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 |
Johnson Controls International
JCI
|
+$1.53B |
| 2 |
APC
Anadarko Petroleum
APC
|
+$765M |
| 3 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$569M |
| 4 |
Suncor Energy
SU
|
+$564M |
| 5 |
Dell
DELL
|
+$524M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EMC
EMC CORPORATION
EMC
|
+$2.07B |
| 2 |
TYC
TYCO INTL PLC COM SHS (IRL)
TYC
|
+$1.63B |
| 3 |
Gen Digital
GEN
|
+$708M |
| 4 |
Petrobras Class A
PBR.A
|
+$517M |
| 5 |
Microsoft
MSFT
|
+$397M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.56% |
| 2 | Technology | 18.06% |
| 3 | Communication Services | 16.63% |
| 4 | Healthcare | 14.37% |
| 5 | Energy | 10.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Caterpillar
CAT
$417B
| $5.1M | ﹤0.01% |
57,448
| – | – |
|
102
Motorola Solutions
MSI
$67.3B
| $5.08M | ﹤0.01% |
66,596
| – | – |
|
103
Johnson & Johnson
JNJ
$622B
| $4.13M | ﹤0.01% |
34,985
-200
| -0.6% | -$24.3K |
|
104
3M
MMM
$87.6B
| $3.98M | ﹤0.01% |
27,004
-194
| -0.7% | -$29K |
|
105
Bristol-Myers Squibb
BMY
$126B
| $3.88M | ﹤0.01% |
71,958
-200
| -0.3% | -$12.8K |
|
106
Nucor
NUE
$55B
| $3.58M | ﹤0.01% |
72,400
| – | – |
|
107
CarMax
KMX
$8.27B
| $3.42M | ﹤0.01% |
64,040
-1,500
| -2% | -$85K |
|
108
Apple
AAPL
$4.72T
| $2.9M | ﹤0.01% |
102,616
| – | – |
|
109
Unilever
UL
$130B
| $2.86M | ﹤0.01% |
53,689
-6,844
| -11% | -$361K |
|
110
McDonald's
MCD
$187B
| $2.84M | ﹤0.01% |
24,656
| – | – |
|
|
UN
111
DELISTED
Unilever NV New York Registry Shares
UN
| $2.77M | ﹤0.01% |
60,147
-1,400
| -2% | -$64.6K |
|
112
Berkshire Hathaway Class B
BRK.B
$1.06T
| $2.57M | ﹤0.01% |
17,789
| – | – |
|
113
Becton Dickinson
BDX
$42.5B
| $2.49M | ﹤0.01% |
14,176
| – | – |
|
114
Eli Lilly
LLY
$1.06T
| $2.35M | ﹤0.01% |
29,332
| – | – |
|
115
S&P Global
SPGI
$124B
| $2.3M | ﹤0.01% |
18,171
| – | – |
|
116
Deere & Co
DE
$164B
| $2.28M | ﹤0.01% |
26,766
| – | – |
|
117
Genuine Parts
GPC
$16.6B
| $2.21M | ﹤0.01% |
21,962
| – | – |
|
|
CSC
118
DELISTED
Computer Sciences
CSC
| $2.13M | ﹤0.01% |
40,700
| – | – |
|
|
DD
119
DELISTED
Du Pont De Nemours E I
DD
| $2.1M | ﹤0.01% |
31,356
-1,200
| -4% | -$81.5K |
|
120
AbbVie
ABBV
$455B
| $2.1M | ﹤0.01% |
33,232
| – | – |
|
121
Chubb
CB
$136B
| $1.94M | ﹤0.01% |
15,418
-2,428
| -14% | -$308K |
|
122
Philip Morris
PM
$300B
| $1.94M | ﹤0.01% |
19,900
| – | – |
|
123
PNC Financial Services
PNC
$98.9B
| $1.87M | ﹤0.01% |
20,800
| – | – |
|
124
PPG Industries
PPG
$25.4B
| $1.86M | ﹤0.01% |
18,000
| – | – |
|
125
GSK
GSK
$101B
| $1.81M | ﹤0.01% |
33,570
-1,840
| -5% | -$101K |
|
Similar funds
Dodge & Cox's Q3 2016 Portfolio in Review
As of Q3 2016, Dodge & Cox held 180 positions worth $106B, up 5.1% from $101B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $3.59B in Q3 2016, closing 4 positions and reducing 87 holdings. Its most notable exit was EMC CORPORATION, an estimated $2.07B position sold in full.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 22% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Dodge & Cox opened a new position in Johnson Controls International worth $1.53B.
- Dodge & Cox's largest Q3 2016 buy was Johnson Controls International: 32,979,554 shares worth $1.53B.
- Dodge & Cox added most to Anadarko Petroleum in Q3 2016, an estimated $765M increase.
- Dodge & Cox's biggest Q3 2016 reduction was Gen Digital, cutting an estimated $708M.
- Dodge & Cox fully exited EMC CORPORATION in Q3 2016, selling an estimated $2.07B.
- Dodge & Cox's ten largest holdings make up 32% of its $106B portfolio in Q3 2016.
- Dodge & Cox opened 5 new positions and closed 4 in Q3 2016.
- Dodge & Cox's portfolio value rose 5.1% quarter-over-quarter to $106B.
Based on Dodge & Cox's 13F filing for Q3 2016, filed 14 Nov 2016.