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 |
TWX
Time Warner Inc
TWX
|
+$1B |
| 2 |
Johnson Controls International
JCI
|
+$737M |
| 3 |
Nutrien
NTR
|
+$616M |
| 4 |
VMW
VMware, Inc
VMW
|
+$412M |
| 5 |
Wells Fargo
WFC
|
+$398M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NetApp
NTAP
|
+$701M |
| 2 |
AGU
Agrium
AGU
|
+$635M |
| 3 |
Walmart Inc
WMT
|
+$551M |
| 4 |
UnitedHealth
UNH
|
+$459M |
| 5 |
Target
TGT
|
+$458M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.09% |
| 2 | Healthcare | 19.03% |
| 3 | Communication Services | 17.99% |
| 4 | Technology | 14.82% |
| 5 | Energy | 9.73% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
AstraZeneca
AZN
$255B
| $1.91B | 1.54% |
27,265,090
-1,000,400
| -4% | -$69.3M |
|
27
GSK
GSK
$101B
| $1.9B | 1.53% |
38,841,574
+3,574,940
| +10% | +$166M |
|
28
HP
HPQ
$26.7B
| $1.81B | 1.46% |
82,757,309
-1,483,488
| -2% | -$33.5M |
|
29
Union Pacific
UNP
$183B
| $1.78B | 1.43% |
13,217,459
-264,120
| -2% | -$35.5M |
|
30
Bristol-Myers Squibb
BMY
$137B
| $1.76B | 1.42% |
27,817,611
-1,288,500
| -4% | -$82.9M |
|
31
Cigna
CI
$73.4B
| $1.74B | 1.41% |
10,401,022
-333,571
| -3% | -$64.8M |
|
32
Eli Lilly
LLY
$1.05T
| $1.69B | 1.36% |
21,842,117
+1,660,830
| +8% | +$134M |
|
|
33
UnitedHealth
UNH
$355B
| $1.59B | 1.28% |
7,406,972
-2,010,650
| -21% | -$459M |
|
34
Booking.com
BKNG
$152B
| $1.52B | 1.23% |
18,275,750
-825,125
| -4% | -$64.9M |
|
35
Medtronic
MDT
$115B
| $1.5B | 1.21% |
18,721,632
+436,874
| +2% | +$36M |
|
36
APA Corp
APA
$14.8B
| $1.42B | 1.15% |
36,978,997
+5,635,752
| +18% | +$227M |
|
37
Suncor Energy
SU
$77.7B
| $1.41B | 1.14% |
40,909,500
-159,400
| -0.4% | -$5.55M |
|
38
NOV
NOV
$7.4B
| $1.19B | 0.96% |
32,445,864
+1,271,625
| +4% | +$46.6M |
|
39
Liberty Global Class C
LBTYK
$3.51B
| $1.17B | 0.94% |
38,439,605
+893,700
| +2% | +$29.6M |
|
40
Gilead Sciences
GILD
$185B
| $1.16B | 0.94% |
15,445,461
+29,100
| +0.2% | +$2.31M |
|
41
Celanese
CE
$4.92B
| $1.07B | 0.86% |
10,679,400
-282,770
| -3% | -$29.8M |
|
42
Dell
DELL
$305B
| $1.04B | 0.84% |
50,638,729
-240,764
| -0.5% | -$5.19M |
|
43
Baker Hughes
BKR
$61.7B
| $1.03B | 0.83% |
37,059,953
+4,631,493
| +14% | +$142M |
|
|
MXIM
44
DELISTED
Maxim Integrated Products
MXIM
| $1.02B | 0.82% |
16,868,114
-916,350
| -5% | -$54.3M |
|
45
Truist Financial
TFC
$61.4B
| $984M | 0.79% |
18,917,798
-924,140
| -5% | -$49.8M |
|
|
46
Target
TGT
$75.4B
| $956M | 0.77% |
13,770,640
-6,298,661
| -31% | -$458M |
|
|
JNPR
47
DELISTED
Juniper Networks
JNPR
| $950M | 0.77% |
39,053,157
+2,960,300
| +8% | +$78.7M |
|
48
Televisa
TV
$1.45B
| $917M | 0.74% |
57,436,661
+10,102,686
| +21% | +$185M |
|
49
JD.com
JD
$38.5B
| $874M | 0.71% |
21,593,992
-6,117,299
| -22% | -$277M |
|
|
QVCGA
50
DELISTED
QVC Group Inc Series A
QVCGA
| $854M | 0.69% |
699,201
-13,228
| -2% | -$17.4M |
|
Similar funds
Dodge & Cox's Q1 2018 Portfolio in Review
As of Q1 2018, Dodge & Cox held 182 positions worth $124B, down 4% from $129B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q1 2018: portfolio turnover was 4.9%. Dodge & Cox opened 4 new positions and exited 5, leaving the 182-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q1 2018 buy was Nutrien: 12,308,134 shares worth $582M.
- Dodge & Cox added most to Time Warner Inc in Q1 2018, an estimated $1B increase.
- Dodge & Cox's biggest Q1 2018 reduction was NetApp, cutting an estimated $701M.
- Dodge & Cox fully exited Agrium in Q1 2018, selling an estimated $635M.
- Dodge & Cox's ten largest holdings make up 30% of its $124B portfolio in Q1 2018.
- Dodge & Cox opened 4 new positions and closed 5 in Q1 2018.
- Dodge & Cox's portfolio value fell 4% quarter-over-quarter to $124B.
Based on Dodge & Cox's 13F filing for Q1 2018, filed 14 May 2018.