4
Morningstar Analyst Rating
04-02-13
Œ
Morningstar Pillars
Process
Performance
People
Parent
Price
Positive
Positive
Positive
Positive
Positive
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which
its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ˇ ¨
Pillar Spectrum
Positive
§
Negative
¶
Neutral
NAV
35.90
34.64
29.24
35.71
31.85
21.90
46.02
43.66
35.03
30.64
23.48
15.81
Total Return %
3.64
21.03
-15.97
13.69
47.46
-46.69
11.71
28.01
16.75
32.46
49.42
-13.11
+/-MSCI EAFE
-1.49
3.71
-3.83
5.94
15.68
-3.31
0.54
1.67
3.21
12.21
10.83
2.83
+/-MSCI WexUS
0.47
4.20
-2.26
2.54
6.01
-1.16
-4.94
1.36
0.13
11.55
8.59
1.84
Income Return %
0.00
2.55
2.13
1.55
1.99
2.04
2.89
1.61
1.14
1.02
0.90
0.72
Capital Return %
3.64
18.48
-18.10
12.14
45.47
-48.73
8.82
26.40
15.61
31.44
48.52
-13.83
Total Rtn % Rank Cat
52
16
81
6
6
82
21
34
16
1
8
52
Income $
0.00
0.75
0.76
0.50
0.44
0.94
1.26
0.56
0.35
0.24
0.14
0.13
Capital Gains $
0.00
0.00
0.00
0.00
0.00
1.58
1.50
0.62
0.39
0.22
0.00
0.06
Expense Ratio %
.
0.64
0.64
0.65
0.65
0.64
0.65
0.66
0.70
0.77
0.82
0.90
Income Ratio %
.
2.31
2.23
1.58
1.58
2.37
3.11
1.82
1.54
1.90
1.54
1.30
Turnover Rate %
.
10
16
15
21
35
16
9
7
6
11
12
Net Assets $mil
42,512
40,556
35,924
43,406
36,758
25,053
53,426
30,899
13,357
4,203
655
117
Performance
03-31-13
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2009
2010
2011
2012
2013
-12.97 33.37 24.39 2.13 47.46
3.70 -14.05 18.14 7.96 13.69
2.52 0.46 -21.72 4.23 -15.97
12.72 -8.34
7.41 9.06 21.03
3.64
. . . .
Trailing
Total +/- MSCI
+/- MSCI
%Rank Growth of
Return% EAFE WexUS
Cat
$10,000
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
3.64 -1.49
0.47
52 10,364
13.02 0.98
3.82
10 11,302
11.28 0.03
2.92
25 11,128
4.94 -0.06
0.53
46 11,556
1.09 1.98
1.48
13 10,557
13.43 3.74
2.50
3 35,260
. . . . .
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
4.19
39
0.71
73
0.07
16
1.02
83
12.59
2
0.74
39
Potential Capital Gain Exposure: -12% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
11.28
3 Yr
4.94
Avg
+Avg
5 Yr
1.09
+Avg
High
10 Yr
13.43
High
High
Incept
8.04
Other Measures
Standard Index
Best Fit Index
MSCI EAFE
MSCI Wd xUS
Alpha
-0.1
0.0
Beta
1.05
1.07
R-Squared
97
98
Standard Deviation
20.49
Mean
4.94
Sharpe Ratio
0.33
Morningstar’s Take
by Gregg Wolper 04-02-13
Dodge & Cox International is not a conservative fund,
but it is a reliable one.
Even more than most, this fund’s managers want
bargains. They are very hesitant to pay prices they
don’t consider cheap, even for impressive companies.
That explains the fund’s low level of holdings in the
consumer-defensive area, for example; at the end of
December 2012, the fund had less than 3% of assets in
that sector, versus a foreign large-blend average of
11.5%. But that same desire to buy companies when
they’re available cheaply can lead the managers to
take positions in stocks that most investors are wary of
(explaining the low prices). In 2012, the fund benefited
from its exposure to European financials at a time
when both that region’s debt issues remained a topic
of global concern. The fund’s managers also bought
pharmaceutical firms years ago when they were highly
out of favor and have not only hung on to embattled
Hewlett-Packard HPQ and Nokia NOK but added to
them at times of high-profile difficulties.
This approach, while leading to losses deeper than
the norm when markets have been particularly
skittish, has paid off over time. Usually the managers’
view that the stocks they like are being punished
unfairly has been borne out. Since its May 2001
inception, the fund has soundly beaten the foreign
large-blend category average (its portfolio is often just
over the line from value) and the MSCI ACWI ex-US
Index (which contains a meaningful emerging-markets
stake, like this fund). In the trailing 12-month period, it
has topped about three fourths of the category, as
those European financials had a strong 2012 and the
pharma giants, which the fund still owns because the
managers say they have excellent growth prospects
owing to revived research productivity, enjoyed
powerful gains.
