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 |
eBay
EBAY
|
+$681M |
| 2 |
Cigna
CI
|
+$399M |
| 3 |
Liberty Global Class A
LBTYA
|
+$370M |
| 4 |
TYC
TYCO INTL PLC COM SHS (IRL)
TYC
|
+$207M |
| 5 |
Walmart Inc
WMT
|
+$206M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GSK
GSK
|
+$1.06B |
| 2 |
Nokia
NOK
|
+$561M |
| 3 |
MHFI
MCGRAW-HILL FINANCIAL INC COM
MHFI
|
+$511M |
| 4 |
HP
HPQ
|
+$477M |
| 5 |
DuPont de Nemours
DD
|
+$252M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 21.16% |
| 2 | Technology | 20.44% |
| 3 | Healthcare | 16.97% |
| 4 | Communication Services | 14.78% |
| 5 | Energy | 11.33% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Union Pacific
UNP
$181B
| $36.4M | 0.03% |
335,694
-4,498
| -1% | -$466K |
|
77
Ericsson
ERIC
$30.6B
| $26.4M | 0.03% |
2,098,184
+55,610
| +3% | +$690K |
|
78
IBM
IBM
$194B
| $23.8M | 0.02% |
130,923
-2,358
| -2% | -$430K |
|
|
CS
79
DELISTED
Credit Suisse Group
CS
| $23.2M | 0.02% |
839,575
-17,041
| -2% | -$476K |
|
80
Travelers Companies
TRV
$78.4B
| $22.6M | 0.02% |
240,340
-7,010
| -3% | -$654K |
|
81
Occidental Petroleum
OXY
$57.4B
| $21.9M | 0.02% |
238,123
-7,654
| -3% | -$734K |
|
82
American Express
AXP
$233B
| $19.1M | 0.02% |
218,138
-2,345
| -1% | -$211K |
|
|
MHFI
83
DELISTED
MCGRAW-HILL FINANCIAL INC COM
MHFI
| $19M | 0.02% |
224,530
-6,215,735
| -97% | -$511M |
|
84
ExxonMobil
XOM
$649B
| $15.9M | 0.02% |
169,360
+108
| +0.1% | +$10.8K |
|
85
Procter & Gamble
PG
$342B
| $15M | 0.01% |
179,623
+4,903
| +3% | +$402K |
|
86
Diageo
DEO
$45.7B
| $13.4M | 0.01% |
115,872
-5,163
| -4% | -$625K |
|
87
Home Depot
HD
$324B
| $12.8M | 0.01% |
139,801
-9,628
| -6% | -$826K |
|
|
CB
88
DELISTED
CHUBB CORPORATION
CB
| $11.7M | 0.01% |
128,619
-4,893
| -4% | -$446K |
|
|
CSC
89
DELISTED
Computer Sciences
CSC
| $10.4M | 0.01% |
401,792
-5,125,366
| -93% | -$132M |
|
90
Amgen
AMGN
$200B
| $10.2M | 0.01% |
72,907
-12,950
| -15% | -$1.69M |
|
91
US Bancorp
USB
$98.4B
| $9.44M | 0.01% |
225,634
-16,750
| -7% | -$708K |
|
|
COV
92
DELISTED
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
| $7.7M | 0.01% |
89,017
-3,000
| -3% | -$266K |
|
93
Caterpillar
CAT
$412B
| $7.09M | 0.01% |
71,619
-700
| -1% | -$74.2K |
|
94
Thermo Fisher Scientific
TMO
$213B
| $6.95M | 0.01% |
57,082
-23,920
| -30% | -$2.91M |
|
95
Walt Disney
DIS
$161B
| $6.04M | 0.01% |
67,854
+4,530
| +7% | +$400K |
|
96
Johnson & Johnson
JNJ
$624B
| $5.02M | ﹤0.01% |
47,095
+8,470
| +22% | +$878K |
|
97
McDonald's
MCD
$187B
| $4.79M | ﹤0.01% |
50,529
-5,646
| -10% | -$539K |
|
98
Bristol-Myers Squibb
BMY
$126B
| $4.63M | ﹤0.01% |
90,428
+11,507
| +15% | +$575K |
|
99
Vodafone
VOD
$35B
| $4.59M | ﹤0.01% |
139,675
-193,651
| -58% | -$6.46M |
|
100
3M
MMM
$87.5B
| $4.33M | ﹤0.01% |
36,547
-479
| -1% | -$57.6K |
|
Similar funds
Dodge & Cox's Q3 2014 Portfolio in Review
As of Q3 2014, Dodge & Cox held 207 positions worth $105B, down 0.3% from $105B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Dodge & Cox's Q3 2014 filing shows 40 new, 53 increased, 86 reduced and 4 closed positions. Its largest new stake was New Oriental: 4,002,900 shares worth $92.9M. The largest sale was GSK, an estimated $1.06B.
By sector, the portfolio is most concentrated in Financials at 21% of assets, up from 21% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q3 2014 buy was New Oriental: 4,002,900 shares worth $92.9M.
- Dodge & Cox added most to eBay in Q3 2014, an estimated $681M increase.
- Dodge & Cox's biggest Q3 2014 reduction was GSK, cutting an estimated $1.06B.
- Dodge & Cox fully exited FOREST LABORATORIES INC in Q3 2014, selling an estimated $4.46M.
- Dodge & Cox's ten largest holdings make up 35% of its $105B portfolio in Q3 2014.
- Dodge & Cox opened 40 new positions and closed 4 in Q3 2014.
- Dodge & Cox's portfolio value fell 0.3% quarter-over-quarter to $105B.
Based on Dodge & Cox's 13F filing for Q3 2014, filed 13 Nov 2014.