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 |
RTX Corp
RTX
|
+$1.53B |
| 2 |
Linde
LIN
|
+$1.28B |
| 3 |
Occidental Petroleum
OXY
|
+$1.27B |
| 4 |
Cigna
CI
|
+$904M |
| 5 |
FedEx
FDX
|
+$752M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ESRX
Express Scripts Holding Company
ESRX
|
+$3.79B |
| 2 |
Medtronic
MDT
|
+$1.09B |
| 3 |
Dell
DELL
|
+$1.04B |
| 4 |
Union Pacific
UNP
|
+$861M |
| 5 |
Eli Lilly
LLY
|
+$803M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.53% |
| 2 | Healthcare | 19.64% |
| 3 | Communication Services | 17.52% |
| 4 | Technology | 13.35% |
| 5 | Energy | 9.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ZAYO
51
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| $648M | 0.59% |
28,388,472
+2,856,687
| +11% | +$78.2M |
|
|
MFGP
52
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $621M | 0.57% |
29,797,310
-14,582,079
| -33% | -$312M |
|
|
S
53
DELISTED
Sprint Corporation
S
| $603M | 0.55% |
103,567,744
-60,525,665
| -37% | -$373M |
|
54
Cemex
CX
$15.8B
| $602M | 0.55% |
124,800,090
-911,670
| -0.7% | -$4.86M |
|
55
AT&T
T
$174B
| $591M | 0.54% |
27,397,114
-10,779,694
| -28% | -$251M |
|
|
56
Union Pacific
UNP
$183B
| $587M | 0.54% |
4,244,168
-5,810,406
| -58% | -$861M |
|
|
TFCF
57
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $577M | 0.53% |
12,083,660
-388,750
| -3% | -$18.3M |
|
|
58
Medtronic
MDT
$115B
| $550M | 0.5% |
6,047,948
-11,614,334
| -66% | -$1.09B |
|
59
Aegon
AEG
$13.6B
| $503M | 0.46% |
126,318,964
+1,014,374
| +0.8% | +$4.95M |
|
60
Molson Coors Class B
TAP
$7.77B
| $484M | 0.44% |
8,616,173
+248,732
| +3% | +$15.3M |
|
61
Danaher
DHR
$152B
| $484M | 0.44% |
5,291,412
-135,191
| -2% | -$12.3M |
|
|
62
Dell
DELL
$305B
| $474M | 0.43% |
19,128,288
-37,902,594
| -66% | -$1.04B |
|
|
DISH
63
DELISTED
DISH Network Corp.
DISH
| $473M | 0.43% |
18,931,596
+175,550
| +0.9% | +$5.51M |
|
|
MXIM
64
DELISTED
Maxim Integrated Products
MXIM
| $439M | 0.4% |
8,640,080
-378,100
| -4% | -$19.7M |
|
65
NOV
NOV
$7.4B
| $415M | 0.38% |
16,133,946
-10,534,609
| -40% | -$364M |
|
|
OPTU
66
Optimum Communications Inc
OPTU
$389M
| $411M | 0.38% |
24,852,965
-3,396,112
| -12% | -$59M |
|
67
Liberty Global Class A
LBTYA
$3.6B
| $405M | 0.37% |
18,957,003
-13,533
| -0.1% | -$332K |
|
|
CXO
68
DELISTED
CONCHO RESOURCES INC.
CXO
| $401M | 0.37% |
3,901,302
-150,721
| -4% | -$20M |
|
69
Nutrien
NTR
$34.9B
| $384M | 0.35% |
8,171,308
-1,639,168
| -17% | -$85.5M |
|
70
Mattel
MAT
$4.26B
| $353M | 0.32% |
35,371,257
-248,928
| -0.7% | -$3.3M |
|
71
Alnylam Pharmaceuticals
ALNY
$31.7B
| $342M | 0.31% |
4,690,251
+34,600
| +0.7% | +$2.66M |
|
72
Alibaba
BABA
$289B
| $339M | 0.31% |
+2,471,800
| New | +$365M |
|
73
Harley-Davidson
HOG
$2.9B
| $332M | 0.3% |
9,719,872
-47,504
| -0.5% | -$1.86M |
|
|
GAP
74
The Gap Inc
GAP
$7.48B
| $324M | 0.3% |
+12,567,882
| New | +$336M |
|
75
Brighthouse Financial
BHF
$3.11B
| $299M | 0.27% |
9,806,273
+5,953,679
| +155% | +$232M |
|
Similar funds
Dodge & Cox's Q4 2018 Portfolio in Review
As of Q4 2018, Dodge & Cox held 194 positions worth $109B, down 17% from $131B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q4 2018 filing shows 4 new, 38 increased, 100 reduced and 13 closed positions. Its largest new stake was Linde: 8,101,094 shares worth $1.29B. The largest sale was Express Scripts Holding Company, an estimated $3.79B.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 23% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q4 2018 buy was Linde: 8,101,094 shares worth $1.29B.
- Dodge & Cox added most to RTX Corp in Q4 2018, an estimated $1.53B increase.
- Dodge & Cox's biggest Q4 2018 reduction was Medtronic, cutting an estimated $1.09B.
- Dodge & Cox fully exited Express Scripts Holding Company in Q4 2018, selling an estimated $3.79B.
- Dodge & Cox's ten largest holdings make up 30% of its $109B portfolio in Q4 2018.
- Dodge & Cox opened 4 new positions and closed 13 in Q4 2018.
- Dodge & Cox's portfolio value fell 17% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q4 2018, filed 14 Feb 2019.