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
|
+$1.64B |
| 2 |
Dell
DELL
|
+$486M |
| 3 |
Ovintiv
OVV
|
+$450M |
| 4 |
Fox Class A
FOXA
|
+$410M |
| 5 |
Baker Hughes
BKR
|
+$404M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
APC
Anadarko Petroleum
APC
|
+$1.53B |
| 2 |
Charter Communications
CHTR
|
+$1.19B |
| 3 |
ZAYO
Zayo Group Holdings, Inc.
ZAYO
|
+$763M |
| 4 |
Microsoft
MSFT
|
+$754M |
| 5 |
Danaher
DHR
|
+$645M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.99% |
| 2 | Healthcare | 17.39% |
| 3 | Technology | 15.46% |
| 4 | Communication Services | 14.34% |
| 5 | Energy | 11.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Liberty Global Class C
LBTYK
$3.51B
| $794M | 0.65% |
33,375,368
-14,786,500
| -31% | -$385M |
|
52
Medtronic
MDT
$115B
| $720M | 0.59% |
6,627,852
-1,672
| -0% | -$174K |
|
|
CXO
53
DELISTED
CONCHO RESOURCES INC.
CXO
| $718M | 0.59% |
10,574,177
+4,477,029
| +73% | +$364M |
|
54
Televisa
TV
$1.45B
| $687M | 0.57% |
70,248,420
| – | – |
|
|
QVCGA
55
DELISTED
QVC Group Inc Series A
QVCGA
| $650M | 0.54% |
1,298,488
-6,724
| -0.5% | -$3.95M |
|
|
S
56
DELISTED
Sprint Corporation
S
| $624M | 0.51% |
101,147,943
-242,167
| -0.2% | -$1.67M |
|
57
JD.com
JD
$38.5B
| $589M | 0.48% |
20,891,777
-4,429,300
| -17% | -$134M |
|
58
Alibaba
BABA
$289B
| $547M | 0.45% |
3,269,400
-313,100
| -9% | -$53.8M |
|
|
MXIM
59
DELISTED
Maxim Integrated Products
MXIM
| $522M | 0.43% |
9,008,343
+83,050
| +0.9% | +$4.81M |
|
|
MFGP
60
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $504M | 0.42% |
35,645,465
+5,665,883
| +19% | +$105M |
|
61
Cemex
CX
$15.8B
| $495M | 0.41% |
126,189,190
+16,387,300
| +15% | +$60.1M |
|
62
NOV
NOV
$7.4B
| $485M | 0.4% |
22,859,052
+653,984
| +3% | +$13.9M |
|
63
Aegon
AEG
$13.6B
| $474M | 0.39% |
124,483,756
-1,275,439
| -1% | -$5.08M |
|
64
Liberty Global Class A
LBTYA
$3.6B
| $460M | 0.38% |
18,569,703
| – | – |
|
|
65
Ovintiv
OVV
$18B
| $452M | 0.37% |
+19,671,036
| New | +$450M |
|
66
Mattel
MAT
$4.26B
| $443M | 0.36% |
38,852,908
+550,991
| +1% | +$6.3M |
|
67
Alnylam Pharmaceuticals
ALNY
$31.7B
| $427M | 0.35% |
5,311,801
+70,300
| +1% | +$5.56M |
|
68
Brighthouse Financial
BHF
$3.11B
| $408M | 0.34% |
10,077,955
+169,431
| +2% | +$6.31M |
|
69
Nutrien
NTR
$34.9B
| $403M | 0.33% |
8,072,408
| – | – |
|
|
GAP
70
The Gap Inc
GAP
$7.48B
| $366M | 0.3% |
21,078,030
+3,194,294
| +18% | +$56.7M |
|
71
Harley-Davidson
HOG
$2.9B
| $361M | 0.3% |
10,045,586
+147,600
| +1% | +$5.06M |
|
72
Incyte
INCY
$25.9B
| $290M | 0.24% |
3,912,275
-296,900
| -7% | -$24M |
|
73
News Corp Class A
NWSA
$16.8B
| $194M | 0.16% |
13,908,624
+212,400
| +2% | +$2.9M |
|
74
Fox Class B
FOX
$25.4B
| $187M | 0.15% |
5,931,534
+762,355
| +15% | +$26.3M |
|
75
Alphabet (Google) Class A
GOOGL
$4.17T
| $162M | 0.13% |
2,648,600
-38,680
| -1% | -$2.29M |
|
Similar funds
Dodge & Cox's Q3 2019 Portfolio in Review
As of Q3 2019, Dodge & Cox held 183 positions worth $122B, down 1.7% from $124B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q3 2019: portfolio turnover was 2.7%. Dodge & Cox opened 3 new positions and exited 2, leaving the 183-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 24% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2019 buy was Ovintiv: 19,671,036 shares worth $452M.
- Dodge & Cox added most to Occidental Petroleum in Q3 2019, an estimated $1.64B increase.
- Dodge & Cox's biggest Q3 2019 reduction was Charter Communications, cutting an estimated $1.19B.
- Dodge & Cox fully exited Anadarko Petroleum in Q3 2019, selling an estimated $1.53B.
- Dodge & Cox's ten largest holdings make up 32% of its $122B portfolio in Q3 2019.
- Dodge & Cox opened 3 new positions and closed 2 in Q3 2019.
- Dodge & Cox's portfolio value fell 1.7% quarter-over-quarter to $122B.
Based on Dodge & Cox's 13F filing for Q3 2019, filed 13 Nov 2019.