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 |
MFGP
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
|
+$1.17B |
| 2 |
Eli Lilly
LLY
|
+$1.15B |
| 3 |
Baker Hughes
BKR
|
+$845M |
| 4 |
Gilead Sciences
GILD
|
+$758M |
| 5 |
GSK
GSK
|
+$602M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BHI
Baker Hughes
BHI
|
+$1.3B |
| 2 |
Hewlett Packard
HPE
|
+$952M |
| 3 |
DXC Technology
DXC
|
+$764M |
| 4 |
TWX
Time Warner Inc
TWX
|
+$664M |
| 5 |
Novartis
NVS
|
+$464M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.34% |
| 2 | Healthcare | 19.07% |
| 3 | Communication Services | 15.79% |
| 4 | Technology | 14.69% |
| 5 | Energy | 7.12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
DISH
51
DELISTED
DISH Network Corp.
DISH
| $870M | 0.7% |
16,039,596
-141,784
| -0.9% | -$8.38M |
|
52
Merck
MRK
$323B
| $862M | 0.69% |
14,108,668
-99,801
| -0.7% | -$6.05M |
|
|
ZAYO
53
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| $818M | 0.66% |
23,769,321
+7,203,493
| +43% | +$239M |
|
|
54
Gilead Sciences
GILD
$162B
| $803M | 0.65% |
9,909,731
+9,906,481
| +304,815% | +$758M |
|
|
QVCGA
55
DELISTED
QVC Group Inc Series A
QVCGA
| $801M | 0.64% |
700,372
+116,367
| +20% | +$131M |
|
56
Dell
DELL
$287B
| $775M | 0.62% |
35,754,471
+6,102,729
| +21% | +$118M |
|
|
CXO
57
DELISTED
CONCHO RESOURCES INC.
CXO
| $746M | 0.6% |
5,664,498
+128,768
| +2% | +$15.5M |
|
|
VMW
58
DELISTED
VMware, Inc
VMW
| $665M | 0.54% |
6,092,862
-2,916,309
| -32% | -$288M |
|
59
Cemex
CX
$18B
| $651M | 0.52% |
71,734,416
-131,500
| -0.2% | -$1.25M |
|
60
Liberty Global Class A
LBTYA
$3.46B
| $644M | 0.52% |
18,978,503
-1,700
| -0% | -$56.7K |
|
|
AGU
61
DELISTED
Agrium
AGU
| $630M | 0.51% |
5,880,226
+235,400
| +4% | +$23.5M |
|
62
Aegon
AEG
$13.4B
| $620M | 0.5% |
131,627,007
-4,735,478
| -3% | -$21.5M |
|
|
63
GSK
GSK
$101B
| $603M | 0.49% |
11,886,510
+11,862,760
| +49,948% | +$602M |
|
|
JNPR
64
DELISTED
Juniper Networks
JNPR
| $555M | 0.45% |
19,948,757
+2,257,800
| +13% | +$63.2M |
|
65
NetApp
NTAP
$32.8B
| $534M | 0.43% |
12,195,045
-124,175
| -1% | -$5.13M |
|
66
Corning
GLW
$135B
| $478M | 0.38% |
15,983,457
-182,795
| -1% | -$5.41M |
|
67
Synopsys
SNPS
$71.6B
| $465M | 0.37% |
5,777,225
-440,300
| -7% | -$34.2M |
|
68
Danaher
DHR
$132B
| $448M | 0.36% |
5,884,915
-37,957
| -0.6% | -$2.81M |
|
69
Harley-Davidson
HOG
$2.76B
| $420M | 0.34% |
8,713,712
-32,400
| -0.4% | -$1.58M |
|
|
WFT
70
DELISTED
Weatherford International plc
WFT
| $381M | 0.31% |
83,144,621
-214,000
| -0.3% | -$884K |
|
|
TFCF
71
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $362M | 0.29% |
14,046,460
+27,500
| +0.2% | +$746K |
|
|
72
DXC Technology
DXC
$1.48B
| $356M | 0.29% |
4,788,614
-10,770,488
| -69% | -$764M |
|
73
Tapestry
TPR
$28.6B
| $325M | 0.26% |
8,069,629
-6,952,353
| -46% | -$306M |
|
74
Brighthouse Financial
BHF
$3.6B
| $224M | 0.18% |
+3,689,140
| New | +$210M |
|
75
Occidental Petroleum
OXY
$58.1B
| $207M | 0.17% |
3,231,404
+3,086,982
| +2,137% | +$188M |
|
Similar funds
Dodge & Cox's Q3 2017 Portfolio in Review
As of Q3 2017, Dodge & Cox held 183 positions worth $124B, up 4.8% from $119B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q3 2017: portfolio turnover was 3.8%. Dodge & Cox opened 4 new positions and exited 3, leaving the 183-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q3 2017 buy was Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share: 30,298,435 shares worth $1.17B.
- Dodge & Cox added most to Eli Lilly in Q3 2017, an estimated $1.15B increase.
- Dodge & Cox's biggest Q3 2017 reduction was Hewlett Packard, cutting an estimated $952M.
- Dodge & Cox fully exited Baker Hughes in Q3 2017, selling an estimated $1.3B.
- Dodge & Cox's ten largest holdings make up 29% of its $124B portfolio in Q3 2017.
- Dodge & Cox opened 4 new positions and closed 3 in Q3 2017.
- Dodge & Cox's portfolio value rose 4.8% quarter-over-quarter to $124B.
Based on Dodge & Cox's 13F filing for Q3 2017, filed 13 Nov 2017.