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 |
UBS Group
UBS
|
+$1.66B |
| 2 |
CVS Health
CVS
|
+$1.08B |
| 3 |
Microchip Technology
MCHP
|
+$927M |
| 4 |
Booking.com
BKNG
|
+$833M |
| 5 |
FedEx
FDX
|
+$500M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$913M |
| 2 |
Bank of America
BAC
|
+$586M |
| 3 |
AT&T
T
|
+$541M |
| 4 |
Capital One
COF
|
+$501M |
| 5 |
VMW
VMware, Inc
VMW
|
+$480M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.49% |
| 2 | Healthcare | 21.17% |
| 3 | Communication Services | 17.82% |
| 4 | Technology | 14.08% |
| 5 | Energy | 10.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Bristol-Myers Squibb
BMY
$137B
| $2.05B | 1.57% |
32,969,186
+264,100
| +0.8% | +$15.7M |
|
27
AstraZeneca
AZN
$255B
| $2.02B | 1.55% |
25,570,155
-817,250
| -3% | -$61.8M |
|
28
TE Connectivity
TEL
$58.8B
| $1.95B | 1.49% |
22,211,855
-100,244
| -0.4% | -$9.22M |
|
29
GSK
GSK
$101B
| $1.93B | 1.48% |
38,403,790
-122,880
| -0.3% | -$6.24M |
|
30
APA Corp
APA
$14.8B
| $1.89B | 1.44% |
39,601,676
+415,850
| +1% | +$18.7M |
|
31
Cigna
CI
$73.4B
| $1.85B | 1.42% |
8,897,427
-1,510,335
| -15% | -$280M |
|
32
Medtronic
MDT
$115B
| $1.74B | 1.33% |
17,662,282
-1,075,900
| -6% | -$99.5M |
|
33
Cisco
CSCO
$442B
| $1.72B | 1.32% |
35,387,868
-4,410,070
| -11% | -$198M |
|
34
UnitedHealth
UNH
$355B
| $1.72B | 1.31% |
6,447,568
-737,885
| -10% | -$192M |
|
|
35
UBS Group
UBS
$166B
| $1.67B | 1.28% |
+105,532,270
| New | +$1.66B |
|
36
Union Pacific
UNP
$183B
| $1.64B | 1.25% |
10,054,574
-82,302
| -0.8% | -$12.4M |
|
37
Dell
DELL
$305B
| $1.55B | 1.19% |
57,030,882
+697,400
| +1% | +$18.6M |
|
38
Baker Hughes
BKR
$61.7B
| $1.34B | 1.03% |
39,653,536
+1,606,897
| +4% | +$53.2M |
|
39
Gilead Sciences
GILD
$185B
| $1.27B | 0.97% |
16,450,181
+190,370
| +1% | +$14.4M |
|
40
Suncor Energy
SU
$77.7B
| $1.26B | 0.97% |
32,613,533
-2,570,567
| -7% | -$104M |
|
|
JNPR
41
DELISTED
Juniper Networks
JNPR
| $1.25B | 0.95% |
41,586,457
+1,933,700
| +5% | +$54M |
|
|
42
CVS Health
CVS
$119B
| $1.19B | 0.91% |
+15,125,686
| New | +$1.08B |
|
43
Celanese
CE
$4.92B
| $1.17B | 0.89% |
10,251,050
-56,600
| -0.5% | -$6.49M |
|
|
QVCGA
44
DELISTED
QVC Group Inc Series A
QVCGA
| $1.17B | 0.89% |
1,082,990
+282,675
| +35% | +$297M |
|
45
NOV
NOV
$7.4B
| $1.15B | 0.88% |
26,668,555
-4,782,709
| -15% | -$214M |
|
46
Liberty Global Class C
LBTYK
$3.51B
| $1.14B | 0.87% |
40,367,135
-125,619
| -0.3% | -$3.39M |
|
|
S
47
DELISTED
Sprint Corporation
S
| $1.07B | 0.82% |
164,093,409
-1,497,207
| -0.9% | -$8.9M |
|
|
MFGP
48
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $992M | 0.76% |
44,379,389
+5,438,982
| +14% | +$110M |
|
|
49
AT&T
T
$174B
| $968M | 0.74% |
38,176,808
-22,096,584
| -37% | -$541M |
|
50
Televisa
TV
$1.45B
| $955M | 0.73% |
53,806,553
-4,108,908
| -7% | -$78M |
|
Similar funds
Dodge & Cox's Q3 2018 Portfolio in Review
As of Q3 2018, Dodge & Cox held 193 positions worth $131B, up 4.4% from $125B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q3 2018 filing shows 17 new, 49 increased, 90 reduced and 3 closed positions. Its largest new stake was UBS Group: 105,532,270 shares worth $1.67B. The largest sale was Twenty-First Century Fox, Inc. Class A, an estimated $913M.
By sector, the portfolio is most concentrated in Financials at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q3 2018 buy was UBS Group: 105,532,270 shares worth $1.67B.
- Dodge & Cox added most to Booking.com in Q3 2018, an estimated $833M increase.
- Dodge & Cox's biggest Q3 2018 reduction was Twenty-First Century Fox, Inc. Class A, cutting an estimated $913M.
- Dodge & Cox fully exited Adient in Q3 2018, selling an estimated $314K.
- Dodge & Cox's ten largest holdings make up 30% of its $131B portfolio in Q3 2018.
- Dodge & Cox opened 17 new positions and closed 3 in Q3 2018.
- Dodge & Cox's portfolio value rose 4.4% quarter-over-quarter to $131B.
Based on Dodge & Cox's 13F filing for Q3 2018, filed 14 Nov 2018.