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 |
Booking.com
BKNG
|
+$812M |
| 2 |
EMC
EMC CORPORATION
EMC
|
+$745M |
| 3 |
Petrobras Class A
PBR.A
|
+$482M |
| 4 |
Cisco
CSCO
|
+$443M |
| 5 |
HP
HPQ
|
+$402M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GSK
GSK
|
+$494M |
| 2 |
AOL
AOL INC COMMON STOCK
AOL
|
+$464M |
| 3 |
CarMax
KMX
|
+$435M |
| 4 |
BNY
Bank of New York Mellon
BNY
|
+$376M |
| 5 |
Nokia
NOK
|
+$232M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.33% |
| 2 | Technology | 19.62% |
| 3 | Healthcare | 16.6% |
| 4 | Communication Services | 16.32% |
| 5 | Energy | 11.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Cigna
CI
$75.8B
| $1.66B | 1.5% |
10,245,758
-69,450
| -0.7% | -$9.59M |
|
|
TYC
27
DELISTED
TYCO INTL PLC COM SHS (IRL)
TYC
| $1.64B | 1.48% |
40,717,634
+206,396
| +0.5% | +$8.8M |
|
28
MetLife
MET
$59.5B
| $1.57B | 1.41% |
31,364,131
+75,596
| +0.2% | +$3.58M |
|
29
Pfizer
PFE
$142B
| $1.52B | 1.37% |
47,676,669
-1,626,246
| -3% | -$53M |
|
|
TFCFA
30
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $1.49B | 1.34% |
45,777,056
-260,096
| -0.6% | -$8.74M |
|
31
eBay
EBAY
$48.6B
| $1.47B | 1.33% |
58,073,322
-5,380,949
| -8% | -$134M |
|
32
Merck
MRK
$322B
| $1.41B | 1.27% |
25,865,458
-805,070
| -3% | -$45.2M |
|
33
Target
TGT
$61.1B
| $1.39B | 1.25% |
16,982,144
-1,013,512
| -6% | -$82M |
|
34
Baidu
BIDU
$36.3B
| $1.33B | 1.2% |
6,681,087
+891,000
| +15% | +$182M |
|
|
35
Cisco
CSCO
$445B
| $1.21B | 1.09% |
44,090,378
+15,434,400
| +54% | +$443M |
|
36
NetApp
NTAP
$32.6B
| $1.11B | 1% |
35,231,683
+283,947
| +0.8% | +$9.85M |
|
37
Chevron
CVX
$389B
| $1.1B | 0.99% |
11,392,606
-1,339,017
| -11% | -$141M |
|
|
38
Petrobras Class A
PBR.A
$109B
| $1.08B | 0.97% |
132,159,103
+57,581,103
| +77% | +$482M |
|
39
Celanese
CE
$5.17B
| $1.03B | 0.93% |
14,348,052
-1,291,079
| -8% | -$85.9M |
|
40
Truist Financial
TFC
$62.3B
| $1.03B | 0.93% |
25,543,152
-1,347,151
| -5% | -$53.3M |
|
41
Synopsys
SNPS
$71.6B
| $1B | 0.9% |
19,771,373
-1,451,350
| -7% | -$70.7M |
|
42
Liberty Global Class C
LBTYK
$3.4B
| $988M | 0.89% |
24,122,842
+2,149,200
| +10% | +$89M |
|
43
Televisa
TV
$1.47B
| $950M | 0.86% |
24,474,592
+1,530,670
| +7% | +$56.4M |
|
44
NOV
NOV
$7.23B
| $926M | 0.83% |
19,173,522
+4,601,171
| +32% | +$237M |
|
|
WFT
45
DELISTED
Weatherford International plc
WFT
| $922M | 0.83% |
75,106,777
+179,500
| +0.2% | +$2.49M |
|
46
Corning
GLW
$136B
| $916M | 0.83% |
46,425,266
-9,396,109
| -17% | -$201M |
|
|
ADT
47
DELISTED
ADT Corp
ADT
| $904M | 0.82% |
26,933,165
-480,849
| -2% | -$18.3M |
|
48
GE Aerospace
GE
$362B
| $885M | 0.8% |
6,946,439
-989,580
| -12% | -$128M |
|
|
MXIM
49
DELISTED
Maxim Integrated Products
MXIM
| $869M | 0.78% |
25,125,299
+262,172
| +1% | +$8.97M |
|
50
Danaher
DHR
$134B
| $857M | 0.77% |
14,893,125
-1,063,131
| -7% | -$60.9M |
|
Similar funds
Dodge & Cox's Q2 2015 Portfolio in Review
As of Q2 2015, Dodge & Cox held 187 positions worth $111B, up 2.2% from $109B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Trading was light in Q2 2015: portfolio turnover was 4.3%. Dodge & Cox opened 1 new position and exited 7, leaving the 187-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 Q2 2015 buy was Booking.com: 17,019,125 shares worth $784M.
- Dodge & Cox added most to EMC CORPORATION in Q2 2015, an estimated $745M increase.
- Dodge & Cox's biggest Q2 2015 reduction was GSK, cutting an estimated $494M.
- Dodge & Cox fully exited AOL INC COMMON STOCK in Q2 2015, selling an estimated $464M.
- Dodge & Cox's ten largest holdings make up 35% of its $111B portfolio in Q2 2015.
- Dodge & Cox opened 1 new position and closed 7 in Q2 2015.
- Dodge & Cox's portfolio value rose 2.2% quarter-over-quarter to $111B.
Based on Dodge & Cox's 13F filing for Q2 2015, filed 13 Aug 2015.