Dodge & Cox Stock Fund

Investor Summary

The fund is managed by an experienced U.S. Equity Investment Committee with an average tenure of 23 years at Dodge & Cox, demonstrating exceptional stability and institutional knowledge. Key leadership includes David Hoeft as Board Chair and Chief Investment Officer, and Steven Voorhis as Director of Research, supported by investment committee members Phil Barret, Karim Fakhry, Katie McCarthy, and Ben Garosi. All committee members are shareholders of Dodge & Cox and invest in the Stock Fund, aligning their interests with fund investors. The firm underwent a leadership transition in 2026 with Roger Kuo becoming CEO while David Hoeft chairs the board, continuing the tradition of internal promotion and organizational stability. Dodge & Cox was founded in 1930 and has grown from its San Francisco roots into one of the world's largest independently owned investment managers. The firm's ownership is limited to active employees, ensuring alignment between management and investment professionals. This collaborative team approach reduces key person risk while maintaining consistency in investment philosophy and process.

Fund Strategy

The fund employs a value-oriented investment philosophy targeting medium-to-large, well-established U.S. companies perceived as temporarily undervalued by the market. Investment decisions are based on fundamental bottom-up research, rigorous valuation discipline, and a long-term investment horizon. The team conducts detailed primary research supplemented by third-party analysis and proprietary financial models to assess company fundamentals and valuations. Security selection is based on analyses of financial strength, economic condition, competitive advantage, quality of business franchise, ESG issues, and management competence, all weighed against current valuation. The approach emphasizes patience and contrarian thinking, seeking to invest in high-quality businesses trading at discounts to intrinsic value. This philosophy has resulted in a concentrated portfolio with low turnover and high active share. The fund maintains a disciplined approach to risk management while focusing on long-term wealth creation. Investment committee decisions are made collectively rather than relying on individual star managers.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
8.81%	-1.67%	-1.67%

Executive Summary

Dodge & Cox Stock Fund declined 1.67% in Q1 2026, outperforming the S&P 500's 4.33% decline during a quarter marked by geopolitical tensions and energy market disruption. The Iran conflict closed the Strait of Hormuz, driving oil prices above $100 and fueling inflation concerns. AI sentiment continued to dominate markets, creating significant valuation dislocations as investors rewarded perceived winners and penalized losers. The fund capitalized on this volatility by adding to Microsoft, initiating a position in Roper Technologies, and increasing Booking Holdings amid AI-related fears. The value-oriented approach proved beneficial as growth stocks declined sharply while value outperformed. Key contributors included Energy and Industrials positions, while Financials detracted. The portfolio trades at 13.8 times forward earnings, a significant discount to broader indices. Despite narrow market leadership and sector rotations affecting short-term performance, the fund maintains focus on its three-to-five-year investment horizon and long-term fundamentals across diversified investment themes.

