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 |
SLB Ltd
SLB
|
+$960M |
| 2 |
APA Corp
APA
|
+$888M |
| 3 |
Danaher
DHR
|
+$805M |
| 4 |
Cisco
CSCO
|
+$714M |
| 5 |
TWC
TIME WARNER CABLE INC NEW COM STK
TWC
|
+$533M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$682M |
| 2 |
GSK
GSK
|
+$655M |
| 3 |
Boston Scientific
BSX
|
+$553M |
| 4 |
eBay
EBAY
|
+$476M |
| 5 |
Comcast
CMCSA
|
+$469M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 21.94% |
| 2 | Technology | 21.34% |
| 3 | Healthcare | 16.15% |
| 4 | Communication Services | 15.77% |
| 5 | Energy | 10.69% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Air Products & Chemicals
APD
$65.5B
| $1.46M | ﹤0.01% |
10,918
-1,061
| -9% | -$134K |
|
127
NextEra Energy
NEE
$187B
| $1.39M | ﹤0.01% |
52,400
-3,996
| -7% | -$101K |
|
128
Altria Group
MO
$120B
| $1.17M | ﹤0.01% |
23,800
| – | – |
|
129
Berkshire Hathaway Class A
BRK.A
$1.06T
| $1.13M | ﹤0.01% |
5
| – | – |
|
|
APC
130
DELISTED
Anadarko Petroleum
APC
| $1.12M | ﹤0.01% |
13,629
-1,180
| -8% | -$103K |
|
131
Macy's
M
$6.14B
| $1.08M | ﹤0.01% |
16,422
| – | – |
|
132
PepsiCo
PEP
$184B
| $1.05M | ﹤0.01% |
11,115
-1,250
| -10% | -$120K |
|
133
Rio Tinto
RIO
$149B
| $1.02M | ﹤0.01% |
22,240
-2,272
| -9% | -$107K |
|
|
WBA
134
DELISTED
Walgreens Boots Alliance
WBA
| $972K | ﹤0.01% |
12,754
+180
| +1% | +$12K |
|
135
Colgate-Palmolive
CL
$72.1B
| $969K | ﹤0.01% |
14,000
| – | – |
|
136
State Street
STT
$50.6B
| $903K | ﹤0.01% |
11,500
-100
| -0.9% | -$7.5K |
|
|
AGN
137
DELISTED
Allergan plc
AGN
| $848K | ﹤0.01% |
3,293
-732
| -18% | -$183K |
|
138
Norfolk Southern
NSC
$78.3B
| $800K | ﹤0.01% |
7,297
-1,047
| -13% | -$115K |
|
139
Qualcomm
QCOM
$180B
| $752K | ﹤0.01% |
10,120
-1,336
| -12% | -$97.8K |
|
|
AGN
140
DELISTED
Allergan Inc
AGN
| $694K | ﹤0.01% |
3,264
| – | – |
|
|
LVLT
141
DELISTED
Level 3 Communications Inc
LVLT
| $680K | ﹤0.01% |
13,778
+7,278
| +112% | +$336K |
|
|
MRSH
142
Marsh
MRSH
$84.2B
| $672K | ﹤0.01% |
11,740
+860
| +8% | +$47.2K |
|
|
DNB
143
DELISTED
Dun & Bradstreet
DNB
| $656K | ﹤0.01% |
5,425
| – | – |
|
|
LM
144
DELISTED
Legg Mason, Inc.
LM
| $644K | ﹤0.01% |
12,060
-5,270
| -30% | -$278K |
|
145
Parker-Hannifin
PH
$124B
| $640K | ﹤0.01% |
4,960
| – | – |
|
146
Phillips 66
PSX
$83B
| $616K | ﹤0.01% |
8,590
| – | – |
|
147
Morgan Stanley
MS
$338B
| $604K | ﹤0.01% |
15,570
+590
| +4% | +$21K |
|
148
General Mills
GIS
$19B
| $597K | ﹤0.01% |
11,200
| – | – |
|
|
CTXS
149
DELISTED
Citrix Systems Inc
CTXS
| $576K | ﹤0.01% |
11,335
-1,507
| -12% | -$77.9K |
|
150
Cemex
CX
$17.7B
| $567K | ﹤0.01% |
62,585
-12,878
| -17% | -$134K |
|
Similar funds
Dodge & Cox's Q4 2014 Portfolio in Review
As of Q4 2014, Dodge & Cox held 208 positions worth $108B, up 2.9% from $105B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Dodge & Cox's Q4 2014 filing shows 5 new, 51 increased, 97 reduced and 19 closed positions. Its largest new stake was Juniper Networks: 14,842,903 shares worth $331M. The largest sale was GE Aerospace, an estimated $682M.
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 Q4 2014 buy was Juniper Networks: 14,842,903 shares worth $331M.
- Dodge & Cox added most to SLB Ltd in Q4 2014, an estimated $960M increase.
- Dodge & Cox's biggest Q4 2014 reduction was GE Aerospace, cutting an estimated $682M.
- Dodge & Cox fully exited Vodafone in Q4 2014, selling an estimated $4.59M.
- Dodge & Cox's ten largest holdings make up 35% of its $108B portfolio in Q4 2014.
- Dodge & Cox opened 5 new positions and closed 19 in Q4 2014.
- Dodge & Cox's portfolio value rose 2.9% quarter-over-quarter to $108B.
Based on Dodge & Cox's 13F filing for Q4 2014, filed 13 Feb 2015.