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 |
Bristol-Myers Squibb
BMY
|
+$1.23B |
| 2 |
ZAYO
Zayo Group Holdings, Inc.
ZAYO
|
+$477M |
| 3 |
Medtronic
MDT
|
+$401M |
| 4 |
Sanofi
SNY
|
+$364M |
| 5 |
Wells Fargo
WFC
|
+$215M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Gen Digital
GEN
|
+$770M |
| 2 |
Bank of America
BAC
|
+$769M |
| 3 |
UnitedHealth
UNH
|
+$495M |
| 4 |
BHI
Baker Hughes
BHI
|
+$450M |
| 5 |
HP
HPQ
|
+$446M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.66% |
| 2 | Communication Services | 16.03% |
| 3 | Technology | 15.63% |
| 4 | Healthcare | 14.79% |
| 5 | Energy | 9.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
VMW
51
DELISTED
VMware, Inc
VMW
| $746M | 0.66% |
9,474,478
-2,195,607
| -19% | -$170M |
|
|
MXIM
52
DELISTED
Maxim Integrated Products
MXIM
| $739M | 0.66% |
19,147,741
-290,047
| -1% | -$11.4M |
|
|
CXO
53
DELISTED
CONCHO RESOURCES INC.
CXO
| $734M | 0.65% |
5,539,159
-641
| -0% | -$87.1K |
|
54
Dell
DELL
$287B
| $720M | 0.64% |
46,674,231
+8,149,303
| +21% | +$117M |
|
55
Suncor Energy
SU
$78.5B
| $681M | 0.61% |
20,844,300
+201,600
| +1% | +$6.18M |
|
56
Synopsys
SNPS
$71.6B
| $678M | 0.6% |
11,520,675
-997,486
| -8% | -$59.4M |
|
57
Aegon
AEG
$13.4B
| $600M | 0.53% |
141,148,090
-3,681,384
| -3% | -$13.7M |
|
58
Tapestry
TPR
$28.6B
| $532M | 0.47% |
15,192,276
-243,199
| -2% | -$8.88M |
|
59
Harley-Davidson
HOG
$2.76B
| $518M | 0.46% |
8,875,523
-194,260
| -2% | -$11.1M |
|
60
Liberty Global Class A
LBTYA
$3.46B
| $494M | 0.44% |
16,146,387
+155,400
| +1% | +$4.91M |
|
|
ZAYO
61
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| $479M | 0.43% |
+14,566,252
| New | +$477M |
|
|
AGU
62
DELISTED
Agrium
AGU
| $446M | 0.4% |
4,432,226
+1,767,043
| +66% | +$170M |
|
63
Elevance Health
ELV
$82.7B
| $432M | 0.38% |
3,005,018
-106,387
| -3% | -$14.2M |
|
|
WFT
64
DELISTED
Weatherford International plc
WFT
| $416M | 0.37% |
83,371,421
+114,454
| +0.1% | +$599K |
|
65
Danaher
DHR
$132B
| $406M | 0.36% |
5,889,596
-557,384
| -9% | -$38.7M |
|
|
QVCGA
66
DELISTED
QVC Group Inc Series A
QVCGA
| $399M | 0.35% |
411,544
-4,181
| -1% | -$4.04M |
|
67
Cemex
CX
$18B
| $387M | 0.34% |
50,175,938
+13,233,276
| +36% | +$105M |
|
|
TFCF
68
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $385M | 0.34% |
14,121,160
+28,360
| +0.2% | +$760K |
|
69
Alnylam Pharmaceuticals
ALNY
$35.4B
| $345M | 0.31% |
9,204,950
+3,928,882
| +74% | +$164M |
|
|
RDS.A
70
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $334M | 0.3% |
6,148,368
-3,040,655
| -33% | -$157M |
|
71
Alphabet (Google) Class A
GOOGL
$3.87T
| $261M | 0.23% |
6,585,640
-575,200
| -8% | -$23M |
|
72
Adient
ADNT
$1.58B
| $193M | 0.17% |
+3,293,621
| New | +$174M |
|
|
73
Gen Digital
GEN
$15.1B
| $180M | 0.16% |
7,541,004
-31,364,163
| -81% | -$770M |
|
|
JNPR
74
DELISTED
Juniper Networks
JNPR
| $180M | 0.16% |
6,366,036
+4,574,797
| +255% | +$119M |
|
75
Honda
HMC
$36.4B
| $168M | 0.15% |
5,741,155
-8,145
| -0.1% | -$239K |
|
Similar funds
Dodge & Cox's Q4 2016 Portfolio in Review
As of Q4 2016, Dodge & Cox held 182 positions worth $113B, up 5.8% from $106B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Trading was light in Q4 2016: portfolio turnover was 3.8%. Dodge & Cox opened 6 new positions and exited 1, leaving the 182-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 24% a quarter earlier, followed by Communication Services and Technology.
- Dodge & Cox's largest Q4 2016 buy was Zayo Group Holdings, Inc.: 14,566,252 shares worth $479M.
- Dodge & Cox added most to Bristol-Myers Squibb in Q4 2016, an estimated $1.23B increase.
- Dodge & Cox's biggest Q4 2016 reduction was Gen Digital, cutting an estimated $770M.
- Dodge & Cox fully exited Hartford Financial Services in Q4 2016, selling an estimated $220K.
- Dodge & Cox's ten largest holdings make up 33% of its $113B portfolio in Q4 2016.
- Dodge & Cox opened 6 new positions and closed 1 in Q4 2016.
- Dodge & Cox's portfolio value rose 5.8% quarter-over-quarter to $113B.
Based on Dodge & Cox's 13F filing for Q4 2016, filed 14 Feb 2017.