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 |
AT&T
T
|
+$1.51B |
| 2 |
Comcast
CMCSA
|
+$985M |
| 3 |
OPTU
Optimum Communications Inc
OPTU
|
+$520M |
| 4 |
Charter Communications
CHTR
|
+$518M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$487M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TWX
Time Warner Inc
TWX
|
+$2.98B |
| 2 |
Merck
MRK
|
+$620M |
| 3 |
Hewlett Packard
HPE
|
+$617M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$485M |
| 5 |
Cisco
CSCO
|
+$459M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.82% |
| 2 | Healthcare | 19.47% |
| 3 | Communication Services | 19.05% |
| 4 | Technology | 13.42% |
| 5 | Energy | 10.78% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Boston Scientific
BSX
$68.2B
| $6.93M | 0.01% |
211,955
-26,400
| -11% | -$796K |
|
102
Caterpillar
CAT
$376B
| $6.48M | 0.01% |
47,745
-250
| -0.5% | -$37.4K |
|
103
Motorola Solutions
MSI
$80.6B
| $6.18M | ﹤0.01% |
53,082
-1,100
| -2% | -$121K |
|
104
Vulcan Materials
VMC
$35.7B
| $6.13M | ﹤0.01% |
47,525
-1,900
| -4% | -$234K |
|
105
Walt Disney
DIS
$186B
| $5.75M | ﹤0.01% |
54,856
| – | – |
|
106
America Movil
AMX
$70.6B
| $5.55M | ﹤0.01% |
332,900
| – | – |
|
107
US Bancorp
USB
$97.9B
| $5.01M | ﹤0.01% |
100,121
-5,492
| -5% | -$279K |
|
108
PayPal
PYPL
$45.2B
| $4.75M | ﹤0.01% |
57,000
-5,285
| -8% | -$421K |
|
109
Amgen
AMGN
$235B
| $4.49M | ﹤0.01% |
24,322
-450
| -2% | -$79.6K |
|
110
Nucor
NUE
$57.5B
| $4.13M | ﹤0.01% |
66,100
-6,300
| -9% | -$402K |
|
111
Johnson & Johnson
JNJ
$640B
| $3.64M | ﹤0.01% |
29,990
| – | – |
|
112
3M
MMM
$92.7B
| $3.54M | ﹤0.01% |
21,553
-3
| -0% | -$512 |
|
113
Diageo
DEO
$51.6B
| $3.52M | ﹤0.01% |
24,413
-5,160
| -17% | -$739K |
|
114
Berkshire Hathaway Class B
BRK.B
$1.08T
| $3.03M | ﹤0.01% |
16,220
-30
| -0.2% | -$5.85K |
|
115
Deere & Co
DE
$169B
| $2.85M | ﹤0.01% |
20,354
-50
| -0.2% | -$7.37K |
|
|
UN
116
DELISTED
Unilever NV New York Registry Shares
UN
| $2.8M | ﹤0.01% |
50,326
-2,650
| -5% | -$148K |
|
117
AbbVie
ABBV
$455B
| $2.74M | ﹤0.01% |
29,592
| – | – |
|
118
PNC Financial Services
PNC
$97.8B
| $2.71M | ﹤0.01% |
20,080
| – | – |
|
119
eBay
EBAY
$46B
| $2.55M | ﹤0.01% |
70,335
-8,500
| -11% | -$331K |
|
120
McDonald's
MCD
$184B
| $2.5M | ﹤0.01% |
15,938
| – | – |
|
121
Apple
AAPL
$4.62T
| $2.13M | ﹤0.01% |
46,000
| – | – |
|
122
Genuine Parts
GPC
$18.9B
| $1.8M | ﹤0.01% |
19,562
| – | – |
|
123
PPG Industries
PPG
$25.8B
| $1.76M | ﹤0.01% |
17,000
| – | – |
|
124
ConocoPhillips
COP
$157B
| $1.72M | ﹤0.01% |
24,688
-600
| -2% | -$40K |
|
125
S&P Global
SPGI
$129B
| $1.69M | ﹤0.01% |
8,300
-200
| -2% | -$39.5K |
|
Similar funds
Dodge & Cox's Q2 2018 Portfolio in Review
As of Q2 2018, Dodge & Cox held 181 positions worth $125B, up 1% from $124B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q2 2018: portfolio turnover was 5%. Dodge & Cox opened 4 new positions and exited 5, leaving the 181-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 Q2 2018 buy was AT&T: 60,273,392 shares worth $1.46B.
- Dodge & Cox added most to Comcast in Q2 2018, an estimated $985M increase.
- Dodge & Cox's biggest Q2 2018 reduction was Merck, cutting an estimated $620M.
- Dodge & Cox fully exited Time Warner Inc in Q2 2018, selling an estimated $2.98B.
- Dodge & Cox's ten largest holdings make up 30% of its $125B portfolio in Q2 2018.
- Dodge & Cox opened 4 new positions and closed 5 in Q2 2018.
- Dodge & Cox's portfolio value rose 1% quarter-over-quarter to $125B.
Based on Dodge & Cox's 13F filing for Q2 2018, filed 14 Aug 2018.