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 |
HP
HPQ
|
+$672M |
| 2 |
UBS Group
UBS
|
+$647M |
| 3 |
Cisco
CSCO
|
+$627M |
| 4 |
SLB Ltd
SLB
|
+$418M |
| 5 |
PayPal
PYPL
|
+$409M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$972M |
| 2 |
Chevron
CVX
|
+$904M |
| 3 |
GSK
GSK
|
+$511M |
| 4 |
SunTrust Banks, Inc.
STI
|
+$501M |
| 5 |
UnitedHealth
UNH
|
+$433M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.11% |
| 2 | Technology | 21.96% |
| 3 | Communication Services | 17.58% |
| 4 | Healthcare | 16.13% |
| 5 | Energy | 10.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
26
UnitedHealth
UNH
$339B
| $1.48B | 1.49% |
12,795,477
-3,619,640
| -22% | -$433M |
2013 Q2
9 quarters
|
|
|
TYC
27
DELISTED
TYCO INTL PLC COM SHS (IRL)
TYC
| $1.43B | 1.44% |
40,878,408
+160,774
| +0.4% | +$6.19M |
2013 Q2
9 quarters
|
|
28
Pfizer
PFE
$162B
| $1.42B | 1.43% |
47,710,824
+34,155
| +0.1% | +$1.1M |
2013 Q2
9 quarters
|
|
29
MetLife
MET
$64B
| $1.33B | 1.33% |
31,556,509
+192,378
| +0.6% | +$8.99M |
2013 Q2
9 quarters
|
|
|
TFCFA
30
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $1.26B | 1.27% |
46,664,136
+887,080
| +2% | +$26.5M |
2013 Q2
9 quarters
|
|
31
Merck
MRK
$350B
| $1.21B | 1.22% |
25,765,350
-100,108
| -0.4% | -$5.32M |
2013 Q2
9 quarters
|
|
32
Baidu
BIDU
$28.5B
| $1.13B | 1.13% |
8,192,887
+1,511,800
| +23% | +$249M |
2013 Q2
9 quarters
|
|
33
NetApp
NTAP
$46.9B
| $1.09B | 1.09% |
36,761,933
+1,530,250
| +4% | +$47.2M |
2013 Q2
9 quarters
|
|
34
APA Corp
APA
$16.8B
| $1.02B | 1.02% |
25,977,274
-4,036,539
| -13% | -$184M |
2013 Q2
9 quarters
|
|
35
Target
TGT
$69B
| $968M | 0.97% |
12,306,404
-4,675,740
| -28% | -$373M |
2013 Q2
9 quarters
|
|
36
Truist Financial
TFC
$56.1B
| $895M | 0.9% |
25,144,982
-398,170
| -2% | -$15.4M |
2013 Q2
9 quarters
|
|
37
Liberty Global Class C
LBTYK
$2.87B
| $867M | 0.87% |
24,357,021
+234,179
| +1% | +$9.46M |
2013 Q2
9 quarters
|
|
38
Booking.com
BKNG
$118B
| $833M | 0.84% |
16,840,375
-178,750
| -1% | -$8.88M |
2015 Q2
1 quarter
|
|
39
Celanese
CE
$4.91B
| $833M | 0.84% |
14,079,079
-268,973
| -2% | -$17.1M |
2013 Q2
9 quarters
|
|
40
Corning
GLW
$128B
| $817M | 0.82% |
47,702,466
+1,277,200
| +3% | +$23M |
2013 Q2
9 quarters
|
|
41
NOV
NOV
$6.76B
| $816M | 0.82% |
21,682,683
+2,509,161
| +13% | +$103M |
2014 Q1
6 quarters
|
|
42
DELISTED
ADT Corp
ADT
| $807M | 0.81% |
27,004,565
+71,400
| +0.3% | +$2.32M |
2013 Q2
9 quarters
|
|
43
Synopsys
SNPS
$94.8B
| $797M | 0.8% |
17,258,273
-2,513,100
| -13% | -$123M |
2013 Q2
9 quarters
|
|
|
MXIM
44
DELISTED
Maxim Integrated Products
MXIM
| $795M | 0.8% |
23,809,199
-1,316,100
| -5% | -$43.6M |
2013 Q2
9 quarters
|
|
45
Danaher
DHR
$157B
| $792M | 0.8% |
13,831,716
-1,061,409
| -7% | -$62.7M |
2014 Q3
4 quarters
|
|
46
GE Aerospace
GE
$319B
| $732M | 0.74% |
6,060,089
-886,350
| -13% | -$109M |
2013 Q2
9 quarters
|
|
47
Televisa
TV
$1.16B
| $717M | 0.72% |
27,566,692
+3,092,100
| +13% | +$99.2M |
2013 Q2
9 quarters
|
|
48
DELISTED
Sprint Corporation
S
| $713M | 0.72% |
185,675,129
+12,800,558
| +7% | +$54M |
2013 Q3
8 quarters
|
|
|
DISH
49
DELISTED
DISH Network Corp.
DISH
| $673M | 0.68% |
11,535,480
+35,750
| +0.3% | +$2.27M |
2013 Q2
9 quarters
|
|
50
Petrobras Class A
PBR.A
$146B
| $666M | 0.67% |
181,065,303
+48,906,200
| +37% | +$264M |
2013 Q2
9 quarters
|
|
Similar funds
Dodge & Cox's Q3 2015 Portfolio in Review
As of Q3 2015, Dodge & Cox held 189 positions worth $99.4B, down 10% from $111B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Dodge & Cox's Q3 2015 filing shows 9 new, 45 increased, 83 reduced and 5 closed positions. Its largest new stake was UBS Group: 30,534,700 shares worth $566M. The largest sale was eBay, an estimated $972M.
By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 22% a quarter earlier, followed by Technology and Communication Services.
- Dodge & Cox's largest Q3 2015 buy was UBS Group: 30,534,700 shares worth $566M.
- Dodge & Cox added most to HP in Q3 2015, an estimated $672M increase.
- Dodge & Cox's biggest Q3 2015 reduction was eBay, cutting an estimated $972M.
- Dodge & Cox fully exited NVR in Q3 2015, selling an estimated $115M.
- Dodge & Cox's ten largest holdings make up 36% of its $99.4B portfolio in Q3 2015.
- Dodge & Cox opened 9 new positions and closed 5 in Q3 2015.
- Dodge & Cox's portfolio value fell 10% quarter-over-quarter to $99.4B.
Based on Dodge & Cox's 13F filing for Q3 2015, filed 12 Nov 2015.