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 |
Booking.com
BKNG
|
+$812M |
| 2 |
EMC
EMC CORPORATION
EMC
|
+$745M |
| 3 |
Petrobras Class A
PBR.A
|
+$482M |
| 4 |
Cisco
CSCO
|
+$443M |
| 5 |
HP
HPQ
|
+$402M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GSK
GSK
|
+$494M |
| 2 |
AOL
AOL INC COMMON STOCK
AOL
|
+$464M |
| 3 |
CarMax
KMX
|
+$435M |
| 4 |
BNY
Bank of New York Mellon
BNY
|
+$376M |
| 5 |
Nokia
NOK
|
+$232M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.33% |
| 2 | Technology | 19.62% |
| 3 | Healthcare | 16.6% |
| 4 | Communication Services | 16.32% |
| 5 | Energy | 11.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Ericsson
ERIC
$30.6B
| $22.5M | 0.02% |
2,152,858
+44,924
| +2% | +$520K |
|
|
CS
77
DELISTED
Credit Suisse Group
CS
| $22.4M | 0.02% |
812,199
-24,683
| -3% | -$667K |
|
78
Travelers Companies
TRV
$78.8B
| $21.1M | 0.02% |
217,841
-5,966
| -3% | -$611K |
|
79
IBM
IBM
$193B
| $18.3M | 0.02% |
117,834
-5,805
| -5% | -$933K |
|
80
Occidental Petroleum
OXY
$58.1B
| $15.6M | 0.01% |
200,422
-4,310
| -2% | -$337K |
|
81
American Express
AXP
$232B
| $15.1M | 0.01% |
194,523
-7,450
| -4% | -$591K |
|
82
ExxonMobil
XOM
$654B
| $13M | 0.01% |
156,552
-4,480
| -3% | -$385K |
|
83
Procter & Gamble
PG
$342B
| $12.5M | 0.01% |
160,370
-5,732
| -3% | -$461K |
|
84
Vulcan Materials
VMC
$35.7B
| $12M | 0.01% |
143,355
-34,770
| -20% | -$3.03M |
|
85
Home Depot
HD
$325B
| $11.4M | 0.01% |
102,822
-6,442
| -6% | -$721K |
|
|
CB
86
DELISTED
CHUBB CORPORATION
CB
| $11.3M | 0.01% |
118,610
-3,000
| -2% | -$296K |
|
87
Diageo
DEO
$45.7B
| $10.8M | 0.01% |
92,674
-11,916
| -11% | -$1.36M |
|
88
Boston Scientific
BSX
$64.3B
| $10.4M | 0.01% |
588,260
-141,200
| -19% | -$2.52M |
|
89
Unilever
UL
$130B
| $8.61M | 0.01% |
178,036
-180,238
| -50% | -$8.91M |
|
90
US Bancorp
USB
$98.5B
| $7.84M | 0.01% |
180,734
-37,200
| -17% | -$1.63M |
|
91
Amgen
AMGN
$199B
| $7.8M | 0.01% |
50,804
-3,900
| -7% | -$625K |
|
92
Walt Disney
DIS
$161B
| $7.58M | 0.01% |
66,457
-12
| -0% | -$1.32K |
|
93
Thermo Fisher Scientific
TMO
$215B
| $6.98M | 0.01% |
53,802
| – | – |
|
|
MHFI
94
DELISTED
MCGRAW-HILL FINANCIAL INC COM
MHFI
| $6.34M | 0.01% |
63,146
-11,925
| -16% | -$1.25M |
|
95
Bristol-Myers Squibb
BMY
$126B
| $5.38M | ﹤0.01% |
80,928
-6,900
| -8% | -$455K |
|
|
CSC
96
DELISTED
Computer Sciences
CSC
| $5.19M | ﹤0.01% |
187,586
-23,018
| -11% | -$645K |
|
97
Caterpillar
CAT
$416B
| $5.08M | ﹤0.01% |
59,918
-3,450
| -5% | -$297K |
|
98
3M
MMM
$87.6B
| $4.04M | ﹤0.01% |
31,342
-1,794
| -5% | -$241K |
|
99
Motorola Solutions
MSI
$67.2B
| $3.86M | ﹤0.01% |
67,396
| – | – |
|
100
Johnson & Johnson
JNJ
$622B
| $3.73M | ﹤0.01% |
38,235
-1,750
| -4% | -$175K |
|
Similar funds
Dodge & Cox's Q2 2015 Portfolio in Review
As of Q2 2015, Dodge & Cox held 187 positions worth $111B, up 2.2% from $109B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Trading was light in Q2 2015: portfolio turnover was 4.3%. Dodge & Cox opened 1 new position and exited 7, leaving the 187-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 Q2 2015 buy was Booking.com: 17,019,125 shares worth $784M.
- Dodge & Cox added most to EMC CORPORATION in Q2 2015, an estimated $745M increase.
- Dodge & Cox's biggest Q2 2015 reduction was GSK, cutting an estimated $494M.
- Dodge & Cox fully exited AOL INC COMMON STOCK in Q2 2015, selling an estimated $464M.
- Dodge & Cox's ten largest holdings make up 35% of its $111B portfolio in Q2 2015.
- Dodge & Cox opened 1 new position and closed 7 in Q2 2015.
- Dodge & Cox's portfolio value rose 2.2% quarter-over-quarter to $111B.
Based on Dodge & Cox's 13F filing for Q2 2015, filed 13 Aug 2015.