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 |
RTX Corp
RTX
|
+$1.53B |
| 2 |
Linde
LIN
|
+$1.28B |
| 3 |
Occidental Petroleum
OXY
|
+$1.27B |
| 4 |
Cigna
CI
|
+$904M |
| 5 |
FedEx
FDX
|
+$752M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ESRX
Express Scripts Holding Company
ESRX
|
+$3.79B |
| 2 |
Medtronic
MDT
|
+$1.09B |
| 3 |
Dell
DELL
|
+$1.04B |
| 4 |
Union Pacific
UNP
|
+$861M |
| 5 |
Eli Lilly
LLY
|
+$803M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.53% |
| 2 | Healthcare | 19.64% |
| 3 | Communication Services | 17.52% |
| 4 | Technology | 13.35% |
| 5 | Energy | 9.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Incyte
INCY
$25.9B
| $270M | 0.25% |
+4,240,100
| New | +$275M |
|
77
Target
TGT
$75.4B
| $178M | 0.16% |
2,698,719
-6,124,531
| -69% | -$471M |
|
78
Alphabet (Google) Class A
GOOGL
$4.17T
| $144M | 0.13% |
2,754,680
-34,900
| -1% | -$1.89M |
|
79
News Corp Class A
NWSA
$16.8B
| $130M | 0.12% |
11,468,549
-30,075
| -0.3% | -$385K |
|
80
Ball Corp
BALL
$16.8B
| $114M | 0.1% |
2,476,121
-1,053,900
| -30% | -$49.2M |
|
81
Itaú Unibanco
ITUB
$83B
| $100M | 0.09% |
15,031,181
+997,381
| +7% | +$6.41M |
|
82
Synopsys
SNPS
$89.1B
| $68.7M | 0.06% |
814,946
-2,602,694
| -76% | -$231M |
|
83
Merck
MRK
$369B
| $63.4M | 0.06% |
869,866
-170,026
| -16% | -$12M |
|
|
WFT
84
DELISTED
Weatherford International plc
WFT
| $46.3M | 0.04% |
82,847,831
-294,561
| -0.4% | -$384K |
|
85
Petrobras Class A
PBR.A
$107B
| $41.7M | 0.04% |
3,602,007
-410,275
| -10% | -$5.36M |
|
86
Chevron
CVX
$392B
| $37.3M | 0.03% |
342,906
-3,312
| -1% | -$384K |
|
87
Walmart Inc
WMT
$817B
| $20.2M | 0.02% |
650,370
-70,737
| -10% | -$2.27M |
|
88
Cadence Design Systems
CDNS
$95.7B
| $19.7M | 0.02% |
452,920
-20,585
| -4% | -$894K |
|
89
Pfizer
PFE
$160B
| $18.4M | 0.02% |
443,358
-13,049
| -3% | -$542K |
|
90
ICICI Bank
IBN
$107B
| $18M | 0.02% |
1,745,830
-292,100
| -14% | -$2.76M |
|
91
Travelers Companies
TRV
$77B
| $17.9M | 0.02% |
149,094
-2,079
| -1% | -$260K |
|
92
Corning
GLW
$132B
| $17.2M | 0.02% |
570,372
-54,202
| -9% | -$1.73M |
|
93
Ericsson
ERIC
$33B
| $15.3M | 0.01% |
1,727,229
-10,745
| -0.6% | -$93.4K |
|
94
DuPont de Nemours
DD
$18.7B
| $13.8M | 0.01% |
102,190
-1,607
| -2% | -$231K |
|
95
Procter & Gamble
PG
$333B
| $12.2M | 0.01% |
132,827
-3,615
| -3% | -$323K |
|
96
Home Depot
HD
$328B
| $10.5M | 0.01% |
60,855
-1,645
| -3% | -$295K |
|
97
Adobe
ADBE
$115B
| $10.2M | 0.01% |
45,010
-3,329
| -7% | -$804K |
|
|
CS
98
DELISTED
Credit Suisse Group
CS
| $9.41M | 0.01% |
866,299
-56,342
| -6% | -$697K |
|
|
STI
99
DELISTED
SunTrust Banks, Inc.
STI
| $9.3M | 0.01% |
184,420
-10,770
| -6% | -$645K |
|
100
Liberty Latin America Class A
LILA
$1.63B
| $8.9M | 0.01% |
960,452
-7,740,012
| -89% | -$89.4M |
|
Similar funds
Dodge & Cox's Q4 2018 Portfolio in Review
As of Q4 2018, Dodge & Cox held 194 positions worth $109B, down 17% from $131B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q4 2018 filing shows 4 new, 38 increased, 100 reduced and 13 closed positions. Its largest new stake was Linde: 8,101,094 shares worth $1.29B. The largest sale was Express Scripts Holding Company, an estimated $3.79B.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 23% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q4 2018 buy was Linde: 8,101,094 shares worth $1.29B.
- Dodge & Cox added most to RTX Corp in Q4 2018, an estimated $1.53B increase.
- Dodge & Cox's biggest Q4 2018 reduction was Medtronic, cutting an estimated $1.09B.
- Dodge & Cox fully exited Express Scripts Holding Company in Q4 2018, selling an estimated $3.79B.
- Dodge & Cox's ten largest holdings make up 30% of its $109B portfolio in Q4 2018.
- Dodge & Cox opened 4 new positions and closed 13 in Q4 2018.
- Dodge & Cox's portfolio value fell 17% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q4 2018, filed 14 Feb 2019.