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 |
NOV
NOV
|
+$997M |
| 2 |
ESRX
Express Scripts Holding Company
ESRX
|
+$448M |
| 3 |
EMC
EMC CORPORATION
EMC
|
+$409M |
| 4 |
JPMorgan Chase
JPM
|
+$313M |
| 5 |
APA Corp
APA
|
+$237M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Merck
MRK
|
+$480M |
| 2 |
Xerox
XRX
|
+$476M |
| 3 |
Vodafone
VOD
|
+$356M |
| 4 |
BHI
Baker Hughes
BHI
|
+$315M |
| 5 |
FRX
FOREST LABORATORIES INC
FRX
|
+$303M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 21.61% |
| 2 | Technology | 21.46% |
| 3 | Healthcare | 18.65% |
| 4 | Communication Services | 13.81% |
| 5 | Energy | 11.63% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Air Products & Chemicals
APD
$68B
| $1.3M | ﹤0.01% |
11,837
| – | – |
|
127
Apple
AAPL
$4.59T
| $1.09M | ﹤0.01% |
56,756
+252
| +0.4% | +$4.79K |
|
128
Macy's
M
$5.92B
| $1.03M | ﹤0.01% |
17,322
-450
| -3% | -$25K |
|
|
LM
129
DELISTED
Legg Mason, Inc.
LM
| $981K | ﹤0.01% |
20,000
| – | – |
|
130
Berkshire Hathaway Class A
BRK.A
$1.08T
| $937K | ﹤0.01% |
5
| – | – |
|
|
APC
131
DELISTED
Anadarko Petroleum
APC
| $929K | ﹤0.01% |
10,964
| – | – |
|
132
Altria Group
MO
$113B
| $928K | ﹤0.01% |
24,800
| – | – |
|
133
Colgate-Palmolive
CL
$72.5B
| $912K | ﹤0.01% |
14,054
+54
| +0.4% | +$3.4K |
|
134
Cemex
CX
$15.8B
| $839K | ﹤0.01% |
77,701
-7,785
| -9% | -$83.9K |
|
135
State Street
STT
$53.1B
| $807K | ﹤0.01% |
11,600
| – | – |
|
136
Eaton
ETN
$162B
| $744K | ﹤0.01% |
9,900
-3,750
| -27% | -$276K |
|
137
Norfolk Southern
NSC
$78.1B
| $709K | ﹤0.01% |
7,297
| – | – |
|
138
Verizon
VZ
$205B
| $698K | ﹤0.01% |
14,677
+9,177
| +167% | +$434K |
|
139
Fluor
FLR
$7.24B
| $630K | ﹤0.01% |
8,105
| – | – |
|
140
Parker-Hannifin
PH
$127B
| $594K | ﹤0.01% |
4,960
| – | – |
|
141
General Mills
GIS
$21.6B
| $580K | ﹤0.01% |
11,200
| – | – |
|
|
HES
142
DELISTED
Hess
HES
| $565K | ﹤0.01% |
6,812
| – | – |
|
|
CTXS
143
DELISTED
Citrix Systems Inc
CTXS
| $561K | ﹤0.01% |
12,277
| – | – |
|
144
Halliburton
HAL
$29.6B
| $559K | ﹤0.01% |
9,500
| – | – |
|
|
DNB
145
DELISTED
Dun & Bradstreet
DNB
| $539K | ﹤0.01% |
5,425
| – | – |
|
146
AT&T
T
$174B
| $526K | ﹤0.01% |
19,849
| – | – |
|
147
PepsiCo
PEP
$191B
| $488K | ﹤0.01% |
5,845
-500
| -8% | -$40.6K |
|
148
Ameriprise Financial
AMP
$49.1B
| $467K | ﹤0.01% |
4,242
+60
| +1% | +$6.57K |
|
149
Loews
L
$22.5B
| $463K | ﹤0.01% |
10,500
-2,500
| -19% | -$112K |
|
150
Kimberly-Clark
KMB
$36.6B
| $450K | ﹤0.01% |
4,259
| – | – |
|
Similar funds
Dodge & Cox's Q1 2014 Portfolio in Review
As of Q1 2014, Dodge & Cox held 165 positions worth $97.8B, up 1.9% from $95.9B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Trading was light in Q1 2014: portfolio turnover was 1.2%. Dodge & Cox opened 2 new positions and made no exits, leaving the 165-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 22% of assets, up from 21% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q1 2014 buy was NOV: 14,533,426 shares worth $1.02B.
- Dodge & Cox added most to Express Scripts Holding Company in Q1 2014, an estimated $448M increase.
- Dodge & Cox's biggest Q1 2014 reduction was Merck, cutting an estimated $480M.
- Dodge & Cox's ten largest holdings make up 36% of its $97.8B portfolio in Q1 2014.
- Dodge & Cox opened 2 new positions and closed 0 in Q1 2014.
- Dodge & Cox's portfolio value rose 1.9% quarter-over-quarter to $97.8B.
Based on Dodge & Cox's 13F filing for Q1 2014, filed 14 May 2014.