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 |
Target
TGT
|
+$991M |
| 2 |
Walmart Inc
WMT
|
+$733M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$680M |
| 4 |
EMC
EMC CORPORATION
EMC
|
+$544M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$443M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$526M |
| 2 |
Pfizer
PFE
|
+$457M |
| 3 |
SLB Ltd
SLB
|
+$400M |
| 4 |
FRX
FOREST LABORATORIES INC
FRX
|
+$358M |
| 5 |
DuPont de Nemours
DD
|
+$330M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.98% |
| 2 | Technology | 20.42% |
| 3 | Healthcare | 17.61% |
| 4 | Communication Services | 14.02% |
| 5 | Energy | 12.51% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Pitney Bowes
PBI
$2.39B
| $1.34M | ﹤0.01% |
48,400
-3,800
| -7% | -$101K |
|
127
Apple
AAPL
$4.72T
| $1.32M | ﹤0.01% |
56,756
| – | – |
|
128
Rio Tinto
RIO
$149B
| $1.31M | ﹤0.01% |
24,212
-1,100
| -4% | -$59.7K |
|
129
Amdocs
DOX
$5.42B
| $1.3M | ﹤0.01% |
28,100
-3,000
| -10% | -$141K |
|
|
APC
130
DELISTED
Anadarko Petroleum
APC
| $1.2M | ﹤0.01% |
10,964
| – | – |
|
131
Altria Group
MO
$120B
| $1.04M | ﹤0.01% |
24,800
| – | – |
|
|
LM
132
DELISTED
Legg Mason, Inc.
LM
| $970K | ﹤0.01% |
18,900
-1,100
| -6% | -$53K |
|
133
Colgate-Palmolive
CL
$71.6B
| $955K | ﹤0.01% |
14,000
-54
| -0.4% | -$3.62K |
|
134
Macy's
M
$6.1B
| $953K | ﹤0.01% |
16,422
-900
| -5% | -$52.2K |
|
135
Berkshire Hathaway Class A
BRK.A
$1.06T
| $950K | ﹤0.01% |
5
| – | – |
|
136
Cemex
CX
$17.6B
| $914K | ﹤0.01% |
77,692
-9
| -0% | -$102 |
|
137
State Street
STT
$50.8B
| $780K | ﹤0.01% |
11,600
| – | – |
|
138
Norfolk Southern
NSC
$77.8B
| $752K | ﹤0.01% |
7,297
| – | – |
|
|
HES
139
DELISTED
Hess
HES
| $654K | ﹤0.01% |
6,612
-200
| -3% | -$18K |
|
140
Halliburton
HAL
$27.5B
| $653K | ﹤0.01% |
9,200
-300
| -3% | -$19.2K |
|
141
Parker-Hannifin
PH
$123B
| $624K | ﹤0.01% |
4,960
| – | – |
|
142
Fluor
FLR
$7.33B
| $623K | ﹤0.01% |
8,105
| – | – |
|
|
CTXS
143
DELISTED
Citrix Systems Inc
CTXS
| $605K | ﹤0.01% |
12,151
-126
| -1% | -$6.05K |
|
|
AGN
144
DELISTED
Allergan Inc
AGN
| $603K | ﹤0.01% |
3,564
| – | – |
|
|
DNB
145
DELISTED
Dun & Bradstreet
DNB
| $598K | ﹤0.01% |
5,425
| – | – |
|
146
General Mills
GIS
$19B
| $588K | ﹤0.01% |
11,200
| – | – |
|
147
Verizon
VZ
$184B
| $551K | ﹤0.01% |
11,258
-3,419
| -23% | -$166K |
|
148
AT&T
T
$160B
| $530K | ﹤0.01% |
19,849
| – | – |
|
149
PepsiCo
PEP
$184B
| $504K | ﹤0.01% |
5,645
-200
| -3% | -$17.3K |
|
150
Ameriprise Financial
AMP
$47.1B
| $502K | ﹤0.01% |
4,182
-60
| -1% | -$6.71K |
|
Similar funds
Dodge & Cox's Q2 2014 Portfolio in Review
As of Q2 2014, Dodge & Cox held 168 positions worth $105B, up 7.2% from $97.8B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Trading was light in Q2 2014: portfolio turnover was 2.4%. Dodge & Cox opened 3 new positions and exited 1, leaving the 168-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 21% of assets, down from 22% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q2 2014 buy was Time Inc.: 8,123,224 shares worth $197M.
- Dodge & Cox added most to Target in Q2 2014, an estimated $991M increase.
- Dodge & Cox's biggest Q2 2014 reduction was GE Aerospace, cutting an estimated $526M.
- Dodge & Cox fully exited RTX Corp in Q2 2014, selling an estimated $205K.
- Dodge & Cox's ten largest holdings make up 35% of its $105B portfolio in Q2 2014.
- Dodge & Cox opened 3 new positions and closed 1 in Q2 2014.
- Dodge & Cox's portfolio value rose 7.2% quarter-over-quarter to $105B.
Based on Dodge & Cox's 13F filing for Q2 2014, filed 13 Aug 2014.