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 |
Occidental Petroleum
OXY
|
+$1.35B |
| 2 |
Cognizant
CTSH
|
+$1.13B |
| 3 |
HES
Hess
HES
|
+$597M |
| 4 |
Microchip Technology
MCHP
|
+$583M |
| 5 |
FedEx
FDX
|
+$538M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
APC
Anadarko Petroleum
APC
|
+$1.59B |
| 2 |
Comcast
CMCSA
|
+$1.31B |
| 3 |
Novartis
NVS
|
+$942M |
| 4 |
Eli Lilly
LLY
|
+$685M |
| 5 |
Union Pacific
UNP
|
+$645M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.18% |
| 2 | Healthcare | 17.09% |
| 3 | Technology | 15.97% |
| 4 | Communication Services | 15.64% |
| 5 | Energy | 10.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
News Corp Class A
NWSA
$16.8B
| $185M | 0.15% |
13,696,224
+49,650
| +0.4% | +$607K |
|
77
Alphabet (Google) Class A
GOOGL
$4.18T
| $145M | 0.12% |
2,687,280
-45,200
| -2% | -$2.62M |
|
78
Walt Disney
DIS
$185B
| $105M | 0.08% |
749,273
-344,325
| -31% | -$45.7M |
|
79
Itaú Unibanco
ITUB
$83B
| $87M | 0.07% |
12,696,058
+137,433
| +1% | +$865K |
|
|
80
Union Pacific
UNP
$183B
| $68.4M | 0.06% |
404,391
-3,763,051
| -90% | -$645M |
|
81
Merck
MRK
$363B
| $59.9M | 0.05% |
748,924
-56,663
| -7% | -$4.34M |
|
82
Chevron
CVX
$394B
| $42.3M | 0.03% |
339,631
-850
| -0.2% | -$103K |
|
83
Petrobras Class A
PBR.A
$107B
| $35.8M | 0.03% |
2,524,607
-753,000
| -23% | -$10.4M |
|
84
Target
TGT
$75.2B
| $33.8M | 0.03% |
389,757
-2,201,333
| -85% | -$178M |
|
85
Cadence Design Systems
CDNS
$94.8B
| $30.4M | 0.02% |
428,614
-6,680
| -2% | -$447K |
|
86
Travelers Companies
TRV
$77.6B
| $22.1M | 0.02% |
147,844
-1,200
| -0.8% | -$173K |
|
87
ICICI Bank
IBN
$107B
| $18.7M | 0.02% |
1,488,830
| – | – |
|
88
Pfizer
PFE
$159B
| $17.2M | 0.01% |
418,677
-7,139
| -2% | -$283K |
|
89
Walmart Inc
WMT
$817B
| $16.1M | 0.01% |
436,545
-57,225
| -12% | -$1.97M |
|
90
Procter & Gamble
PG
$333B
| $14.4M | 0.01% |
131,515
-310
| -0.2% | -$33K |
|
91
Corning
GLW
$130B
| $13.7M | 0.01% |
413,364
-55,213
| -12% | -$1.77M |
|
92
Adobe
ADBE
$115B
| $12.5M | 0.01% |
42,265
-1,045
| -2% | -$290K |
|
|
STI
93
DELISTED
SunTrust Banks, Inc.
STI
| $11.3M | 0.01% |
179,620
-2,300
| -1% | -$145K |
|
94
Home Depot
HD
$329B
| $11.1M | 0.01% |
53,570
-4,435
| -8% | -$885K |
|
95
Thermo Fisher Scientific
TMO
$231B
| $11M | 0.01% |
37,343
-905
| -2% | -$249K |
|
96
AT&T
T
$175B
| $10.7M | 0.01% |
424,130
-25,410,461
| -98% | -$609M |
|
97
IBM
IBM
$225B
| $10M | 0.01% |
75,972
-2,667
| -3% | -$350K |
|
|
RDS.A
98
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $9.48M | 0.01% |
145,629
-2,000
| -1% | -$128K |
|
99
ExxonMobil
XOM
$647B
| $9.38M | 0.01% |
122,449
-1,262
| -1% | -$97.7K |
|
100
GE Aerospace
GE
$358B
| $7.74M | 0.01% |
147,980
-10,975
| -7% | -$540K |
|
Similar funds
Dodge & Cox's Q2 2019 Portfolio in Review
As of Q2 2019, Dodge & Cox held 183 positions worth $124B, up 1.5% from $122B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q2 2019: portfolio turnover was 4.4%. Dodge & Cox opened 5 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, up from 24% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q2 2019 buy was Cognizant: 17,257,544 shares worth $1.09B.
- Dodge & Cox added most to Occidental Petroleum in Q2 2019, an estimated $1.35B increase.
- Dodge & Cox's biggest Q2 2019 reduction was Anadarko Petroleum, cutting an estimated $1.59B.
- Dodge & Cox fully exited Weatherford International plc in Q2 2019, selling an estimated $41.4M.
- Dodge & Cox's ten largest holdings make up 31% of its $124B portfolio in Q2 2019.
- Dodge & Cox opened 5 new positions and closed 3 in Q2 2019.
- Dodge & Cox's portfolio value rose 1.5% quarter-over-quarter to $124B.
Based on Dodge & Cox's 13F filing for Q2 2019, filed 13 Aug 2019.