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 |
AT&T
T
|
+$1.51B |
| 2 |
Comcast
CMCSA
|
+$985M |
| 3 |
Optimum Communications Inc
OPTU
|
+$520M |
| 4 |
Charter Communications
CHTR
|
+$518M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$487M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TWX
Time Warner Inc
TWX
|
+$2.98B |
| 2 |
Merck
MRK
|
+$620M |
| 3 |
Hewlett Packard
HPE
|
+$617M |
| 4 |
Charles Schwab
SCHW
|
+$485M |
| 5 |
Cisco
CSCO
|
+$459M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.82% |
| 2 | Healthcare | 19.47% |
| 3 | Communication Services | 19.05% |
| 4 | Technology | 13.42% |
| 5 | Energy | 10.78% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
76
Liberty Latin America Class C
LILAK
$1.61B
| $129M | 0.1% |
7,762,466
-818
| -0% | -$14.3K |
2015 Q3
11 quarters
|
|
77
Liberty Latin America Class A
LILA
$1.63B
| $107M | 0.09% |
8,701,195
-1,874
| -0% | -$24.7K |
2015 Q3
11 quarters
|
|
78
Itaú Unibanco
ITUB
$109B
| $49.9M | 0.04% |
9,915,817
-210,272
| -2% | -$1.31M |
2016 Q3
7 quarters
|
|
79
Chevron
CVX
$427B
| $44.2M | 0.04% |
349,948
-9,690
| -3% | -$1.2M |
2013 Q2
20 quarters
|
|
80
Petrobras Class A
PBR.A
$146B
| $29.8M | 0.02% |
3,376,600
-291,500
| -8% | -$3.31M |
2013 Q2
20 quarters
|
|
81
Walmart Inc
WMT
$891B
| $27.1M | 0.02% |
950,157
-216,720
| -19% | -$6.16M |
2013 Q2
20 quarters
|
|
82
Corning
GLW
$128B
| $21.3M | 0.02% |
775,097
-372,441
| -32% | -$10.3M |
2013 Q2
20 quarters
|
|
83
Cadence Design Systems
CDNS
$92B
| $21.1M | 0.02% |
487,800
-62,565
| -11% | -$2.57M |
2013 Q2
20 quarters
|
|
84
Travelers Companies
TRV
$77.9B
| $18.8M | 0.02% |
153,393
-3,350
| -2% | -$439K |
2013 Q2
20 quarters
|
|
85
DuPont de Nemours
DD
$17.5B
| $17.4M | 0.01% |
104,352
-6,059
| -5% | -$1.01M |
2013 Q2
20 quarters
|
|
86
ICICI Bank
IBN
$102B
| $16.9M | 0.01% |
2,109,430
+95,400
| +5% | +$818K |
2016 Q4
6 quarters
|
|
87
NetApp
NTAP
$46.9B
| $16.7M | 0.01% |
212,478
-215,285
| -50% | -$15.1M |
2013 Q2
20 quarters
|
|
88
Pfizer
PFE
$162B
| $15.8M | 0.01% |
457,567
-8,521
| -2% | -$291K |
2013 Q2
20 quarters
|
|
|
CS
89
DELISTED
Credit Suisse Group
CS
| $13.6M | 0.01% |
910,791
-11,601
| -1% | -$187K |
2013 Q2
20 quarters
|
|
90
DELISTED
SunTrust Banks, Inc.
STI
| $13.4M | 0.01% |
203,290
-50,200
| -20% | -$3.41M |
2013 Q2
20 quarters
|
|
91
Ericsson
ERIC
$31.6B
| $13.3M | 0.01% |
1,739,574
+7,200
| +0.4% | +$52.7K |
2013 Q2
20 quarters
|
|
92
Home Depot
HD
$293B
| $12.2M | 0.01% |
62,475
-1,095
| -2% | -$205K |
2013 Q2
20 quarters
|
|
93
Adobe
ADBE
$92B
| $11.9M | 0.01% |
48,889
-9,114
| -16% | -$2.16M |
2013 Q2
20 quarters
|
|
94
IBM
IBM
$217B
| $11.5M | 0.01% |
85,771
-1,880
| -2% | -$262K |
2013 Q2
20 quarters
|
|
|
RDS.A
95
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $10.9M | 0.01% |
158,079
-450
| -0.3% | -$31.2K |
2013 Q2
20 quarters
|
|
96
Procter & Gamble
PG
$355B
| $10.6M | 0.01% |
135,456
-1,410
| -1% | -$106K |
2013 Q2
20 quarters
|
|
97
DXC Technology
DXC
$2.04B
| $10.5M | 0.01% |
130,653
-53,616
| -29% | -$4.61M |
2017 Q2
4 quarters
|
|
98
ExxonMobil
XOM
$716B
| $10.5M | 0.01% |
126,818
-280
| -0.2% | -$22.3K |
2013 Q2
20 quarters
|
|
99
GE Aerospace
GE
$319B
| $9.48M | 0.01% |
145,278
-4,235
| -3% | -$282K |
2013 Q2
20 quarters
|
|
100
Thermo Fisher Scientific
TMO
$245B
| $8.51M | 0.01% |
41,098
-680
| -2% | -$144K |
2013 Q2
20 quarters
|
|
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Dodge & Cox's Q2 2018 Portfolio in Review
As of Q2 2018, Dodge & Cox held 181 positions worth $125B, up 1% from $124B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q2 2018: portfolio turnover was 5%. Dodge & Cox opened 4 new positions and exited 5, leaving the 181-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 Q2 2018 buy was AT&T: 60,273,392 shares worth $1.46B.
- Dodge & Cox added most to Comcast in Q2 2018, an estimated $985M increase.
- Dodge & Cox's biggest Q2 2018 reduction was Merck, cutting an estimated $620M.
- Dodge & Cox fully exited Time Warner Inc in Q2 2018, selling an estimated $2.98B.
- Dodge & Cox's ten largest holdings make up 30% of its $125B portfolio in Q2 2018.
- Dodge & Cox opened 4 new positions and closed 5 in Q2 2018.
- Dodge & Cox's portfolio value rose 1% quarter-over-quarter to $125B.
Based on Dodge & Cox's 13F filing for Q2 2018, filed 14 Aug 2018.