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 |
AT&T
T
|
+$1.51B |
| 2 |
Comcast
CMCSA
|
+$985M |
| 3 |
OPTU
Optimum Communications Inc
OPTU
|
+$520M |
| 4 |
Charter Communications
CHTR
|
+$518M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$487M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TWX
Time Warner Inc
TWX
|
+$2.98B |
| 2 |
Merck
MRK
|
+$620M |
| 3 |
Hewlett Packard
HPE
|
+$617M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$485M |
| 5 |
Cisco
CSCO
|
+$459M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.82% |
| 2 | Healthcare | 19.47% |
| 3 | Communication Services | 19.05% |
| 4 | Technology | 13.42% |
| 5 | Energy | 10.78% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Baidu
BIDU
$33.2B
| $825M | 0.66% |
3,394,037
-336,150
| -9% | -$83.7M |
|
|
QVCGA
52
DELISTED
QVC Group Inc Series A
QVCGA
| $824M | 0.66% |
800,315
+101,114
| +14% | +$112M |
|
53
Cemex
CX
$15.8B
| $821M | 0.66% |
125,167,995
+23,852,379
| +24% | +$151M |
|
|
MFGP
54
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $814M | 0.65% |
38,940,407
+261,080
| +0.7% | +$5.51M |
|
|
TFCF
55
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $666M | 0.53% |
13,527,360
-400,600
| -3% | -$15.7M |
|
56
Aegon
AEG
$13.8B
| $626M | 0.5% |
126,865,719
-3,612,177
| -3% | -$19.9M |
|
57
Nutrien
NTR
$35.5B
| $612M | 0.49% |
11,250,234
-1,057,900
| -9% | -$52.5M |
|
58
Mattel
MAT
$4.27B
| $584M | 0.47% |
35,546,085
+6,490,148
| +22% | +$98.5M |
|
|
CXO
59
DELISTED
CONCHO RESOURCES INC.
CXO
| $572M | 0.46% |
4,133,898
-457,200
| -10% | -$65.4M |
|
|
DISH
60
DELISTED
DISH Network Corp.
DISH
| $553M | 0.44% |
16,464,246
+83,100
| +0.5% | +$2.83M |
|
|
MXIM
61
DELISTED
Maxim Integrated Products
MXIM
| $534M | 0.43% |
9,095,230
-7,772,884
| -46% | -$452M |
|
62
Liberty Global Class A
LBTYA
$3.62B
| $523M | 0.42% |
18,973,803
-3,000
| -0% | -$90.5K |
|
63
Occidental Petroleum
OXY
$59.4B
| $521M | 0.42% |
6,231,225
-118,700
| -2% | -$9.48M |
|
|
OPTU
64
Optimum Communications Inc
OPTU
$393M
| $480M | 0.38% |
+28,149,485
| New | +$520M |
|
65
Danaher
DHR
$150B
| $478M | 0.38% |
5,461,345
-310,995
| -5% | -$27.7M |
|
|
VMW
66
DELISTED
VMware, Inc
VMW
| $464M | 0.37% |
3,159,550
-139,600
| -4% | -$19.2M |
|
67
Alnylam Pharmaceuticals
ALNY
$30.2B
| $458M | 0.37% |
4,654,701
-38,140
| -0.8% | -$3.78M |
|
68
Synopsys
SNPS
$86.7B
| $447M | 0.36% |
5,225,435
-300,195
| -5% | -$26.2M |
|
69
Harley-Davidson
HOG
$2.92B
| $363M | 0.29% |
8,625,726
-33,175
| -0.4% | -$1.4M |
|
|
WFT
70
DELISTED
Weatherford International plc
WFT
| $274M | 0.22% |
83,271,821
+413,000
| +0.5% | +$1.29M |
|
71
Molson Coors Class B
TAP
$7.72B
| $216M | 0.17% |
+3,180,041
| New | +$212M |
|
|
72
Merck
MRK
$365B
| $201M | 0.16% |
3,463,754
-10,986,440
| -76% | -$620M |
|
73
News Corp Class A
NWSA
$16.9B
| $179M | 0.14% |
11,544,324
-141,725
| -1% | -$2.24M |
|
74
Alphabet (Google) Class A
GOOGL
$4.18T
| $164M | 0.13% |
2,911,780
-153,200
| -5% | -$8.33M |
|
75
Brighthouse Financial
BHF
$3.12B
| $131M | 0.1% |
3,276,286
+20,020
| +0.6% | +$963K |
|
Similar funds
Dodge & Cox's Q2 2018 Portfolio in Review
As of Q2 2018, Dodge & Cox held 181 positions worth $125B, up 1% from $124B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q2 2018: portfolio turnover was 5%. Dodge & Cox opened 4 new positions and exited 5, leaving the 181-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 Q2 2018 buy was AT&T: 60,273,392 shares worth $1.46B.
- Dodge & Cox added most to Comcast in Q2 2018, an estimated $985M increase.
- Dodge & Cox's biggest Q2 2018 reduction was Merck, cutting an estimated $620M.
- Dodge & Cox fully exited Time Warner Inc in Q2 2018, selling an estimated $2.98B.
- Dodge & Cox's ten largest holdings make up 30% of its $125B portfolio in Q2 2018.
- Dodge & Cox opened 4 new positions and closed 5 in Q2 2018.
- Dodge & Cox's portfolio value rose 1% quarter-over-quarter to $125B.
Based on Dodge & Cox's 13F filing for Q2 2018, filed 14 Aug 2018.