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 |
Bristol-Myers Squibb
BMY
|
+$1.23B |
| 2 |
ZAYO
Zayo Group Holdings, Inc.
ZAYO
|
+$477M |
| 3 |
Medtronic
MDT
|
+$401M |
| 4 |
Sanofi
SNY
|
+$364M |
| 5 |
Wells Fargo
WFC
|
+$215M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Gen Digital
GEN
|
+$770M |
| 2 |
Bank of America
BAC
|
+$769M |
| 3 |
UnitedHealth
UNH
|
+$495M |
| 4 |
BHI
Baker Hughes
BHI
|
+$450M |
| 5 |
HP
HPQ
|
+$446M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.66% |
| 2 | Communication Services | 16.03% |
| 3 | Technology | 15.63% |
| 4 | Healthcare | 14.79% |
| 5 | Energy | 9.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Liberty Latin America Class C
LILAK
$1.46B
| $139M | 0.12% |
7,644,924
+3,092,672
| +68% | +$62M |
|
|
77
Liberty Latin America Class A
LILA
$1.47B
| $109M | 0.1% |
7,779,266
+3,831,698
| +97% | +$58.3M |
|
78
News Corp Class A
NWSA
$14.5B
| $84.7M | 0.08% |
7,392,557
-170,817
| -2% | -$2.11M |
|
79
Itaú Unibanco
ITUB
$92.3B
| $61.1M | 0.05% |
12,254,581
+3,067,088
| +33% | +$15.7M |
|
80
Chevron
CVX
$392B
| $57.8M | 0.05% |
490,736
-19,290
| -4% | -$2.1M |
|
81
GE Aerospace
GE
$361B
| $46.4M | 0.04% |
306,484
-19,818
| -6% | -$2.88M |
|
|
STI
82
DELISTED
SunTrust Banks, Inc.
STI
| $28.6M | 0.03% |
521,690
-20,909
| -4% | -$1.04M |
|
83
Cadence Design Systems
CDNS
$92.3B
| $27.8M | 0.02% |
1,100,309
-66,134
| -6% | -$1.7M |
|
84
Pfizer
PFE
$143B
| $24.3M | 0.02% |
787,308
-27,584
| -3% | -$842K |
|
85
Travelers Companies
TRV
$78.8B
| $23.4M | 0.02% |
191,269
-4,314
| -2% | -$493K |
|
86
DuPont de Nemours
DD
$18.6B
| $21.8M | 0.02% |
150,727
-11,744
| -7% | -$1.64M |
|
87
Adobe
ADBE
$85.1B
| $19M | 0.02% |
184,712
-21,252
| -10% | -$2.25M |
|
88
IBM
IBM
$193B
| $16.4M | 0.01% |
103,288
-220
| -0.2% | -$33.5K |
|
89
ICICI Bank
IBN
$105B
| $14.4M | 0.01% |
+2,117,830
| New | +$15.1M |
|
|
CS
90
DELISTED
Credit Suisse Group
CS
| $13.5M | 0.01% |
943,132
-259,084
| -22% | -$3.63M |
|
91
eBay
EBAY
$47.7B
| $12.7M | 0.01% |
426,665
-84,548
| -17% | -$2.5M |
|
92
Occidental Petroleum
OXY
$58.1B
| $12.6M | 0.01% |
176,787
-12,497
| -7% | -$888K |
|
93
Procter & Gamble
PG
$342B
| $12.6M | 0.01% |
149,694
-1,529
| -1% | -$130K |
|
94
ExxonMobil
XOM
$653B
| $12.4M | 0.01% |
137,771
-3,099
| -2% | -$271K |
|
95
Ericsson
ERIC
$30.6B
| $11.5M | 0.01% |
1,969,198
-391,487
| -17% | -$2.16M |
|
96
Home Depot
HD
$325B
| $11.4M | 0.01% |
85,065
-1,050
| -1% | -$135K |
|
97
Vulcan Materials
VMC
$35.7B
| $10.8M | 0.01% |
86,035
-14,370
| -14% | -$1.74M |
|
98
Boston Scientific
BSX
$64.3B
| $8.04M | 0.01% |
371,671
-10,459
| -3% | -$228K |
|
99
PayPal
PYPL
$49B
| $7.82M | 0.01% |
198,020
-18,143
| -8% | -$729K |
|
100
US Bancorp
USB
$98.5B
| $7.75M | 0.01% |
150,834
-2,900
| -2% | -$138K |
|
Similar funds
Dodge & Cox's Q4 2016 Portfolio in Review
As of Q4 2016, Dodge & Cox held 182 positions worth $113B, up 5.8% from $106B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Trading was light in Q4 2016: portfolio turnover was 3.8%. Dodge & Cox opened 6 new positions and exited 1, leaving the 182-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 24% a quarter earlier, followed by Communication Services and Technology.
- Dodge & Cox's largest Q4 2016 buy was Zayo Group Holdings, Inc.: 14,566,252 shares worth $479M.
- Dodge & Cox added most to Bristol-Myers Squibb in Q4 2016, an estimated $1.23B increase.
- Dodge & Cox's biggest Q4 2016 reduction was Gen Digital, cutting an estimated $770M.
- Dodge & Cox fully exited Hartford Financial Services in Q4 2016, selling an estimated $220K.
- Dodge & Cox's ten largest holdings make up 33% of its $113B portfolio in Q4 2016.
- Dodge & Cox opened 6 new positions and closed 1 in Q4 2016.
- Dodge & Cox's portfolio value rose 5.8% quarter-over-quarter to $113B.
Based on Dodge & Cox's 13F filing for Q4 2016, filed 14 Feb 2017.