Don't Give up on Dodge & Cox

The company's stock funds have had a lousy 12 months, but they are among the best large-company-value funds you can buy. Be patient.

When the markets were in free fall last February, Dodge & Cox boldly reopened two of its funds, Dodge & Cox Stock and Dodge & Cox Balanced. Now, as stocks and bonds struggle to regain their equilibrium, the firm has launched a new fund, Dodge & Cox Global Stock.

The 78-year-old San Francisco-based value shop has never tried to predict the course of the stock market or the economy. Dodge & Cox's nine managers and 37 analysts and research associates focus entirely on doing one thing well: Identifying companies with dominant franchises that are selling at cheap prices relative to earnings, sales and other metrics. The managers scoop up these stocks, then exhibit remarkable patience with them. They typically hold stocks for five to ten years.

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Steven Goldberg
Contributing Columnist, Kiplinger.com
Steve has been writing for Kiplinger's for more than 25 years. As an associate editor and then senior associate editor, he covered mutual funds for Kiplinger's Personal Finance magazine from 1994-2006. He also authored a book, But Which Mutual Funds? In 2006 he joined with Jerry Tweddell, one of his best sources on investing, to form Tweddell Goldberg Investment Management to manage money for individual investors. Steve continues to write a regular column for Kiplinger.com and enjoys hearing investing questions from readers. You can contact Steve at 301.650.6567 or sgoldberg@kiplinger.com.