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 |
MFGP
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
|
+$1.17B |
| 2 |
Eli Lilly
LLY
|
+$1.15B |
| 3 |
Baker Hughes
BKR
|
+$845M |
| 4 |
Gilead Sciences
GILD
|
+$758M |
| 5 |
GSK
GSK
|
+$602M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BHI
Baker Hughes
BHI
|
+$1.3B |
| 2 |
Hewlett Packard
HPE
|
+$952M |
| 3 |
DXC Technology
DXC
|
+$764M |
| 4 |
TWX
Time Warner Inc
TWX
|
+$664M |
| 5 |
Novartis
NVS
|
+$464M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.35% |
| 2 | Healthcare | 19.07% |
| 3 | Communication Services | 17.52% |
| 4 | Technology | 15.39% |
| 5 | Energy | 9.54% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Vulcan Materials
VMC
$34B
| $7.82M | 0.01% |
65,380
-4,900
| -7% | -$588K |
|
102
Caterpillar
CAT
$374B
| $6.51M | 0.01% |
52,181
-2,095
| -4% | -$241K |
|
103
Adient
ADNT
$1.54B
| $6.48M | 0.01% |
77,136
-3,809
| -5% | -$270K |
|
104
PayPal
PYPL
$47B
| $6.47M | 0.01% |
101,020
-11,900
| -11% | -$713K |
|
105
eBay
EBAY
$46B
| $6.13M | ﹤0.01% |
159,516
-42,180
| -21% | -$1.53M |
|
106
US Bancorp
USB
$98.7B
| $6.13M | ﹤0.01% |
114,463
-4,671
| -4% | -$244K |
|
107
America Movil
AMX
$68.9B
| $5.91M | ﹤0.01% |
332,900
-14,100
| -4% | -$253K |
|
108
Walt Disney
DIS
$182B
| $5.54M | ﹤0.01% |
56,156
| – | – |
|
109
Motorola Solutions
MSI
$77.5B
| $5.45M | ﹤0.01% |
64,196
| – | – |
|
110
Amgen
AMGN
$236B
| $5.19M | ﹤0.01% |
27,837
-3,300
| -11% | -$585K |
|
111
Diageo
DEO
$49.6B
| $5.04M | ﹤0.01% |
38,158
-8,098
| -18% | -$1.05M |
|
112
Nucor
NUE
$59.2B
| $4.06M | ﹤0.01% |
72,400
| – | – |
|
113
Gen Digital
GEN
$18.3B
| $3.98M | ﹤0.01% |
121,450
-51,900
| -30% | -$1.58M |
|
114
3M
MMM
$86.9B
| $3.97M | ﹤0.01% |
22,622
-1,137
| -5% | -$197K |
|
115
Johnson & Johnson
JNJ
$663B
| $3.97M | ﹤0.01% |
30,514
-2,660
| -8% | -$353K |
|
|
UN
116
DELISTED
Unilever NV New York Registry Shares
UN
| $3.26M | ﹤0.01% |
55,176
-400
| -0.7% | -$23.3K |
|
117
Berkshire Hathaway Class B
BRK.B
$1.08T
| $3.04M | ﹤0.01% |
16,600
-800
| -5% | -$141K |
|
118
McDonald's
MCD
$181B
| $2.99M | ﹤0.01% |
19,056
-2,600
| -12% | -$408K |
|
119
AbbVie
ABBV
$453B
| $2.83M | ﹤0.01% |
31,896
-1,336
| -4% | -$102K |
|
120
Deere & Co
DE
$187B
| $2.83M | ﹤0.01% |
22,537
-2,150
| -9% | -$265K |
|
121
PNC Financial Services
PNC
$98B
| $2.76M | ﹤0.01% |
20,500
-100
| -0.5% | -$12.8K |
|
122
S&P Global
SPGI
$131B
| $2.47M | ﹤0.01% |
15,784
-178
| -1% | -$27.1K |
|
123
CarMax
KMX
$8.98B
| $2.2M | ﹤0.01% |
29,000
-9,440
| -25% | -$629K |
|
124
Philip Morris
PM
$284B
| $2.1M | ﹤0.01% |
18,913
-220
| -1% | -$25.6K |
|
125
PPG Industries
PPG
$25B
| $1.92M | ﹤0.01% |
17,700
| – | – |
|
Similar funds
Dodge & Cox's Q3 2017 Portfolio in Review
As of Q3 2017, Dodge & Cox held 183 positions worth $124B, up 4.8% from $119B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q3 2017: portfolio turnover was 3.8%. Dodge & Cox opened 4 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, down from 25% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q3 2017 buy was Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share: 30,298,435 shares worth $1.17B.
- Dodge & Cox added most to Eli Lilly in Q3 2017, an estimated $1.15B increase.
- Dodge & Cox's biggest Q3 2017 reduction was Hewlett Packard, cutting an estimated $952M.
- Dodge & Cox fully exited Baker Hughes in Q3 2017, selling an estimated $1.3B.
- Dodge & Cox's ten largest holdings make up 29% of its $124B portfolio in Q3 2017.
- Dodge & Cox opened 4 new positions and closed 3 in Q3 2017.
- Dodge & Cox's portfolio value rose 4.8% quarter-over-quarter to $124B.
Based on Dodge & Cox's 13F filing for Q3 2017, filed 13 Nov 2017.