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 |
FedEx
FDX
|
+$631M |
| 2 |
SLB Ltd
SLB
|
+$550M |
| 3 |
TE Connectivity
TEL
|
+$541M |
| 4 |
Fox Class A
FOXA
|
+$517M |
| 5 |
RTX Corp
RTX
|
+$367M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$2B |
| 2 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$577M |
| 3 |
OPTU
Optimum Communications Inc
OPTU
|
+$411M |
| 4 |
American Express
AXP
|
+$239M |
| 5 |
Hewlett Packard
HPE
|
+$212M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.79% |
| 2 | Healthcare | 18.15% |
| 3 | Communication Services | 16.28% |
| 4 | Technology | 14.13% |
| 5 | Energy | 10.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ZAYO
51
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| $817M | 0.67% |
28,758,922
+370,450
| +1% | +$9.83M |
|
52
Baidu
BIDU
$32.9B
| $816M | 0.67% |
4,950,287
+10,100
| +0.2% | +$1.69M |
|
53
Molson Coors Class B
TAP
$7.77B
| $803M | 0.66% |
13,468,849
+4,852,676
| +56% | +$300M |
|
54
Union Pacific
UNP
$183B
| $697M | 0.57% |
4,167,442
-76,726
| -2% | -$12.3M |
|
55
Televisa
TV
$1.45B
| $647M | 0.53% |
58,534,820
+3,592,700
| +7% | +$42.7M |
|
56
Danaher
DHR
$152B
| $622M | 0.51% |
5,312,167
+20,755
| +0.4% | +$2.13M |
|
57
AT&T
T
$174B
| $612M | 0.5% |
25,834,591
-1,562,523
| -6% | -$35.9M |
|
|
S
58
DELISTED
Sprint Corporation
S
| $587M | 0.48% |
103,873,348
+305,604
| +0.3% | +$1.89M |
|
59
Medtronic
MDT
$115B
| $526M | 0.43% |
5,780,148
-267,800
| -4% | -$24M |
|
60
Aegon
AEG
$13.6B
| $520M | 0.43% |
126,708,804
+389,840
| +0.3% | +$1.7M |
|
61
Alibaba
BABA
$289B
| $502M | 0.41% |
2,751,800
+280,000
| +11% | +$47.1M |
|
62
Cemex
CX
$15.8B
| $499M | 0.41% |
107,594,390
-17,205,700
| -14% | -$86.1M |
|
|
63
Fox Class A
FOXA
$28.3B
| $487M | 0.4% |
+13,278,252
| New | +$517M |
|
64
Mattel
MAT
$4.26B
| $481M | 0.4% |
37,018,261
+1,647,004
| +5% | +$22M |
|
|
CXO
65
DELISTED
CONCHO RESOURCES INC.
CXO
| $477M | 0.39% |
4,302,648
+401,346
| +10% | +$45.4M |
|
66
Alnylam Pharmaceuticals
ALNY
$31.7B
| $467M | 0.38% |
4,998,001
+307,750
| +7% | +$25.7M |
|
67
Liberty Global Class A
LBTYA
$3.6B
| $463M | 0.38% |
18,569,703
-387,300
| -2% | -$9.47M |
|
|
GAP
68
The Gap Inc
GAP
$7.48B
| $463M | 0.38% |
17,670,928
+5,103,046
| +41% | +$130M |
|
|
MXIM
69
DELISTED
Maxim Integrated Products
MXIM
| $461M | 0.38% |
8,666,460
+26,380
| +0.3% | +$1.42M |
|
70
NOV
NOV
$7.4B
| $445M | 0.37% |
16,720,726
+586,780
| +4% | +$16.6M |
|
71
Nutrien
NTR
$34.9B
| $426M | 0.35% |
8,072,408
-98,900
| -1% | -$5.15M |
|
72
Incyte
INCY
$25.9B
| $366M | 0.3% |
4,255,350
+15,250
| +0.4% | +$1.24M |
|
73
Brighthouse Financial
BHF
$3.11B
| $359M | 0.3% |
9,904,165
+97,892
| +1% | +$3.67M |
|
74
Harley-Davidson
HOG
$2.9B
| $350M | 0.29% |
9,809,472
+89,600
| +0.9% | +$3.26M |
|
75
Target
TGT
$75.4B
| $208M | 0.17% |
2,591,090
-107,629
| -4% | -$7.87M |
|
Similar funds
Dodge & Cox's Q1 2019 Portfolio in Review
As of Q1 2019, Dodge & Cox held 183 positions worth $122B, up 12% from $109B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q1 2019: portfolio turnover was 3.8%. Dodge & Cox opened 2 new positions and exited 5, 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 Q1 2019 buy was Fox Class A: 13,278,252 shares worth $487M.
- Dodge & Cox added most to FedEx in Q1 2019, an estimated $631M increase.
- Dodge & Cox's biggest Q1 2019 reduction was American Express, cutting an estimated $239M.
- Dodge & Cox fully exited Twenty-First Century Fox, Inc. Class A in Q1 2019, selling an estimated $2B.
- Dodge & Cox's ten largest holdings make up 31% of its $122B portfolio in Q1 2019.
- Dodge & Cox opened 2 new positions and closed 5 in Q1 2019.
- Dodge & Cox's portfolio value rose 12% quarter-over-quarter to $122B.
Based on Dodge & Cox's 13F filing for Q1 2019, filed 14 May 2019.