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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Dodge & Cox Stock Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Dodge & Cox Stock Fund underperformed in Q2 2026 as narrow market leadership favored growth over value. The Fund used AI disruption fears to initiate positions in Visa, Thermo Fisher, and KKR at attractive valuations."
Dodge & Cox Stock Fund returned 5.57% in Q2 2026 versus 15.20% for the S&P 500, underperforming due to its underweight position in Information Technology and weak performance in three Financials and Communication Services holdings. The Fund views these valuation drops as overreactions creating opportunities. During the quarter, the Fund initiated positions in Visa, Thermo Fisher Scientific, and KKR, taking advantage of AI disruption concerns that drove down shares of quality companies with strong franchises. Market leadership remained exceptionally narrow, with the five largest S&P 500 companies representing 28% of the index. The Fund increased exposure to high-quality businesses across diverse themes while maintaining its value discipline. Key contributors included Health Care holdings (Humana, CVS Health, UnitedHealth) and TSMC. The Fund trades at 13.9 times forward earnings, a discount to both the S&P 500 and Russell 1000 Value. Management emphasizes patience and long-term focus, believing the portfolio is well positioned despite near-term volatility in this concentrated market environment.
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