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 |
MFGP
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
|
+$1.17B |
| 2 |
Eli Lilly
LLY
|
+$1.15B |
| 3 |
Baker Hughes
BKR
|
+$845M |
| 4 |
Gilead Sciences
GILD
|
+$758M |
| 5 |
GSK
GSK
|
+$602M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BHI
Baker Hughes
BHI
|
+$1.3B |
| 2 |
Hewlett Packard
HPE
|
+$952M |
| 3 |
DXC Technology
DXC
|
+$764M |
| 4 |
TWX
Time Warner Inc
TWX
|
+$664M |
| 5 |
Novartis
NVS
|
+$464M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.34% |
| 2 | Healthcare | 19.07% |
| 3 | Communication Services | 15.79% |
| 4 | Technology | 14.69% |
| 5 | Energy | 7.12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Alphabet (Google) Class A
GOOGL
$3.87T
| $198M | 0.16% |
4,058,480
-983,980
| -20% | -$46.7M |
|
77
Liberty Latin America Class C
LILAK
$1.46B
| $155M | 0.12% |
7,764,569
-26,751
| -0.3% | -$572K |
|
78
News Corp Class A
NWSA
$14.5B
| $151M | 0.12% |
11,358,193
+476,159
| +4% | +$6.44M |
|
|
79
Liberty Latin America Class A
LILA
$1.47B
| $119M | 0.1% |
7,803,945
-33,891
| -0.4% | -$548K |
|
80
Itaú Unibanco
ITUB
$92.3B
| $79.8M | 0.06% |
12,009,470
-677,200
| -5% | -$4.14M |
|
81
Chevron
CVX
$392B
| $44.9M | 0.04% |
382,227
-32,612
| -8% | -$3.56M |
|
|
WUBA
82
DELISTED
58.com Inc
WUBA
| $41.2M | 0.03% |
651,800
-827,766
| -56% | -$47M |
|
83
Petrobras Class A
PBR.A
$110B
| $36.8M | 0.03% |
3,806,600
-218,500
| -5% | -$1.9M |
|
84
Cadence Design Systems
CDNS
$92.3B
| $30.5M | 0.02% |
772,024
-120,245
| -13% | -$4.43M |
|
85
DuPont de Nemours
DD
$18.6B
| $24.1M | 0.02% |
137,180
+1,504
| +1% | +$251K |
|
86
GE Aerospace
GE
$361B
| $21.1M | 0.02% |
181,662
-43,311
| -19% | -$5.24M |
|
87
Travelers Companies
TRV
$78.8B
| $21M | 0.02% |
171,159
-10,424
| -6% | -$1.3M |
|
|
STI
88
DELISTED
SunTrust Banks, Inc.
STI
| $20.4M | 0.02% |
340,470
-42,083
| -11% | -$2.38M |
|
89
Pfizer
PFE
$143B
| $18.9M | 0.02% |
558,243
-48,047
| -8% | -$1.54M |
|
90
ICICI Bank
IBN
$105B
| $17.2M | 0.01% |
2,014,030
-22,300
| -1% | -$204K |
|
91
Adobe
ADBE
$85.1B
| $15M | 0.01% |
100,603
-24,064
| -19% | -$3.59M |
|
|
CS
92
DELISTED
Credit Suisse Group
CS
| $14.7M | 0.01% |
931,463
+4,003
| +0.4% | +$60.8K |
|
93
IBM
IBM
$193B
| $13.1M | 0.01% |
94,200
-4,058
| -4% | -$565K |
|
94
Procter & Gamble
PG
$342B
| $12.9M | 0.01% |
141,786
-2,130
| -1% | -$194K |
|
95
Home Depot
HD
$325B
| $11.5M | 0.01% |
70,430
-3,625
| -5% | -$556K |
|
96
Ericsson
ERIC
$30.6B
| $11M | 0.01% |
1,916,742
+46,629
| +2% | +$288K |
|
97
ExxonMobil
XOM
$653B
| $10.8M | 0.01% |
131,530
-3,150
| -2% | -$250K |
|
|
RDS.A
98
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $10.5M | 0.01% |
172,783
-19,349
| -10% | -$1.08M |
|
99
Boston Scientific
BSX
$64.3B
| $8.82M | 0.01% |
302,355
-21,900
| -7% | -$605K |
|
100
Thermo Fisher Scientific
TMO
$216B
| $8.65M | 0.01% |
45,737
-1,950
| -4% | -$353K |
|
Similar funds
Dodge & Cox's Q3 2017 Portfolio in Review
As of Q3 2017, Dodge & Cox held 183 positions worth $124B, up 4.8% from $119B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q3 2017: portfolio turnover was 3.8%. Dodge & Cox opened 4 new positions and exited 3, leaving the 183-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q3 2017 buy was Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share: 30,298,435 shares worth $1.17B.
- Dodge & Cox added most to Eli Lilly in Q3 2017, an estimated $1.15B increase.
- Dodge & Cox's biggest Q3 2017 reduction was Hewlett Packard, cutting an estimated $952M.
- Dodge & Cox fully exited Baker Hughes in Q3 2017, selling an estimated $1.3B.
- Dodge & Cox's ten largest holdings make up 29% of its $124B portfolio in Q3 2017.
- Dodge & Cox opened 4 new positions and closed 3 in Q3 2017.
- Dodge & Cox's portfolio value rose 4.8% quarter-over-quarter to $124B.
Based on Dodge & Cox's 13F filing for Q3 2017, filed 13 Nov 2017.