Forward Outlook

The Fund trades at an attractive valuation of 13.8 times forward earnings, a significant discount to both the S&P 500 and Russell 1000 Value. The portfolio is diversified across a broad range of investment themes, which is important in this volatile environment. While narrow market leadership and sector rotations may influence short-term performance, we remain focused on our three- to five-year investment horizon and long-term fundamentals.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Mar 31 2026	2026 Q1	BKNG, MSFT, ROP	AI, energy, financials, large cap, software, technology, value	MSFT ROP BKNG	Dodge & Cox outperformed in Q1 2026's volatile market driven by Iran conflict and AI sentiment swings. The fund's value approach capitalized on dislocations, adding to Microsoft and Booking Holdings while initiating Roper Technologies. Trading at 13.8x forward earnings versus 19.1x for S&P 500, the diversified portfolio maintains long-term focus despite short-term sector rotations.
Jan 18 2026	2025 Q4	AON, AVTR, BAC, BK, BN, CHTR, CMCSA, CVS, FDX, FI, GILD, GOOGL, GSK, JCI, MET, MSFT, OXY, REGN, RTX, SCHW, TSM, WFC, WTW	contrarian, financials, industrials, technology, valuation, value	FISV	Dodge & Cox Stock Fund returned 13.66% in 2025, underperforming the S&P 500 as growth stocks dominated. The fund maintains its value discipline, trading at 14.6x forward earnings versus 22.9x for the S&P 500. Key moves included trimming cyclical banks while adding to insurance brokers and contrarian positions in Fiserv and Charter Communications at compressed valuations.
Oct 14 2025	2025 Q3	ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW	Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value	-	Dodge & Cox Stock Fund underperformed in Q3 due to value bias in a growth-driven market, but added meaningfully to Financials at attractive valuations. Trading at 14.4x forward earnings versus S&P 500's 23.3x, the Fund maintains disciplined bottom-up approach. Despite elevated market valuations requiring conservative expectations, managers remain optimistic about long-term positioning across diversified themes.
Jul 17 2025	2025 Q2	ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW	Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value	-	Dodge & Cox Stock Fund underperformed in Q3 as mega-cap tech concentration drove market returns, but the value-focused portfolio trades at a significant discount to benchmarks. Active positioning in Financials and Industrials, combined with disciplined valuation approach, positions the fund well for long-term outperformance despite near-term headwinds from elevated market valuations.
Mar 31 2025	2025 Q1	AMZN, AVTR, BUD, CHTR, CVS, FDX, FI, GILD, GOOGL, JCI, MET, RTX, SCHW, SNY, WFC	contrarian, financials, healthcare, industrials, tariffs, value, volatility	-	Dodge & Cox Stock Fund outperformed during Q1 2025 market volatility through contrarian value investing. The fund gained 3.54% versus S&P 500's -4.27% decline, benefiting from value outperforming growth and strong Health Care performance led by CVS Health. Trading at significant discount to market, management remains optimistic about long-term prospects.
Dec 31 2024	2024 Q4	AMZN, AVTR, BUD, CHTR, CVS, FDX, FI, GILD, GOOGL, JCI, MET, RTX, SCHW, SNY, WFC	contrarian, financials, healthcare, industrials, large cap, value	-	Dodge & Cox outperformed during Q1 2025's market decline through value-oriented positioning and Health Care overweights, particularly CVS which surged 50%. The fund trades at 14.1x earnings versus 20.9x for the S&P 500, maintaining contrarian approach by adding to beaten-down sectors while market faces tariff-driven volatility and economic slowdown concerns.
Sep 30 2024	2024 Q3	APD, BAX, BK, CHTR, CVS, FDX, FI, GE, GOOGL, JCI, MET, META, MSFT, NVDA, OXY, RTX, SBAC, SCHW, SNY, WFC	energy, financials, healthcare, industrials, technology, value	-	Dodge & Cox Stock Fund posted 7.17% in Q3, outperforming the S&P 500 with value stocks finally outperforming growth. Trading at 14.4x forward earnings versus 22.5x for the S&P 500, the Fund benefited from underweight Technology positioning and Health Care holdings while Energy detracted. Management remains optimistic on long-term prospects.
Jul 10 2024	2024 Q2	ALNY, CI, COHR, CVS, FI, GE, GOOGL, GSK, HPE, HUM, JCI, MCHP, MET, MSFT, OXY, RTX, SCHW, SNY, WFC, ZBH	Concentration, financials, healthcare, large cap, technology, value	-	Dodge & Cox maintains value discipline amid AI-driven market concentration, trading at 13.9x forward earnings versus S&P 500's 21.6x. Added Medicare Advantage exposure through Humana and CVS Health on cyclically depressed valuations, while trimming higher-valuation technology names. Fund positioned defensively for various economic scenarios with sector diversification and focus on less economically sensitive companies.
Apr 15 2024	2024 Q1	AAPL, AEP, CHTR, CI, FI, GE, GILD, GOOGL, MCHP, MET, META, MSFT, NVDA, OXY, RTX, SCHW, SNY, SUI, TSLA, WFC	AI, financials, healthcare, industrials, large cap, technology, valuation, value	-	Dodge & Cox delivered 8.5% in Q1, trailing the AI-driven S&P 500 but matching value benchmarks. The managers see abundant opportunities for value investors given extreme market concentration and valuation disparities. They added Real Estate and Utilities positions hurt by rates while trimming expensive technology names, maintaining their disciplined approach.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Mar 31 2026

2026 Q1

BKNG, MSFT, ROP

AI, energy, financials, large cap, software, technology, value

MSFT
ROP
BKNG

Dodge & Cox outperformed in Q1 2026's volatile market driven by Iran conflict and AI sentiment swings. The fund's value approach capitalized on dislocations, adding to Microsoft and Booking Holdings while initiating Roper Technologies. Trading at 13.8x forward earnings versus 19.1x for S&P 500, the diversified portfolio maintains long-term focus despite short-term sector rotations.

Jan 18 2026

2025 Q4

AON, AVTR, BAC, BK, BN, CHTR, CMCSA, CVS, FDX, FI, GILD, GOOGL, GSK, JCI, MET, MSFT, OXY, REGN, RTX, SCHW, TSM, WFC, WTW

contrarian, financials, industrials, technology, valuation, value

FISV

Dodge & Cox Stock Fund returned 13.66% in 2025, underperforming the S&P 500 as growth stocks dominated. The fund maintains its value discipline, trading at 14.6x forward earnings versus 22.9x for the S&P 500. Key moves included trimming cyclical banks while adding to insurance brokers and contrarian positions in Fiserv and Charter Communications at compressed valuations.

