Dodge & Cox Portfolio holdings
Dodge & Cox, founded in 1930 by Van Duyn Dodge and E. Morris Cox in San Francisco, California, is an independent, employee-owned investment management firm renowned for its disciplined, value-oriented approach to long-term investing. Managing over $350 billion in assets as of late 2024, the firm offers a concise lineup of mutual funds and separate accounts focusing on U.S. and international equities, fixed income, and balanced portfolios, serving individual and institutional investors with a low-turnover, research-driven strategy. Known for its team-based decision-making and contrarian stance—buying undervalued securities others overlook—Dodge & Cox has maintained a consistent philosophy through decades, avoiding trend-chasing and emphasizing fundamentals, even during market volatility like the 2008 crisis. With a tight-knit team of about 300 employees and no proprietary trading, the firm’s commitment to simplicity, low fees, and client alignment has earned it a loyal following and a reputation as a steadfast player in asset management.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
NOV
NOV
|
+$997M |
| 2 |
ESRX
Express Scripts Holding Company
ESRX
|
+$448M |
| 3 |
EMC
EMC CORPORATION
EMC
|
+$409M |
| 4 |
JPMorgan Chase
JPM
|
+$313M |
| 5 |
APA Corp
APA
|
+$237M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Merck
MRK
|
+$480M |
| 2 |
Xerox
XRX
|
+$476M |
| 3 |
Vodafone
VOD
|
+$356M |
| 4 |
BHI
Baker Hughes
BHI
|
+$315M |
| 5 |
FRX
FOREST LABORATORIES INC
FRX
|
+$303M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 21.61% |
| 2 | Technology | 21.46% |
| 3 | Healthcare | 18.65% |
| 4 | Communication Services | 13.81% |
| 5 | Energy | 11.63% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
APA Corp
APA
$14.8B
| $1.28B | 1.31% |
15,425,646
+2,892,846
| +23% | +$237M |
|
|
WFT
27
DELISTED
Weatherford International plc
WFT
| $1.27B | 1.3% |
73,066,277
+5,353,534
| +8% | +$82M |
|
|
TYC
28
DELISTED
TYCO INTL PLC COM SHS (IRL)
TYC
| $1.23B | 1.26% |
27,810,360
+33,664
| +0.1% | +$1.47M |
|
29
Corning
GLW
$132B
| $1.21B | 1.23% |
57,996,868
+50,750
| +0.1% | +$954K |
|
|
BHI
30
DELISTED
Baker Hughes
BHI
| $1.14B | 1.17% |
17,546,903
-5,331,706
| -23% | -$315M |
|
31
eBay
EBAY
$45.5B
| $1.13B | 1.16% |
48,605,366
+3,997,703
| +9% | +$92.9M |
|
32
UnitedHealth
UNH
$355B
| $1.07B | 1.1% |
13,078,536
+1,755,551
| +16% | +$132M |
|
33
Nokia
NOK
$59.3B
| $1.07B | 1.09% |
145,125,971
-8,815,700
| -6% | -$66.1M |
|
|
34
JPMorgan Chase
JPM
$942B
| $1.06B | 1.08% |
17,383,383
+5,420,714
| +45% | +$313M |
|
35
NetApp
NTAP
$37.4B
| $1.03B | 1.05% |
27,880,903
+3,177,000
| +13% | +$128M |
|
|
36
NOV
NOV
$7.4B
| $1.02B | 1.04% |
+14,533,426
| New | +$997M |
|
|
DISH
37
DELISTED
DISH Network Corp.
DISH
| $941M | 0.96% |
15,122,069
-52,200
| -0.3% | -$3.04M |
|
38
Aegon
AEG
$13.6B
| $929M | 0.95% |
148,739,882
+233,161
| +0.2% | +$1.42M |
|
39
Celanese
CE
$4.92B
| $888M | 0.91% |
16,002,670
+163,000
| +1% | +$8.68M |
|
|
ESRX
40
DELISTED
Express Scripts Holding Company
ESRX
| $870M | 0.89% |
11,586,300
+5,976,595
| +107% | +$448M |
|
|
ADT
41
DELISTED
ADT Corp
ADT
| $843M | 0.86% |
28,133,204
+124,636
| +0.4% | +$4.11M |
|
42
DuPont de Nemours
DD
$18.7B
| $831M | 0.85% |
6,750,113
-134,925
| -2% | -$15.9M |
|
43
Synopsys
SNPS
$89.1B
| $825M | 0.84% |
21,472,811
+815,398
| +4% | +$32.7M |
|
|
RDS.A
44
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $817M | 0.84% |
11,975,302
+116,260
| +1% | +$7.76M |
|
45
Tapestry
TPR
$24.6B
| $798M | 0.82% |
16,061,130
+959,927
| +6% | +$47.8M |
|
46
MetLife
MET
$61.2B
| $772M | 0.79% |
16,409,194
+3,235
| +0% | +$149K |
|
47
Truist Financial
TFC
$61.4B
| $712M | 0.73% |
17,712,405
-105,193
| -0.6% | -$4.03M |
|
48
Televisa
TV
$1.45B
| $692M | 0.71% |
20,797,092
-509,700
| -2% | -$15.4M |
|
|
STI
49
DELISTED
SunTrust Banks, Inc.
STI
| $673M | 0.69% |
16,907,446
+21,467
| +0.1% | +$821K |
|
|
QVCGA
50
DELISTED
QVC Group Inc Series A
QVCGA
| $671M | 0.69% |
566,038
-2,775
| -0.5% | -$3.24M |
|
Similar funds
Dodge & Cox's Q1 2014 Portfolio in Review
As of Q1 2014, Dodge & Cox held 165 positions worth $97.8B, up 1.9% from $95.9B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Trading was light in Q1 2014: portfolio turnover was 1.2%. Dodge & Cox opened 2 new positions and made no exits, leaving the 165-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 22% of assets, up from 21% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q1 2014 buy was NOV: 14,533,426 shares worth $1.02B.
- Dodge & Cox added most to Express Scripts Holding Company in Q1 2014, an estimated $448M increase.
- Dodge & Cox's biggest Q1 2014 reduction was Merck, cutting an estimated $480M.
- Dodge & Cox's ten largest holdings make up 36% of its $97.8B portfolio in Q1 2014.
- Dodge & Cox opened 2 new positions and closed 0 in Q1 2014.
- Dodge & Cox's portfolio value rose 1.9% quarter-over-quarter to $97.8B.
Based on Dodge & Cox's 13F filing for Q1 2014, filed 14 May 2014.