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 |
TWX
Time Warner Inc
TWX
|
+$1B |
| 2 |
Johnson Controls International
JCI
|
+$737M |
| 3 |
Nutrien
NTR
|
+$616M |
| 4 |
VMW
VMware, Inc
VMW
|
+$412M |
| 5 |
Wells Fargo
WFC
|
+$398M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NetApp
NTAP
|
+$701M |
| 2 |
AGU
Agrium
AGU
|
+$635M |
| 3 |
Walmart Inc
WMT
|
+$551M |
| 4 |
UnitedHealth
UNH
|
+$459M |
| 5 |
Target
TGT
|
+$458M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.09% |
| 2 | Healthcare | 19.03% |
| 3 | Communication Services | 17.99% |
| 4 | Technology | 14.82% |
| 5 | Energy | 9.73% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
America Movil
AMX
$70.4B
| $6.36M | 0.01% |
332,900
| – | – |
|
102
Motorola Solutions
MSI
$80.5B
| $5.71M | ﹤0.01% |
54,182
-4,414
| -8% | -$451K |
|
103
Vulcan Materials
VMC
$35.5B
| $5.64M | ﹤0.01% |
49,425
-7,550
| -13% | -$951K |
|
104
Walt Disney
DIS
$184B
| $5.51M | ﹤0.01% |
54,856
-1,100
| -2% | -$117K |
|
105
US Bancorp
USB
$97.2B
| $5.33M | ﹤0.01% |
105,613
-4,250
| -4% | -$232K |
|
106
PayPal
PYPL
$52.6B
| $4.73M | ﹤0.01% |
62,285
-32,415
| -34% | -$2.57M |
|
107
Nucor
NUE
$57.3B
| $4.42M | ﹤0.01% |
72,400
| – | – |
|
108
Amgen
AMGN
$236B
| $4.22M | ﹤0.01% |
24,772
-1,925
| -7% | -$353K |
|
109
Diageo
DEO
$51.2B
| $4M | ﹤0.01% |
29,573
-6,660
| -18% | -$926K |
|
110
3M
MMM
$92.2B
| $3.96M | ﹤0.01% |
21,556
-430
| -2% | -$85.2K |
|
111
Johnson & Johnson
JNJ
$640B
| $3.84M | ﹤0.01% |
29,990
-250
| -0.8% | -$33.8K |
|
112
Berkshire Hathaway Class B
BRK.B
$1.08T
| $3.24M | ﹤0.01% |
16,250
-350
| -2% | -$71.9K |
|
113
eBay
EBAY
$45.5B
| $3.17M | ﹤0.01% |
78,835
-62,106
| -44% | -$2.57M |
|
114
Deere & Co
DE
$168B
| $3.17M | ﹤0.01% |
20,404
-200
| -1% | -$32.4K |
|
115
PNC Financial Services
PNC
$97.1B
| $3.04M | ﹤0.01% |
20,080
-420
| -2% | -$65.2K |
|
|
UN
116
DELISTED
Unilever NV New York Registry Shares
UN
| $2.99M | ﹤0.01% |
52,976
-1,800
| -3% | -$98.9K |
|
117
AbbVie
ABBV
$456B
| $2.8M | ﹤0.01% |
29,592
-104
| -0.4% | -$11.4K |
|
118
McDonald's
MCD
$184B
| $2.49M | ﹤0.01% |
15,938
-2,016
| -11% | -$332K |
|
119
Apple
AAPL
$4.59T
| $1.93M | ﹤0.01% |
46,000
-1,200
| -3% | -$51.7K |
|
120
PPG Industries
PPG
$25.2B
| $1.9M | ﹤0.01% |
17,000
| – | – |
|
121
Philip Morris
PM
$297B
| $1.88M | ﹤0.01% |
18,913
| – | – |
|
122
Genuine Parts
GPC
$18.8B
| $1.76M | ﹤0.01% |
19,562
| – | – |
|
123
Abbott
ABT
$193B
| $1.63M | ﹤0.01% |
27,229
| – | – |
|
124
S&P Global
SPGI
$128B
| $1.62M | ﹤0.01% |
8,500
-6,084
| -42% | -$1.12M |
|
125
ConocoPhillips
COP
$156B
| $1.5M | ﹤0.01% |
25,288
| – | – |
|
Similar funds
Dodge & Cox's Q1 2018 Portfolio in Review
As of Q1 2018, Dodge & Cox held 182 positions worth $124B, down 4% from $129B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q1 2018: portfolio turnover was 4.9%. Dodge & Cox opened 4 new positions and exited 5, leaving the 182-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q1 2018 buy was Nutrien: 12,308,134 shares worth $582M.
- Dodge & Cox added most to Time Warner Inc in Q1 2018, an estimated $1B increase.
- Dodge & Cox's biggest Q1 2018 reduction was NetApp, cutting an estimated $701M.
- Dodge & Cox fully exited Agrium in Q1 2018, selling an estimated $635M.
- Dodge & Cox's ten largest holdings make up 30% of its $124B portfolio in Q1 2018.
- Dodge & Cox opened 4 new positions and closed 5 in Q1 2018.
- Dodge & Cox's portfolio value fell 4% quarter-over-quarter to $124B.
Based on Dodge & Cox's 13F filing for Q1 2018, filed 14 May 2018.