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 |
Booking.com
BKNG
|
+$812M |
| 2 |
EMC
EMC CORPORATION
EMC
|
+$745M |
| 3 |
Petrobras Class A
PBR.A
|
+$482M |
| 4 |
Cisco
CSCO
|
+$443M |
| 5 |
HP
HPQ
|
+$402M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GSK
GSK
|
+$494M |
| 2 |
AOL
AOL INC COMMON STOCK
AOL
|
+$464M |
| 3 |
CarMax
KMX
|
+$435M |
| 4 |
BNY
Bank of New York Mellon
BNY
|
+$376M |
| 5 |
Nokia
NOK
|
+$232M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.33% |
| 2 | Technology | 19.62% |
| 3 | Healthcare | 16.6% |
| 4 | Communication Services | 16.32% |
| 5 | Energy | 11.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
WBA
126
DELISTED
Walgreens Boots Alliance
WBA
| $944K | ﹤0.01% |
11,179
| – | – |
|
127
Colgate-Palmolive
CL
$71.6B
| $916K | ﹤0.01% |
14,000
| – | – |
|
128
State Street
STT
$50.8B
| $886K | ﹤0.01% |
11,500
| – | – |
|
129
Honeywell
HON
$77.3B
| $844K | ﹤0.01% |
9,216
-3,973
| -30% | -$370K |
|
130
Air Products & Chemicals
APD
$65.7B
| $835K | ﹤0.01% |
6,594
-4,324
| -40% | -$590K |
|
131
Rio Tinto
RIO
$149B
| $789K | ﹤0.01% |
19,140
-600
| -3% | -$26.3K |
|
|
APC
132
DELISTED
Anadarko Petroleum
APC
| $772K | ﹤0.01% |
9,884
-1,040
| -10% | -$90K |
|
133
PepsiCo
PEP
$184B
| $762K | ﹤0.01% |
8,165
-800
| -9% | -$76.5K |
|
134
Macy's
M
$6.11B
| $729K | ﹤0.01% |
10,800
-1,122
| -9% | -$75.8K |
|
135
Xerox
XRX
$337M
| $692K | ﹤0.01% |
24,668
-11,764
| -32% | -$364K |
|
136
Phillips 66
PSX
$84.3B
| $687K | ﹤0.01% |
8,529
-61
| -0.7% | -$4.85K |
|
|
DNB
137
DELISTED
Dun & Bradstreet
DNB
| $662K | ﹤0.01% |
5,425
| – | – |
|
|
CTXS
138
DELISTED
Citrix Systems Inc
CTXS
| $633K | ﹤0.01% |
11,335
| – | – |
|
139
General Mills
GIS
$19B
| $624K | ﹤0.01% |
11,200
| – | – |
|
|
MRSH
140
Marsh
MRSH
$83.7B
| $587K | ﹤0.01% |
10,360
| – | – |
|
141
Parker-Hannifin
PH
$123B
| $557K | ﹤0.01% |
4,788
-172
| -3% | -$20.8K |
|
142
Norfolk Southern
NSC
$77.8B
| $541K | ﹤0.01% |
6,197
| – | – |
|
143
Morgan Stanley
MS
$338B
| $528K | ﹤0.01% |
13,620
| – | – |
|
144
Ameriprise Financial
AMP
$47.1B
| $522K | ﹤0.01% |
4,182
| – | – |
|
145
Qualcomm
QCOM
$178B
| $501K | ﹤0.01% |
8,000
| – | – |
|
146
Gilead Sciences
GILD
$161B
| $498K | ﹤0.01% |
4,250
| – | – |
|
147
Elevance Health
ELV
$82B
| $492K | ﹤0.01% |
3,000
| – | – |
|
148
Mondelez International
MDLZ
$76.5B
| $487K | ﹤0.01% |
11,840
| – | – |
|
149
Visa
V
$667B
| $486K | ﹤0.01% |
7,240
| – | – |
|
|
AGN
150
DELISTED
Allergan plc
AGN
| $486K | ﹤0.01% |
1,601
-1
| -0.1% | -$298 |
|
Similar funds
Dodge & Cox's Q2 2015 Portfolio in Review
As of Q2 2015, Dodge & Cox held 187 positions worth $111B, up 2.2% from $109B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Trading was light in Q2 2015: portfolio turnover was 4.3%. Dodge & Cox opened 1 new position and exited 7, leaving the 187-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 Q2 2015 buy was Booking.com: 17,019,125 shares worth $784M.
- Dodge & Cox added most to EMC CORPORATION in Q2 2015, an estimated $745M increase.
- Dodge & Cox's biggest Q2 2015 reduction was GSK, cutting an estimated $494M.
- Dodge & Cox fully exited AOL INC COMMON STOCK in Q2 2015, selling an estimated $464M.
- Dodge & Cox's ten largest holdings make up 35% of its $111B portfolio in Q2 2015.
- Dodge & Cox opened 1 new position and closed 7 in Q2 2015.
- Dodge & Cox's portfolio value rose 2.2% quarter-over-quarter to $111B.
Based on Dodge & Cox's 13F filing for Q2 2015, filed 13 Aug 2015.