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 |
Hewlett Packard
HPE
|
+$3.13B |
| 2 |
American Express
AXP
|
+$898M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$814M |
| 4 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$411M |
| 5 |
Elevance Health
ELV
|
+$409M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
HP
HPQ
|
+$2.98B |
| 2 |
Pfizer
PFE
|
+$1.43B |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$940M |
| 4 |
GE Aerospace
GE
|
+$799M |
| 5 |
UBS Group
UBS
|
+$566M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.52% |
| 2 | Technology | 22.84% |
| 3 | Communication Services | 17.89% |
| 4 | Healthcare | 15.08% |
| 5 | Energy | 9.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
101
Walt Disney
DIS
$188B
| $6.95M | 0.01% |
66,121
-336
| -0.5% | -$37.4K |
2013 Q2
10 quarters
|
|
102
Unilever
UL
$135B
| $5.55M | 0.01% |
114,494
-12,089
| -10% | -$590K |
2013 Q2
10 quarters
|
|
103
Bristol-Myers Squibb
BMY
$117B
| $5.33M | 0.01% |
77,458
-2,470
| -3% | -$163K |
2013 Q2
10 quarters
|
|
104
Motorola Solutions
MSI
$73.6B
| $4.56M | ﹤0.01% |
66,596
| – | – |
2013 Q2
10 quarters
|
|
105
GSK
GSK
$93.8B
| $4.55M | ﹤0.01% |
90,226
-72,106
| -44% | -$3.68M |
2013 Q2
10 quarters
|
|
106
CarMax
KMX
$7.2B
| $4.13M | ﹤0.01% |
76,505
-502,283
| -87% | -$28.7M |
2013 Q2
10 quarters
|
|
107
Caterpillar
CAT
$368B
| $3.95M | ﹤0.01% |
58,148
-1,070
| -2% | -$74.8K |
2013 Q2
10 quarters
|
|
108
Johnson & Johnson
JNJ
$635B
| $3.64M | ﹤0.01% |
35,435
-1,500
| -4% | -$151K |
2013 Q2
10 quarters
|
|
109
3M
MMM
$82.9B
| $3.44M | ﹤0.01% |
27,318
-1,274
| -4% | -$164K |
2013 Q2
10 quarters
|
|
110
McDonald's
MCD
$167B
| $3.24M | ﹤0.01% |
27,392
-950
| -3% | -$106K |
2013 Q2
10 quarters
|
|
111
Nucor
NUE
$57B
| $2.92M | ﹤0.01% |
72,400
| – | – |
2013 Q2
10 quarters
|
|
112
DELISTED
Unilever NV New York Registry Shares
UN
| $2.76M | ﹤0.01% |
63,647
-2,233
| -3% | -$97.8K |
2013 Q2
10 quarters
|
|
113
Eli Lilly
LLY
$1.06T
| $2.66M | ﹤0.01% |
31,592
-42
| -0.1% | -$3.48K |
2013 Q2
10 quarters
|
|
114
Philips
PHG
$24.2B
| $2.6M | ﹤0.01% |
142,512
-113,088
| -44% | -$2.12M |
2013 Q2
10 quarters
|
|
115
Apple
AAPL
$4.97T
| $2.5M | ﹤0.01% |
94,804
-11,308
| -11% | -$323K |
2013 Q2
10 quarters
|
|
116
Becton Dickinson
BDX
$51.3B
| $2.28M | ﹤0.01% |
15,150
-264
| -2% | -$38K |
2013 Q2
10 quarters
|
|
117
DELISTED
Du Pont De Nemours E I
DD
| $2.17M | ﹤0.01% |
32,556
-1,000
| -3% | -$63.5K |
2013 Q2
10 quarters
|
|
118
Berkshire Hathaway Class B
BRK.B
$1.11T
| $2.14M | ﹤0.01% |
16,200
-100
| -0.6% | -$13.4K |
2013 Q2
10 quarters
|
|
119
Deere & Co
DE
$170B
| $2.08M | ﹤0.01% |
27,341
-200
| -0.7% | -$15.5K |
2013 Q2
10 quarters
|
|
120
Genuine Parts
GPC
$17.8B
| $2.03M | ﹤0.01% |
23,662
-1,000
| -4% | -$87.4K |
2013 Q2
10 quarters
|
|
121
PNC Financial Services
PNC
$88B
| $1.99M | ﹤0.01% |
20,900
-2,500
| -11% | -$232K |
2013 Q2
10 quarters
|
|
|
CSC
122
DELISTED
Computer Sciences
CSC
| $1.97M | ﹤0.01% |
60,350
-90,929
| -60% | -$2.66M |
2013 Q2
10 quarters
|
|
123
AbbVie
ABBV
$495B
| $1.97M | ﹤0.01% |
33,255
| – | – |
2013 Q2
10 quarters
|
|
124
DELISTED
CSRA Inc.
CSRA
| $1.87M | ﹤0.01% |
+62,350
| New | +$1.79M |
2015 Q4
0 quarters
|
|
|
MHFI
125
DELISTED
MCGRAW-HILL FINANCIAL INC COM
MHFI
| $1.79M | ﹤0.01% |
18,171
| – | – |
2013 Q2
10 quarters
|
|
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Dodge & Cox's Q4 2015 Portfolio in Review
As of Q4 2015, Dodge & Cox held 191 positions worth $102B, up 2.5% from $99.4B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Dodge & Cox's Q4 2015 filing shows 7 new, 31 increased, 114 reduced and 8 closed positions. Its largest new stake was Hewlett Packard: 374,271,996 shares worth $3.31B. The largest sale was HP, an estimated $2.98B.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 23% a quarter earlier, followed by Technology and Communication Services.
- Dodge & Cox's largest Q4 2015 buy was Hewlett Packard: 374,271,996 shares worth $3.31B.
- Dodge & Cox added most to American Express in Q4 2015, an estimated $898M increase.
- Dodge & Cox's biggest Q4 2015 reduction was HP, cutting an estimated $2.98B.
- Dodge & Cox fully exited UBS Group in Q4 2015, selling an estimated $566M.
- Dodge & Cox's ten largest holdings make up 35% of its $102B portfolio in Q4 2015.
- Dodge & Cox opened 7 new positions and closed 8 in Q4 2015.
- Dodge & Cox's portfolio value rose 2.5% quarter-over-quarter to $102B.
Based on Dodge & Cox's 13F filing for Q4 2015, filed 12 Feb 2016.