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
|
+$1.64B |
| 2 |
Dell
DELL
|
+$486M |
| 3 |
Ovintiv
OVV
|
+$450M |
| 4 |
Fox Class A
FOXA
|
+$410M |
| 5 |
Baker Hughes
BKR
|
+$404M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
APC
Anadarko Petroleum
APC
|
+$1.53B |
| 2 |
Charter Communications
CHTR
|
+$1.19B |
| 3 |
ZAYO
Zayo Group Holdings, Inc.
ZAYO
|
+$763M |
| 4 |
Microsoft
MSFT
|
+$754M |
| 5 |
Danaher
DHR
|
+$645M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.99% |
| 2 | Healthcare | 17.39% |
| 3 | Technology | 15.46% |
| 4 | Communication Services | 14.34% |
| 5 | Energy | 11.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Hewlett Packard
HPE
$72B
| $2.07B | 1.7% |
136,544,633
+3,234,759
| +2% | +$46M |
|
27
GSK
GSK
$101B
| $2.06B | 1.7% |
38,667,515
+81,101
| +0.2% | +$4.17M |
|
28
SLB Ltd
SLB
$81.6B
| $2.02B | 1.66% |
59,068,980
+4,394,130
| +8% | +$161M |
|
|
29
Baker Hughes
BKR
$61.7B
| $1.78B | 1.47% |
76,902,950
+17,248,652
| +29% | +$404M |
|
30
American Express
AXP
$226B
| $1.72B | 1.42% |
14,539,398
-4,641,731
| -24% | -$569M |
|
31
UBS Group
UBS
$166B
| $1.65B | 1.35% |
144,998,827
+15,857,400
| +12% | +$178M |
|
32
UnitedHealth
UNH
$355B
| $1.58B | 1.3% |
7,252,129
+621,082
| +9% | +$150M |
|
33
APA Corp
APA
$14.8B
| $1.42B | 1.17% |
55,404,747
-88,942
| -0.2% | -$2.13M |
|
34
Celanese
CE
$4.92B
| $1.32B | 1.09% |
10,819,330
+14,600
| +0.1% | +$1.64M |
|
35
CVS Health
CVS
$119B
| $1.32B | 1.08% |
20,853,172
+162,868
| +0.8% | +$9.65M |
|
36
Truist Financial
TFC
$61.4B
| $1.31B | 1.08% |
24,508,516
+3,955,872
| +19% | +$196M |
|
|
37
Dell
DELL
$305B
| $1.24B | 1.02% |
47,206,501
+18,320,130
| +63% | +$486M |
|
|
JNPR
38
DELISTED
Juniper Networks
JNPR
| $1.22B | 1% |
49,228,246
+1,038,066
| +2% | +$26.1M |
|
39
Suncor Energy
SU
$77.7B
| $1.2B | 0.99% |
38,015,500
+2,008,200
| +6% | +$60.4M |
|
40
Gilead Sciences
GILD
$185B
| $1.11B | 0.91% |
17,436,521
+209,710
| +1% | +$13.7M |
|
41
Cognizant
CTSH
$28.7B
| $1.04B | 0.85% |
17,192,859
-64,685
| -0.4% | -$4.09M |
|
42
Cisco
CSCO
$442B
| $1.02B | 0.84% |
20,709,044
-4,955,653
| -19% | -$258M |
|
|
DISH
43
DELISTED
DISH Network Corp.
DISH
| $1B | 0.82% |
29,422,073
-170,950
| -0.6% | -$6.12M |
|
44
Eli Lilly
LLY
$1.05T
| $986M | 0.81% |
8,819,053
-42,104
| -0.5% | -$4.69M |
|
|
45
Fox Class A
FOXA
$28.3B
| $927M | 0.76% |
29,384,667
+11,861,057
| +68% | +$410M |
|
|
HES
46
DELISTED
Hess
HES
| $892M | 0.73% |
14,741,568
+5,092,449
| +53% | +$317M |
|
47
Linde
LIN
$224B
| $871M | 0.72% |
4,491,594
-2,408,175
| -35% | -$467M |
|
48
Molson Coors Class B
TAP
$7.77B
| $865M | 0.71% |
15,043,998
+1,181,000
| +9% | +$64M |
|
49
Halliburton
HAL
$29.6B
| $861M | 0.71% |
45,680,570
+15,490,370
| +51% | +$321M |
|
50
Baidu
BIDU
$32.9B
| $859M | 0.71% |
8,356,187
+87,000
| +1% | +$9.35M |
|
Similar funds
Dodge & Cox's Q3 2019 Portfolio in Review
As of Q3 2019, Dodge & Cox held 183 positions worth $122B, down 1.7% from $124B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q3 2019: portfolio turnover was 2.7%. Dodge & Cox opened 3 new positions and exited 2, leaving the 183-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 24% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2019 buy was Ovintiv: 19,671,036 shares worth $452M.
- Dodge & Cox added most to Occidental Petroleum in Q3 2019, an estimated $1.64B increase.
- Dodge & Cox's biggest Q3 2019 reduction was Charter Communications, cutting an estimated $1.19B.
- Dodge & Cox fully exited Anadarko Petroleum in Q3 2019, selling an estimated $1.53B.
- Dodge & Cox's ten largest holdings make up 32% of its $122B portfolio in Q3 2019.
- Dodge & Cox opened 3 new positions and closed 2 in Q3 2019.
- Dodge & Cox's portfolio value fell 1.7% quarter-over-quarter to $122B.
Based on Dodge & Cox's 13F filing for Q3 2019, filed 13 Nov 2019.