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 |
Bristol-Myers Squibb
BMY
|
+$1.23B |
| 2 |
ZAYO
Zayo Group Holdings, Inc.
ZAYO
|
+$477M |
| 3 |
Medtronic
MDT
|
+$401M |
| 4 |
Sanofi
SNY
|
+$364M |
| 5 |
Wells Fargo
WFC
|
+$215M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Gen Digital
GEN
|
+$770M |
| 2 |
Bank of America
BAC
|
+$769M |
| 3 |
UnitedHealth
UNH
|
+$495M |
| 4 |
BHI
Baker Hughes
BHI
|
+$450M |
| 5 |
HP
HPQ
|
+$446M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.66% |
| 2 | Communication Services | 16.03% |
| 3 | Technology | 15.63% |
| 4 | Healthcare | 14.79% |
| 5 | Energy | 9.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
BHI
26
DELISTED
Baker Hughes
BHI
| $1.67B | 1.48% |
25,667,163
-7,576,379
| -23% | -$450M |
|
|
27
UnitedHealth
UNH
$384B
| $1.66B | 1.47% |
10,363,411
-3,314,280
| -24% | -$495M |
|
|
APC
28
DELISTED
Anadarko Petroleum
APC
| $1.6B | 1.42% |
22,896,996
-39,302
| -0.2% | -$2.56M |
|
29
Walmart Inc
WMT
$860B
| $1.5B | 1.34% |
65,274,378
-3,407,496
| -5% | -$79.5M |
|
|
S
30
DELISTED
Sprint Corporation
S
| $1.5B | 1.33% |
177,793,606
-3,559,488
| -2% | -$26.3M |
|
|
ESRX
31
DELISTED
Express Scripts Holding Company
ESRX
| $1.46B | 1.29% |
21,178,220
-232,149
| -1% | -$16.6M |
|
32
Union Pacific
UNP
$181B
| $1.45B | 1.29% |
14,011,665
-398,474
| -3% | -$39.2M |
|
33
AstraZeneca
AZN
$262B
| $1.36B | 1.2% |
24,806,794
+3,711,807
| +18% | +$211M |
|
|
34
Bristol-Myers Squibb
BMY
$126B
| $1.32B | 1.17% |
22,532,761
+22,460,803
| +31,214% | +$1.23B |
|
35
Johnson Controls International
JCI
$88B
| $1.31B | 1.16% |
31,824,707
-1,154,847
| -4% | -$50.6M |
|
36
Booking.com
BKNG
$134B
| $1.17B | 1.04% |
20,005,150
-178,800
| -0.9% | -$10.7M |
|
37
NOV
NOV
$7.23B
| $1.17B | 1.04% |
31,293,984
-260,504
| -0.8% | -$9.49M |
|
38
Petrobras Class A
PBR.A
$109B
| $1.09B | 0.97% |
123,659,203
-2,346,600
| -2% | -$22.3M |
|
39
JD.com
JD
$40.6B
| $1.05B | 0.93% |
41,336,936
-2,519,000
| -6% | -$65.6M |
|
40
Celanese
CE
$5.18B
| $1.05B | 0.93% |
13,312,828
-272,981
| -2% | -$20.5M |
|
41
Truist Financial
TFC
$62.3B
| $997M | 0.89% |
21,202,567
-2,802,936
| -12% | -$119M |
|
|
DISH
42
DELISTED
DISH Network Corp.
DISH
| $942M | 0.84% |
16,265,180
+2,298,061
| +16% | +$131M |
|
43
Baidu
BIDU
$36.3B
| $933M | 0.83% |
5,675,987
+51,100
| +0.9% | +$8.7M |
|
44
Liberty Global Class C
LBTYK
$3.4B
| $854M | 0.76% |
28,759,447
+1,795,400
| +7% | +$55.2M |
|
45
Merck
MRK
$322B
| $821M | 0.73% |
14,616,605
-4,590,417
| -24% | -$269M |
|
46
NetApp
NTAP
$32.6B
| $812M | 0.72% |
23,029,321
-10,535,726
| -31% | -$369M |
|
47
Target
TGT
$61.1B
| $788M | 0.7% |
10,912,881
-559,629
| -5% | -$40.5M |
|
48
Televisa
TV
$1.47B
| $762M | 0.68% |
36,470,992
+3,564,600
| +11% | +$81.9M |
|
|
49
Medtronic
MDT
$105B
| $761M | 0.68% |
10,688,625
+5,103,767
| +91% | +$401M |
|
50
Corning
GLW
$136B
| $759M | 0.67% |
31,284,689
-5,181,578
| -14% | -$123M |
|
Similar funds
Dodge & Cox's Q4 2016 Portfolio in Review
As of Q4 2016, Dodge & Cox held 182 positions worth $113B, up 5.8% from $106B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Trading was light in Q4 2016: portfolio turnover was 3.8%. Dodge & Cox opened 6 new positions and exited 1, leaving the 182-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 24% a quarter earlier, followed by Communication Services and Technology.
- Dodge & Cox's largest Q4 2016 buy was Zayo Group Holdings, Inc.: 14,566,252 shares worth $479M.
- Dodge & Cox added most to Bristol-Myers Squibb in Q4 2016, an estimated $1.23B increase.
- Dodge & Cox's biggest Q4 2016 reduction was Gen Digital, cutting an estimated $770M.
- Dodge & Cox fully exited Hartford Financial Services in Q4 2016, selling an estimated $220K.
- Dodge & Cox's ten largest holdings make up 33% of its $113B portfolio in Q4 2016.
- Dodge & Cox opened 6 new positions and closed 1 in Q4 2016.
- Dodge & Cox's portfolio value rose 5.8% quarter-over-quarter to $113B.
Based on Dodge & Cox's 13F filing for Q4 2016, filed 14 Feb 2017.