Oct 14 2025

2025 Q3

ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW

Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value

Dodge & Cox Stock Fund underperformed in Q3 due to value bias in a growth-driven market, but added meaningfully to Financials at attractive valuations. Trading at 14.4x forward earnings versus S&P 500's 23.3x, the Fund maintains disciplined bottom-up approach. Despite elevated market valuations requiring conservative expectations, managers remain optimistic about long-term positioning across diversified themes.

Jul 17 2025

2025 Q2

ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW

Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value

Dodge & Cox Stock Fund underperformed in Q3 as mega-cap tech concentration drove market returns, but the value-focused portfolio trades at a significant discount to benchmarks. Active positioning in Financials and Industrials, combined with disciplined valuation approach, positions the fund well for long-term outperformance despite near-term headwinds from elevated market valuations.

Mar 31 2025

2025 Q1

AMZN, AVTR, BUD, CHTR, CVS, FDX, FI, GILD, GOOGL, JCI, MET, RTX, SCHW, SNY, WFC

contrarian, financials, healthcare, industrials, tariffs, value, volatility

Dodge & Cox Stock Fund outperformed during Q1 2025 market volatility through contrarian value investing. The fund gained 3.54% versus S&P 500's -4.27% decline, benefiting from value outperforming growth and strong Health Care performance led by CVS Health. Trading at significant discount to market, management remains optimistic about long-term prospects.

Dec 31 2024

2024 Q4

AMZN, AVTR, BUD, CHTR, CVS, FDX, FI, GILD, GOOGL, JCI, MET, RTX, SCHW, SNY, WFC

contrarian, financials, healthcare, industrials, large cap, value

Dodge & Cox outperformed during Q1 2025's market decline through value-oriented positioning and Health Care overweights, particularly CVS which surged 50%. The fund trades at 14.1x earnings versus 20.9x for the S&P 500, maintaining contrarian approach by adding to beaten-down sectors while market faces tariff-driven volatility and economic slowdown concerns.

Sep 30 2024

2024 Q3

APD, BAX, BK, CHTR, CVS, FDX, FI, GE, GOOGL, JCI, MET, META, MSFT, NVDA, OXY, RTX, SBAC, SCHW, SNY, WFC

energy, financials, healthcare, industrials, technology, value

Dodge & Cox Stock Fund posted 7.17% in Q3, outperforming the S&P 500 with value stocks finally outperforming growth. Trading at 14.4x forward earnings versus 22.5x for the S&P 500, the Fund benefited from underweight Technology positioning and Health Care holdings while Energy detracted. Management remains optimistic on long-term prospects.

Jul 10 2024

2024 Q2

ALNY, CI, COHR, CVS, FI, GE, GOOGL, GSK, HPE, HUM, JCI, MCHP, MET, MSFT, OXY, RTX, SCHW, SNY, WFC, ZBH

Concentration, financials, healthcare, large cap, technology, value

Dodge & Cox maintains value discipline amid AI-driven market concentration, trading at 13.9x forward earnings versus S&P 500's 21.6x. Added Medicare Advantage exposure through Humana and CVS Health on cyclically depressed valuations, while trimming higher-valuation technology names. Fund positioned defensively for various economic scenarios with sector diversification and focus on less economically sensitive companies.

Apr 15 2024

2024 Q1

AAPL, AEP, CHTR, CI, FI, GE, GILD, GOOGL, MCHP, MET, META, MSFT, NVDA, OXY, RTX, SCHW, SNY, SUI, TSLA, WFC

AI, financials, healthcare, industrials, large cap, technology, valuation, value

Dodge & Cox delivered 8.5% in Q1, trailing the AI-driven S&P 500 but matching value benchmarks. The managers see abundant opportunities for value investors given extreme market concentration and valuation disparities. They added Real Estate and Utilities positions hurt by rates while trimming expensive technology names, maintaining their disciplined approach.

