DODGE & COX WORLDWIDE US STOCK GBP

  • 2077.00p Price (Inc)
  • 3364.00p Price (Acc)
  • 0.00% 0.00%

    Initial charge
  • 0.60% Annual management charge
  • 0.66% Ongoing charges
  • 0.30% Yield

Prices as at 09 December 2014 , fund data last updated 15 November 2019

This fund aims to provide shareholders with an opportunity for long-term growth of principal and income. It invests primarily in a diversified portfolio of US equity securities, with market capitalisation above US$3bn. In terms of style this is "US large cap value". The fund will not invest in utilities, biotechnology nor new media companies. The managers are based in San Francisco and actively engage with CEOs of their investee companies.

Fund summary

Sector North America
Structure OFFSHORE FUND
Launched
Size £2,181m
Yield 0.30%
Charging basis Capital
Dividends paid 25 Mar, 24 Jun, 24 Sep, 18 Dec

Charges

Initial charge 0.00%
Initial charge via Bestinvest 0.00%
Annual management charge 0.60%
Ongoing charges figure 0.66%

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Investment process

The group, based in San Francisco is wholly owned by active employees and has over US$300bn invested across five funds. Staff turnover is very low, new recruits come straight from business school and stay their entire career. Average staff stake in the business is US$1m. The team's US large cap equity strategy has more than US$50bn, which is invested in just 66 stocks. This means that in many cases they are significant shareholders in their investee companies and have good access to CEOs and senior management, with whom they actively engage to help steer them towards shareholder-beneficial changes. The focused number of investments also means that their analysts know the stocks very well and investigate companies’ peers, suppliers and customers globally. Each analyst covers 2 sectors and models stocks using different scenario-based outcomes on a 3 to 5-year view, covering both up- and down-side possibilities. Investments are selected that appear to be temporarily undervalued by the stock market but have a favourable outlook for long-term growth, where company management are not focused on short-term, stock market-pleasing strategies. A 9-person Policy Committee approves all portfolio changes.

The management group is 100% owned by employees and the staff model is to take new recruits straight from business school and keep them for their entire working career. For example, in their 9-person investment committee, the average time spent at Dodge & Cox is 26 years. They are based in San Francisco and have close relationship with investee companies, with whom they actively engage to enact shareholder-beneficial changes. The US-based equivalent fund started in 1965. The portfolio is dominated by mega caps which means it is defensive but it will miss out on small cap rallies; they do not invest in utilities, biotech or new tech so will miss out when any of these sectors do well; the slow and steady management style means they could miss out in times when sharp style rotation would otherwise benefit performance eg in growth rallies.

Manager research

Average monthly relative returns

Bestinvest MRI

14/15 15/16 16/17 17/18 18/19 3 years 5 years Career 3 years 5 years Career
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 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.

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Portfolio

60-80 stocks, 35% in the top 10, low turnover <20%. As at 30/06/15: 61 stocks; average MV = U$109bn; average P/E = 14.8x; average DY = 1.8%

Key Investor Documents

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