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 |
NOV
NOV
|
+$997M |
| 2 |
ESRX
Express Scripts Holding Company
ESRX
|
+$448M |
| 3 |
EMC
EMC CORPORATION
EMC
|
+$409M |
| 4 |
JPMorgan Chase
JPM
|
+$313M |
| 5 |
APA Corp
APA
|
+$237M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Merck
MRK
|
+$480M |
| 2 |
Xerox
XRX
|
+$476M |
| 3 |
Vodafone
VOD
|
+$356M |
| 4 |
BHI
Baker Hughes
BHI
|
+$315M |
| 5 |
FRX
FOREST LABORATORIES INC
FRX
|
+$303M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 21.61% |
| 2 | Technology | 21.46% |
| 3 | Healthcare | 18.65% |
| 4 | Communication Services | 13.81% |
| 5 | Energy | 11.63% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Union Pacific
UNP
$183B
| $33.2M | 0.03% |
353,998
-4,866
| -1% | -$432K |
|
|
CS
77
DELISTED
Credit Suisse Group
CS
| $27.8M | 0.03% |
858,396
-2,530
| -0.3% | -$79.3K |
|
78
Ericsson
ERIC
$33B
| $26.7M | 0.03% |
2,001,374
+16,600
| +0.8% | +$207K |
|
79
IBM
IBM
$225B
| $25.1M | 0.03% |
136,138
-3,344
| -2% | -$589K |
|
80
Occidental Petroleum
OXY
$59.1B
| $24.3M | 0.02% |
265,905
-40,481
| -13% | -$3.62M |
|
81
Travelers Companies
TRV
$77B
| $22.7M | 0.02% |
267,050
-13,900
| -5% | -$1.17M |
|
82
American Express
AXP
$226B
| $20M | 0.02% |
222,225
-1,461
| -0.7% | -$131K |
|
83
ExxonMobil
XOM
$643B
| $16.6M | 0.02% |
169,592
-1,984
| -1% | -$189K |
|
84
Diageo
DEO
$51.2B
| $15.4M | 0.02% |
123,785
-21,273
| -15% | -$2.65M |
|
85
Home Depot
HD
$328B
| $14.6M | 0.02% |
184,779
-115,585
| -38% | -$9.19M |
|
86
Procter & Gamble
PG
$333B
| $14.1M | 0.01% |
175,365
-2,155
| -1% | -$170K |
|
87
Amgen
AMGN
$236B
| $13M | 0.01% |
105,757
-30,863
| -23% | -$3.74M |
|
|
CB
88
DELISTED
CHUBB CORPORATION
CB
| $12.2M | 0.01% |
136,262
-1,600
| -1% | -$140K |
|
89
Target
TGT
$75.4B
| $11.7M | 0.01% |
194,022
-2,842
| -1% | -$168K |
|
90
US Bancorp
USB
$97.2B
| $10.7M | 0.01% |
249,903
-40,681
| -14% | -$1.67M |
|
91
Thermo Fisher Scientific
TMO
$233B
| $10.4M | 0.01% |
86,702
-12,200
| -12% | -$1.45M |
|
|
COV
92
DELISTED
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
| $7.48M | 0.01% |
101,517
-9,800
| -9% | -$683K |
|
93
Caterpillar
CAT
$376B
| $7.23M | 0.01% |
72,745
-105
| -0.1% | -$9.9K |
|
94
McDonald's
MCD
$184B
| $5.92M | 0.01% |
60,419
-3,259
| -5% | -$312K |
|
|
95
Xerox
XRX
$390M
| $5.75M | 0.01% |
193,060
-16,255,669
| -99% | -$476M |
|
96
Walt Disney
DIS
$184B
| $5.11M | 0.01% |
63,770
-20,100
| -24% | -$1.56M |
|
97
Motorola Solutions
MSI
$80.5B
| $4.66M | ﹤0.01% |
72,424
-6,000
| -8% | -$392K |
|
98
3M
MMM
$92.2B
| $4.22M | ﹤0.01% |
37,181
-598
| -2% | -$66.4K |
|
99
Bristol-Myers Squibb
BMY
$137B
| $4.11M | ﹤0.01% |
79,121
-800
| -1% | -$42.6K |
|
100
Johnson & Johnson
JNJ
$640B
| $3.79M | ﹤0.01% |
38,625
| – | – |
|
Similar funds
Dodge & Cox's Q1 2014 Portfolio in Review
As of Q1 2014, Dodge & Cox held 165 positions worth $97.8B, up 1.9% from $95.9B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Trading was light in Q1 2014: portfolio turnover was 1.2%. Dodge & Cox opened 2 new positions and made no exits, leaving the 165-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 22% of assets, up from 21% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q1 2014 buy was NOV: 14,533,426 shares worth $1.02B.
- Dodge & Cox added most to Express Scripts Holding Company in Q1 2014, an estimated $448M increase.
- Dodge & Cox's biggest Q1 2014 reduction was Merck, cutting an estimated $480M.
- Dodge & Cox's ten largest holdings make up 36% of its $97.8B portfolio in Q1 2014.
- Dodge & Cox opened 2 new positions and closed 0 in Q1 2014.
- Dodge & Cox's portfolio value rose 1.9% quarter-over-quarter to $97.8B.
Based on Dodge & Cox's 13F filing for Q1 2014, filed 14 May 2014.