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 |
ESRX
Express Scripts Holding Company
ESRX
|
+$524M |
| 2 |
Suncor Energy
SU
|
+$422M |
| 3 |
Novartis
NVS
|
+$362M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$361M |
| 5 |
Juniper Networks
JNPR
|
+$314M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLB Ltd
SLB
|
+$354M |
| 2 |
HP
HPQ
|
+$350M |
| 3 |
NetApp
NTAP
|
+$329M |
| 4 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$319M |
| 5 |
Bank of New York Mellon
BNY
|
+$217M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.32% |
| 2 | Communication Services | 18.65% |
| 3 | Technology | 16.41% |
| 4 | Healthcare | 16.28% |
| 5 | Energy | 10.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
101
Diageo
DEO
$50.3B
| $6.53M | 0.01% |
56,474
-15,200
| -21% | -$1.71M |
2013 Q2
15 quarters
|
|
102
Walt Disney
DIS
$187B
| $6.37M | 0.01% |
56,156
-5,600
| -9% | -$617K |
2013 Q2
15 quarters
|
|
103
PayPal
PYPL
$48.1B
| $5.95M | 0.01% |
138,320
-59,700
| -30% | -$2.5M |
2015 Q3
6 quarters
|
|
104
Motorola Solutions
MSI
$74.3B
| $5.74M | ﹤0.01% |
66,596
| – | – |
2013 Q2
15 quarters
|
|
105
Amgen
AMGN
$223B
| $5.27M | ﹤0.01% |
32,137
-7,070
| -18% | -$1.17M |
2013 Q2
15 quarters
|
|
106
Caterpillar
CAT
$355B
| $5.08M | ﹤0.01% |
54,802
-2,202
| -4% | -$208K |
2013 Q2
15 quarters
|
|
107
America Movil
AMX
$64.8B
| $4.92M | ﹤0.01% |
347,000
+71,500
| +26% | +$932K |
2016 Q4
1 quarter
|
|
108
Nucor
NUE
$57.6B
| $4.32M | ﹤0.01% |
72,400
| – | – |
2013 Q2
15 quarters
|
|
109
Johnson & Johnson
JNJ
$599B
| $4.16M | ﹤0.01% |
33,374
-811
| -2% | -$96.9K |
2013 Q2
15 quarters
|
|
110
3M
MMM
$83.9B
| $3.96M | ﹤0.01% |
24,740
-1,495
| -6% | -$229K |
2013 Q2
15 quarters
|
|
111
McDonald's
MCD
$167B
| $2.97M | ﹤0.01% |
22,906
-1,750
| -7% | -$220K |
2013 Q2
15 quarters
|
|
112
Berkshire Hathaway Class B
BRK.B
$1.11T
| $2.9M | ﹤0.01% |
17,400
-389
| -2% | -$65.1K |
2013 Q2
15 quarters
|
|
113
DELISTED
Unilever NV New York Registry Shares
UN
| $2.76M | ﹤0.01% |
55,576
-1,500
| -3% | -$67.2K |
2013 Q2
15 quarters
|
|
114
Deere & Co
DE
$175B
| $2.71M | ﹤0.01% |
24,883
-1,110
| -4% | -$120K |
2013 Q2
15 quarters
|
|
|
CSC
115
DELISTED
Computer Sciences
CSC
| $2.64M | ﹤0.01% |
38,200
-800
| -2% | -$53.1K |
2013 Q2
15 quarters
|
|
116
CarMax
KMX
$7.21B
| $2.48M | ﹤0.01% |
41,840
-19,637
| -32% | -$1.28M |
2013 Q2
15 quarters
|
|
117
PNC Financial Services
PNC
$87.6B
| $2.48M | ﹤0.01% |
20,600
-200
| -1% | -$24.5K |
2013 Q2
15 quarters
|
|
118
DELISTED
Du Pont De Nemours E I
DD
| $2.39M | ﹤0.01% |
29,716
-1,100
| -4% | -$85.4K |
2013 Q2
15 quarters
|
|
119
Eli Lilly
LLY
$1.04T
| $2.27M | ﹤0.01% |
26,997
-1,600
| -6% | -$128K |
2013 Q2
15 quarters
|
|
120
S&P Global
SPGI
$121B
| $2.23M | ﹤0.01% |
17,062
| – | – |
2016 Q2
3 quarters
|
|
121
Philip Morris
PM
$311B
| $2.19M | ﹤0.01% |
19,400
-500
| -3% | -$51.6K |
2013 Q2
15 quarters
|
|
122
AbbVie
ABBV
$485B
| $2.17M | ﹤0.01% |
33,232
| – | – |
2013 Q2
15 quarters
|
|
123
Genuine Parts
GPC
$18B
| $1.9M | ﹤0.01% |
20,562
-1,400
| -6% | -$135K |
2013 Q2
15 quarters
|
|
124
Apple
AAPL
$4.98T
| $1.9M | ﹤0.01% |
52,800
-6,772
| -11% | -$223K |
2013 Q2
15 quarters
|
|
125
PPG Industries
PPG
$23.2B
| $1.89M | ﹤0.01% |
18,000
| – | – |
2013 Q2
15 quarters
|
|
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Dodge & Cox's Q1 2017 Portfolio in Review
As of Q1 2017, Dodge & Cox held 181 positions worth $118B, up 4.6% from $113B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q1 2017: portfolio turnover was 1.7%. Dodge & Cox opened no new positions and exited 3, leaving the 181-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 27% a quarter earlier, followed by Communication Services and Technology.
- Dodge & Cox added most to Express Scripts Holding Company in Q1 2017, an estimated $524M increase.
- Dodge & Cox's biggest Q1 2017 reduction was SLB Ltd, cutting an estimated $354M.
- Dodge & Cox fully exited Lowe's Companies in Q1 2017, selling an estimated $278K.
- Dodge & Cox's ten largest holdings make up 32% of its $118B portfolio in Q1 2017.
- Dodge & Cox opened 0 new positions and closed 3 in Q1 2017.
- Dodge & Cox's portfolio value rose 4.6% quarter-over-quarter to $118B.
Based on Dodge & Cox's 13F filing for Q1 2017, filed 12 May 2017.