Kip 25 Update: Dodge & Cox International Fund

Long-held investments in Nokia and Hewlett-Packard finally deliver for this value-seeking fund.

Patience and value investing often go hand in hand. That’s because it can take time for bargain-priced stocks to pay off, as the managers of Dodge & Cox International Stock (DODGX) know well.

Consider their investments in Nokia and Hewlett-Packard. Diana Strandberg, one of the fund’s nine managers, says these holdings were “extremely painful for a long time” because the stocks continued to fall after they entered the fund (Nokia in 2005 and HP in 2011). But over the past year, Nokia and HP have surged, and they were big drivers of International Stock’s excellent results. The fund outpaced all but six large-company international stock funds over the past year.

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Nellie S. Huang
Senior Associate Editor, Kiplinger's Personal Finance

Nellie joined Kiplinger in August 2011 after a seven-year stint in Hong Kong. There, she worked for the Wall Street Journal Asia, where as lifestyle editor, she launched and edited Scene Asia, an online guide to food, wine, entertainment and the arts in Asia. Prior to that, she was an editor at Weekend Journal, the Friday lifestyle section of the Wall Street Journal Asia. Kiplinger isn't Nellie's first foray into personal finance: She has also worked at SmartMoney (rising from fact-checker to senior writer), and she was a senior editor at Money.