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 |
Bristol-Myers Squibb
BMY
|
+$1.23B |
| 2 |
ZAYO
Zayo Group Holdings, Inc.
ZAYO
|
+$477M |
| 3 |
Medtronic
MDT
|
+$401M |
| 4 |
Sanofi
SNY
|
+$364M |
| 5 |
Wells Fargo
WFC
|
+$215M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Gen Digital
GEN
|
+$770M |
| 2 |
Bank of America
BAC
|
+$769M |
| 3 |
UnitedHealth
UNH
|
+$495M |
| 4 |
BHI
Baker Hughes
BHI
|
+$450M |
| 5 |
HP
HPQ
|
+$446M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.66% |
| 2 | Communication Services | 16.03% |
| 3 | Technology | 15.63% |
| 4 | Healthcare | 14.79% |
| 5 | Energy | 9.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Diageo
DEO
$45.7B
| $7.45M | 0.01% |
71,674
-2,200
| -3% | -$231K |
|
102
Thermo Fisher Scientific
TMO
$216B
| $7.05M | 0.01% |
50,002
-17,600
| -26% | -$2.59M |
|
103
Walt Disney
DIS
$161B
| $6.44M | 0.01% |
61,756
-5,200
| -8% | -$507K |
|
104
Amgen
AMGN
$199B
| $5.73M | 0.01% |
39,207
-950
| -2% | -$143K |
|
105
Motorola Solutions
MSI
$67.2B
| $5.52M | ﹤0.01% |
66,596
| – | – |
|
106
Caterpillar
CAT
$416B
| $5.29M | ﹤0.01% |
57,004
-444
| -0.8% | -$40.2K |
|
107
Nucor
NUE
$55B
| $4.31M | ﹤0.01% |
72,400
| – | – |
|
108
CarMax
KMX
$8.27B
| $3.96M | ﹤0.01% |
61,477
-2,563
| -4% | -$144K |
|
109
Johnson & Johnson
JNJ
$622B
| $3.94M | ﹤0.01% |
34,185
-800
| -2% | -$92.4K |
|
110
3M
MMM
$87.6B
| $3.92M | ﹤0.01% |
26,235
-769
| -3% | -$111K |
|
111
America Movil
AMX
$77.9B
| $3.46M | ﹤0.01% |
+275,500
| New | +$3.34M |
|
112
McDonald's
MCD
$187B
| $3M | ﹤0.01% |
24,656
| – | – |
|
113
Berkshire Hathaway Class B
BRK.B
$1.06T
| $2.9M | ﹤0.01% |
17,789
| – | – |
|
114
Deere & Co
DE
$164B
| $2.68M | ﹤0.01% |
25,993
-773
| -3% | -$72.7K |
|
115
PNC Financial Services
PNC
$98.9B
| $2.43M | ﹤0.01% |
20,800
| – | – |
|
|
UN
116
DELISTED
Unilever NV New York Registry Shares
UN
| $2.34M | ﹤0.01% |
57,076
-3,071
| -5% | -$127K |
|
|
CSC
117
DELISTED
Computer Sciences
CSC
| $2.32M | ﹤0.01% |
39,000
-1,700
| -4% | -$98.2K |
|
118
Becton Dickinson
BDX
$42.5B
| $2.29M | ﹤0.01% |
14,176
| – | – |
|
|
DD
119
DELISTED
Du Pont De Nemours E I
DD
| $2.26M | ﹤0.01% |
30,816
-540
| -2% | -$38.4K |
|
120
Eli Lilly
LLY
$1.06T
| $2.1M | ﹤0.01% |
28,597
-735
| -3% | -$54.7K |
|
121
Genuine Parts
GPC
$16.6B
| $2.1M | ﹤0.01% |
21,962
| – | – |
|
122
AbbVie
ABBV
$455B
| $2.08M | ﹤0.01% |
33,232
| – | – |
|
123
Chubb
CB
$136B
| $2.04M | ﹤0.01% |
15,418
| – | – |
|
124
S&P Global
SPGI
$124B
| $1.83M | ﹤0.01% |
17,062
-1,109
| -6% | -$132K |
|
125
Philip Morris
PM
$301B
| $1.82M | ﹤0.01% |
19,900
| – | – |
|
Similar funds
Dodge & Cox's Q4 2016 Portfolio in Review
As of Q4 2016, Dodge & Cox held 182 positions worth $113B, up 5.8% from $106B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Trading was light in Q4 2016: portfolio turnover was 3.8%. Dodge & Cox opened 6 new positions and exited 1, leaving the 182-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 24% a quarter earlier, followed by Communication Services and Technology.
- Dodge & Cox's largest Q4 2016 buy was Zayo Group Holdings, Inc.: 14,566,252 shares worth $479M.
- Dodge & Cox added most to Bristol-Myers Squibb in Q4 2016, an estimated $1.23B increase.
- Dodge & Cox's biggest Q4 2016 reduction was Gen Digital, cutting an estimated $770M.
- Dodge & Cox fully exited Hartford Financial Services in Q4 2016, selling an estimated $220K.
- Dodge & Cox's ten largest holdings make up 33% of its $113B portfolio in Q4 2016.
- Dodge & Cox opened 6 new positions and closed 1 in Q4 2016.
- Dodge & Cox's portfolio value rose 5.8% quarter-over-quarter to $113B.
Based on Dodge & Cox's 13F filing for Q4 2016, filed 14 Feb 2017.