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 |
MFGP
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
|
+$1.17B |
| 2 |
Eli Lilly
LLY
|
+$1.15B |
| 3 |
Baker Hughes
BKR
|
+$845M |
| 4 |
Gilead Sciences
GILD
|
+$758M |
| 5 |
GSK
GSK
|
+$602M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BHI
Baker Hughes
BHI
|
+$1.3B |
| 2 |
Hewlett Packard
HPE
|
+$952M |
| 3 |
DXC Technology
DXC
|
+$764M |
| 4 |
TWX
Time Warner Inc
TWX
|
+$664M |
| 5 |
Novartis
NVS
|
+$464M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.34% |
| 2 | Healthcare | 19.07% |
| 3 | Communication Services | 15.79% |
| 4 | Technology | 14.69% |
| 5 | Energy | 7.12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
MetLife
MET
$59.5B
| $2.06B | 1.66% |
39,681,890
-5,912,219
| -13% | -$288M |
|
27
AstraZeneca
AZN
$262B
| $1.9B | 1.53% |
28,100,089
-234,636
| -0.8% | -$14.8M |
|
28
UnitedHealth
UNH
$384B
| $1.88B | 1.51% |
9,605,624
-464,684
| -5% | -$89.8M |
|
|
TFCFA
29
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $1.87B | 1.5% |
70,904,262
+2,737,973
| +4% | +$75.4M |
|
30
Bristol-Myers Squibb
BMY
$126B
| $1.85B | 1.49% |
29,054,961
-524,500
| -2% | -$30.6M |
|
|
31
Eli Lilly
LLY
$1.06T
| $1.71B | 1.38% |
20,020,077
+14,028,125
| +234% | +$1.15B |
|
32
Walmart Inc
WMT
$860B
| $1.65B | 1.32% |
63,167,106
-581,472
| -0.9% | -$15.3M |
|
33
Union Pacific
UNP
$181B
| $1.58B | 1.27% |
13,617,369
+135,340
| +1% | +$14.5M |
|
34
Suncor Energy
SU
$78.5B
| $1.41B | 1.13% |
40,236,200
+3,414,400
| +9% | +$109M |
|
35
Booking.com
BKNG
$134B
| $1.38B | 1.11% |
18,861,575
-559,250
| -3% | -$42.4M |
|
36
APA Corp
APA
$13B
| $1.37B | 1.1% |
29,938,979
+16,248
| +0.1% | +$716K |
|
|
S
37
DELISTED
Sprint Corporation
S
| $1.29B | 1.04% |
166,256,751
-5,215,785
| -3% | -$42.8M |
|
38
Baidu
BIDU
$36.3B
| $1.21B | 0.97% |
4,890,587
-788,700
| -14% | -$172M |
|
39
Celanese
CE
$5.18B
| $1.2B | 0.96% |
11,480,169
-277,010
| -2% | -$27.2M |
|
40
Target
TGT
$61.1B
| $1.2B | 0.96% |
20,264,017
+238,794
| +1% | +$13.4M |
|
|
MFGP
41
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $1.17B | 0.94% |
+30,298,435
| New | +$1.17B |
|
42
Liberty Global Class C
LBTYK
$3.4B
| $1.16B | 0.93% |
35,541,105
+3,234,884
| +10% | +$104M |
|
43
JD.com
JD
$40.6B
| $1.13B | 0.91% |
29,608,191
-3,106,000
| -9% | -$133M |
|
44
NOV
NOV
$7.23B
| $1.11B | 0.9% |
31,182,566
-157,123
| -0.5% | -$5.13M |
|
45
Alnylam Pharmaceuticals
ALNY
$35.8B
| $1.07B | 0.86% |
9,141,495
-44,325
| -0.5% | -$3.78M |
|
46
Televisa
TV
$1.47B
| $990M | 0.8% |
40,148,717
-159,900
| -0.4% | -$4.11M |
|
47
Truist Financial
TFC
$62.3B
| $967M | 0.78% |
20,606,484
-108,435
| -0.5% | -$4.98M |
|
48
Medtronic
MDT
$105B
| $945M | 0.76% |
12,147,095
+563,224
| +5% | +$46.8M |
|
|
MXIM
49
DELISTED
Maxim Integrated Products
MXIM
| $872M | 0.7% |
18,278,516
-241,218
| -1% | -$11.1M |
|
|
50
Baker Hughes
BKR
$55.8B
| $871M | 0.7% |
+23,798,371
| New | +$845M |
|
Similar funds
Dodge & Cox's Q3 2017 Portfolio in Review
As of Q3 2017, Dodge & Cox held 183 positions worth $124B, up 4.8% from $119B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q3 2017: portfolio turnover was 3.8%. Dodge & Cox opened 4 new positions and exited 3, leaving the 183-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q3 2017 buy was Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share: 30,298,435 shares worth $1.17B.
- Dodge & Cox added most to Eli Lilly in Q3 2017, an estimated $1.15B increase.
- Dodge & Cox's biggest Q3 2017 reduction was Hewlett Packard, cutting an estimated $952M.
- Dodge & Cox fully exited Baker Hughes in Q3 2017, selling an estimated $1.3B.
- Dodge & Cox's ten largest holdings make up 29% of its $124B portfolio in Q3 2017.
- Dodge & Cox opened 4 new positions and closed 3 in Q3 2017.
- Dodge & Cox's portfolio value rose 4.8% quarter-over-quarter to $124B.
Based on Dodge & Cox's 13F filing for Q3 2017, filed 13 Nov 2017.