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 |
Occidental Petroleum
OXY
|
+$1.35B |
| 2 |
Cognizant
CTSH
|
+$1.13B |
| 3 |
HES
Hess
HES
|
+$597M |
| 4 |
Microchip Technology
MCHP
|
+$583M |
| 5 |
FedEx
FDX
|
+$538M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
APC
Anadarko Petroleum
APC
|
+$1.59B |
| 2 |
Comcast
CMCSA
|
+$1.31B |
| 3 |
Novartis
NVS
|
+$942M |
| 4 |
Eli Lilly
LLY
|
+$685M |
| 5 |
Union Pacific
UNP
|
+$645M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.18% |
| 2 | Healthcare | 17.09% |
| 3 | Technology | 15.97% |
| 4 | Communication Services | 15.64% |
| 5 | Energy | 10.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
BNY
26
Bank of New York Mellon
BNY
$110B
| $2.05B | 1.65% |
46,336,158
-3,714,992
| -7% | -$175M |
|
27
AstraZeneca
AZN
$255B
| $2.04B | 1.65% |
24,668,481
-38,620
| -0.2% | -$3.03M |
|
28
Hewlett Packard
HPE
$72B
| $1.99B | 1.61% |
133,309,874
-23,627,029
| -15% | -$358M |
|
29
GSK
GSK
$101B
| $1.93B | 1.56% |
38,586,414
+120,858
| +0.3% | +$6.06M |
|
30
UnitedHealth
UNH
$355B
| $1.62B | 1.31% |
6,631,047
+330,220
| +5% | +$79.4M |
|
31
APA Corp
APA
$14.8B
| $1.61B | 1.3% |
55,493,689
+145,554
| +0.3% | +$4.53M |
|
32
UBS Group
UBS
$166B
| $1.53B | 1.24% |
129,141,427
+141,400
| +0.1% | +$1.73M |
|
|
APC
33
DELISTED
Anadarko Petroleum
APC
| $1.53B | 1.24% |
21,737,617
-23,663,819
| -52% | -$1.59B |
|
34
Baker Hughes
BKR
$61.7B
| $1.47B | 1.19% |
59,654,298
+630,194
| +1% | +$15.2M |
|
35
Cisco
CSCO
$442B
| $1.4B | 1.14% |
25,664,697
-5,528,119
| -18% | -$305M |
|
36
Linde
LIN
$224B
| $1.39B | 1.12% |
6,899,769
-922,425
| -12% | -$173M |
|
|
JNPR
37
DELISTED
Juniper Networks
JNPR
| $1.28B | 1.04% |
48,190,180
+3,596,323
| +8% | +$96.2M |
|
38
Liberty Global Class C
LBTYK
$3.51B
| $1.28B | 1.03% |
48,161,868
+1,050,000
| +2% | +$27M |
|
39
Celanese
CE
$4.92B
| $1.16B | 0.94% |
10,804,730
-9,555
| -0.1% | -$990K |
|
40
Gilead Sciences
GILD
$185B
| $1.16B | 0.94% |
17,226,811
+153,131
| +0.9% | +$10.1M |
|
|
DISH
41
DELISTED
DISH Network Corp.
DISH
| $1.14B | 0.92% |
29,593,023
+1,224,850
| +4% | +$43.5M |
|
42
CVS Health
CVS
$119B
| $1.13B | 0.91% |
20,690,304
+842,140
| +4% | +$45.4M |
|
43
Suncor Energy
SU
$77.7B
| $1.12B | 0.91% |
36,007,300
+975,500
| +3% | +$31.2M |
|
|
44
Cognizant
CTSH
$28.7B
| $1.09B | 0.88% |
+17,257,544
| New | +$1.13B |
|
45
Truist Financial
TFC
$61.4B
| $1.01B | 0.82% |
20,552,644
+2,345,916
| +13% | +$115M |
|
|
46
Eli Lilly
LLY
$1.05T
| $982M | 0.79% |
8,861,157
-5,818,238
| -40% | -$685M |
|
47
Baidu
BIDU
$32.9B
| $970M | 0.78% |
8,269,187
+3,318,900
| +67% | +$473M |
|
|
ZAYO
48
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| $882M | 0.71% |
26,802,213
-1,956,709
| -7% | -$62.4M |
|
|
MFGP
49
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $785M | 0.64% |
29,979,582
+114,775
| +0.4% | +$3.03M |
|
|
QVCGA
50
DELISTED
QVC Group Inc Series A
QVCGA
| $785M | 0.63% |
1,305,212
+140,220
| +12% | +$99.9M |
|
Similar funds
Dodge & Cox's Q2 2019 Portfolio in Review
As of Q2 2019, Dodge & Cox held 183 positions worth $124B, up 1.5% from $122B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q2 2019: portfolio turnover was 4.4%. Dodge & Cox opened 5 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, up from 24% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q2 2019 buy was Cognizant: 17,257,544 shares worth $1.09B.
- Dodge & Cox added most to Occidental Petroleum in Q2 2019, an estimated $1.35B increase.
- Dodge & Cox's biggest Q2 2019 reduction was Anadarko Petroleum, cutting an estimated $1.59B.
- Dodge & Cox fully exited Weatherford International plc in Q2 2019, selling an estimated $41.4M.
- Dodge & Cox's ten largest holdings make up 31% of its $124B portfolio in Q2 2019.
- Dodge & Cox opened 5 new positions and closed 3 in Q2 2019.
- Dodge & Cox's portfolio value rose 1.5% quarter-over-quarter to $124B.
Based on Dodge & Cox's 13F filing for Q2 2019, filed 13 Aug 2019.