fund

Rated

This is one of our rated funds. They’re the ones our experts believe will do well for investors over the longer term. Top of the class!

Dodge & Cox Worldwide US Stock GBP

  • 2774.00p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 4587.00p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.60%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 0.63%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.80%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 22 October 2021, fund data last updated 09 December 2014

This fund aims to provide long-term growth of principal and income through investment primarily in a diversified portfolio of US equities. The fund’s managers typically invest in large-cap companies which appear to be temporarily undervalued by the stockmarket, but have a favourable outlook for long-term profit and growth. They take an active and entirely bottom-up investment approach. This involves looking at company criteria such as valuation, competitive environment, and balance sheet strength. The managers hold onto stocks for between three and five years to give the investment case time to come through. Holdings include bank Wells Fargo, Google owner Alphabet and Sky TV owner Comcast.

Fund summary

Sector North America
Structure OFFSHORE FUND
Launched
Size £1,599m
Yield 0.80%
Charging basis Capital
Dividends paid 25 Mar, 24 Jun, 24 Sep, 18 Dec

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Annual management charge 0.60%
Ongoing charges figure 0.63%

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Investment process

The process is based on bottom-up fundamental research with 400 company meetings a year. The managers look at three main criteria to find stocks with long-term staying power. These are a company’s Valuation and understanding what is priced in, the External Environment such as economic conditions and industry structure and finally Internal Characteristics incorporating management, use of cash flow and balance sheet strength. The managers look for the ‘Perfect Story’ – a company ticking all three boxes – but accept that there will be a trade-off between each criterion. To get a stock in the portfolio an analyst will typically write a 40-60 page report outlining the company’s ability to meet the three selection criteria. The analyst also creates worst, base, and best-case scenarios for the stock. If an idea has merit the analyst presents it to the sector committee. A devil’s advocate researches the stock and looks to pick holes in the analysis. Ideas that pass this committee are referred to the investment committee which chooses the portfolio. A typical stock would be a business with strong finances and average growth prospects but trading on an attractive valuation versus its history and relative to the sector. These are called compounders and make up most of the portfolio. In addition, the managers also look at above average growth, cyclical, and deep value stocks.

The fund is managed by a team of 32 investment professionals who are either global sector specialists or portfolio managers. This includes a nine-member investment committee which has the final say on which stocks make it into the portfolio. The team is highly experienced - the average tenure of those on the committee is 23 years. The managers have a clear, pragmatic investment approach and are prepared to tolerate volatility and loss of capital if they believe the long-term viability of a holding is not at risk. This has historically led to the fund sometimes having higher drawdowns than the benchmark. However, these have typically been followed by periods of strong outperformance. The fund may also miss out in momentum led markets but overall, the depth and longevity of the team and the strong investment philosophy make this fund stand out.

Manager research

Average monthly relative returns

  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%
  • 20/21 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Track record

Periods of worst performance

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Relative 0.00% ()

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Portfolio

60-80 stocks.

Key Investor Information - Income

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Key Investor Information - Accumulation

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