D ODGE & C OX. Private Client Group

Transcription

1 D ODGE & C OX Private Client Group

2 Since 1930, Dodge & Cox has managed assets on behalf of individuals and institutions through separately managed portfolios and mutual funds. We invest in equity and fixed income securities for our clients, and as a firm, we focus solely on investment management. The Private Client Group serves high net worth individual investors, family offices, and nonprofit organizations across the United States. The firm s long history, stability, and proven investment process have allowed us to advise families and foundations across multiple generations.

3 WE ARE AN ASSET MANAGEMENT FIRM FOCUSED ON EXISTING CLIENTS, AND THEIR INTERESTS ARE PARAMOUNT IN HOW WE OPERATE OUR FIRM Ken Olivier, Chairman and Chief Executive Officer Our investment philosophy is built on traditional principles we maintain a long-term focus, conduct our own research and employ a rigorous price discipline. Our decision-making process takes full advantage of individual insights within a team-oriented culture. OUR FIRM We are distinctive in our independence and longevity. We are entirely employee owned and have approximately 200 total employees. Our firm s independence allows us to make decisions that are in the long-term best interests of our clients. We have a stable and well qualified team of investment professionals, most of whom have spent their entire careers at Dodge & Cox. This group has worked together in consistently applying an investment philosophy over a period of many years. HOW WE INVEST Our perspective is global. We invest in companies domiciled in over 20 countries, across a broad range of industries. We invest with an extended horizon, looking out three to five years in our analysis of risks and opportunities. Our portfolio turnover is low by industry standards, generally between 10 20%, implying an average holding period of over five years. Our multicultural, multilingual research team is responsible for proposing new investment ideas. We employ a team decision-making process with significant levels of both peer review and scrutiny from policy committees featuring our most experienced portfolio managers and analysts. Our portfolios are the product of the collective judgement of the entire investment team. Operating the firm from our single office in San Francisco maximizes opportunities for collaboration and information sharing. A client of Dodge & Cox benefits from the policy and strategy of the firm instead of decisions from a single individual.

4 BY MAKING INVESTMENT DECISIONS AS A TEAM, RATHER THAN DEPENDING ON MANAGEMENT BY A SINGLE INDIVIDUAL, WE BUILD LONG- TERM CONTINUITY AND BALANCE INDIVIDUAL CONTRIBUTIONS WITH COMBINED WISDOM. Lynn Poole, Vice President WHAT WE PROVIDE The Private Client relationship begins with a conversation. The goal of our discussion is to understand your investment objectives and circumstances, articulate our strategy, and establish clear, realistic expectations for the future. We believe these efforts can lead to a better understanding of our role in helping our clients realize their investment objectives. We offer separately managed accounts investing in equity and fixed income securities. Clients of the Private Client Group within Dodge & Cox enjoy the extensive resources of an established firm and direct contact with a portfolio manager. These factors are important components of managing your account. PORTFOLIO MANAGEMENT AND CLIENT SERVICE Clients receive regular transaction summaries, detailed quarterly investment reports, and annual gain/loss statements. We maintain open, regular communication with our clients and meet periodically to review investment objectives, asset allocation, and portfolio holdings. Each client works directly with an experienced portfolio manager and client service associate, who share various responsibilities for the account. The portfolio manager initiates the ongoing review of client priorities, constructs the portfolio to reflect the investment strategy of the firm, and manages the account according to client objectives and tax considerations. The client service associate supports the portfolio manager, serves as the main client contact for administrative matters such as monthly cash distributions, charitable gifting, account reconciliation, and works with the client s custodian and broader financial team as required.

5 IN ITS MOST BASIC SENSE, OUR JOB IS TO PRESERVE AND ENHANCE THE FUTURE PURCHASING POWER OF OUR CLIENTS WEALTH OVER THE LONG TERM. John Gunn, Chairman Emeritus

6 D ODGE & C OX Private Client Group Dodge & Cox does not guarantee the performance of any account (including Dodge & Cox mutual funds) or any specific level of performance or the success of any investment decision or strategy that Dodge & Cox may use. Investment decisions are subject to various market, currency, economic, political and business risks, and may not be profitable. Clients should promptly inform Dodge & Cox of any changes to the client s investment objectives, financial situation or needs, or risk tolerance. Investors in the Dodge & Cox Funds should carefully consider the funds investment objectives, risks, management fees, and expenses. Foreign investing, especially in developing countries, has special risks such as currency and market volatility and political and social instability. This and other important information is contained in each Fund s prospectus and summary prospectus. Please read the prospectus and summary prospectus carefully before investing. Shares of the Dodge & Cox Funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested. Additional information about Dodge & Cox is available in its Form ADV Parts I and II. You can obtain a free copy of Form ADV by contacting Dodge & Cox California Street 40th Floor San Francisco, CA privateclient.dodgeandcox.com 6/10 PCG BR