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 |
HP
HPQ
|
+$672M |
| 2 |
UBS Group
UBS
|
+$647M |
| 3 |
Cisco
CSCO
|
+$627M |
| 4 |
SLB Ltd
SLB
|
+$418M |
| 5 |
PayPal
PYPL
|
+$409M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$972M |
| 2 |
Chevron
CVX
|
+$904M |
| 3 |
GSK
GSK
|
+$511M |
| 4 |
STI
SunTrust Banks, Inc.
STI
|
+$501M |
| 5 |
UnitedHealth
UNH
|
+$433M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.11% |
| 2 | Technology | 21.96% |
| 3 | Communication Services | 17.58% |
| 4 | Healthcare | 16.13% |
| 5 | Energy | 10.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
WFT
51
DELISTED
Weatherford International plc
WFT
| $639M | 0.64% |
75,409,677
+302,900
| +0.4% | +$3.06M |
|
52
Aegon
AEG
$13.8B
| $616M | 0.62% |
149,055,895
+37,871
| +0% | +$183K |
|
|
QVCGA
53
DELISTED
QVC Group Inc Series A
QVCGA
| $573M | 0.58% |
449,831
+1,176
| +0.3% | +$1.61M |
|
|
54
UBS Group
UBS
$167B
| $566M | 0.57% |
+30,534,700
| New | +$647M |
|
|
55
eBay
EBAY
$46B
| $536M | 0.54% |
21,936,134
-36,137,188
| -62% | -$972M |
|
|
JNPR
56
DELISTED
Juniper Networks
JNPR
| $533M | 0.54% |
20,729,659
+63,350
| +0.3% | +$1.67M |
|
57
Tapestry
TPR
$24.8B
| $503M | 0.51% |
17,378,986
+61,550
| +0.4% | +$1.9M |
|
58
Liberty Global Class A
LBTYA
$3.62B
| $499M | 0.5% |
13,329,476
-773,594
| -5% | -$33.6M |
|
|
RDS.A
59
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $469M | 0.47% |
10,438,317
+169,765
| +2% | +$8.63M |
|
60
Medtronic
MDT
$116B
| $467M | 0.47% |
6,971,380
-1,040,403
| -13% | -$76.6M |
|
61
Harley-Davidson
HOG
$2.93B
| $396M | 0.4% |
+7,221,700
| New | +$407M |
|
|
CXO
62
DELISTED
CONCHO RESOURCES INC.
CXO
| $381M | 0.38% |
+3,878,800
| New | +$407M |
|
63
American Express
AXP
$227B
| $356M | 0.36% |
4,802,206
+4,607,683
| +2,369% | +$355M |
|
|
64
PayPal
PYPL
$45.1B
| $354M | 0.36% |
+11,415,734
| New | +$409M |
|
65
Cadence Design Systems
CDNS
$94.8B
| $300M | 0.3% |
14,492,750
-22,950
| -0.2% | -$468K |
|
66
Teck Resources
TECK
$35.1B
| $255M | 0.26% |
53,203,561
+20,241,400
| +61% | +$144M |
|
67
New Oriental
EDU
$9.22B
| $230M | 0.23% |
11,388,129
+986,800
| +9% | +$21.1M |
|
68
Honda
HMC
$41.4B
| $202M | 0.2% |
6,758,400
-800
| -0% | -$25.6K |
|
|
STI
69
DELISTED
SunTrust Banks, Inc.
STI
| $105M | 0.11% |
2,737,734
-11,972,490
| -81% | -$501M |
|
|
AGU
70
DELISTED
Agrium
AGU
| $101M | 0.1% |
+1,132,456
| New | +$115M |
|
71
News Corp Class A
NWSA
$16.8B
| $101M | 0.1% |
8,012,302
+650
| +0% | +$9.04K |
|
|
72
Chevron
CVX
$394B
| $51.6M | 0.05% |
654,224
-10,738,382
| -94% | -$904M |
|
73
DNOW Inc
DNOW
$2.95B
| $46.6M | 0.05% |
3,149,097
+12,875
| +0.4% | +$224K |
|
74
CarMax
KMX
$8.96B
| $34.3M | 0.03% |
578,788
-960
| -0.2% | -$60.1K |
|
75
Liberty Latin America Class C
LILAK
$1.63B
| $33.4M | 0.03% |
+1,139,891
| New | +$38.6M |
|
Similar funds
Dodge & Cox's Q3 2015 Portfolio in Review
As of Q3 2015, Dodge & Cox held 189 positions worth $99.4B, down 10% from $111B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Dodge & Cox's Q3 2015 filing shows 9 new, 45 increased, 83 reduced and 5 closed positions. Its largest new stake was UBS Group: 30,534,700 shares worth $566M. The largest sale was eBay, an estimated $972M.
By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 22% a quarter earlier, followed by Technology and Communication Services.
- Dodge & Cox's largest Q3 2015 buy was UBS Group: 30,534,700 shares worth $566M.
- Dodge & Cox added most to HP in Q3 2015, an estimated $672M increase.
- Dodge & Cox's biggest Q3 2015 reduction was eBay, cutting an estimated $972M.
- Dodge & Cox fully exited NVR in Q3 2015, selling an estimated $115M.
- Dodge & Cox's ten largest holdings make up 36% of its $99.4B portfolio in Q3 2015.
- Dodge & Cox opened 9 new positions and closed 5 in Q3 2015.
- Dodge & Cox's portfolio value fell 10% quarter-over-quarter to $99.4B.
Based on Dodge & Cox's 13F filing for Q3 2015, filed 12 Nov 2015.