Key Morningstar Metrics for Dodge & Cox StockMorningstar Medalist Rating: GoldProcess Pillar: HighPeople Pillar: HighParent Pillar: High Dodge & Cox Stock DODGX will sometimes fall behind. Investors who see that the fund still has strong personnel and a proven approach, however, should look through the turns and remain calm.After a few relatively strong years, the fund had a rough go of it from April 2025 through April 2026. Such a short time isn’t much to worry about—though astute investors might know that the fund had a big miss with financial technology company Fiserv FISV during that period. The managers had added to that stock in 2025’s third quarter only to watch it dive in October when the company tempered its financial projections. Such news might make managers of a different ilk change course—but not Dodge & Cox’s managers. They consulted with their analysts and bought more.That’s typical of this fund. It seeks an edge on out-of-favor, cheap stocks. Analysts scrutinize companies’ competitive strengths, growth opportunities, and leadership. They discuss firms’ merits first in specialized sector committees; promising prospects then go before the investment committee. The managers try to take advantage of what they believe are temporary troubles to buy and add to these stocks.It’s something these managers do well. They’ve proven themselves over lengthy tenures. Six veteran investors serve on the US equity investment committee, which oversees this fund. Their collective decision-making significantly reduces key-person risk and brings in diverse perspectives. In a crucial aid to their work, the firm continues to develop and refine risk management tools that provide the managers with a better understanding of the portfolio’s traits and the challenges facing its holdings.Investors shouldn’t worry about stints of relative underperformance. In fact, such periods should be expected. The main thing is that Dodge & Cox’s investment team has the conviction and vigilance to see the fund through to the other side.Dodge & Cox Stock: Performance Highlights From longest-tenured manager David Hoeft’s January 2002 start through April 2026, the fund’s I share class gained 9.6% annualized. That beat 95.0% of peers in its large-value Morningstar Category, as well as the 8.6% gain of the Russell 1000 Value category index. (It trailed its S&P 500 prospectus benchmark’s 9.9% return, though, as that index benefited more from mega-cap growth stocks’ success in recent years.) Returns can be lumpy given the managers’ willingness to invest in unloved companies that might need time to gain traction.With that in mind, investors shouldn’t be surprised to encounter rough patches. The period from April 2025 through April 2026 was one such stretch of relative underperformance. Fintech company Fiserv was a key culprit. A top-five holding entering 2025’s fourth quarter, the stock dove in October of that year when the company revised its sales and earnings forecasts. (Dodge & Cox added to its position after carefully reassessing Fiserv’s prospects.) Another challenge: Per Morningstar’s risk model, the fund was light on momentum stocks. Momentum investing presumes that recent good performers will continue to do well. That style of investing, however, generally is anathema to Dodge & Cox’s contrarian tendencies.