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 |
Johnson Controls International
JCI
|
+$1.53B |
| 2 |
APC
Anadarko Petroleum
APC
|
+$765M |
| 3 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$569M |
| 4 |
Suncor Energy
SU
|
+$564M |
| 5 |
Dell
DELL
|
+$524M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EMC
EMC CORPORATION
EMC
|
+$2.07B |
| 2 |
TYC
TYCO INTL PLC COM SHS (IRL)
TYC
|
+$1.63B |
| 3 |
Gen Digital
GEN
|
+$708M |
| 4 |
Petrobras Class A
PBR.A
|
+$517M |
| 5 |
Microsoft
MSFT
|
+$397M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.56% |
| 2 | Technology | 18.06% |
| 3 | Communication Services | 16.63% |
| 4 | Healthcare | 14.37% |
| 5 | Energy | 10.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
BHI
26
DELISTED
Baker Hughes
BHI
| $1.68B | 1.58% |
33,243,542
-450,498
| -1% | -$21.7M |
|
|
TFCFA
27
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $1.68B | 1.57% |
69,186,779
+22,266,748
| +47% | +$569M |
|
28
Walmart Inc
WMT
$860B
| $1.65B | 1.55% |
68,681,874
-16,003,395
| -19% | -$388M |
|
|
29
Johnson Controls International
JCI
$87.8B
| $1.53B | 1.44% |
+32,979,554
| New | +$1.53B |
|
|
ESRX
30
DELISTED
Express Scripts Holding Company
ESRX
| $1.51B | 1.42% |
21,410,369
-281,044
| -1% | -$21M |
|
|
APC
31
DELISTED
Anadarko Petroleum
APC
| $1.45B | 1.37% |
22,936,298
+13,723,835
| +149% | +$765M |
|
32
Union Pacific
UNP
$183B
| $1.41B | 1.32% |
14,410,139
-778,810
| -5% | -$72.8M |
|
33
AstraZeneca
AZN
$262B
| $1.39B | 1.3% |
21,094,987
+4,828,625
| +30% | +$316M |
|
|
S
34
DELISTED
Sprint Corporation
S
| $1.2B | 1.13% |
181,353,094
-2,982,647
| -2% | -$17.7M |
|
35
NetApp
NTAP
$32.8B
| $1.2B | 1.13% |
33,565,047
-2,716,394
| -7% | -$82.8M |
|
36
Booking.com
BKNG
$134B
| $1.19B | 1.12% |
20,183,950
+3,314,500
| +20% | +$185M |
|
37
NOV
NOV
$7.33B
| $1.16B | 1.09% |
31,554,488
-326,982
| -1% | -$11M |
|
38
JD.com
JD
$40.6B
| $1.14B | 1.08% |
43,855,936
+4,524,700
| +12% | +$109M |
|
39
Merck
MRK
$323B
| $1.14B | 1.07% |
19,207,022
-6,335,687
| -25% | -$370M |
|
|
40
Petrobras Class A
PBR.A
$110B
| $1.05B | 0.98% |
126,005,803
-68,726,400
| -35% | -$517M |
|
41
Baidu
BIDU
$36.2B
| $1.02B | 0.96% |
5,624,887
+134,100
| +2% | +$23.2M |
|
|
42
Gen Digital
GEN
$15.1B
| $977M | 0.92% |
38,905,167
-31,136,858
| -44% | -$708M |
|
43
Truist Financial
TFC
$62.1B
| $905M | 0.85% |
24,005,503
-720,999
| -3% | -$26.9M |
|
44
Celanese
CE
$5.27B
| $904M | 0.85% |
13,585,809
+919,180
| +7% | +$60.1M |
|
45
Liberty Global Class C
LBTYK
$3.37B
| $891M | 0.84% |
26,964,047
-17,100
| -0.1% | -$528K |
|
46
Corning
GLW
$135B
| $862M | 0.81% |
36,466,267
-16,650,638
| -31% | -$371M |
|
|
VMW
47
DELISTED
VMware, Inc
VMW
| $856M | 0.8% |
11,670,085
-220,550
| -2% | -$15.5M |
|
48
Televisa
TV
$1.45B
| $845M | 0.79% |
32,906,392
+5,280,700
| +19% | +$139M |
|
49
Target
TGT
$61.3B
| $788M | 0.74% |
11,472,510
-284,495
| -2% | -$20.4M |
|
|
MXIM
50
DELISTED
Maxim Integrated Products
MXIM
| $776M | 0.73% |
19,437,788
-969,147
| -5% | -$38.2M |
|
Similar funds
Dodge & Cox's Q3 2016 Portfolio in Review
As of Q3 2016, Dodge & Cox held 180 positions worth $106B, up 5.1% from $101B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $3.59B in Q3 2016, closing 4 positions and reducing 87 holdings. Its most notable exit was EMC CORPORATION, an estimated $2.07B position sold in full.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 22% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Dodge & Cox opened a new position in Johnson Controls International worth $1.53B.
- Dodge & Cox's largest Q3 2016 buy was Johnson Controls International: 32,979,554 shares worth $1.53B.
- Dodge & Cox added most to Anadarko Petroleum in Q3 2016, an estimated $765M increase.
- Dodge & Cox's biggest Q3 2016 reduction was Gen Digital, cutting an estimated $708M.
- Dodge & Cox fully exited EMC CORPORATION in Q3 2016, selling an estimated $2.07B.
- Dodge & Cox's ten largest holdings make up 32% of its $106B portfolio in Q3 2016.
- Dodge & Cox opened 5 new positions and closed 4 in Q3 2016.
- Dodge & Cox's portfolio value rose 5.1% quarter-over-quarter to $106B.
Based on Dodge & Cox's 13F filing for Q3 2016, filed 14 Nov 2016.