Other attractions here include a very long-tenured
group of managers and analysts and an expense ratio
far lower than those of nearly all other actively
managed foreign-stock funds. Shareholders who can
tolerate the occasional rough ride should be content
with this fund over time.
Address:
Dodge & Cox Funds
San Francisco, CA 94104
800-621-3979
Web Address:
Inception:
05-01-01
Advisor:
Dodge & Cox
Subadvisor:
None
NTF Plans:
N/A
Minimum Purchase:
$2500
Add: $100 IRA: $1000
Min Auto Inv Plan:
$2500
Add: $100
Sales Fees:
No-load
Management Fee:
0.60%, 0.10%A
Actual Fees:
Mgt:0.60% Dist:
.
Expense Projections:
3Yr:$205
5Yr:$357 10Yr:$798
Income Distribution:
Annually
Data through March 31, 2013
Dodge & Cox International Stock
Ticker
Status Yield Total Assets
Mstar Category
DODFX Open
2.1% $42,512 mil
Foreign Large Blend
93% 95% 97% 98% 98% 97% 99% 99%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 03-13
Historical Profile
Return
Risk
Rating
Above Avg
High
Above Avg
Investment Style
Equity
Stock %
Manager Change
Partial Manager Change
Growth of $10,000
Investment Values of
Fund
Investment Values of
MSCI EAFE
Performance Quartile
(within Category)
History
10.0
14.0
18.0
22.8
26.8
Portfolio Analysis
12-31-12
Share change since 09-12 Total Stocks:96 Sector
Country
% Assets
Naspers Ltd
Comm Svs South Africa
3.99
Sanofi
Hlth care France
3.72
Roche Holding AG
Hlth care Switzerland
3.64
Lafarge SA
Basic Mat
France
3.37
Koninklijke Philips Elec
Industrl
Netherlands
2.95
HSBC Holdings PLC
Finan Svs U.K.
2.69
Bayer AG
Hlth care Germany
2.67
Credit Suisse Group
Finan Svs Switzerland
2.61
Novartis AG ADR
Hlth care Switzerland
2.54
Barclays PLC
Finan Svs U.K.
2.52
Vodafone Group PLC
Comm Svs U.K.
2.46
Mitsubishi Electric Corp
Technology Japan
2.15
GlaxoSmithKline PLC ADR
Hlth care U.K.
2.13
Swiss Re AG
Finan Svs Switzerland
2.03
Mtn Group Limited
Comm Svs South Africa
2.02
Schlumberger NV
Energy
United States
1.89
Royal Dutch Shell PLC AD
Energy
U.K.
1.88
Schneider Electric
Industrl
France
1.75
Standard Chartered PLC
Finan Svs U.K.
1.64
BHP Billiton PLC
Basic Mat
U.K.
1.60
Current Investment Style
Market Cap %
Giant
52.4
Large
38.7
Mid
8.3
Small
0.6
Micro
0.0
Avg $mil:
33,567
Value Blnd Growth
Large Mid Small
Country Exposure
% Stock
U.K.
18
Switzerland 13
Japan
12
France
11
Germany
7
Regional Exposure
% Stock
UK/W. Europe 64
Japan
12
Asia X Japan 4
N. America 6
Latn America 5
Other
9
Sector
Weightings
% of
Stocks
Rel MSCI
EAFE High
3 Year
Low
Cyclical 40.61
.
BasicMat 8.49
.
9 5
CnsmrCyc 7.63
.
11 7
FinanSvs 23.10
.
23 16
Real Est 1.39
.
2 1
Sensitive 41.18
.
CommSrvs13.58
.
15 8
Energy 5.53
.
9 6
Industrl
8.20
.
12 5
Technlgy 13.87
.
21 14
Defensive18.21
.
CnsmrDef 2.45
.
4 2
Hlthcare 15.76
.
18 13
Utilities 0.00
.
0 0
h
r
t
y
u
j
i
o
p
a
k
s
d
f
Composition - Net
(% of Stock)
Cash
0.3
Stocks
98.5
Bonds
0.0
Other
1.2
Foreign
94.4
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
9.04
1.49
-3.60
-13.68
-6.13
0.90
0.48
NMF
NMF
NMF
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
12.31
1.02
0.84
2.54
2.74
0.98
0.68
0.88
0.52
0.96
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2013Morningstar, Inc.All rights reserved. The information herein is not representedorwarranted to be accurate, correct, complete or
timely. Past performance isnoguaranteeof future results.Accessupdated reportsat
Toorder reprints, call312-696-6100.
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