QUARTER	THEMES	TAGS
2026 Q1	AI AI continued to dominate sentiment as investors rewarded perceived AI winners and penalized perceived losers during the quarter, creating significant valuation dislocations. The fund believes Microsoft plays a pivotal role in the AI ecosystem and that AI is unlikely to cause consumers to abandon Booking's platform despite fears that AI may replace its core service.	Artificial Intelligence Valuation Technology Disruption Microsoft
	Value The fund believes a value-oriented approach is especially important in the current environment. The portfolio trades at an attractive valuation of 13.8 times forward earnings, a significant discount to both the S&P 500 and Russell 1000 Value. The valuation gap between value and growth stocks narrowed but remains relatively wide.	Valuation Discount Growth Russell Earnings
2025 Q4	Copper Copper surged 17% over the quarter driven by supply risks and production disruptions. The fund maintains significant overweight positioning in copper miners including Freeport McMoRan, Teck Resources, and Capstone Copper. Management believes copper markets have become extremely tight given lack of new greenfield capacity and record low inventories.	Mining Supply Infrastructure Commodities
	Gold Gold gained 12% in the quarter reaching record highs, with extraordinary 64% gains for 2025. Portfolio holdings Newmont and Northern Star delivered strong performance. Monetary policy uncertainty and geopolitical tensions provide positive backdrop, with favorable sentiment expected ahead of new Federal Reserve Chair announcement.	Monetary Policy Geopolitical Mining Safe Haven
	European Banks European banking sector produced another period of outperformance led by Bank of Ireland, Lloyds Banking Group, and CaixaBank. Sector benefits from interest rate stabilization and yield curve steepening. After fifteen years of stagnant credit activity, the sector is transitioning toward improving organic loan growth while maintaining disciplined capital management.	Interest Rates Credit Growth Dividends Buybacks
	Rail Infrastructure Union Pacific's proposed merger with Norfolk Southern would create first transcontinental rail network in the US. This provides credible pathway to renewed volume growth and productivity gains in otherwise mature industry. The unified network could unlock rail's potential to capture long-distance freight and benefit broader supply chains.	Transportation Logistics Infrastructure Consolidation
	Healthcare Technology Initiated position in Siemens Healthineers, a global leader in medical imaging and advanced therapies. Company well positioned to benefit from aging demographics, personalized care emphasis, and rising chronic diseases. Investment case supported by dominant market position, transition to value partnerships, and planned spinoff to increase free-float.	Demographics Medical Devices Imaging Spinoff
2025 Q3	Value The Fund trades at only 14.4 times forward earnings as of September 30, a significant discount to both the S&P 500 (23.3 times) and the Russell 1000 Value Index (18.2 times). The valuation spread between U.S. value and growth stocks continues to be relatively wide, with Russell 1000 Value trading at 18.2 times forward earnings versus 31.1 times for the Russell 1000 Growth Index.	Valuation Discount Spread Earnings Multiple
	Financials The Fund's Financials exposure shifts based on changes in valuation and fundamentals, and overall, we added meaningfully in this area during the third quarter. New position in Aon, bought more shares in Fiserv following weak year-to-date performance, and added to Fidelity National Information Services and Willis Towers Watson. Conversely, reduced positions in Wells Fargo, Goldman Sachs, and BNY Mellon on strength.	Insurance Banking Brokerage Payment Services
2025 Q2	Value The Fund trades at only 14.4 times forward earnings as of September 30, a significant discount to both the S&P 500 (23.3 times) and the Russell 1000 Value Index (18.2 times). The valuation spread between U.S. value and growth stocks continues to be relatively wide, with Russell 1000 Value trading at 18.2 times forward earnings versus 31.1 times for the Russell 1000 Growth Index.	Valuation Discount Spread Growth Earnings
	Financials The Fund's Financials exposure shifts based on changes in valuation and fundamentals, and overall, we added meaningfully in this area during the third quarter. New position in Aon, bought more shares in Fiserv following weak year-to-date performance, and added to Fidelity National Information Services and Willis Towers Watson. Conversely, reduced positions in Wells Fargo, Goldman Sachs, and BNY Mellon on strength.	Banking Insurance Brokerage Payments Services
2025 Q1	Value The fund trades at only 14.1 times forward earnings compared to 20.9 times for the S&P 500, representing a significant discount to the broader market. The valuation disparity between value and growth stocks narrowed during the quarter, with value outperforming growth substantially.	Valuation Discount Contrarian Undervalued Forward Earnings
	Trade Policy The Trump administration's tariff policy rollout in early April increased fears of higher inflation and possible recession, leading to increased market volatility. Policy shifts and uncertainty around increased tariffs created downside pressure on markets near the end of the quarter.	Tariffs Policy Inflation Volatility Trump
2024 Q4	Value The fund trades at only 14.1 times forward earnings compared to 20.9 times for the S&P 500 and 17.2 times for the Russell 1000 Value. The valuation disparity between value and growth stocks narrowed during the quarter, with value outperforming growth substantially.	Valuation Discount Contrarian
	Trade Policy The Trump administration's tariff policy rollout in early April increased fears of higher inflation and possible recession, leading to increased market volatility. Policy shifts and uncertainty around increased tariffs created downside pressure near quarter-end.	Tariffs Inflation Policy
2024 Q3	Value The Fund trades at an attractive valuation of 14.4 times forward earnings, compared to 22.5 times for the S&P 500. The valuation disparity between value and growth stocks diminished but still remains wide, with Russell 1000 Value trading at 17.9 times forward earnings versus 29.0 times for Russell 1000 Growth. Value stocks outperformed growth stocks in the quarter for the first time since 2022.	Valuation Forward Earnings Value Stocks Growth Stocks Russell 1000
2024 Q2	Value The Fund takes a cautious approach towards stocks with very optimistic outlooks for growth and margins, finding more opportunities in companies with lower valuations and less economic sensitivity. The Fund trades at an attractive valuation of 13.9 times forward earnings compared to 21.6 times for the S&P 500.	Value Valuations Forward Earnings Bottom-up
	AI Market gains were concentrated among large companies tied to artificial intelligence, with NVIDIA rising 37% during the quarter and accounting for 44% of the S&P 500's performance. The highly concentrated AI-driven market gains are creating opportunities for value-oriented investors.	AI NVIDIA Technology Concentration
2024 Q1	AI Many companies tied to artificial intelligence registered large gains during the quarter. NVIDIA, a world leader in AI computing, rose 82% and accounted for 24% of the S&P 500's performance in the first quarter. The AI theme contributed significantly to market concentration in the top performers.	NVIDIA Computing Technology Growth Performance
	Value The fund maintains a price-disciplined investment approach and believes there are abundant opportunities for value-oriented investors. The valuation disparity between value and growth stocks widened during the quarter, with the Russell 1000 Value trading at 16.9 times forward earnings versus 28.5 times for growth stocks.	Valuation Disparity Opportunity Discipline Forward Earnings

