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 |
ESRX
Express Scripts Holding Company
ESRX
|
+$524M |
| 2 |
Suncor Energy
SU
|
+$422M |
| 3 |
Novartis
NVS
|
+$362M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$361M |
| 5 |
JNPR
Juniper Networks
JNPR
|
+$314M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLB Ltd
SLB
|
+$354M |
| 2 |
HP
HPQ
|
+$350M |
| 3 |
NetApp
NTAP
|
+$329M |
| 4 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$319M |
| 5 |
BNY
Bank of New York Mellon
BNY
|
+$217M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.32% |
| 2 | Communication Services | 18.65% |
| 3 | Technology | 16.41% |
| 4 | Healthcare | 16.28% |
| 5 | Energy | 10.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Itaú Unibanco
ITUB
$82.2B
| $70.8M | 0.06% |
12,097,289
-157,292
| -1% | -$933K |
|
77
Chevron
CVX
$396B
| $48.4M | 0.04% |
450,688
-40,048
| -8% | -$4.49M |
|
78
GE Aerospace
GE
$355B
| $37.6M | 0.03% |
263,379
-43,105
| -14% | -$6.24M |
|
79
Cadence Design Systems
CDNS
$93.5B
| $31.4M | 0.03% |
1,000,644
-99,665
| -9% | -$2.91M |
|
|
STI
80
DELISTED
SunTrust Banks, Inc.
STI
| $23.3M | 0.02% |
420,780
-100,910
| -19% | -$5.78M |
|
81
Pfizer
PFE
$159B
| $23.2M | 0.02% |
714,686
-72,622
| -9% | -$2.29M |
|
82
DuPont de Nemours
DD
$18.4B
| $22.9M | 0.02% |
142,041
-8,686
| -6% | -$1.35M |
|
83
Travelers Companies
TRV
$76.9B
| $22.1M | 0.02% |
183,583
-7,686
| -4% | -$924K |
|
84
Adobe
ADBE
$116B
| $20.1M | 0.02% |
154,177
-30,535
| -17% | -$3.58M |
|
85
Gen Digital
GEN
$18.4B
| $17.2M | 0.01% |
561,160
-6,979,844
| -93% | -$198M |
|
86
IBM
IBM
$222B
| $16.7M | 0.01% |
100,400
-2,888
| -3% | -$484K |
|
87
ICICI Bank
IBN
$108B
| $16.6M | 0.01% |
2,117,830
| – | – |
|
|
CS
88
DELISTED
Credit Suisse Group
CS
| $13.8M | 0.01% |
929,324
-13,808
| -1% | -$211K |
|
89
Procter & Gamble
PG
$333B
| $13.1M | 0.01% |
145,328
-4,366
| -3% | -$387K |
|
|
RDS.A
90
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $12.9M | 0.01% |
248,275
-6,117,528
| -96% | -$319M |
|
91
Ericsson
ERIC
$32.4B
| $12.8M | 0.01% |
1,920,213
-48,985
| -2% | -$302K |
|
92
ExxonMobil
XOM
$642B
| $11.1M | 0.01% |
135,412
-2,359
| -2% | -$197K |
|
93
Home Depot
HD
$327B
| $10.9M | 0.01% |
74,430
-10,635
| -13% | -$1.51M |
|
94
Occidental Petroleum
OXY
$59.1B
| $10.5M | 0.01% |
165,122
-11,665
| -7% | -$776K |
|
95
eBay
EBAY
$46.5B
| $9.32M | 0.01% |
277,557
-149,108
| -35% | -$4.85M |
|
96
Vulcan Materials
VMC
$35.4B
| $8.82M | 0.01% |
73,196
-12,839
| -15% | -$1.57M |
|
97
Boston Scientific
BSX
$67.7B
| $8.17M | 0.01% |
328,655
-43,016
| -12% | -$1.05M |
|
98
Thermo Fisher Scientific
TMO
$229B
| $7.42M | 0.01% |
48,287
-1,715
| -3% | -$262K |
|
99
Adient
ADNT
$1.44B
| $7.05M | 0.01% |
97,001
-3,196,620
| -97% | -$210M |
|
100
US Bancorp
USB
$97.2B
| $6.57M | 0.01% |
127,634
-23,200
| -15% | -$1.24M |
|
Similar funds
Dodge & Cox's Q1 2017 Portfolio in Review
As of Q1 2017, Dodge & Cox held 181 positions worth $118B, up 4.6% from $113B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q1 2017: portfolio turnover was 1.7%. Dodge & Cox opened no new positions and exited 3, leaving the 181-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 27% a quarter earlier, followed by Communication Services and Technology.
- Dodge & Cox added most to Express Scripts Holding Company in Q1 2017, an estimated $524M increase.
- Dodge & Cox's biggest Q1 2017 reduction was SLB Ltd, cutting an estimated $354M.
- Dodge & Cox fully exited Lowe's Companies in Q1 2017, selling an estimated $278K.
- Dodge & Cox's ten largest holdings make up 32% of its $118B portfolio in Q1 2017.
- Dodge & Cox opened 0 new positions and closed 3 in Q1 2017.
- Dodge & Cox's portfolio value rose 4.6% quarter-over-quarter to $118B.
Based on Dodge & Cox's 13F filing for Q1 2017, filed 12 May 2017.