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 |
FedEx
FDX
|
+$631M |
| 2 |
SLB Ltd
SLB
|
+$550M |
| 3 |
TE Connectivity
TEL
|
+$541M |
| 4 |
Fox Class A
FOXA
|
+$517M |
| 5 |
RTX Corp
RTX
|
+$367M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$2B |
| 2 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$577M |
| 3 |
OPTU
Optimum Communications Inc
OPTU
|
+$411M |
| 4 |
American Express
AXP
|
+$239M |
| 5 |
Hewlett Packard
HPE
|
+$212M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.79% |
| 2 | Healthcare | 18.15% |
| 3 | Communication Services | 16.28% |
| 4 | Technology | 14.13% |
| 5 | Energy | 10.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
AstraZeneca
AZN
$255B
| $2B | 1.64% |
24,707,101
-51,100
| -0.2% | -$4.03M |
|
|
27
RTX Corp
RTX
$286B
| $1.98B | 1.62% |
24,370,175
+4,828,176
| +25% | +$367M |
|
28
MetLife
MET
$61.2B
| $1.98B | 1.62% |
46,429,183
+287,300
| +0.6% | +$12.7M |
|
29
APA Corp
APA
$14.8B
| $1.92B | 1.57% |
55,348,135
+2,964,498
| +6% | +$96.6M |
|
30
Eli Lilly
LLY
$1.05T
| $1.9B | 1.56% |
14,679,395
-821,500
| -5% | -$99.9M |
|
31
HP
HPQ
$26.7B
| $1.79B | 1.47% |
92,086,739
+11,450,138
| +14% | +$243M |
|
32
Cisco
CSCO
$442B
| $1.68B | 1.38% |
31,192,816
-834,444
| -3% | -$40.5M |
|
33
Baker Hughes
BKR
$61.7B
| $1.64B | 1.34% |
59,024,104
+4,185,994
| +8% | +$106M |
|
34
UBS Group
UBS
$166B
| $1.56B | 1.28% |
129,000,027
+248,000
| +0.2% | +$3.14M |
|
35
UnitedHealth
UNH
$355B
| $1.56B | 1.28% |
6,300,827
-44,815
| -0.7% | -$11.4M |
|
36
Microchip Technology
MCHP
$41B
| $1.55B | 1.27% |
37,368,966
-390,200
| -1% | -$16.2M |
|
37
Linde
LIN
$224B
| $1.37B | 1.12% |
7,822,194
-278,900
| -3% | -$46.3M |
|
|
JNPR
38
DELISTED
Juniper Networks
JNPR
| $1.18B | 0.97% |
44,593,857
+2,940,650
| +7% | +$79.2M |
|
39
Liberty Global Class C
LBTYK
$3.51B
| $1.14B | 0.94% |
47,111,868
+6,449,063
| +16% | +$153M |
|
40
Suncor Energy
SU
$77.7B
| $1.14B | 0.93% |
35,031,800
+2,161,700
| +7% | +$70.4M |
|
41
Gilead Sciences
GILD
$185B
| $1.11B | 0.91% |
17,073,680
+553,250
| +3% | +$36.8M |
|
42
CVS Health
CVS
$119B
| $1.07B | 0.88% |
19,848,164
+3,799,275
| +24% | +$234M |
|
43
Celanese
CE
$4.92B
| $1.07B | 0.88% |
10,814,285
+86,940
| +0.8% | +$8.55M |
|
44
JD.com
JD
$38.5B
| $1.04B | 0.85% |
34,352,177
-4,700,254
| -12% | -$119M |
|
|
MFGP
45
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $932M | 0.77% |
29,864,807
+67,497
| +0.2% | +$1.79M |
|
|
QVCGA
46
DELISTED
QVC Group Inc Series A
QVCGA
| $904M | 0.74% |
1,164,992
+52,135
| +5% | +$50.3M |
|
|
DISH
47
DELISTED
DISH Network Corp.
DISH
| $899M | 0.74% |
28,368,173
+9,436,577
| +50% | +$289M |
|
48
Truist Financial
TFC
$61.4B
| $847M | 0.7% |
18,206,728
+1,047,180
| +6% | +$51.1M |
|
49
Dell
DELL
$305B
| $847M | 0.7% |
28,468,885
+9,340,597
| +49% | +$246M |
|
50
Halliburton
HAL
$29.6B
| $840M | 0.69% |
28,662,164
+2,238,789
| +8% | +$67.6M |
|
Similar funds
Dodge & Cox's Q1 2019 Portfolio in Review
As of Q1 2019, Dodge & Cox held 183 positions worth $122B, up 12% from $109B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q1 2019: portfolio turnover was 3.8%. Dodge & Cox opened 2 new positions and exited 5, 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 Q1 2019 buy was Fox Class A: 13,278,252 shares worth $487M.
- Dodge & Cox added most to FedEx in Q1 2019, an estimated $631M increase.
- Dodge & Cox's biggest Q1 2019 reduction was American Express, cutting an estimated $239M.
- Dodge & Cox fully exited Twenty-First Century Fox, Inc. Class A in Q1 2019, selling an estimated $2B.
- Dodge & Cox's ten largest holdings make up 31% of its $122B portfolio in Q1 2019.
- Dodge & Cox opened 2 new positions and closed 5 in Q1 2019.
- Dodge & Cox's portfolio value rose 12% quarter-over-quarter to $122B.
Based on Dodge & Cox's 13F filing for Q1 2019, filed 14 May 2019.