QUARTER

THEMES

AI

AI continued to dominate sentiment as investors rewarded perceived AI winners and penalized perceived losers during the quarter, creating significant valuation dislocations. The fund believes Microsoft plays a pivotal role in the AI ecosystem and that AI is unlikely to cause consumers to abandon Booking's platform despite fears that AI may replace its core service.

Artificial Intelligence Valuation Technology Disruption Microsoft

Value

The fund believes a value-oriented approach is especially important in the current environment. The portfolio trades at an attractive valuation of 13.8 times forward earnings, a significant discount to both the S&P 500 and Russell 1000 Value. The valuation gap between value and growth stocks narrowed but remains relatively wide.

Valuation Discount Growth Russell Earnings

2025 Q4

Copper

Copper surged 17% over the quarter driven by supply risks and production disruptions. The fund maintains significant overweight positioning in copper miners including Freeport McMoRan, Teck Resources, and Capstone Copper. Management believes copper markets have become extremely tight given lack of new greenfield capacity and record low inventories.

Mining Supply Infrastructure Commodities

Gold

Gold gained 12% in the quarter reaching record highs, with extraordinary 64% gains for 2025. Portfolio holdings Newmont and Northern Star delivered strong performance. Monetary policy uncertainty and geopolitical tensions provide positive backdrop, with favorable sentiment expected ahead of new Federal Reserve Chair announcement.

Monetary Policy Geopolitical Mining Safe Haven

European Banks

European banking sector produced another period of outperformance led by Bank of Ireland, Lloyds Banking Group, and CaixaBank. Sector benefits from interest rate stabilization and yield curve steepening. After fifteen years of stagnant credit activity, the sector is transitioning toward improving organic loan growth while maintaining disciplined capital management.

Interest Rates Credit Growth Dividends Buybacks

Rail Infrastructure

Union Pacific's proposed merger with Norfolk Southern would create first transcontinental rail network in the US. This provides credible pathway to renewed volume growth and productivity gains in otherwise mature industry. The unified network could unlock rail's potential to capture long-distance freight and benefit broader supply chains.

Transportation Logistics Infrastructure Consolidation

Healthcare Technology

Initiated position in Siemens Healthineers, a global leader in medical imaging and advanced therapies. Company well positioned to benefit from aging demographics, personalized care emphasis, and rising chronic diseases. Investment case supported by dominant market position, transition to value partnerships, and planned spinoff to increase free-float.

Demographics Medical Devices Imaging Spinoff

2025 Q3

Value

The Fund trades at only 14.4 times forward earnings as of September 30, a significant discount to both the S&P 500 (23.3 times) and the Russell 1000 Value Index (18.2 times). The valuation spread between U.S. value and growth stocks continues to be relatively wide, with Russell 1000 Value trading at 18.2 times forward earnings versus 31.1 times for the Russell 1000 Growth Index.

