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 |
Target
TGT
|
+$991M |
| 2 |
Walmart Inc
WMT
|
+$733M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$680M |
| 4 |
EMC
EMC CORPORATION
EMC
|
+$544M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$443M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$526M |
| 2 |
Pfizer
PFE
|
+$457M |
| 3 |
SLB Ltd
SLB
|
+$400M |
| 4 |
FRX
FOREST LABORATORIES INC
FRX
|
+$358M |
| 5 |
DuPont de Nemours
DD
|
+$330M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.98% |
| 2 | Technology | 20.42% |
| 3 | Healthcare | 17.61% |
| 4 | Communication Services | 14.02% |
| 5 | Energy | 12.51% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Truist Financial
TFC
$62.1B
| $675M | 0.64% |
17,113,595
-598,810
| -3% | -$23M |
|
|
STI
52
DELISTED
SunTrust Banks, Inc.
STI
| $670M | 0.64% |
16,729,196
-178,250
| -1% | -$6.94M |
|
|
MXIM
53
DELISTED
Maxim Integrated Products
MXIM
| $658M | 0.63% |
19,471,180
+44,100
| +0.2% | +$1.47M |
|
54
Tapestry
TPR
$28.6B
| $599M | 0.57% |
17,517,080
+1,455,950
| +9% | +$62.5M |
|
55
Boston Scientific
BSX
$64.3B
| $573M | 0.55% |
44,872,818
-351,350
| -0.8% | -$4.57M |
|
56
Medtronic
MDT
$106B
| $560M | 0.53% |
8,776,593
-205,550
| -2% | -$12.5M |
|
57
Cigna
CI
$76.5B
| $556M | 0.53% |
6,049,387
+678,000
| +13% | +$58.2M |
|
|
58
DuPont de Nemours
DD
$18.6B
| $543M | 0.52% |
4,163,941
-2,586,172
| -38% | -$330M |
|
|
MHFI
59
DELISTED
MCGRAW-HILL FINANCIAL INC COM
MHFI
| $535M | 0.51% |
6,440,265
-1,065,700
| -14% | -$84M |
|
60
Adobe
ADBE
$85.1B
| $524M | 0.5% |
7,241,071
+214,350
| +3% | +$13.8M |
|
61
Liberty Global Class C
LBTYK
$3.37B
| $516M | 0.49% |
15,069,115
+3,125,032
| +26% | +$103M |
|
|
AOL
62
DELISTED
AOL INC COMMON STOCK
AOL
| $504M | 0.48% |
12,676,355
+3,219,121
| +34% | +$127M |
|
63
HSBC
HSBC
$350B
| $502M | 0.48% |
11,470,614
+360,413
| +3% | +$16.1M |
|
64
Philips
PHG
$25.3B
| $445M | 0.42% |
20,221,094
+137,073
| +0.7% | +$3.08M |
|
65
Unilever
UL
$130B
| $405M | 0.39% |
7,940,654
-832,174
| -9% | -$41.7M |
|
66
CarMax
KMX
$8.27B
| $402M | 0.38% |
7,724,510
+86,300
| +1% | +$3.92M |
|
67
Cadence Design Systems
CDNS
$92.4B
| $336M | 0.32% |
19,187,175
-73,700
| -0.4% | -$1.18M |
|
|
S
68
DELISTED
Sprint Corporation
S
| $329M | 0.31% |
38,587,443
-2,396,750
| -6% | -$21M |
|
69
Vulcan Materials
VMC
$35.7B
| $304M | 0.29% |
4,761,795
-2,144,130
| -31% | -$136M |
|
70
Honda
HMC
$36.4B
| $237M | 0.23% |
6,759,200
| – | – |
|
|
TIME
71
DELISTED
Time Inc.
TIME
| $197M | 0.19% |
+8,123,224
| New | +$190M |
|
72
News Corp Class A
NWSA
$14.5B
| $185M | 0.18% |
10,308,192
-709,100
| -6% | -$12.2M |
|
|
CSC
73
DELISTED
Computer Sciences
CSC
| $147M | 0.14% |
5,527,158
-11,050,179
| -67% | -$286M |
|
74
NVR
NVR
$16.5B
| $135M | 0.13% |
117,165
+150
| +0.1% | +$167K |
|
75
DNOW Inc
DNOW
$2.63B
| $123M | 0.12% |
+3,402,802
| New | +$117M |
|
Similar funds
Dodge & Cox's Q2 2014 Portfolio in Review
As of Q2 2014, Dodge & Cox held 168 positions worth $105B, up 7.2% from $97.8B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Trading was light in Q2 2014: portfolio turnover was 2.4%. Dodge & Cox opened 3 new positions and exited 1, leaving the 168-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 21% of assets, down from 22% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q2 2014 buy was Time Inc.: 8,123,224 shares worth $197M.
- Dodge & Cox added most to Target in Q2 2014, an estimated $991M increase.
- Dodge & Cox's biggest Q2 2014 reduction was GE Aerospace, cutting an estimated $526M.
- Dodge & Cox fully exited RTX Corp in Q2 2014, selling an estimated $205K.
- Dodge & Cox's ten largest holdings make up 35% of its $105B portfolio in Q2 2014.
- Dodge & Cox opened 3 new positions and closed 1 in Q2 2014.
- Dodge & Cox's portfolio value rose 7.2% quarter-over-quarter to $105B.
Based on Dodge & Cox's 13F filing for Q2 2014, filed 13 Aug 2014.