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 |
ESRX
Express Scripts Holding Company
ESRX
|
+$524M |
| 2 |
Suncor Energy
SU
|
+$422M |
| 3 |
Novartis
NVS
|
+$362M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$361M |
| 5 |
Juniper Networks
JNPR
|
+$314M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLB Ltd
SLB
|
+$354M |
| 2 |
HP
HPQ
|
+$350M |
| 3 |
NetApp
NTAP
|
+$329M |
| 4 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$319M |
| 5 |
Bank of New York Mellon
BNY
|
+$217M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.32% |
| 2 | Communication Services | 18.65% |
| 3 | Technology | 16.41% |
| 4 | Healthcare | 16.28% |
| 5 | Energy | 10.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
51
Synopsys
SNPS
$94.8B
| $807M | 0.69% |
11,192,275
-328,400
| -3% | -$22M |
2013 Q2
15 quarters
|
|
52
Corning
GLW
$128B
| $773M | 0.66% |
28,633,730
-2,650,959
| -8% | -$70.5M |
2013 Q2
15 quarters
|
|
|
CXO
53
DELISTED
CONCHO RESOURCES INC.
CXO
| $711M | 0.6% |
5,539,330
+171
| +0% | +$23K |
2015 Q3
6 quarters
|
|
54
Dell
DELL
$364B
| $673M | 0.57% |
37,436,586
-9,237,645
| -20% | -$161M |
2016 Q3
2 quarters
|
|
55
Tapestry
TPR
$23B
| $625M | 0.53% |
15,112,157
-80,119
| -0.5% | -$3.02M |
2013 Q2
15 quarters
|
|
|
56
NetApp
NTAP
$46.9B
| $615M | 0.52% |
14,683,835
-8,345,486
| -36% | -$329M |
2013 Q2
15 quarters
|
|
57
Target
TGT
$69B
| $603M | 0.51% |
10,922,697
+9,816
| +0.1% | +$611K |
2013 Q2
15 quarters
|
|
58
Liberty Global Class A
LBTYA
$2.92B
| $579M | 0.49% |
16,149,987
+3,600
| +0% | +$128K |
2013 Q2
15 quarters
|
|
59
Cemex
CX
$14.1B
| $572M | 0.49% |
65,608,011
+15,432,073
| +31% | +$130M |
2013 Q2
15 quarters
|
|
60
Aegon
AEG
$12.3B
| $556M | 0.47% |
140,774,742
-373,348
| -0.3% | -$1.58M |
2013 Q2
15 quarters
|
|
|
WFT
61
DELISTED
Weatherford International plc
WFT
| $555M | 0.47% |
83,446,721
+75,300
| +0.1% | +$441K |
2013 Q2
15 quarters
|
|
|
ZAYO
62
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| $542M | 0.46% |
16,469,578
+1,903,326
| +13% | +$60.7M |
2016 Q4
1 quarter
|
|
63
Harley-Davidson
HOG
$2.86B
| $531M | 0.45% |
8,772,012
-103,511
| -1% | -$6.08M |
2015 Q3
6 quarters
|
|
|
64
DELISTED
Juniper Networks
JNPR
| $490M | 0.42% |
17,616,080
+11,250,044
| +177% | +$314M |
2014 Q4
9 quarters
|
|
65
Alnylam Pharmaceuticals
ALNY
$29.9B
| $482M | 0.41% |
9,399,245
+194,295
| +2% | +$8.98M |
2016 Q2
3 quarters
|
|
|
QVCGA
66
DELISTED
QVC Group Inc Series A
QVCGA
| $477M | 0.41% |
490,734
+79,190
| +19% | +$74.4M |
2013 Q2
15 quarters
|
|
67
Elevance Health
ELV
$92.2B
| $470M | 0.4% |
2,839,368
-165,650
| -6% | -$26.4M |
2013 Q2
15 quarters
|
|
|
TFCF
68
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $448M | 0.38% |
14,087,860
-33,300
| -0.2% | -$1M |
2015 Q3
6 quarters
|
|
69
Danaher
DHR
$157B
| $436M | 0.37% |
5,751,924
-137,672
| -2% | -$10.2M |
2014 Q3
10 quarters
|
|
|
AGU
70
DELISTED
Agrium
AGU
| $405M | 0.34% |
4,237,126
-195,100
| -4% | -$19.6M |
2015 Q3
6 quarters
|
|
71
Alphabet (Google) Class A
GOOGL
$4.33T
| $271M | 0.23% |
6,381,460
-204,180
| -3% | -$8.59M |
2015 Q4
5 quarters
|
|
72
Honda
HMC
$43.3B
| $159M | 0.13% |
5,241,155
-500,000
| -9% | -$15.4M |
2013 Q2
15 quarters
|
|
73
Liberty Latin America Class C
LILAK
$1.61B
| $153M | 0.13% |
7,781,391
+136,467
| +2% | +$2.69M |
2015 Q3
6 quarters
|
|
74
News Corp Class A
NWSA
$16B
| $128M | 0.11% |
9,841,561
+2,449,004
| +33% | +$30.7M |
2013 Q3
14 quarters
|
|
75
Liberty Latin America Class A
LILA
$1.63B
| $111M | 0.09% |
7,828,621
+49,355
| +0.6% | +$733K |
2015 Q3
6 quarters
|
|
Similar funds
Dodge & Cox's Q1 2017 Portfolio in Review
As of Q1 2017, Dodge & Cox held 181 positions worth $118B, up 4.6% from $113B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q1 2017: portfolio turnover was 1.7%. Dodge & Cox opened no new positions and exited 3, leaving the 181-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 27% a quarter earlier, followed by Communication Services and Technology.
- Dodge & Cox added most to Express Scripts Holding Company in Q1 2017, an estimated $524M increase.
- Dodge & Cox's biggest Q1 2017 reduction was SLB Ltd, cutting an estimated $354M.
- Dodge & Cox fully exited Lowe's Companies in Q1 2017, selling an estimated $278K.
- Dodge & Cox's ten largest holdings make up 32% of its $118B portfolio in Q1 2017.
- Dodge & Cox opened 0 new positions and closed 3 in Q1 2017.
- Dodge & Cox's portfolio value rose 4.6% quarter-over-quarter to $118B.
Based on Dodge & Cox's 13F filing for Q1 2017, filed 12 May 2017.