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Dodge & Cox's Recipe for Success

Contrarian picks, patience, and strong teams contribute to the fund family's solid long-term record.

Tony Thomas: Morningstar sees Dodge & Cox as a model fund family, and when it comes to investing in stocks, the firm’s domestic, international, and global offerings have solid long-term records. Many people wonder what the firm’s secret is, but the answer really comes down to a few key points: It’s willing to go against the grain with its picks, it has the courage to be patient, and it has deep and collaborative investment teams. These features define the firm and are keys to its success.  

The teams at Dodge & Cox are value investors. To them, that means looking for opportunities to pick up good businesses at cheap prices--often when other investors are heading for the exits. To protect against “value traps,” Dodge & Cox wants firms to have strong competitive advantages and capable leaders that can weather the storm affecting the business or industry in question.