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 |
GSK
GSK
|
+$1.08B |
| 2 |
Comcast
CMCSA
|
+$656M |
| 3 |
Medtronic
MDT
|
+$492M |
| 4 |
JNPR
Juniper Networks
JNPR
|
+$436M |
| 5 |
Johnson Controls International
JCI
|
+$427M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Walmart Inc
WMT
|
+$1.37B |
| 2 |
VMW
VMware, Inc
VMW
|
+$728M |
| 3 |
HP
HPQ
|
+$660M |
| 4 |
Bank of America
BAC
|
+$626M |
| 5 |
Goldman Sachs
GS
|
+$560M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.98% |
| 2 | Healthcare | 19.53% |
| 3 | Communication Services | 15.87% |
| 4 | Technology | 14.22% |
| 5 | Energy | 6.99% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
PayPal
PYPL
$49.1B
| $6.97M | 0.01% |
94,700
-6,320
| -6% | -$457K |
|
102
Boston Scientific
BSX
$64.3B
| $6.28M | ﹤0.01% |
253,355
-49,000
| -16% | -$1.35M |
|
103
Walt Disney
DIS
$162B
| $6.02M | ﹤0.01% |
55,956
-200
| -0.4% | -$20.6K |
|
104
US Bancorp
USB
$98.4B
| $5.89M | ﹤0.01% |
109,863
-4,600
| -4% | -$248K |
|
105
America Movil
AMX
$78.3B
| $5.71M | ﹤0.01% |
332,900
| – | – |
|
106
eBay
EBAY
$48.7B
| $5.32M | ﹤0.01% |
140,941
-18,575
| -12% | -$689K |
|
107
Motorola Solutions
MSI
$67.7B
| $5.29M | ﹤0.01% |
58,596
-5,600
| -9% | -$510K |
|
108
Diageo
DEO
$45.6B
| $5.29M | ﹤0.01% |
36,233
-1,925
| -5% | -$265K |
|
109
Amgen
AMGN
$198B
| $4.64M | ﹤0.01% |
26,697
-1,140
| -4% | -$202K |
|
110
Nucor
NUE
$55.1B
| $4.6M | ﹤0.01% |
72,400
| – | – |
|
111
3M
MMM
$87.6B
| $4.33M | ﹤0.01% |
21,986
-636
| -3% | -$122K |
|
112
Johnson & Johnson
JNJ
$621B
| $4.22M | ﹤0.01% |
30,240
-274
| -0.9% | -$38.2K |
|
|
VMW
113
DELISTED
VMware, Inc
VMW
| $3.64M | ﹤0.01% |
29,025
-6,063,837
| -100% | -$728M |
|
114
Berkshire Hathaway Class B
BRK.B
$1.06T
| $3.29M | ﹤0.01% |
16,600
| – | – |
|
115
Deere & Co
DE
$166B
| $3.23M | ﹤0.01% |
20,604
-1,933
| -9% | -$270K |
|
116
McDonald's
MCD
$187B
| $3.09M | ﹤0.01% |
17,954
-1,102
| -6% | -$185K |
|
|
UN
117
DELISTED
Unilever NV New York Registry Shares
UN
| $3.08M | ﹤0.01% |
54,776
-400
| -0.7% | -$23.1K |
|
118
PNC Financial Services
PNC
$99B
| $2.96M | ﹤0.01% |
20,500
| – | – |
|
119
AbbVie
ABBV
$453B
| $2.87M | ﹤0.01% |
29,696
-2,200
| -7% | -$207K |
|
120
S&P Global
SPGI
$125B
| $2.47M | ﹤0.01% |
14,584
-1,200
| -8% | -$196K |
|
121
Philip Morris
PM
$298B
| $2M | ﹤0.01% |
18,913
| – | – |
|
122
Apple
AAPL
$4.7T
| $2M | ﹤0.01% |
47,200
-2,000
| -4% | -$83.6K |
|
123
PPG Industries
PPG
$25.4B
| $1.99M | ﹤0.01% |
17,000
-700
| -4% | -$80.7K |
|
124
Genuine Parts
GPC
$16.6B
| $1.86M | ﹤0.01% |
19,562
-300
| -2% | -$27.4K |
|
125
Altria Group
MO
$120B
| $1.7M | ﹤0.01% |
23,800
| – | – |
|
Similar funds
Dodge & Cox's Q4 2017 Portfolio in Review
As of Q4 2017, Dodge & Cox held 182 positions worth $129B, up 3.8% from $124B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q4 2017: portfolio turnover was 3.3%. Dodge & Cox opened 2 new positions and exited 4, leaving the 182-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 24% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q4 2017 buy was Mattel: 26,067,900 shares worth $401M.
- Dodge & Cox added most to GSK in Q4 2017, an estimated $1.08B increase.
- Dodge & Cox's biggest Q4 2017 reduction was Walmart Inc, cutting an estimated $1.37B.
- Dodge & Cox fully exited 58.com Inc in Q4 2017, selling an estimated $41.2M.
- Dodge & Cox's ten largest holdings make up 30% of its $129B portfolio in Q4 2017.
- Dodge & Cox opened 2 new positions and closed 4 in Q4 2017.
- Dodge & Cox's portfolio value rose 3.8% quarter-over-quarter to $129B.
Based on Dodge & Cox's 13F filing for Q4 2017, filed 14 Feb 2018.