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 |
Union Pacific
UNP
|
+$925M |
| 2 |
JD.com
JD
|
+$579M |
| 3 |
American Express
AXP
|
+$537M |
| 4 |
AstraZeneca
AZN
|
+$429M |
| 5 |
Goldman Sachs
GS
|
+$416M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$715M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$469M |
| 3 |
TE Connectivity
TEL
|
+$372M |
| 4 |
Cadence Design Systems
CDNS
|
+$272M |
| 5 |
Gen Digital
GEN
|
+$264M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.25% |
| 2 | Financials | 22.15% |
| 3 | Communication Services | 17.88% |
| 4 | Healthcare | 14.29% |
| 5 | Energy | 10.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ESRX
26
DELISTED
Express Scripts Holding Company
ESRX
| $1.52B | 1.48% |
22,069,813
-3,450,505
| -14% | -$248M |
|
|
TYC
27
DELISTED
TYCO INTL PLC COM SHS (IRL)
TYC
| $1.5B | 1.47% |
39,038,477
-468,387
| -1% | -$16.7M |
|
|
BHI
28
DELISTED
Baker Hughes
BHI
| $1.49B | 1.46% |
33,993,785
+23,150
| +0.1% | +$1,000K |
|
29
APA Corp
APA
$14.8B
| $1.43B | 1.4% |
29,259,714
+3,245,030
| +12% | +$135M |
|
30
MetLife
MET
$61.2B
| $1.36B | 1.33% |
34,723,745
+3,210,971
| +10% | +$120M |
|
|
31
Gen Digital
GEN
$18.3B
| $1.35B | 1.32% |
73,658,375
-13,725,050
| -16% | -$264M |
|
|
TFCFA
32
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $1.31B | 1.28% |
46,865,031
-60,776
| -0.1% | -$1.63M |
|
33
Merck
MRK
$369B
| $1.3B | 1.27% |
25,721,802
-20,379
| -0.1% | -$998K |
|
34
Corning
GLW
$132B
| $1.2B | 1.17% |
57,248,905
-555,120
| -1% | -$10.3M |
|
35
Baidu
BIDU
$32.9B
| $1B | 0.98% |
5,256,187
-270,085
| -5% | -$46M |
|
36
NetApp
NTAP
$37.4B
| $983M | 0.96% |
36,034,991
+1,184,500
| +3% | +$28.7M |
|
|
37
Union Pacific
UNP
$183B
| $975M | 0.95% |
12,252,674
+11,965,075
| +4,160% | +$925M |
|
38
Petrobras Class A
PBR.A
$107B
| $895M | 0.88% |
197,553,903
-38,500
| -0% | -$116K |
|
39
Booking.com
BKNG
$152B
| $875M | 0.86% |
16,968,575
+59,375
| +0.4% | +$2.84M |
|
40
Celanese
CE
$4.92B
| $862M | 0.84% |
13,153,929
-137,350
| -1% | -$8.52M |
|
41
Target
TGT
$75.4B
| $857M | 0.84% |
10,415,327
-418,599
| -4% | -$31.6M |
|
42
Liberty Global Class C
LBTYK
$3.51B
| $844M | 0.83% |
25,887,683
+748,109
| +3% | +$22.8M |
|
|
ADT
43
DELISTED
ADT Corp
ADT
| $843M | 0.82% |
20,426,715
-5,334,838
| -21% | -$187M |
|
44
NOV
NOV
$7.4B
| $828M | 0.81% |
26,622,720
+5,347,050
| +25% | +$163M |
|
45
Truist Financial
TFC
$61.4B
| $823M | 0.81% |
24,736,302
+713,975
| +3% | +$23.7M |
|
|
MXIM
46
DELISTED
Maxim Integrated Products
MXIM
| $801M | 0.78% |
21,778,785
-97,476
| -0.4% | -$3.27M |
|
|
47
JD.com
JD
$38.5B
| $779M | 0.76% |
29,396,436
+22,040,700
| +300% | +$579M |
|
48
Televisa
TV
$1.45B
| $758M | 0.74% |
27,615,992
-1,000
| -0% | -$26.2K |
|
|
49
AstraZeneca
AZN
$255B
| $734M | 0.72% |
13,024,825
+7,136,259
| +121% | +$429M |
|
50
Synopsys
SNPS
$89.1B
| $700M | 0.68% |
14,453,773
-565,900
| -4% | -$25M |
|
Similar funds
Dodge & Cox's Q1 2016 Portfolio in Review
As of Q1 2016, Dodge & Cox held 196 positions worth $102B, up 0.31% from $102B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Dodge & Cox's Q1 2016 filing shows 13 new, 56 increased, 96 reduced and 5 closed positions. Its largest new stake was Chubb: 27,301 shares worth $3.25M. The largest sale was Microsoft, an estimated $715M.
By sector, the portfolio is most concentrated in Technology at 22% of assets, down from 23% a quarter earlier, followed by Financials and Communication Services.
- Dodge & Cox's largest Q1 2016 buy was Chubb: 27,301 shares worth $3.25M.
- Dodge & Cox added most to Union Pacific in Q1 2016, an estimated $925M increase.
- Dodge & Cox's biggest Q1 2016 reduction was Microsoft, cutting an estimated $715M.
- Dodge & Cox fully exited New Oriental in Q1 2016, selling an estimated $236M.
- Dodge & Cox's ten largest holdings make up 33% of its $102B portfolio in Q1 2016.
- Dodge & Cox opened 13 new positions and closed 5 in Q1 2016.
- Dodge & Cox's portfolio value rose 0.31% quarter-over-quarter to $102B.
Based on Dodge & Cox's 13F filing for Q1 2016, filed 13 May 2016.