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Over 90 Years of Investment Focus

“Well-conceived professional investment management could bring the force of some order into a rather chaotic investment world.”
        -  Morrie Cox

These words describe the Roaring Twenties—when high-priced investment products flooded the marketplace—and our founders believed clients deserved a new kind of investment firm. Dodge & Cox was founded with the goal of putting clients’ interests first through a focused set of investment strategies designed to preserve and enhance their investment capital over the long term and offered at reasonable and transparent fees. These principles still guide our firm more than 90 years later.
 

We have built our firm to withstand periods of turbulence on the bedrock of independent ownership, financial strength, a commitment to active, value-oriented investing, and a deep belief in the power of fundamental research, diverse perspectives, and teamwork. Our culture emphasizes our fiduciary responsibility to our clients and Fund shareholders above all else.

Since our founding, we have globalized the depth and breadth of our research, the strategies we offer, and the clients we serve. What has not changed is our belief that the combination of deep fundamental research, a long-term investment horizon, and a valuation discipline can produce attractive long-term investment results for our clients.
 

Throughout our history, we have aligned our interests with our clients to develop strong, lasting relationships. Our steadfast focus on investment excellence enables us to apply our value-oriented investment philosophy consistently across all of our offerings. 

We are grateful for the confidence our clients have placed in our firm and our people. If you’re an existing client or Fund shareholder, we look forward to continuing to help you meet your investment goals. If we have not worked with you, we hope you’ll give us the opportunity to discuss your investment goals and how our value-oriented approach can help you achieve them.
 

With gratitude on behalf of our colleagues,
 

Dana Emery                                                  Roger Kuo
Chair and Chief Executive Officer         President

Image for Dana Emery and Roger Kuo


Our Story

Van Duyn Dodge & Morrie Cox were disillusioned with the conflicts of interest embedded in the investment world of 1930 and saw an opportunity to create a new kind of asset management firm. One deliberately designed to put clients and community before itself. One with a simple business model focused entirely on pursuing investment excellence. One built on a bedrock of independent ownership, integrity, and team stability—so it could serve our clients not just for decades, but for generations.


From our roots in San Francisco, Dodge & Cox has become one of the largest independently owned investment firms in the world. We manage money for individuals and institutions globally with a single investment philosophy applied across a focused set of offerings. Undistracted by short-term product trends, advertising, or sales targets, we focus on what matters most—helping people realize their investment goals by deeply mastering the complexity of investing. It means all our resources honing fewer strategies. More passion driving fewer priorities. More confidence backing every decision. We believe deeply in what we do and invest our own savings alongside our clients’ assets.

Our time-tested active investment approach centers on individual security selection grounded in the relationship between fundamentals and valuation. Persistent and patient investors, we carefully construct portfolios with a long-term horizon. We work as one diverse global investment team researching debt and equity securities, incorporating financially material ESG and macro factors, and pressure-testing our thinking collectively. Then we make every decision together, with Committees designed to eliminate individual biases and spur dynamic debate. Our engaging, collaborative environment pushes us to accomplish our very best. That’s why most of us dedicate our careers to Dodge & Cox, ensuring stability and compounding our intellectual capital across generations. This institutional memory—combined with our collaborative approach—makes us uniquely suited for long-term investing, continuously seeking lasting value in a rapidly changing world.

At Dodge & Cox, we focus on what we love to do—pursuing investment excellence—because we know better outcomes mean greater opportunities for the clients and communities we serve, now and for generations to come.


Our culture and values

Our mission is two-fold:

  • Preserve and enhance the purchasing power of our clients’ assets without taking imprudent risk or compromising integrity.
  • Provide a rewarding and positive work experience for our employees.

We value diversity, respect, collegiality, thoughtfulness, and entrepreneurial spirit. Our collaborative culture emphasizes individual excellence and teamwork. We focus relentlessly on continuous refinement of our craft to deliver long-term alpha for our clients.

We trace our commitment to supporting our community to our founders, who were instrumental in establishing what became the United Way Bay Area in California. Today, our employees and our firm support global, national, and local organizations focused on providing educational opportunities to children and families in need, offering emergency assistance, or promoting racial justice.

Our culture—emphasizing individual accountability, collaboration, and diversity of thought—has enabled our firm to develop our diversity organically.

Diversity, equity, and inclusion

Throughout our history, we have provided financial and volunteer support for people in need and educational opportunities to young people.

Supporting our community


Our key leaders

We are investment led, meaning we manage our firm in the same way we make decisions for our strategies: taking a collaborative approach based on deep research, a long-term horizon, and alignment with our clients. This consistent approach helps ensure stability, drives continuous improvement, and supports smooth succession planning. Our firm leadership team, only the fourth in our firm’s more than 90-year history, is a group of deeply experienced individuals with long tenures at Dodge & Cox who are responsible for firm management, investment strategy, and client service.

Dodge & Cox Board Members

Dana Emery

Chair and Chief Executive Officer, Investment Committee Member, D&C Board Member

39 years with Dodge & Cox

Roger Kuo

President, Investment Committee Member, Global Industry Analyst, D&C Board Member

24 years with Dodge & Cox

Diana Strandberg

Director of International Equity, Investment Committee Member, D&C Board Member

34 years with Dodge & Cox

David Hoeft

Chief Investment Officer, Investment Committee Member, D&C Board Member

29 years with Dodge & Cox

Tom Dugan

Director of Fixed Income, Investment Committee Member, D&C Board Member

28 years with Dodge & Cox

Lucy Johns

Associate Director of Fixed Income, Investment Committee Member, D&C Board Member

20 years with Dodge & Cox

Ray Mertens

Investment Committee Member, Global Industry Analyst, D&C Board Member

19 years with Dodge & Cox

Phil Barret

Investment Committee Member, Global Industry Analyst, D&C Board Member

18 years with Dodge & Cox


News and firm updates

The latest announcements about Dodge & Cox, including updates to our Funds and our organization.



Our offices

San Francisco

Headquarters, Global Research, and Client Service
 

Dodge & Cox Headquarters
555 California Street
40th Floor
San Francisco, California  94104
+1 415-981-1710

London

Client Service

Dodge & Cox Worldwide Investments Ltd
48 Pall Mall, St. James
London
SW1Y 5JG   
+44 (0)203 642 3370

Shanghai

China Research

Dodge & Cox Investment Consulting
(Shanghai) Co., Ltd.
International Finance Center
Unit 3601-05, Floor 36, Tower B
8 Century Avenue
Pudong District, Shanghai 200120, China