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 |
Union Pacific
UNP
|
+$925M |
| 2 |
JD.com
JD
|
+$579M |
| 3 |
American Express
AXP
|
+$537M |
| 4 |
AstraZeneca
AZN
|
+$429M |
| 5 |
Goldman Sachs
GS
|
+$416M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$715M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$469M |
| 3 |
TE Connectivity
TEL
|
+$372M |
| 4 |
Cadence Design Systems
CDNS
|
+$272M |
| 5 |
Gen Digital
GEN
|
+$264M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.25% |
| 2 | Financials | 22.15% |
| 3 | Communication Services | 17.88% |
| 4 | Healthcare | 14.29% |
| 5 | Energy | 10.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Danaher
DHR
$152B
| $699M | 0.68% |
10,960,126
-79,302
| -0.7% | -$4.73M |
|
52
Tapestry
TPR
$24.6B
| $695M | 0.68% |
17,326,480
-45,081
| -0.3% | -$1.63M |
|
|
DISH
53
DELISTED
DISH Network Corp.
DISH
| $653M | 0.64% |
14,120,430
+2,707,650
| +24% | +$131M |
|
|
S
54
DELISTED
Sprint Corporation
S
| $644M | 0.63% |
185,186,573
-526,944
| -0.3% | -$1.68M |
|
|
WFT
55
DELISTED
Weatherford International plc
WFT
| $630M | 0.62% |
81,021,617
+6,695,940
| +9% | +$45.2M |
|
56
Aegon
AEG
$13.6B
| $591M | 0.58% |
149,557,963
+149,432
| +0.1% | +$578K |
|
57
Liberty Global Class A
LBTYA
$3.6B
| $585M | 0.57% |
17,412,674
+4,079,646
| +31% | +$128M |
|
|
CXO
58
DELISTED
CONCHO RESOURCES INC.
CXO
| $573M | 0.56% |
5,668,500
+767,650
| +16% | +$70.5M |
|
|
RDS.A
59
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $535M | 0.52% |
11,641,049
+669,578
| +6% | +$28.4M |
|
|
QVCGA
60
DELISTED
QVC Group Inc Series A
QVCGA
| $528M | 0.52% |
430,610
-1,996
| -0.5% | -$2.43M |
|
61
Medtronic
MDT
$115B
| $513M | 0.5% |
6,838,035
-29,900
| -0.4% | -$2.25M |
|
|
VMW
62
DELISTED
VMware, Inc
VMW
| $479M | 0.47% |
9,164,491
+6,363,556
| +227% | +$315M |
|
63
Harley-Davidson
HOG
$2.9B
| $479M | 0.47% |
9,327,733
+1,614,713
| +21% | +$70.5M |
|
64
Elevance Health
ELV
$86.6B
| $470M | 0.46% |
3,382,350
+408,901
| +14% | +$54.6M |
|
65
Teck Resources
TECK
$34.6B
| $442M | 0.43% |
58,085,503
+501,242
| +0.9% | +$2.71M |
|
|
TFCF
66
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $401M | 0.39% |
14,227,300
+219,900
| +2% | +$5.91M |
|
|
67
Alphabet (Google) Class A
GOOGL
$4.17T
| $353M | 0.35% |
9,253,120
-12,741,200
| -58% | -$469M |
|
68
Cemex
CX
$15.8B
| $343M | 0.34% |
50,947,822
+4,258,249
| +9% | +$21M |
|
|
AGU
69
DELISTED
Agrium
AGU
| $245M | 0.24% |
2,772,183
+689,800
| +33% | +$59.6M |
|
70
Honda
HMC
$40.7B
| $157M | 0.15% |
5,749,300
| – | – |
|
71
News Corp Class A
NWSA
$16.8B
| $106M | 0.1% |
8,318,002
+347,225
| +4% | +$4.11M |
|
72
Thermo Fisher Scientific
TMO
$233B
| $78M | 0.08% |
550,892
-21,000
| -4% | -$2.81M |
|
73
GE Aerospace
GE
$356B
| $58.3M | 0.06% |
382,760
-50,036
| -12% | -$7.07M |
|
74
Chevron
CVX
$392B
| $51.7M | 0.05% |
541,784
-45,353
| -8% | -$3.97M |
|
|
JNPR
75
DELISTED
Juniper Networks
JNPR
| $48.3M | 0.05% |
1,894,839
-3,514,497
| -65% | -$87.9M |
|
Similar funds
Dodge & Cox's Q1 2016 Portfolio in Review
As of Q1 2016, Dodge & Cox held 196 positions worth $102B, up 0.31% from $102B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Dodge & Cox's Q1 2016 filing shows 13 new, 56 increased, 96 reduced and 5 closed positions. Its largest new stake was Chubb: 27,301 shares worth $3.25M. The largest sale was Microsoft, an estimated $715M.
By sector, the portfolio is most concentrated in Technology at 22% of assets, down from 23% a quarter earlier, followed by Financials and Communication Services.
- Dodge & Cox's largest Q1 2016 buy was Chubb: 27,301 shares worth $3.25M.
- Dodge & Cox added most to Union Pacific in Q1 2016, an estimated $925M increase.
- Dodge & Cox's biggest Q1 2016 reduction was Microsoft, cutting an estimated $715M.
- Dodge & Cox fully exited New Oriental in Q1 2016, selling an estimated $236M.
- Dodge & Cox's ten largest holdings make up 33% of its $102B portfolio in Q1 2016.
- Dodge & Cox opened 13 new positions and closed 5 in Q1 2016.
- Dodge & Cox's portfolio value rose 0.31% quarter-over-quarter to $102B.
Based on Dodge & Cox's 13F filing for Q1 2016, filed 13 May 2016.