Valuation Discount Spread Earnings Multiple

Financials

The Fund's Financials exposure shifts based on changes in valuation and fundamentals, and overall, we added meaningfully in this area during the third quarter. New position in Aon, bought more shares in Fiserv following weak year-to-date performance, and added to Fidelity National Information Services and Willis Towers Watson. Conversely, reduced positions in Wells Fargo, Goldman Sachs, and BNY Mellon on strength.

Insurance Banking Brokerage Payment Services

2025 Q2

Value

Valuation Discount Spread Growth Earnings

Financials

Banking Insurance Brokerage Payments Services

2025 Q1

Value

The fund trades at only 14.1 times forward earnings compared to 20.9 times for the S&P 500, representing a significant discount to the broader market. The valuation disparity between value and growth stocks narrowed during the quarter, with value outperforming growth substantially.

Valuation Discount Contrarian Undervalued Forward Earnings

Trade Policy

The Trump administration's tariff policy rollout in early April increased fears of higher inflation and possible recession, leading to increased market volatility. Policy shifts and uncertainty around increased tariffs created downside pressure on markets near the end of the quarter.

Tariffs Policy Inflation Volatility Trump

2024 Q4

Value

The fund trades at only 14.1 times forward earnings compared to 20.9 times for the S&P 500 and 17.2 times for the Russell 1000 Value. The valuation disparity between value and growth stocks narrowed during the quarter, with value outperforming growth substantially.

Valuation Discount Contrarian

Trade Policy

Tariffs Inflation Policy

2024 Q3

Value

The Fund trades at an attractive valuation of 14.4 times forward earnings, compared to 22.5 times for the S&P 500. The valuation disparity between value and growth stocks diminished but still remains wide, with Russell 1000 Value trading at 17.9 times forward earnings versus 29.0 times for Russell 1000 Growth. Value stocks outperformed growth stocks in the quarter for the first time since 2022.

Valuation Forward Earnings Value Stocks Growth Stocks Russell 1000

2024 Q2

Value

The Fund takes a cautious approach towards stocks with very optimistic outlooks for growth and margins, finding more opportunities in companies with lower valuations and less economic sensitivity. The Fund trades at an attractive valuation of 13.9 times forward earnings compared to 21.6 times for the S&P 500.

Value Valuations Forward Earnings Bottom-up

AI

Market gains were concentrated among large companies tied to artificial intelligence, with NVIDIA rising 37% during the quarter and accounting for 44% of the S&P 500's performance. The highly concentrated AI-driven market gains are creating opportunities for value-oriented investors.

AI NVIDIA Technology Concentration

2024 Q1

AI

Many companies tied to artificial intelligence registered large gains during the quarter. NVIDIA, a world leader in AI computing, rose 82% and accounted for 24% of the S&P 500's performance in the first quarter. The AI theme contributed significantly to market concentration in the top performers.

NVIDIA Computing Technology Growth Performance

Value

The fund maintains a price-disciplined investment approach and believes there are abundant opportunities for value-oriented investors. The valuation disparity between value and growth stocks widened during the quarter, with the Russell 1000 Value trading at 16.9 times forward earnings versus 28.5 times for growth stocks.

Valuation Disparity Opportunity Discipline Forward Earnings

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Mar 31, 2026	Fund Letters	Dodge & Cox Stock Fund	MSFT	Microsoft Corp.	Software - Infrastructure	Systems Software	Bull	NASDAQ	AI, Ecosystem, forward earnings, growth potential, Software, technology	Login
Mar 31, 2026	Fund Letters	Dodge & Cox Stock Fund	ROP	Roper Technologies	Software - Application	Application Software	Bull	NASDAQ	forward earnings, Free Cash Flow, Share Buyback, SMB, Software, Systems of Record, Technology Solutions	Login
Mar 31, 2026	Fund Letters	Dodge & Cox Stock Fund	BKNG	Booking Holdings	Travel Services	Internet & Direct Marketing Retail	Bull	NASDAQ	AI disruption, Competitive Advantage, Europe, Hotel Reservations, market share, network effect, Travel Platform	Login
Jan 18, 2026	Fund Letters	David Hoeft	FISV	Fiserv, Inc.	Information Technology	Data Processing & Outsourced Services	Bull	New York Stock Exchange	Fintech, Margins, Payments, turnaround, valuation	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Mar 31, 2026

Fund Letters

Dodge & Cox Stock Fund

MSFT

Microsoft Corp.

