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 |
eBay
EBAY
|
+$681M |
| 2 |
Cigna
CI
|
+$399M |
| 3 |
Liberty Global Class A
LBTYA
|
+$370M |
| 4 |
TYC
TYCO INTL PLC COM SHS (IRL)
TYC
|
+$207M |
| 5 |
Walmart Inc
WMT
|
+$206M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GSK
GSK
|
+$1.06B |
| 2 |
Nokia
NOK
|
+$561M |
| 3 |
MHFI
MCGRAW-HILL FINANCIAL INC COM
MHFI
|
+$511M |
| 4 |
HP
HPQ
|
+$477M |
| 5 |
DuPont de Nemours
DD
|
+$252M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 21.16% |
| 2 | Technology | 20.44% |
| 3 | Healthcare | 16.97% |
| 4 | Communication Services | 14.78% |
| 5 | Energy | 11.33% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
TYC
26
DELISTED
TYCO INTL PLC COM SHS (IRL)
TYC
| $1.55B | 1.48% |
33,124,107
+4,440,161
| +15% | +$207M |
|
|
WFT
27
DELISTED
Weatherford International plc
WFT
| $1.53B | 1.46% |
73,402,287
+532,610
| +0.7% | +$12M |
|
28
UnitedHealth
UNH
$385B
| $1.46B | 1.39% |
16,907,750
+369,190
| +2% | +$31.2M |
|
29
Pfizer
PFE
$143B
| $1.41B | 1.35% |
50,175,649
-1,367,161
| -3% | -$38.4M |
|
30
NetApp
NTAP
$32.3B
| $1.39B | 1.33% |
32,421,740
+2,686,387
| +9% | +$108M |
|
|
ESRX
31
DELISTED
Express Scripts Holding Company
ESRX
| $1.3B | 1.25% |
18,469,695
+594,765
| +3% | +$42.4M |
|
32
Chevron
CVX
$387B
| $1.29B | 1.24% |
10,852,313
-99,464
| -0.9% | -$12.7M |
|
33
JPMorgan Chase
JPM
$930B
| $1.21B | 1.15% |
20,016,864
-8,869
| -0% | -$518K |
|
|
EMC
34
DELISTED
EMC CORPORATION
EMC
| $1.19B | 1.14% |
40,593,700
+1,074,300
| +3% | +$31M |
|
|
BHI
35
DELISTED
Baker Hughes
BHI
| $1.13B | 1.08% |
17,379,520
+116,145
| +0.7% | +$8.1M |
|
36
Corning
GLW
$134B
| $1.12B | 1.07% |
57,660,438
-181,980
| -0.3% | -$3.79M |
|
37
Target
TGT
$61.1B
| $1.11B | 1.06% |
17,758,389
+712,117
| +4% | +$43.1M |
|
38
NOV
NOV
$7.22B
| $1.06B | 1.02% |
13,989,033
+205,300
| +1% | +$17M |
|
|
ADT
39
DELISTED
ADT Corp
ADT
| $988M | 0.94% |
27,853,069
-123,108
| -0.4% | -$4.36M |
|
|
40
Cigna
CI
$75.7B
| $936M | 0.9% |
10,321,737
+4,272,350
| +71% | +$399M |
|
41
Celanese
CE
$5.19B
| $917M | 0.88% |
15,676,536
-96,884
| -0.6% | -$5.97M |
|
|
RDS.A
42
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $898M | 0.86% |
11,792,375
+482,824
| +4% | +$38.8M |
|
43
Baidu
BIDU
$36.5B
| $865M | 0.83% |
3,964,487
-31,300
| -0.8% | -$6.62M |
|
44
Synopsys
SNPS
$71.5B
| $854M | 0.82% |
21,508,411
-11,100
| -0.1% | -$440K |
|
45
Aegon
AEG
$13.4B
| $850M | 0.81% |
149,730,219
-767,952
| -0.5% | -$4.35M |
|
46
MetLife
MET
$59.5B
| $794M | 0.76% |
16,588,714
+201,736
| +1% | +$9.8M |
|
|
DISH
47
DELISTED
DISH Network Corp.
DISH
| $755M | 0.72% |
11,689,719
+725,450
| +7% | +$46.8M |
|
|
MXIM
48
DELISTED
Maxim Integrated Products
MXIM
| $717M | 0.69% |
23,726,730
+4,255,550
| +22% | +$134M |
|
49
Televisa
TV
$1.47B
| $709M | 0.68% |
20,920,622
+15,830
| +0.1% | +$563K |
|
|
QVCGA
50
DELISTED
QVC Group Inc Series A
QVCGA
| $652M | 0.62% |
556,916
-7,425
| -1% | -$8.78M |
|
Similar funds
Dodge & Cox's Q3 2014 Portfolio in Review
As of Q3 2014, Dodge & Cox held 207 positions worth $105B, down 0.3% from $105B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Dodge & Cox's Q3 2014 filing shows 40 new, 53 increased, 86 reduced and 4 closed positions. Its largest new stake was New Oriental: 4,002,900 shares worth $92.9M. The largest sale was GSK, an estimated $1.06B.
By sector, the portfolio is most concentrated in Financials at 21% of assets, up from 21% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q3 2014 buy was New Oriental: 4,002,900 shares worth $92.9M.
- Dodge & Cox added most to eBay in Q3 2014, an estimated $681M increase.
- Dodge & Cox's biggest Q3 2014 reduction was GSK, cutting an estimated $1.06B.
- Dodge & Cox fully exited FOREST LABORATORIES INC in Q3 2014, selling an estimated $4.46M.
- Dodge & Cox's ten largest holdings make up 35% of its $105B portfolio in Q3 2014.
- Dodge & Cox opened 40 new positions and closed 4 in Q3 2014.
- Dodge & Cox's portfolio value fell 0.3% quarter-over-quarter to $105B.
Based on Dodge & Cox's 13F filing for Q3 2014, filed 13 Nov 2014.