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 |
ESRX
Express Scripts Holding Company
ESRX
|
+$524M |
| 2 |
Suncor Energy
SU
|
+$422M |
| 3 |
Novartis
NVS
|
+$362M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$361M |
| 5 |
JNPR
Juniper Networks
JNPR
|
+$314M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLB Ltd
SLB
|
+$354M |
| 2 |
HP
HPQ
|
+$350M |
| 3 |
NetApp
NTAP
|
+$329M |
| 4 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$319M |
| 5 |
BNY
Bank of New York Mellon
BNY
|
+$217M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.32% |
| 2 | Communication Services | 18.65% |
| 3 | Technology | 16.41% |
| 4 | Healthcare | 16.28% |
| 5 | Energy | 10.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
AstraZeneca
AZN
$250B
| $1.77B | 1.51% |
28,453,250
+3,646,456
| +15% | +$212M |
|
27
UnitedHealth
UNH
$354B
| $1.66B | 1.41% |
10,142,183
-221,228
| -2% | -$36.2M |
|
|
28
Bristol-Myers Squibb
BMY
$135B
| $1.58B | 1.35% |
29,120,190
+6,587,429
| +29% | +$361M |
|
29
Walmart Inc
WMT
$818B
| $1.54B | 1.31% |
64,155,249
-1,119,129
| -2% | -$25.8M |
|
|
S
30
DELISTED
Sprint Corporation
S
| $1.52B | 1.29% |
175,436,817
-2,356,789
| -1% | -$20.6M |
|
31
APA Corp
APA
$14.9B
| $1.48B | 1.26% |
28,770,336
-125,759
| -0.4% | -$7.07M |
|
32
Booking.com
BKNG
$154B
| $1.46B | 1.24% |
20,470,075
+464,925
| +2% | +$30.7M |
|
|
BHI
33
DELISTED
Baker Hughes
BHI
| $1.45B | 1.23% |
24,237,769
-1,429,394
| -6% | -$87M |
|
34
Union Pacific
UNP
$183B
| $1.45B | 1.23% |
13,648,408
-363,257
| -3% | -$38.7M |
|
|
APC
35
DELISTED
Anadarko Petroleum
APC
| $1.42B | 1.2% |
22,828,608
-68,388
| -0.3% | -$4.55M |
|
36
Johnson Controls International
JCI
$84.2B
| $1.33B | 1.13% |
31,531,650
-293,057
| -0.9% | -$12.4M |
|
37
JD.com
JD
$38.6B
| $1.27B | 1.08% |
40,809,636
-527,300
| -1% | -$15.5M |
|
38
NOV
NOV
$7.4B
| $1.26B | 1.07% |
31,342,539
+48,555
| +0.2% | +$1.89M |
|
39
Celanese
CE
$4.85B
| $1.16B | 0.98% |
12,891,355
-421,473
| -3% | -$36.8M |
|
40
Petrobras Class A
PBR.A
$107B
| $1.14B | 0.97% |
124,024,903
+365,700
| +0.3% | +$3.48M |
|
|
41
Suncor Energy
SU
$76.8B
| $1.05B | 0.89% |
34,233,900
+13,389,600
| +64% | +$422M |
|
|
DISH
42
DELISTED
DISH Network Corp.
DISH
| $1.03B | 0.87% |
16,213,580
-51,600
| -0.3% | -$3.19M |
|
43
Liberty Global Class C
LBTYK
$3.56B
| $1.01B | 0.86% |
28,750,747
-8,700
| -0% | -$300K |
|
44
Televisa
TV
$1.45B
| $986M | 0.84% |
38,021,317
+1,550,325
| +4% | +$36.7M |
|
45
Medtronic
MDT
$117B
| $984M | 0.84% |
12,212,276
+1,523,651
| +14% | +$119M |
|
46
Baidu
BIDU
$32.8B
| $977M | 0.83% |
5,665,387
-10,600
| -0.2% | -$1.87M |
|
47
Truist Financial
TFC
$61.4B
| $939M | 0.8% |
21,005,769
-196,798
| -0.9% | -$9.19M |
|
48
Merck
MRK
$364B
| $870M | 0.74% |
14,346,254
-270,351
| -2% | -$16.4M |
|
|
VMW
49
DELISTED
VMware, Inc
VMW
| $851M | 0.72% |
9,235,371
-239,107
| -3% | -$21M |
|
|
MXIM
50
DELISTED
Maxim Integrated Products
MXIM
| $846M | 0.72% |
18,815,873
-331,868
| -2% | -$14.5M |
|
Similar funds
Dodge & Cox's Q1 2017 Portfolio in Review
As of Q1 2017, Dodge & Cox held 181 positions worth $118B, up 4.6% from $113B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q1 2017: portfolio turnover was 1.7%. Dodge & Cox opened no new positions and exited 3, leaving the 181-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 27% a quarter earlier, followed by Communication Services and Technology.
- Dodge & Cox added most to Express Scripts Holding Company in Q1 2017, an estimated $524M increase.
- Dodge & Cox's biggest Q1 2017 reduction was SLB Ltd, cutting an estimated $354M.
- Dodge & Cox fully exited Lowe's Companies in Q1 2017, selling an estimated $278K.
- Dodge & Cox's ten largest holdings make up 32% of its $118B portfolio in Q1 2017.
- Dodge & Cox opened 0 new positions and closed 3 in Q1 2017.
- Dodge & Cox's portfolio value rose 4.6% quarter-over-quarter to $118B.
Based on Dodge & Cox's 13F filing for Q1 2017, filed 12 May 2017.