Software - Infrastructure

Systems Software

Bull

NASDAQ

AI, Ecosystem, forward earnings, growth potential, Software, technology

Mar 31, 2026

Fund Letters

Dodge & Cox Stock Fund

ROP

Roper Technologies

Software - Application

Application Software

Bull

NASDAQ

forward earnings, Free Cash Flow, Share Buyback, SMB, Software, Systems of Record, Technology Solutions

Mar 31, 2026

Fund Letters

Dodge & Cox Stock Fund

BKNG

Booking Holdings

Travel Services

Internet & Direct Marketing Retail

Bull

NASDAQ

AI disruption, Competitive Advantage, Europe, Hotel Reservations, market share, network effect, Travel Platform

Jan 18, 2026

Fund Letters

David Hoeft

FISV

Fiserv, Inc.

Information Technology

Data Processing & Outsourced Services

Bull

New York Stock Exchange

Fintech, Margins, Payments, turnaround, valuation

TICKER	COMMENTARY
MSFT	In Software, we added to the Fund's position in Microsoft. We believe the current valuation, at 20.0 times forward earnings, does not reflect the company's long-term growth potential and its pivotal role in the AI ecosystem.
ROP	We also initiated a position in Roper Technologies, a leading software and technology company that provides critical technology solutions and systems of record for small and medium businesses. Following a recent decline in its stock price, Roper now trades at 16.1 times forward earnings—an attractive valuation given the company's importance to its customer base, strong free cash flow generation, and active share buyback program.
BKNG	One example is Booking Holdings, a dominant global travel platform (including Booking.com, Priceline, and Kayak) with high market share in hotel and travel reservations, particularly in Europe. The company's stock price recently declined on fears that AI may replace its core service for customers. We believe Booking's infrastructure would be extremely difficult for competitors to replicate, as over 10,000 European hotels rely on Booking for visibility and online reach. We believe AI is unlikely to cause consumers to abandon Booking's platform, and investors are underestimating the durability of the company's competitive advantage. Given the lower valuation, we decided to add to the Fund's position.

TICKER

COMMENTARY

MSFT

In Software, we added to the Fund's position in Microsoft. We believe the current valuation, at 20.0 times forward earnings, does not reflect the company's long-term growth potential and its pivotal role in the AI ecosystem.

ROP

We also initiated a position in Roper Technologies, a leading software and technology company that provides critical technology solutions and systems of record for small and medium businesses. Following a recent decline in its stock price, Roper now trades at 16.1 times forward earnings—an attractive valuation given the company's importance to its customer base, strong free cash flow generation, and active share buyback program.

BKNG

One example is Booking Holdings, a dominant global travel platform (including Booking.com, Priceline, and Kayak) with high market share in hotel and travel reservations, particularly in Europe. The company's stock price recently declined on fears that AI may replace its core service for customers. We believe Booking's infrastructure would be extremely difficult for competitors to replicate, as over 10,000 European hotels rely on Booking for visibility and online reach. We believe AI is unlikely to cause consumers to abandon Booking's platform, and investors are underestimating the durability of the company's competitive advantage. Given the lower valuation, we decided to add to the Fund's position.

Ticker	Put/Call	Company Name	Industry	Value (M)	Shares	Weight %	Shares Purchased/Sold	Change in Share %	Market Cap (M)
SCHW	-	The Charles Schwab Corp.	Financials	7,644.5M	76,513,926	4.1%	-6,529,327	-7.9%	173,607.6M
JCI	-	Johnson Controls International PLC	Industrials	7,230.9M	60,382,969	3.9%	-3,827,676	-6.0%	85,686.2M
RTX	-	RTX Corp.	Industrials	6,890.7M	37,571,811	3.7%	-2,527,555	-6.3%	274,625.3M
CVS	-	CVS Health Corp.	Health Care	4,960.8M	62,509,988	2.7%	-10,666,598	-14.6%	98,863.5M
FDX	-	FedEx Corp.	Industrials	4,501.1M	15,582,168	2.4%	-642,992	-4.0%	90,009.1M
MET	-	MetLife, Inc.	Financials	4,124.8M	52,252,050	2.2%	-1,407,614	-2.6%	52,197.4M
GOOG	-	Alphabet, Inc.	Communication Services	4,040.4M	12,875,798	2.2%	-1,116,939	-8.0%	3,665,633.0M
BKNG	-	Booking Holdings, Inc.	Consumer Discretionary	3,920.5M	732,081	2.1%	56,999	8.4%	138,162.7M
MSFT	-	Microsoft Corp.	Information Technology	3,599.0M	7,441,750	1.9%	-430,411	-5.5%	2,969,829.4M
REGN	-	Regeneron Pharmaceuticals, Inc.	Health Care	3,547.8M	4,596,358	1.9%	45,513	1.0%	83,597.4M

Ticker

Put/Call

Company Name

Industry

Value (M)

Weight %

Shares Purchased/Sold

Change in Share %

Market Cap (M)

SCHW

The Charles Schwab Corp.

