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 |
Target
TGT
|
+$991M |
| 2 |
Walmart Inc
WMT
|
+$733M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$680M |
| 4 |
EMC
EMC CORPORATION
EMC
|
+$544M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$443M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$526M |
| 2 |
Pfizer
PFE
|
+$457M |
| 3 |
SLB Ltd
SLB
|
+$400M |
| 4 |
FRX
FOREST LABORATORIES INC
FRX
|
+$358M |
| 5 |
DuPont de Nemours
DD
|
+$330M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.98% |
| 2 | Technology | 20.42% |
| 3 | Healthcare | 17.61% |
| 4 | Communication Services | 14.02% |
| 5 | Energy | 12.51% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Liberty Global Class A
LBTYA
$3.46B
| $110M | 0.11% |
3,021,961
| – | – |
|
77
Union Pacific
UNP
$184B
| $33.9M | 0.03% |
340,192
-13,806
| -4% | -$1.34M |
|
78
Ericsson
ERIC
$30.6B
| $24.7M | 0.02% |
2,042,574
+41,200
| +2% | +$513K |
|
|
CS
79
DELISTED
Credit Suisse Group
CS
| $24.3M | 0.02% |
856,616
-1,780
| -0.2% | -$54.5K |
|
80
Occidental Petroleum
OXY
$58.2B
| $24.2M | 0.02% |
245,777
-20,128
| -8% | -$1.89M |
|
81
Travelers Companies
TRV
$78.8B
| $23.3M | 0.02% |
247,350
-19,700
| -7% | -$1.8M |
|
82
IBM
IBM
$193B
| $23.1M | 0.02% |
133,281
-2,857
| -2% | -$514K |
|
83
American Express
AXP
$232B
| $20.9M | 0.02% |
220,483
-1,742
| -0.8% | -$157K |
|
84
ExxonMobil
XOM
$654B
| $17M | 0.02% |
169,252
-340
| -0.2% | -$34.3K |
|
85
Diageo
DEO
$45.7B
| $15.4M | 0.01% |
121,035
-2,750
| -2% | -$347K |
|
86
Procter & Gamble
PG
$342B
| $13.7M | 0.01% |
174,720
-645
| -0.4% | -$52K |
|
|
CB
87
DELISTED
CHUBB CORPORATION
CB
| $12.3M | 0.01% |
133,512
-2,750
| -2% | -$253K |
|
88
Home Depot
HD
$324B
| $12.1M | 0.01% |
149,429
-35,350
| -19% | -$2.79M |
|
89
Vodafone
VOD
$35.7B
| $11.1M | 0.01% |
333,326
-4,438,753
| -93% | -$157M |
|
90
US Bancorp
USB
$98.5B
| $10.5M | 0.01% |
242,384
-7,519
| -3% | -$314K |
|
91
Amgen
AMGN
$199B
| $10.2M | 0.01% |
85,857
-19,900
| -19% | -$2.3M |
|
92
Thermo Fisher Scientific
TMO
$215B
| $9.56M | 0.01% |
81,002
-5,700
| -7% | -$671K |
|
|
COV
93
DELISTED
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
| $8.3M | 0.01% |
92,017
-9,500
| -9% | -$711K |
|
94
Caterpillar
CAT
$417B
| $7.86M | 0.01% |
72,319
-426
| -0.6% | -$44.7K |
|
95
McDonald's
MCD
$187B
| $5.66M | 0.01% |
56,175
-4,244
| -7% | -$428K |
|
96
Walt Disney
DIS
$161B
| $5.43M | 0.01% |
63,324
-446
| -0.7% | -$36.4K |
|
97
Motorola Solutions
MSI
$67.3B
| $4.55M | ﹤0.01% |
68,424
-4,000
| -6% | -$263K |
|
|
FRX
98
DELISTED
FOREST LABORATORIES INC
FRX
| $4.46M | ﹤0.01% |
45,100
-3,843,518
| -99% | -$358M |
|
99
3M
MMM
$87.6B
| $4.43M | ﹤0.01% |
37,026
-155
| -0.4% | -$18.2K |
|
100
Johnson & Johnson
JNJ
$622B
| $4.04M | ﹤0.01% |
38,625
| – | – |
|
Similar funds
Dodge & Cox's Q2 2014 Portfolio in Review
As of Q2 2014, Dodge & Cox held 168 positions worth $105B, up 7.2% from $97.8B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Trading was light in Q2 2014: portfolio turnover was 2.4%. Dodge & Cox opened 3 new positions and exited 1, leaving the 168-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 21% of assets, down from 22% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q2 2014 buy was Time Inc.: 8,123,224 shares worth $197M.
- Dodge & Cox added most to Target in Q2 2014, an estimated $991M increase.
- Dodge & Cox's biggest Q2 2014 reduction was GE Aerospace, cutting an estimated $526M.
- Dodge & Cox fully exited RTX Corp in Q2 2014, selling an estimated $205K.
- Dodge & Cox's ten largest holdings make up 35% of its $105B portfolio in Q2 2014.
- Dodge & Cox opened 3 new positions and closed 1 in Q2 2014.
- Dodge & Cox's portfolio value rose 7.2% quarter-over-quarter to $105B.
Based on Dodge & Cox's 13F filing for Q2 2014, filed 13 Aug 2014.