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 |
Johnson Controls International
JCI
|
+$1.53B |
| 2 |
APC
Anadarko Petroleum
APC
|
+$765M |
| 3 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$569M |
| 4 |
Suncor Energy
SU
|
+$564M |
| 5 |
Dell
DELL
|
+$524M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EMC
EMC CORPORATION
EMC
|
+$2.07B |
| 2 |
TYC
TYCO INTL PLC COM SHS (IRL)
TYC
|
+$1.63B |
| 3 |
Gen Digital
GEN
|
+$708M |
| 4 |
Petrobras Class A
PBR.A
|
+$517M |
| 5 |
Microsoft
MSFT
|
+$397M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.56% |
| 2 | Technology | 18.06% |
| 3 | Communication Services | 16.63% |
| 4 | Healthcare | 14.37% |
| 5 | Energy | 10.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
DISH
51
DELISTED
DISH Network Corp.
DISH
| $765M | 0.72% |
13,967,119
-155,461
| -1% | -$8.05M |
|
|
CXO
52
DELISTED
CONCHO RESOURCES INC.
CXO
| $761M | 0.72% |
5,539,800
-65,150
| -1% | -$8.26M |
|
53
Synopsys
SNPS
$71.6B
| $743M | 0.7% |
12,518,161
-1,141,312
| -8% | -$64.8M |
|
|
54
Suncor Energy
SU
$78.5B
| $573M | 0.54% |
+20,642,700
| New | +$564M |
|
55
Tapestry
TPR
$28.6B
| $564M | 0.53% |
15,435,475
-1,300,805
| -8% | -$51.5M |
|
56
Liberty Global Class A
LBTYA
$3.49B
| $547M | 0.51% |
15,990,987
+1,400
| +0% | +$44.4K |
|
|
57
Dell
DELL
$287B
| $517M | 0.49% |
+38,524,928
| New | +$524M |
|
58
Medtronic
MDT
$105B
| $483M | 0.45% |
5,584,858
-867,406
| -13% | -$75.6M |
|
59
Harley-Davidson
HOG
$2.71B
| $477M | 0.45% |
9,069,783
-356,200
| -4% | -$18.4M |
|
|
WFT
60
DELISTED
Weatherford International plc
WFT
| $468M | 0.44% |
83,256,967
+2,064,650
| +3% | +$11.7M |
|
|
RDS.A
61
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $460M | 0.43% |
9,189,023
-1,270,204
| -12% | -$64.8M |
|
62
Danaher
DHR
$134B
| $448M | 0.42% |
6,446,980
-3,453,289
| -35% | -$245M |
|
63
Aegon
AEG
$13.4B
| $430M | 0.4% |
144,829,474
-4,288,956
| -3% | -$12.8M |
|
|
QVCGA
64
DELISTED
QVC Group Inc Series A
QVCGA
| $404M | 0.38% |
415,725
-11,428
| -3% | -$12.6M |
|
65
Elevance Health
ELV
$82.1B
| $390M | 0.37% |
3,111,405
-93,840
| -3% | -$12.1M |
|
66
Alnylam Pharmaceuticals
ALNY
$35.8B
| $358M | 0.34% |
5,276,068
+2,759,399
| +110% | +$195M |
|
|
TFCF
67
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $349M | 0.33% |
14,092,800
-146,500
| -1% | -$3.82M |
|
68
Alphabet (Google) Class A
GOOGL
$3.91T
| $288M | 0.27% |
7,160,840
-421,380
| -6% | -$16.5M |
|
69
Cemex
CX
$17.9B
| $282M | 0.27% |
36,942,662
-10,792,912
| -23% | -$79.5M |
|
|
AGU
70
DELISTED
Agrium
AGU
| $242M | 0.23% |
2,665,183
| – | – |
|
71
Honda
HMC
$36.4B
| $166M | 0.16% |
5,749,300
| – | – |
|
72
Liberty Latin America Class C
LILAK
$1.46B
| $109M | 0.1% |
4,552,252
-6,776
| -0.1% | -$181K |
|
73
News Corp Class A
NWSA
$14.4B
| $106M | 0.1% |
7,563,374
-687,066
| -8% | -$9.07M |
|
|
74
Liberty Latin America Class A
LILA
$1.47B
| $69.7M | 0.07% |
3,947,568
| – | – |
|
75
Chevron
CVX
$390B
| $52.5M | 0.05% |
510,026
-4,285
| -0.8% | -$438K |
|
Similar funds
Dodge & Cox's Q3 2016 Portfolio in Review
As of Q3 2016, Dodge & Cox held 180 positions worth $106B, up 5.1% from $101B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $3.59B in Q3 2016, closing 4 positions and reducing 87 holdings. Its most notable exit was EMC CORPORATION, an estimated $2.07B position sold in full.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 22% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Dodge & Cox opened a new position in Johnson Controls International worth $1.53B.
- Dodge & Cox's largest Q3 2016 buy was Johnson Controls International: 32,979,554 shares worth $1.53B.
- Dodge & Cox added most to Anadarko Petroleum in Q3 2016, an estimated $765M increase.
- Dodge & Cox's biggest Q3 2016 reduction was Gen Digital, cutting an estimated $708M.
- Dodge & Cox fully exited EMC CORPORATION in Q3 2016, selling an estimated $2.07B.
- Dodge & Cox's ten largest holdings make up 32% of its $106B portfolio in Q3 2016.
- Dodge & Cox opened 5 new positions and closed 4 in Q3 2016.
- Dodge & Cox's portfolio value rose 5.1% quarter-over-quarter to $106B.
Based on Dodge & Cox's 13F filing for Q3 2016, filed 14 Nov 2016.