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 |
Hewlett Packard
HPE
|
+$3.13B |
| 2 |
American Express
AXP
|
+$898M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$814M |
| 4 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$411M |
| 5 |
Elevance Health
ELV
|
+$409M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
HP
HPQ
|
+$2.98B |
| 2 |
Pfizer
PFE
|
+$1.43B |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$940M |
| 4 |
GE Aerospace
GE
|
+$799M |
| 5 |
UBS Group
UBS
|
+$566M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.52% |
| 2 | Technology | 22.84% |
| 3 | Communication Services | 17.89% |
| 4 | Healthcare | 15.08% |
| 5 | Energy | 9.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
DISH
51
DELISTED
DISH Network Corp.
DISH
| $653M | 0.64% |
11,412,780
-122,700
| -1% | -$7.52M |
|
|
WFT
52
DELISTED
Weatherford International plc
WFT
| $624M | 0.61% |
74,325,677
-1,084,000
| -1% | -$10.7M |
|
53
Aegon
AEG
$13.6B
| $609M | 0.6% |
149,408,531
+352,636
| +0.2% | +$1.5M |
|
|
QVCGA
54
DELISTED
QVC Group Inc Series A
QVCGA
| $574M | 0.56% |
432,606
-17,225
| -4% | -$22.6M |
|
55
Tapestry
TPR
$24.6B
| $569M | 0.56% |
17,371,561
-7,425
| -0% | -$231K |
|
56
Medtronic
MDT
$115B
| $528M | 0.52% |
6,867,935
-103,445
| -1% | -$7.79M |
|
57
Liberty Global Class A
LBTYA
$3.6B
| $493M | 0.48% |
13,333,028
+3,552
| +0% | +$134K |
|
|
RDS.A
58
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $476M | 0.47% |
10,971,471
+533,154
| +5% | +$25.4M |
|
|
CXO
59
DELISTED
CONCHO RESOURCES INC.
CXO
| $455M | 0.45% |
4,900,850
+1,022,050
| +26% | +$109M |
|
|
60
Elevance Health
ELV
$86.6B
| $415M | 0.41% |
2,973,449
+2,970,949
| +118,838% | +$409M |
|
61
AstraZeneca
AZN
$255B
| $400M | 0.39% |
+5,888,566
| New | +$386M |
|
|
TFCF
62
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $381M | 0.37% |
14,007,400
+13,989,500
| +78,154% | +$411M |
|
63
Harley-Davidson
HOG
$2.9B
| $350M | 0.34% |
7,713,020
+491,320
| +7% | +$24.2M |
|
64
Cadence Design Systems
CDNS
$95.7B
| $299M | 0.29% |
14,386,400
-106,350
| -0.7% | -$2.31M |
|
65
Cemex
CX
$15.8B
| $240M | 0.24% |
46,689,573
+46,657,125
| +143,790% | +$273M |
|
66
JD.com
JD
$38.5B
| $237M | 0.23% |
+7,355,736
| New | +$217M |
|
67
New Oriental
EDU
$9.22B
| $236M | 0.23% |
7,520,300
-3,867,829
| -34% | -$109M |
|
68
Teck Resources
TECK
$34.6B
| $222M | 0.22% |
57,584,261
+4,380,700
| +8% | +$21.7M |
|
|
AGU
69
DELISTED
Agrium
AGU
| $186M | 0.18% |
2,082,383
+949,927
| +84% | +$89.9M |
|
70
Honda
HMC
$40.7B
| $184M | 0.18% |
5,749,300
-1,009,100
| -15% | -$32.7M |
|
|
VMW
71
DELISTED
VMware, Inc
VMW
| $158M | 0.16% |
+2,800,935
| New | +$174M |
|
|
JNPR
72
DELISTED
Juniper Networks
JNPR
| $149M | 0.15% |
5,409,336
-15,320,323
| -74% | -$453M |
|
73
eBay
EBAY
$45.5B
| $119M | 0.12% |
4,348,406
-17,587,728
| -80% | -$486M |
|
74
News Corp Class A
NWSA
$16.8B
| $106M | 0.1% |
7,970,777
-41,525
| -0.5% | -$586K |
|
75
Thermo Fisher Scientific
TMO
$233B
| $81.1M | 0.08% |
571,892
+518,990
| +981% | +$69.2M |
|
Similar funds
Dodge & Cox's Q4 2015 Portfolio in Review
As of Q4 2015, Dodge & Cox held 191 positions worth $102B, up 2.5% from $99.4B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Dodge & Cox's Q4 2015 filing shows 7 new, 31 increased, 114 reduced and 8 closed positions. Its largest new stake was Hewlett Packard: 374,271,996 shares worth $3.31B. The largest sale was HP, an estimated $2.98B.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 23% a quarter earlier, followed by Technology and Communication Services.
- Dodge & Cox's largest Q4 2015 buy was Hewlett Packard: 374,271,996 shares worth $3.31B.
- Dodge & Cox added most to American Express in Q4 2015, an estimated $898M increase.
- Dodge & Cox's biggest Q4 2015 reduction was HP, cutting an estimated $2.98B.
- Dodge & Cox fully exited UBS Group in Q4 2015, selling an estimated $566M.
- Dodge & Cox's ten largest holdings make up 35% of its $102B portfolio in Q4 2015.
- Dodge & Cox opened 7 new positions and closed 8 in Q4 2015.
- Dodge & Cox's portfolio value rose 2.5% quarter-over-quarter to $102B.
Based on Dodge & Cox's 13F filing for Q4 2015, filed 12 Feb 2016.