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Dodge and Cox International - Annual Report

edited February 2017 in The Bullpen

























Annual Returns 1 Year 3 Year 5 Year 10 Year Since Inception May 1, 2001
DODFX 8.26% 1.34% 7.98% 2.11% 7.13%
MSCI EAFE Index 1.00% -1.60% 6.53% 0.75% 3.98%
(periods ending December 31, 2016)

I know it is too large in terms of AUM for MFO, but I find it interesting none the less. They had a bad year in 2015 and a good year in 2016. They are currently overweight in Consumer Discretionary, Healthcare, Information Technology, and Financials. FWIW:

Key Contributors to Relative Results
▪ Strong returns from the Fund’s holdings in emerging markets (up 21%), especially in the Financials sector (up 32%), contributed significantly to performance. Petrobras (up 159%), Itau Unibanco (up 81%), and Samsung Electronics (up 41%) were notable contributors.
▪ The Fund’s average overweight position (15% versus 5%) and holdings in the Information Technology sector (up 21%
compared to up 4% for the MSCI EAFE sector) enhanced results. Hewlett Packard Enterprise (up 53%) and Nintendo (up 52%) performed well.
▪ The Fund’s holdings in the Industrials sector (up 29% compared to up 7% for the MSCI EAFE sector) aided performance. Johnson Controls (up 40%), Mitsubishi Electric (up 34%), and Schneider Electric (up 25%) were particularly strong.
▪ Teck Resources (up 201% to date of sale), Schlumberger (up 24%), and Naspers (up 8%) were among the additional contributors.

Key Detractors from Relative Results
▪ The Fund’s holdings in European and UK Financials hindered performance, especially UniCredit (down 47%), Credit Suisse Group (down 30%), Lloyds Banking Group (down 25%), and Barclays (down 12%).
▪ Investments in the Consumer Discretionary sector (down 5% compared to down 2% for the MSCI EAFE sector) hurt
results. Grupo Televisa (down 23%), Liberty Global (down 17%), Bayerische Motoren Werke (down 9%), and Honda Motor (down 8%) were particularly weak.
▪ Additional detractors included Saipem (down 43%), LM Ericsson (down 38%), and Novartis (down 13%).

https://dodgeandcox.com/pdf/shareholder_reports/dc_international_stock_annual_report.pdf
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