Financials

7,644.5M

76,513,926

4.1%

-6,529,327

-7.9%

173,607.6M

JCI

Johnson Controls International PLC

Industrials

7,230.9M

60,382,969

3.9%

-3,827,676

-6.0%

85,686.2M

RTX

RTX Corp.

Industrials

6,890.7M

37,571,811

3.7%

-2,527,555

-6.3%

274,625.3M

CVS

CVS Health Corp.

Health Care

4,960.8M

62,509,988

2.7%

-10,666,598

-14.6%

98,863.5M

FDX

FedEx Corp.

Industrials

4,501.1M

15,582,168

2.4%

-642,992

-4.0%

90,009.1M

MET

MetLife, Inc.

Financials

4,124.8M

52,252,050

2.2%

-1,407,614

-2.6%

52,197.4M

GOOG

Alphabet, Inc.

Communication Services

4,040.4M

12,875,798

2.2%

-1,116,939

-8.0%

3,665,633.0M

BKNG

Booking Holdings, Inc.

Consumer Discretionary

3,920.5M

732,081

2.1%

56,999

8.4%

138,162.7M

MSFT

Microsoft Corp.

Information Technology

3,599.0M

7,441,750

1.9%

-430,411

-5.5%

2,969,829.4M

REGN

Regeneron Pharmaceuticals, Inc.

Health Care

3,547.8M

4,596,358

1.9%

45,513

1.0%

83,597.4M

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
BN	-	$1,894.4M	41M	-	1.02%
AON	-	$1,743.8M	4M	126.6%	1.50%
WTW	-	$1,103.6M	3M	90.7%	1.23%
CHTR	-	$1,032.5M	3M	23.7%	1.65%
TRU	-	$844.0M	10M	-	0.46%

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

$1,894.4M

41M

1.02%

AON

$1,743.8M

126.6%

1.50%

WTW

$1,103.6M

90.7%

1.23%

CHTR

$1,032.5M

23.7%

1.65%

TRU

$844.0M

10M

0.46%

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
BK	-	$741.9M	9M	-25.9%	1.62%	Decreased
CVS	-	$696.1M	11M	-14.6%	2.68%	Decreased
SNY	-	$660.6M	12M	-18.0%	1.48%	Decreased
BAC	-	$547.4M	13M	-86.9%	0.06%	Decreased
COF	-	$522.9M	3M	-24.3%	1.20%	Decreased

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

$741.9M

-25.9%

1.62%

Decreased

CVS

$696.1M

11M

-14.6%

2.68%

Decreased

SNY

$660.6M

12M

-18.0%

1.48%

Decreased

BAC

$547.4M

13M

-86.9%

0.06%

Decreased

COF

$522.9M

-24.3%

1.20%

Decreased

Industry	Prev Quarter %	Current Quarter %	Change
Health Care	24.61%	23.70%	-0.91%
Financials	18.38%	19.44%	+1.06%
Industrials	13.59%	13.02%	-0.57%
Communication Services	10.35%	11.33%	+0.98%
Information Technology	9.27%	9.53%	+0.26%
Consumer Discretionary	6.66%	6.61%	-0.05%
Materials	4.36%	4.30%	-0.07%
Energy	4.40%	4.29%	-0.11%
Real Estate	2.25%	2.55%	+0.30%
Consumer Staples	2.19%	2.16%	-0.04%
Other	1.29%	1.79%	+0.50%
Utilities	1.31%	1.28%	-0.03%

Industry

Prev Quarter %

Current Quarter %

Change

Health Care

24.61%

23.70%

-0.91%

Financials

18.38%

19.44%

+1.06%

Industrials

13.59%

13.02%

-0.57%

Communication Services

10.35%

11.33%

+0.98%

Information Technology

9.27%

9.53%

+0.26%

Consumer Discretionary

6.66%

6.61%

-0.05%

Materials

4.36%

4.30%

-0.07%

Energy

4.40%

4.29%

-0.11%

Real Estate

2.25%

2.55%

+0.30%

Consumer Staples

2.19%

2.16%

-0.04%

Other

1.29%

1.79%

+0.50%

Utilities

1.31%

1.28%

-0.03%

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Value

Copper

Gold

European Banks

Rail Infrastructure

Healthcare Technology

Value

Financials

Value

Financials

Value

Trade Policy

Value

Trade Policy

Value

Value

AI

AI

Value

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

David Hoeft Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

David Hoeft Latest 13D & 13G Filings

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