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 |
Hewlett Packard
HPE
|
+$3.13B |
| 2 |
American Express
AXP
|
+$898M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$814M |
| 4 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$411M |
| 5 |
Elevance Health
ELV
|
+$409M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
HP
HPQ
|
+$2.98B |
| 2 |
Pfizer
PFE
|
+$1.43B |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$940M |
| 4 |
GE Aerospace
GE
|
+$799M |
| 5 |
UBS Group
UBS
|
+$566M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.52% |
| 2 | Technology | 22.84% |
| 3 | Communication Services | 17.89% |
| 4 | Healthcare | 15.08% |
| 5 | Energy | 9.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
UnitedHealth
UNH
$355B
| $1.63B | 1.6% |
13,859,053
+1,063,576
| +8% | +$124M |
|
|
BHI
27
DELISTED
Baker Hughes
BHI
| $1.57B | 1.54% |
33,970,635
+199,084
| +0.6% | +$10.2M |
|
28
MetLife
MET
$61.2B
| $1.35B | 1.33% |
31,512,774
-43,735
| -0.1% | -$1.92M |
|
|
TYC
29
DELISTED
TYCO INTL PLC COM SHS (IRL)
TYC
| $1.32B | 1.29% |
39,506,864
-1,371,544
| -3% | -$50.1M |
|
30
Merck
MRK
$369B
| $1.3B | 1.27% |
25,742,181
-23,169
| -0.1% | -$1.17M |
|
|
TFCFA
31
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $1.27B | 1.25% |
46,925,807
+261,671
| +0.6% | +$7.59M |
|
|
32
American Express
AXP
$226B
| $1.19B | 1.17% |
17,137,288
+12,335,082
| +257% | +$898M |
|
33
APA Corp
APA
$14.8B
| $1.16B | 1.14% |
26,014,684
+37,410
| +0.1% | +$1.74M |
|
34
Corning
GLW
$132B
| $1.06B | 1.04% |
57,804,025
+10,101,559
| +21% | +$183M |
|
35
Baidu
BIDU
$32.9B
| $1.04B | 1.03% |
5,526,272
-2,666,615
| -33% | -$491M |
|
36
NetApp
NTAP
$37.4B
| $925M | 0.91% |
34,850,491
-1,911,442
| -5% | -$59.8M |
|
37
Truist Financial
TFC
$61.4B
| $908M | 0.89% |
24,022,327
-1,122,655
| -4% | -$42.2M |
|
38
Celanese
CE
$4.92B
| $895M | 0.88% |
13,291,279
-787,800
| -6% | -$53.5M |
|
39
Liberty Global Class C
LBTYK
$3.51B
| $890M | 0.87% |
25,139,574
+782,553
| +3% | +$28.2M |
|
40
Booking.com
BKNG
$152B
| $862M | 0.85% |
16,909,200
+68,825
| +0.4% | +$3.64M |
|
|
41
Alphabet (Google) Class A
GOOGL
$4.17T
| $856M | 0.84% |
+21,994,320
| New | +$814M |
|
|
ADT
42
DELISTED
ADT Corp
ADT
| $850M | 0.83% |
25,761,553
-1,243,012
| -5% | -$41.8M |
|
|
MXIM
43
DELISTED
Maxim Integrated Products
MXIM
| $831M | 0.82% |
21,876,261
-1,932,938
| -8% | -$73.9M |
|
44
Target
TGT
$75.4B
| $787M | 0.77% |
10,833,926
-1,472,478
| -12% | -$110M |
|
45
Televisa
TV
$1.45B
| $751M | 0.74% |
27,616,992
+50,300
| +0.2% | +$1.41M |
|
46
NOV
NOV
$7.4B
| $713M | 0.7% |
21,275,670
-407,013
| -2% | -$15.1M |
|
47
Danaher
DHR
$152B
| $689M | 0.68% |
11,039,428
-2,792,288
| -20% | -$175M |
|
48
Synopsys
SNPS
$89.1B
| $685M | 0.67% |
15,019,673
-2,238,600
| -13% | -$108M |
|
|
S
49
DELISTED
Sprint Corporation
S
| $672M | 0.66% |
185,713,517
+38,388
| +0% | +$158K |
|
50
Petrobras Class A
PBR.A
$107B
| $672M | 0.66% |
197,592,403
+16,527,100
| +9% | +$65.7M |
|
Similar funds
Dodge & Cox's Q4 2015 Portfolio in Review
As of Q4 2015, Dodge & Cox held 191 positions worth $102B, up 2.5% from $99.4B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Dodge & Cox's Q4 2015 filing shows 7 new, 31 increased, 114 reduced and 8 closed positions. Its largest new stake was Hewlett Packard: 374,271,996 shares worth $3.31B. The largest sale was HP, an estimated $2.98B.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 23% a quarter earlier, followed by Technology and Communication Services.
- Dodge & Cox's largest Q4 2015 buy was Hewlett Packard: 374,271,996 shares worth $3.31B.
- Dodge & Cox added most to American Express in Q4 2015, an estimated $898M increase.
- Dodge & Cox's biggest Q4 2015 reduction was HP, cutting an estimated $2.98B.
- Dodge & Cox fully exited UBS Group in Q4 2015, selling an estimated $566M.
- Dodge & Cox's ten largest holdings make up 35% of its $102B portfolio in Q4 2015.
- Dodge & Cox opened 7 new positions and closed 8 in Q4 2015.
- Dodge & Cox's portfolio value rose 2.5% quarter-over-quarter to $102B.
Based on Dodge & Cox's 13F filing for Q4 2015, filed 12 Feb 2016.