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 |
Target
TGT
|
+$991M |
| 2 |
Walmart Inc
WMT
|
+$733M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$680M |
| 4 |
EMC
EMC CORPORATION
EMC
|
+$544M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$443M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$526M |
| 2 |
Pfizer
PFE
|
+$457M |
| 3 |
SLB Ltd
SLB
|
+$400M |
| 4 |
FRX
FOREST LABORATORIES INC
FRX
|
+$358M |
| 5 |
DuPont de Nemours
DD
|
+$330M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.98% |
| 2 | Technology | 20.42% |
| 3 | Healthcare | 17.61% |
| 4 | Communication Services | 14.02% |
| 5 | Energy | 12.51% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
Pfizer
PFE
$143B
| $1.45B | 1.38% |
51,542,810
-16,040,742
| -24% | -$457M |
|
27
Chevron
CVX
$392B
| $1.43B | 1.36% |
10,951,777
-94,035
| -0.9% | -$11.7M |
|
|
TYC
28
DELISTED
TYCO INTL PLC COM SHS (IRL)
TYC
| $1.37B | 1.31% |
28,683,946
+873,586
| +3% | +$39.4M |
|
29
UnitedHealth
UNH
$384B
| $1.35B | 1.29% |
16,538,560
+3,460,024
| +26% | +$272M |
|
|
BHI
30
DELISTED
Baker Hughes
BHI
| $1.29B | 1.23% |
17,263,375
-283,528
| -2% | -$19.7M |
|
31
Corning
GLW
$135B
| $1.27B | 1.21% |
57,842,418
-154,450
| -0.3% | -$3.28M |
|
|
ESRX
32
DELISTED
Express Scripts Holding Company
ESRX
| $1.24B | 1.18% |
17,874,930
+6,288,630
| +54% | +$443M |
|
33
eBay
EBAY
$47.8B
| $1.17B | 1.11% |
55,466,304
+6,860,938
| +14% | +$149M |
|
34
JPMorgan Chase
JPM
$927B
| $1.15B | 1.1% |
20,025,733
+2,642,350
| +15% | +$149M |
|
35
NOV
NOV
$7.34B
| $1.14B | 1.08% |
13,783,733
-749,693
| -5% | -$55.8M |
|
36
NetApp
NTAP
$32.9B
| $1.09B | 1.04% |
29,735,353
+1,854,450
| +7% | +$66.5M |
|
37
Nokia
NOK
$55.3B
| $1.07B | 1.02% |
141,935,671
-3,190,300
| -2% | -$24.2M |
|
|
EMC
38
DELISTED
EMC CORPORATION
EMC
| $1.04B | 0.99% |
39,519,400
+20,600,550
| +109% | +$544M |
|
39
Celanese
CE
$5.27B
| $1.01B | 0.97% |
15,773,420
-229,250
| -1% | -$13.9M |
|
|
40
Target
TGT
$61.3B
| $988M | 0.94% |
17,046,272
+16,852,250
| +8,686% | +$991M |
|
|
ADT
41
DELISTED
ADT Corp
ADT
| $977M | 0.93% |
27,976,177
-157,027
| -0.6% | -$5.03M |
|
|
RDS.A
42
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $932M | 0.89% |
11,309,551
+124,248
| +1% | +$9.71M |
|
43
Aegon
AEG
$13.4B
| $896M | 0.85% |
150,498,171
+1,758,289
| +1% | +$10.6M |
|
44
Synopsys
SNPS
$71.7B
| $835M | 0.8% |
21,519,511
+46,700
| +0.2% | +$1.78M |
|
45
MetLife
MET
$59.4B
| $811M | 0.77% |
16,386,978
-22,216
| -0.1% | -$1.04M |
|
46
Baidu
BIDU
$36.3B
| $746M | 0.71% |
3,995,787
+583,300
| +17% | +$95.5M |
|
47
Petrobras Class A
PBR.A
$110B
| $735M | 0.7% |
46,996,900
-402,900
| -0.9% | -$6.22M |
|
48
Televisa
TV
$1.45B
| $717M | 0.68% |
20,904,792
+107,700
| +0.5% | +$3.61M |
|
|
DISH
49
DELISTED
DISH Network Corp.
DISH
| $714M | 0.68% |
10,964,269
-4,157,800
| -27% | -$250M |
|
|
QVCGA
50
DELISTED
QVC Group Inc Series A
QVCGA
| $680M | 0.65% |
564,341
-1,697
| -0.3% | -$2.02M |
|
Similar funds
Dodge & Cox's Q2 2014 Portfolio in Review
As of Q2 2014, Dodge & Cox held 168 positions worth $105B, up 7.2% from $97.8B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Trading was light in Q2 2014: portfolio turnover was 2.4%. Dodge & Cox opened 3 new positions and exited 1, leaving the 168-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 21% of assets, down from 22% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q2 2014 buy was Time Inc.: 8,123,224 shares worth $197M.
- Dodge & Cox added most to Target in Q2 2014, an estimated $991M increase.
- Dodge & Cox's biggest Q2 2014 reduction was GE Aerospace, cutting an estimated $526M.
- Dodge & Cox fully exited RTX Corp in Q2 2014, selling an estimated $205K.
- Dodge & Cox's ten largest holdings make up 35% of its $105B portfolio in Q2 2014.
- Dodge & Cox opened 3 new positions and closed 1 in Q2 2014.
- Dodge & Cox's portfolio value rose 7.2% quarter-over-quarter to $105B.
Based on Dodge & Cox's 13F filing for Q2 2014, filed 13 Aug 2014.