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 |
HP
HPQ
|
+$672M |
| 2 |
UBS Group
UBS
|
+$647M |
| 3 |
Cisco
CSCO
|
+$627M |
| 4 |
SLB Ltd
SLB
|
+$418M |
| 5 |
PayPal
PYPL
|
+$409M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$972M |
| 2 |
Chevron
CVX
|
+$904M |
| 3 |
GSK
GSK
|
+$511M |
| 4 |
SunTrust Banks, Inc.
STI
|
+$501M |
| 5 |
UnitedHealth
UNH
|
+$433M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.11% |
| 2 | Technology | 21.96% |
| 3 | Communication Services | 17.58% |
| 4 | Healthcare | 16.13% |
| 5 | Energy | 10.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
126
Abbott
ABT
$178B
| $1.22M | ﹤0.01% |
30,268
-1,000
| -3% | -$47.1K |
2013 Q2
9 quarters
|
|
127
Duke Energy
DUK
$92.2B
| $1.07M | ﹤0.01% |
14,945
-500
| -3% | -$36.2K |
2013 Q2
9 quarters
|
|
128
NextEra Energy
NEE
$163B
| $1.07M | ﹤0.01% |
44,000
-2,400
| -5% | -$61K |
2013 Q2
9 quarters
|
|
129
Berkshire Hathaway Class A
BRK.A
$1.11T
| $976K | ﹤0.01% |
5
| – | – |
2013 Q2
9 quarters
|
|
|
LVNTA
130
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $960K | ﹤0.01% |
23,798
-29,315
| -55% | -$1.19M |
2014 Q4
3 quarters
|
|
131
DELISTED
Walgreens Boots Alliance
WBA
| $904K | ﹤0.01% |
10,879
-300
| -3% | -$27.1K |
2013 Q2
9 quarters
|
|
132
Colgate-Palmolive
CL
$71.7B
| $888K | ﹤0.01% |
14,000
| – | – |
2013 Q2
9 quarters
|
|
133
Air Products & Chemicals
APD
$64.3B
| $778K | ﹤0.01% |
6,594
| – | – |
2013 Q2
9 quarters
|
|
134
HSBC
HSBC
$324B
| $773K | ﹤0.01% |
22,902
-48,045
| -68% | -$1.8M |
2013 Q2
9 quarters
|
|
135
PepsiCo
PEP
$173B
| $770K | ﹤0.01% |
8,165
| – | – |
2013 Q2
9 quarters
|
|
136
Honeywell
HON
$65.7B
| $713K | ﹤0.01% |
8,381
-835
| -9% | -$76K |
2013 Q2
9 quarters
|
|
137
State Street
STT
$47.8B
| $659K | ﹤0.01% |
9,800
-1,700
| -15% | -$126K |
2013 Q2
9 quarters
|
|
138
Phillips 66
PSX
$117B
| $655K | ﹤0.01% |
8,529
| – | – |
2013 Q2
9 quarters
|
|
139
General Mills
GIS
$17B
| $629K | ﹤0.01% |
11,200
| – | – |
2013 Q2
9 quarters
|
|
|
CTXS
140
DELISTED
Citrix Systems Inc
CTXS
| $625K | ﹤0.01% |
11,335
| – | – |
2013 Q2
9 quarters
|
|
141
Xerox
XRX
$373M
| $613K | ﹤0.01% |
23,909
-759
| -3% | -$21K |
2013 Q2
9 quarters
|
|
142
DELISTED
Anadarko Petroleum
APC
| $597K | ﹤0.01% |
9,884
| – | – |
2013 Q2
9 quarters
|
|
143
Rio Tinto
RIO
$151B
| $583K | ﹤0.01% |
17,240
-1,900
| -10% | -$71.1K |
2013 Q2
9 quarters
|
|
144
DELISTED
Dun & Bradstreet
DNB
| $570K | ﹤0.01% |
5,425
| – | – |
2013 Q2
9 quarters
|
|
145
Macy's
M
$5.94B
| $554K | ﹤0.01% |
10,800
| – | – |
2013 Q2
9 quarters
|
|
146
Marsh
MRSH
$84.5B
| $541K | ﹤0.01% |
10,360
| – | – |
2014 Q3
4 quarters
|
|
147
Visa
V
$744B
| $504K | ﹤0.01% |
7,240
| – | – |
2014 Q3
4 quarters
|
|
148
Mondelez International
MDLZ
$78.5B
| $496K | ﹤0.01% |
11,840
| – | – |
2013 Q2
9 quarters
|
|
|
TFCF
149
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $485K | ﹤0.01% |
+17,900
| New | +$531K |
2015 Q3
0 quarters
|
|
150
Parker-Hannifin
PH
$120B
| $466K | ﹤0.01% |
4,788
| – | – |
2013 Q2
9 quarters
|
|
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Dodge & Cox's Q3 2015 Portfolio in Review
As of Q3 2015, Dodge & Cox held 189 positions worth $99.4B, down 10% from $111B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Dodge & Cox's Q3 2015 filing shows 9 new, 45 increased, 83 reduced and 5 closed positions. Its largest new stake was UBS Group: 30,534,700 shares worth $566M. The largest sale was eBay, an estimated $972M.
By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 22% a quarter earlier, followed by Technology and Communication Services.
- Dodge & Cox's largest Q3 2015 buy was UBS Group: 30,534,700 shares worth $566M.
- Dodge & Cox added most to HP in Q3 2015, an estimated $672M increase.
- Dodge & Cox's biggest Q3 2015 reduction was eBay, cutting an estimated $972M.
- Dodge & Cox fully exited NVR in Q3 2015, selling an estimated $115M.
- Dodge & Cox's ten largest holdings make up 36% of its $99.4B portfolio in Q3 2015.
- Dodge & Cox opened 9 new positions and closed 5 in Q3 2015.
- Dodge & Cox's portfolio value fell 10% quarter-over-quarter to $99.4B.
Based on Dodge & Cox's 13F filing for Q3 2015, filed 12 Nov 2015.