,886,766 shares, impacting the portfolio by -0.14%.
- Jackson Financial Inc (JXN, Financial), where all 3,071,598 shares were liquidated, affecting the portfolio by -0.1%.
Key Position Reductions
The firm also reduced its stakes in 102 stocks, with significant reductions in:
- Microchip Technology Inc (MCHP, Financial), cutting down by 7,761,231 shares, a 47.18% decrease, impacting the portfolio by -0.44%. The stock traded at an average price of $86.19 during the quarter.
- Ovintiv Inc (OVV, Financial), with a reduction of 14,290,241 shares, a 62.25% decrease, affecting the portfolio by -0.4%. The stock's price averaged at $45.54 during the quarter.
Portfolio Overview
As of the first quarter of 2024, Dodge & Cox (Trades, Portfolio)'s portfolio comprises 201 stocks, with top holdings including 3.87% in Wells Fargo & Co (WFC, Financial), 3.62% in Charles Schwab Corp (SCHW, Financial), and 3.21% in Fiserv Inc (FI, Financial). The firm's investments are well-diversified across all 11 industry sectors, including Financial Services, Healthcare, and Technology.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
