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 |
Occidental Petroleum
OXY
|
+$1.35B |
| 2 |
Cognizant
CTSH
|
+$1.13B |
| 3 |
HES
Hess
HES
|
+$597M |
| 4 |
Microchip Technology
MCHP
|
+$583M |
| 5 |
FedEx
FDX
|
+$538M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
APC
Anadarko Petroleum
APC
|
+$1.59B |
| 2 |
Comcast
CMCSA
|
+$1.31B |
| 3 |
Novartis
NVS
|
+$942M |
| 4 |
Eli Lilly
LLY
|
+$685M |
| 5 |
Union Pacific
UNP
|
+$645M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.18% |
| 2 | Healthcare | 17.09% |
| 3 | Technology | 15.97% |
| 4 | Communication Services | 15.64% |
| 5 | Energy | 10.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Boston Scientific
BSX
$68.4B
| $7.59M | 0.01% |
176,640
-105
| -0.1% | -$4.04K |
|
102
Alcon
ALC
$34.6B
| $7.38M | 0.01% |
+118,960
| New | +$6.98M |
|
103
Ericsson
ERIC
$32.9B
| $7.15M | 0.01% |
752,388
-287,983
| -28% | -$2.79M |
|
104
NetApp
NTAP
$37.3B
| $6.71M | 0.01% |
108,828
-13,550
| -11% | -$915K |
|
105
Vulcan Materials
VMC
$36.1B
| $6.17M | 0.01% |
44,900
-1,300
| -3% | -$166K |
|
106
DuPont de Nemours
DD
$18.8B
| $6.1M | ﹤0.01% |
64,728
-34,320
| -35% | -$4.1M |
|
107
Caterpillar
CAT
$376B
| $5.97M | ﹤0.01% |
43,781
-614
| -1% | -$81.1K |
|
108
PayPal
PYPL
$45.6B
| $5.18M | ﹤0.01% |
45,221
-3,025
| -6% | -$335K |
|
109
US Bancorp
USB
$98B
| $4.95M | ﹤0.01% |
94,421
-300
| -0.3% | -$15.5K |
|
|
CS
110
DELISTED
Credit Suisse Group
CS
| $4.83M | ﹤0.01% |
403,958
-202,831
| -33% | -$2.47M |
|
111
DXC Technology
DXC
$1.78B
| $4.57M | ﹤0.01% |
82,946
-6,420
| -7% | -$371K |
|
112
Johnson & Johnson
JNJ
$639B
| $4.15M | ﹤0.01% |
29,822
-100
| -0.3% | -$13.8K |
|
113
Dow Inc
DOW
$22.2B
| $4.04M | ﹤0.01% |
+81,936
| New | +$4.33M |
|
114
Amgen
AMGN
$235B
| $3.98M | ﹤0.01% |
21,622
-200
| -0.9% | -$35.8K |
|
115
Diageo
DEO
$51.6B
| $3.9M | ﹤0.01% |
22,613
-100
| -0.4% | -$16.8K |
|
116
America Movil
AMX
$70.6B
| $3.72M | ﹤0.01% |
255,400
| – | – |
|
117
Motorola Solutions
MSI
$80.7B
| $3.39M | ﹤0.01% |
20,339
-29,000
| -59% | -$4.37M |
|
118
McDonald's
MCD
$184B
| $3.12M | ﹤0.01% |
15,013
-100
| -0.7% | -$19.8K |
|
119
Deere & Co
DE
$169B
| $3.08M | ﹤0.01% |
18,564
| – | – |
|
120
3M
MMM
$92.7B
| $2.84M | ﹤0.01% |
19,580
| – | – |
|
|
UN
121
DELISTED
Unilever NV New York Registry Shares
UN
| $2.77M | ﹤0.01% |
45,571
| – | – |
|
122
Berkshire Hathaway Class B
BRK.B
$1.08T
| $2.77M | ﹤0.01% |
12,970
| – | – |
|
123
Abbott
ABT
$193B
| $2.72M | ﹤0.01% |
32,329
| – | – |
|
|
VMW
124
DELISTED
VMware, Inc
VMW
| $2.63M | ﹤0.01% |
15,700
-4,000
| -20% | -$749K |
|
125
Synopsys
SNPS
$86.7B
| $2.62M | ﹤0.01% |
20,330
-18,300
| -47% | -$2.2M |
|
Similar funds
Dodge & Cox's Q2 2019 Portfolio in Review
As of Q2 2019, Dodge & Cox held 183 positions worth $124B, up 1.5% from $122B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q2 2019: portfolio turnover was 4.4%. Dodge & Cox opened 5 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, up from 24% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q2 2019 buy was Cognizant: 17,257,544 shares worth $1.09B.
- Dodge & Cox added most to Occidental Petroleum in Q2 2019, an estimated $1.35B increase.
- Dodge & Cox's biggest Q2 2019 reduction was Anadarko Petroleum, cutting an estimated $1.59B.
- Dodge & Cox fully exited Weatherford International plc in Q2 2019, selling an estimated $41.4M.
- Dodge & Cox's ten largest holdings make up 31% of its $124B portfolio in Q2 2019.
- Dodge & Cox opened 5 new positions and closed 3 in Q2 2019.
- Dodge & Cox's portfolio value rose 1.5% quarter-over-quarter to $124B.
Based on Dodge & Cox's 13F filing for Q2 2019, filed 13 Aug 2019.