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 |
Occidental Petroleum
OXY
|
+$1.35B |
| 2 |
Cognizant
CTSH
|
+$1.13B |
| 3 |
HES
Hess
HES
|
+$597M |
| 4 |
Microchip Technology
MCHP
|
+$583M |
| 5 |
FedEx
FDX
|
+$538M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
APC
Anadarko Petroleum
APC
|
+$1.59B |
| 2 |
Comcast
CMCSA
|
+$1.31B |
| 3 |
Novartis
NVS
|
+$942M |
| 4 |
Eli Lilly
LLY
|
+$685M |
| 5 |
Union Pacific
UNP
|
+$645M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.18% |
| 2 | Healthcare | 17.09% |
| 3 | Technology | 15.97% |
| 4 | Communication Services | 15.64% |
| 5 | Energy | 10.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Molson Coors Class B
TAP
$7.72B
| $776M | 0.63% |
13,862,998
+394,149
| +3% | +$23M |
|
52
JD.com
JD
$38.5B
| $767M | 0.62% |
25,321,077
-9,031,100
| -26% | -$260M |
|
53
Dell
DELL
$304B
| $744M | 0.6% |
28,886,371
+417,486
| +1% | +$13M |
|
54
Halliburton
HAL
$29.7B
| $687M | 0.56% |
30,190,200
+1,528,036
| +5% | +$39.7M |
|
|
S
55
DELISTED
Sprint Corporation
S
| $666M | 0.54% |
101,390,110
-2,483,238
| -2% | -$15.7M |
|
56
Danaher
DHR
$150B
| $657M | 0.53% |
5,181,996
-130,171
| -2% | -$15.4M |
|
57
Medtronic
MDT
$116B
| $646M | 0.52% |
6,629,524
+849,376
| +15% | +$77.6M |
|
58
Fox Class A
FOXA
$28.7B
| $642M | 0.52% |
17,523,610
+4,245,358
| +32% | +$156M |
|
|
CXO
59
DELISTED
CONCHO RESOURCES INC.
CXO
| $629M | 0.51% |
6,097,148
+1,794,500
| +42% | +$194M |
|
|
HES
60
DELISTED
Hess
HES
| $613M | 0.5% |
+9,649,119
| New | +$597M |
|
61
Alibaba
BABA
$291B
| $607M | 0.49% |
3,582,500
+830,700
| +30% | +$143M |
|
62
Televisa
TV
$1.46B
| $593M | 0.48% |
70,248,420
+11,713,600
| +20% | +$114M |
|
63
Aegon
AEG
$13.8B
| $552M | 0.45% |
125,759,195
-949,609
| -0.7% | -$4.04M |
|
|
MXIM
64
DELISTED
Maxim Integrated Products
MXIM
| $534M | 0.43% |
8,925,293
+258,833
| +3% | +$14.8M |
|
65
Liberty Global Class A
LBTYA
$3.62B
| $501M | 0.41% |
18,569,703
| – | – |
|
66
NOV
NOV
$7.4B
| $494M | 0.4% |
22,205,068
+5,484,342
| +33% | +$133M |
|
67
Cemex
CX
$15.8B
| $466M | 0.38% |
109,801,890
+2,207,500
| +2% | +$9.86M |
|
68
Nutrien
NTR
$35.5B
| $432M | 0.35% |
8,072,408
| – | – |
|
69
Mattel
MAT
$4.28B
| $429M | 0.35% |
38,301,917
+1,283,656
| +3% | +$15.1M |
|
70
Alnylam Pharmaceuticals
ALNY
$30.2B
| $380M | 0.31% |
5,241,501
+243,500
| +5% | +$18.7M |
|
71
Brighthouse Financial
BHF
$3.13B
| $364M | 0.29% |
9,908,524
+4,359
| +0% | +$168K |
|
72
Incyte
INCY
$25.8B
| $358M | 0.29% |
4,209,175
-46,175
| -1% | -$3.71M |
|
73
Harley-Davidson
HOG
$2.93B
| $355M | 0.29% |
9,897,986
+88,514
| +0.9% | +$3.22M |
|
|
GAP
74
The Gap Inc
GAP
$9.06B
| $321M | 0.26% |
17,883,736
+212,808
| +1% | +$4.77M |
|
75
Fox Class B
FOX
$25.4B
| $189M | 0.15% |
5,169,179
+1,139,584
| +28% | +$41.4M |
|
Similar funds
Dodge & Cox's Q2 2019 Portfolio in Review
As of Q2 2019, Dodge & Cox held 183 positions worth $124B, up 1.5% from $122B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q2 2019: portfolio turnover was 4.4%. Dodge & Cox opened 5 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, up from 24% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q2 2019 buy was Cognizant: 17,257,544 shares worth $1.09B.
- Dodge & Cox added most to Occidental Petroleum in Q2 2019, an estimated $1.35B increase.
- Dodge & Cox's biggest Q2 2019 reduction was Anadarko Petroleum, cutting an estimated $1.59B.
- Dodge & Cox fully exited Weatherford International plc in Q2 2019, selling an estimated $41.4M.
- Dodge & Cox's ten largest holdings make up 31% of its $124B portfolio in Q2 2019.
- Dodge & Cox opened 5 new positions and closed 3 in Q2 2019.
- Dodge & Cox's portfolio value rose 1.5% quarter-over-quarter to $124B.
Based on Dodge & Cox's 13F filing for Q2 2019, filed 13 Aug 2019.