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 |
AT&T
T
|
+$1.51B |
| 2 |
Comcast
CMCSA
|
+$985M |
| 3 |
OPTU
Optimum Communications Inc
OPTU
|
+$520M |
| 4 |
Charter Communications
CHTR
|
+$518M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$487M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TWX
Time Warner Inc
TWX
|
+$2.98B |
| 2 |
Merck
MRK
|
+$620M |
| 3 |
Hewlett Packard
HPE
|
+$617M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$485M |
| 5 |
Cisco
CSCO
|
+$459M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.82% |
| 2 | Healthcare | 19.47% |
| 3 | Communication Services | 19.05% |
| 4 | Technology | 13.42% |
| 5 | Energy | 10.78% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
HP
HPQ
$26.7B
| $1.87B | 1.49% |
82,414,733
-342,576
| -0.4% | -$7.64M |
|
27
AstraZeneca
AZN
$255B
| $1.85B | 1.48% |
26,387,405
-877,685
| -3% | -$63.1M |
|
28
APA Corp
APA
$14.8B
| $1.83B | 1.46% |
39,185,826
+2,206,829
| +6% | +$91.5M |
|
29
Bristol-Myers Squibb
BMY
$137B
| $1.81B | 1.45% |
32,705,086
+4,887,475
| +18% | +$264M |
|
30
Cigna
CI
$73.4B
| $1.77B | 1.41% |
10,407,762
+6,740
| +0.1% | +$1.17M |
|
31
UnitedHealth
UNH
$355B
| $1.76B | 1.41% |
7,185,453
-221,519
| -3% | -$53.2M |
|
|
32
Cisco
CSCO
$442B
| $1.71B | 1.37% |
39,797,938
-10,503,020
| -21% | -$459M |
|
33
Medtronic
MDT
$115B
| $1.6B | 1.28% |
18,738,182
+16,550
| +0.1% | +$1.38M |
|
|
34
AT&T
T
$174B
| $1.46B | 1.17% |
+60,273,392
| New | +$1.51B |
|
35
Union Pacific
UNP
$183B
| $1.44B | 1.15% |
10,136,876
-3,080,583
| -23% | -$429M |
|
36
Suncor Energy
SU
$77.7B
| $1.43B | 1.14% |
35,184,100
-5,725,400
| -14% | -$223M |
|
37
Booking.com
BKNG
$152B
| $1.4B | 1.11% |
17,209,550
-1,066,200
| -6% | -$89.8M |
|
38
NOV
NOV
$7.4B
| $1.36B | 1.09% |
31,451,264
-994,600
| -3% | -$40.3M |
|
39
Dell
DELL
$305B
| $1.34B | 1.07% |
56,333,482
+5,694,753
| +11% | +$126M |
|
40
Baker Hughes
BKR
$61.7B
| $1.26B | 1% |
38,046,639
+986,686
| +3% | +$33.5M |
|
41
Gilead Sciences
GILD
$185B
| $1.15B | 0.92% |
16,259,811
+814,350
| +5% | +$57.5M |
|
42
Celanese
CE
$4.92B
| $1.14B | 0.91% |
10,307,650
-371,750
| -3% | -$41M |
|
43
Televisa
TV
$1.45B
| $1.1B | 0.88% |
57,915,461
+478,800
| +0.8% | +$8.47M |
|
|
JNPR
44
DELISTED
Juniper Networks
JNPR
| $1.09B | 0.87% |
39,652,757
+599,600
| +2% | +$15.6M |
|
45
Liberty Global Class C
LBTYK
$3.51B
| $1.08B | 0.86% |
40,492,754
+2,053,149
| +5% | +$60M |
|
46
JD.com
JD
$38.5B
| $1.04B | 0.83% |
26,604,692
+5,010,700
| +23% | +$193M |
|
47
Target
TGT
$75.4B
| $1.01B | 0.81% |
13,276,150
-494,490
| -4% | -$36.4M |
|
|
ZAYO
48
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| $910M | 0.73% |
24,948,385
+90,350
| +0.4% | +$3.22M |
|
49
Truist Financial
TFC
$61.4B
| $901M | 0.72% |
17,863,648
-1,054,150
| -6% | -$56M |
|
|
S
50
DELISTED
Sprint Corporation
S
| $901M | 0.72% |
165,590,616
-11,814
| -0% | -$63.9K |
|
Similar funds
Dodge & Cox's Q2 2018 Portfolio in Review
As of Q2 2018, Dodge & Cox held 181 positions worth $125B, up 1% from $124B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q2 2018: portfolio turnover was 5%. Dodge & Cox opened 4 new positions and exited 5, leaving the 181-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 Q2 2018 buy was AT&T: 60,273,392 shares worth $1.46B.
- Dodge & Cox added most to Comcast in Q2 2018, an estimated $985M increase.
- Dodge & Cox's biggest Q2 2018 reduction was Merck, cutting an estimated $620M.
- Dodge & Cox fully exited Time Warner Inc in Q2 2018, selling an estimated $2.98B.
- Dodge & Cox's ten largest holdings make up 30% of its $125B portfolio in Q2 2018.
- Dodge & Cox opened 4 new positions and closed 5 in Q2 2018.
- Dodge & Cox's portfolio value rose 1% quarter-over-quarter to $125B.
Based on Dodge & Cox's 13F filing for Q2 2018, filed 14 Aug 2018.