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
|
+$1.64B |
| 2 |
Dell
DELL
|
+$486M |
| 3 |
Ovintiv
OVV
|
+$450M |
| 4 |
Fox Class A
FOXA
|
+$410M |
| 5 |
Baker Hughes
BKR
|
+$404M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
APC
Anadarko Petroleum
APC
|
+$1.53B |
| 2 |
Charter Communications
CHTR
|
+$1.19B |
| 3 |
ZAYO
Zayo Group Holdings, Inc.
ZAYO
|
+$763M |
| 4 |
Microsoft
MSFT
|
+$754M |
| 5 |
Danaher
DHR
|
+$645M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.99% |
| 2 | Healthcare | 17.39% |
| 3 | Technology | 15.46% |
| 4 | Communication Services | 14.34% |
| 5 | Energy | 11.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
GE Aerospace
GE
$356B
| $6.59M | 0.01% |
147,880
-100
| -0.1% | -$4.7K |
|
102
Caterpillar
CAT
$376B
| $5.48M | ﹤0.01% |
43,381
-400
| -0.9% | -$50.8K |
|
103
US Bancorp
USB
$97.2B
| $5.22M | ﹤0.01% |
94,421
| – | – |
|
104
NetApp
NTAP
$37.4B
| $4.8M | ﹤0.01% |
91,400
-17,428
| -16% | -$935K |
|
105
Ericsson
ERIC
$33B
| $4.66M | ﹤0.01% |
584,288
-168,100
| -22% | -$1.43M |
|
106
PayPal
PYPL
$52.6B
| $4.55M | ﹤0.01% |
43,921
-1,300
| -3% | -$143K |
|
107
DuPont de Nemours
DD
$18.7B
| $4.51M | ﹤0.01% |
50,429
-14,299
| -22% | -$1.26M |
|
108
Amgen
AMGN
$236B
| $4.14M | ﹤0.01% |
21,397
-225
| -1% | -$43.2K |
|
|
CS
109
DELISTED
Credit Suisse Group
CS
| $4M | ﹤0.01% |
327,204
-76,754
| -19% | -$923K |
|
|
110
Danaher
DHR
$152B
| $3.84M | ﹤0.01% |
30,016
-5,151,980
| -99% | -$645M |
|
111
Johnson & Johnson
JNJ
$640B
| $3.81M | ﹤0.01% |
29,422
-400
| -1% | -$52.7K |
|
112
America Movil
AMX
$70.4B
| $3.79M | ﹤0.01% |
255,400
| – | – |
|
113
Motorola Solutions
MSI
$80.5B
| $3.47M | ﹤0.01% |
20,339
| – | – |
|
114
McDonald's
MCD
$184B
| $3.2M | ﹤0.01% |
14,913
-100
| -0.7% | -$21.4K |
|
115
Deere & Co
DE
$168B
| $3.13M | ﹤0.01% |
18,564
| – | – |
|
116
Dow Inc
DOW
$21.9B
| $3.1M | ﹤0.01% |
64,945
-16,991
| -21% | -$795K |
|
117
Diageo
DEO
$51.2B
| $2.95M | ﹤0.01% |
18,051
-4,562
| -20% | -$763K |
|
|
UN
118
DELISTED
Unilever NV New York Registry Shares
UN
| $2.71M | ﹤0.01% |
45,171
-400
| -0.9% | -$24K |
|
119
Berkshire Hathaway Class B
BRK.B
$1.08T
| $2.7M | ﹤0.01% |
12,970
| – | – |
|
120
Abbott
ABT
$193B
| $2.7M | ﹤0.01% |
32,222
-107
| -0.3% | -$9.09K |
|
121
3M
MMM
$92.2B
| $2.69M | ﹤0.01% |
19,580
| – | – |
|
122
Alcon
ALC
$34.9B
| $2.66M | ﹤0.01% |
45,561
-73,399
| -62% | -$4.4M |
|
123
PNC Financial Services
PNC
$97.1B
| $2.62M | ﹤0.01% |
18,680
| – | – |
|
124
Synopsys
SNPS
$89.1B
| $2.59M | ﹤0.01% |
18,850
-1,480
| -7% | -$200K |
|
125
Apple
AAPL
$4.59T
| $2.5M | ﹤0.01% |
44,704
+384
| +0.9% | +$20.1K |
|
Similar funds
Dodge & Cox's Q3 2019 Portfolio in Review
As of Q3 2019, Dodge & Cox held 183 positions worth $122B, down 1.7% from $124B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q3 2019: portfolio turnover was 2.7%. Dodge & Cox opened 3 new positions and exited 2, leaving the 183-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 Technology.
- Dodge & Cox's largest Q3 2019 buy was Ovintiv: 19,671,036 shares worth $452M.
- Dodge & Cox added most to Occidental Petroleum in Q3 2019, an estimated $1.64B increase.
- Dodge & Cox's biggest Q3 2019 reduction was Charter Communications, cutting an estimated $1.19B.
- Dodge & Cox fully exited Anadarko Petroleum in Q3 2019, selling an estimated $1.53B.
- Dodge & Cox's ten largest holdings make up 32% of its $122B portfolio in Q3 2019.
- Dodge & Cox opened 3 new positions and closed 2 in Q3 2019.
- Dodge & Cox's portfolio value fell 1.7% quarter-over-quarter to $122B.
Based on Dodge & Cox's 13F filing for Q3 2019, filed 13 Nov 2019.