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
