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 |
Booking.com
BKNG
|
+$812M |
| 2 |
EMC
EMC CORPORATION
EMC
|
+$745M |
| 3 |
Petrobras Class A
PBR.A
|
+$482M |
| 4 |
Cisco
CSCO
|
+$443M |
| 5 |
HP
HPQ
|
+$402M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GSK
GSK
|
+$494M |
| 2 |
AOL
AOL INC COMMON STOCK
AOL
|
+$464M |
| 3 |
CarMax
KMX
|
+$435M |
| 4 |
BNY
Bank of New York Mellon
BNY
|
+$376M |
| 5 |
Nokia
NOK
|
+$232M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.33% |
| 2 | Technology | 19.62% |
| 3 | Healthcare | 16.6% |
| 4 | Communication Services | 16.32% |
| 5 | Energy | 11.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
S
51
DELISTED
Sprint Corporation
S
| $788M | 0.71% |
172,874,571
+55,480,568
| +47% | +$267M |
|
|
52
Booking.com
BKNG
$133B
| $784M | 0.71% |
+17,019,125
| New | +$812M |
|
|
DISH
53
DELISTED
DISH Network Corp.
DISH
| $779M | 0.7% |
11,499,730
-41,400
| -0.4% | -$2.89M |
|
54
Aegon
AEG
$13.4B
| $775M | 0.7% |
149,018,024
-2,108,966
| -1% | -$11.4M |
|
|
STI
55
DELISTED
SunTrust Banks, Inc.
STI
| $633M | 0.57% |
14,710,224
-1,609,545
| -10% | -$68.4M |
|
56
Liberty Global Class A
LBTYA
$3.46B
| $629M | 0.57% |
14,103,070
+1,334
| +0% | +$59.3K |
|
|
QVCGA
57
DELISTED
QVC Group Inc Series A
QVCGA
| $604M | 0.55% |
448,655
-6,073
| -1% | -$8.45M |
|
58
Tapestry
TPR
$28.6B
| $599M | 0.54% |
17,317,436
+57,825
| +0.3% | +$2.21M |
|
59
Medtronic
MDT
$106B
| $594M | 0.54% |
8,011,783
-684,794
| -8% | -$52.3M |
|
|
RDS.A
60
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $555M | 0.5% |
9,735,549
+542,019
| +6% | +$33M |
|
|
JNPR
61
DELISTED
Juniper Networks
JNPR
| $537M | 0.48% |
20,666,309
+3,016,100
| +17% | +$79.2M |
|
|
62
GSK
GSK
$101B
| $520M | 0.47% |
9,981,598
-8,767,643
| -47% | -$494M |
|
63
Teck Resources
TECK
$29.1B
| $327M | 0.29% |
32,962,161
+10,890,948
| +49% | +$141M |
|
64
Cadence Design Systems
CDNS
$92.3B
| $285M | 0.26% |
14,515,700
-2,018,500
| -12% | -$39.1M |
|
65
New Oriental
EDU
$7.82B
| $255M | 0.23% |
10,401,329
+118,900
| +1% | +$2.95M |
|
66
Honda
HMC
$36.4B
| $219M | 0.2% |
6,759,200
| – | – |
|
67
Philips
PHG
$25.3B
| $142M | 0.13% |
7,788,134
-10,553,298
| -58% | -$208M |
|
68
News Corp Class A
NWSA
$14.5B
| $117M | 0.11% |
8,011,652
-1,618,300
| -17% | -$24.9M |
|
69
NVR
NVR
$16.5B
| $115M | 0.1% |
86,051
-21,375
| -20% | -$28.8M |
|
70
DNOW Inc
DNOW
$2.63B
| $62.4M | 0.06% |
3,136,222
-142,346
| -4% | -$3.25M |
|
|
TIME
71
DELISTED
Time Inc.
TIME
| $51.7M | 0.05% |
2,248,157
-6,025,212
| -73% | -$138M |
|
|
72
CarMax
KMX
$8.27B
| $38.4M | 0.03% |
579,748
-6,099,173
| -91% | -$435M |
|
73
Union Pacific
UNP
$184B
| $28.6M | 0.03% |
299,760
-6,475
| -2% | -$675K |
|
74
DuPont de Nemours
DD
$18.6B
| $28.2M | 0.03% |
217,463
-56,361
| -21% | -$7.3M |
|
75
Adobe
ADBE
$85.1B
| $26.6M | 0.02% |
328,243
-31,082
| -9% | -$2.43M |
|
Similar funds
Dodge & Cox's Q2 2015 Portfolio in Review
As of Q2 2015, Dodge & Cox held 187 positions worth $111B, up 2.2% from $109B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Trading was light in Q2 2015: portfolio turnover was 4.3%. Dodge & Cox opened 1 new position and exited 7, leaving the 187-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 22% of assets, up from 21% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q2 2015 buy was Booking.com: 17,019,125 shares worth $784M.
- Dodge & Cox added most to EMC CORPORATION in Q2 2015, an estimated $745M increase.
- Dodge & Cox's biggest Q2 2015 reduction was GSK, cutting an estimated $494M.
- Dodge & Cox fully exited AOL INC COMMON STOCK in Q2 2015, selling an estimated $464M.
- Dodge & Cox's ten largest holdings make up 35% of its $111B portfolio in Q2 2015.
- Dodge & Cox opened 1 new position and closed 7 in Q2 2015.
- Dodge & Cox's portfolio value rose 2.2% quarter-over-quarter to $111B.
Based on Dodge & Cox's 13F filing for Q2 2015, filed 13 Aug 2015.