Wachovia investor ups shares

Wachovia Corp.'s largest shareholder has increased its investment in the Charlotte bank, according to securities filings.

San Francisco-based mutual fund firm Dodge & Cox owned 188.9 million shares at the end of June, equal to 8.75 percent of the bank's total shares, according to a filing Thursday. That was up from 124.9 million shares and a 6.3 percent stake as of March 31.

Although Dodge & Cox now owns more shares, the value of the firm's Wachovia holdings have fallen to $2.9 billion from $3.4 billion as the bank's share price has slipped. In afternoon trading, Wachovia shares were down 1 cent to $15.80.

Wachovia and Dodge & Cox declined comment.