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
|
+$868M |
| 2 |
HP
HPQ
|
+$637M |
| 3 |
Baidu
BIDU
|
+$431M |
| 4 |
ESRX
Express Scripts Holding Company
ESRX
|
+$417M |
| 5 |
MetLife
MET
|
+$388M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Merck
MRK
|
+$485M |
| 2 |
FedEx
FDX
|
+$282M |
| 3 |
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
|
+$122M |
| 4 |
TE Connectivity
TEL
|
+$83.1M |
| 5 |
CarMax
KMX
|
+$53.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 21.47% |
| 2 | Technology | 20.85% |
| 3 | Healthcare | 17.2% |
| 4 | Communication Services | 16.48% |
| 5 | Energy | 11.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Xerox
XRX
$390M
| $1.23M | ﹤0.01% |
36,432
-7,590
| -17% | -$268K |
|
127
NextEra Energy
NEE
$174B
| $1.22M | ﹤0.01% |
46,800
-5,600
| -11% | -$148K |
|
128
Altria Group
MO
$113B
| $1.19M | ﹤0.01% |
23,800
| – | – |
|
129
Berkshire Hathaway Class A
BRK.A
$1.08T
| $1.09M | ﹤0.01% |
5
| – | – |
|
130
Colgate-Palmolive
CL
$72.5B
| $971K | ﹤0.01% |
14,000
| – | – |
|
|
WBA
131
DELISTED
Walgreens Boots Alliance
WBA
| $947K | ﹤0.01% |
11,179
-1,575
| -12% | -$125K |
|
|
APC
132
DELISTED
Anadarko Petroleum
APC
| $905K | ﹤0.01% |
10,924
-2,705
| -20% | -$221K |
|
133
PepsiCo
PEP
$191B
| $857K | ﹤0.01% |
8,965
-2,150
| -19% | -$208K |
|
134
State Street
STT
$53.1B
| $846K | ﹤0.01% |
11,500
| – | – |
|
135
Rio Tinto
RIO
$170B
| $817K | ﹤0.01% |
19,740
-2,500
| -11% | -$113K |
|
136
Macy's
M
$5.92B
| $774K | ﹤0.01% |
11,922
-4,500
| -27% | -$290K |
|
|
DNB
137
DELISTED
Dun & Bradstreet
DNB
| $696K | ﹤0.01% |
5,425
| – | – |
|
138
Phillips 66
PSX
$95.7B
| $675K | ﹤0.01% |
8,590
| – | – |
|
139
Norfolk Southern
NSC
$78.1B
| $638K | ﹤0.01% |
6,197
-1,100
| -15% | -$118K |
|
140
General Mills
GIS
$21.6B
| $634K | ﹤0.01% |
11,200
| – | – |
|
141
Parker-Hannifin
PH
$127B
| $589K | ﹤0.01% |
4,960
| – | – |
|
|
CRC
142
DELISTED
California Resources Corporation
CRC
| $587K | ﹤0.01% |
7,712
-1,020
| -12% | -$62.4K |
|
|
MRSH
143
Marsh
MRSH
$90.7B
| $581K | ﹤0.01% |
10,360
-1,380
| -12% | -$77.8K |
|
|
CTXS
144
DELISTED
Citrix Systems Inc
CTXS
| $576K | ﹤0.01% |
11,335
| – | – |
|
145
Qualcomm
QCOM
$176B
| $555K | ﹤0.01% |
8,000
-2,120
| -21% | -$149K |
|
|
LVLT
146
DELISTED
Level 3 Communications Inc
LVLT
| $553K | ﹤0.01% |
10,278
-3,500
| -25% | -$182K |
|
147
Ameriprise Financial
AMP
$49.1B
| $547K | ﹤0.01% |
4,182
| – | – |
|
148
Cemex
CX
$15.8B
| $526K | ﹤0.01% |
62,461
-124
| -0.2% | -$1.07K |
|
|
LM
149
DELISTED
Legg Mason, Inc.
LM
| $517K | ﹤0.01% |
9,360
-2,700
| -22% | -$152K |
|
150
Fluor
FLR
$7.24B
| $491K | ﹤0.01% |
8,595
| – | – |
|
Similar funds
Dodge & Cox's Q1 2015 Portfolio in Review
As of Q1 2015, Dodge & Cox held 191 positions worth $109B, up 0.81% from $108B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Trading was light in Q1 2015: portfolio turnover was 3.7%. Dodge & Cox opened 2 new positions and exited 5, leaving the 191-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 Q1 2015 buy was Teck Resources: 22,071,213 shares worth $303M.
- Dodge & Cox added most to SLB Ltd in Q1 2015, an estimated $868M increase.
- Dodge & Cox's biggest Q1 2015 reduction was Merck, cutting an estimated $485M.
- Dodge & Cox fully exited COVIDIEN PLC COM SHS NEW (IRELAND) in Q1 2015, selling an estimated $8.05M.
- Dodge & Cox's ten largest holdings make up 34% of its $109B portfolio in Q1 2015.
- Dodge & Cox opened 2 new positions and closed 5 in Q1 2015.
- Dodge & Cox's portfolio value rose 0.81% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q1 2015, filed 14 May 2015.