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 |
Hewlett Packard
HPE
|
+$3.13B |
| 2 |
American Express
AXP
|
+$898M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$814M |
| 4 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$411M |
| 5 |
Elevance Health
ELV
|
+$409M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
HP
HPQ
|
+$2.98B |
| 2 |
Pfizer
PFE
|
+$1.43B |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$940M |
| 4 |
GE Aerospace
GE
|
+$799M |
| 5 |
UBS Group
UBS
|
+$566M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.52% |
| 2 | Technology | 22.84% |
| 3 | Communication Services | 17.89% |
| 4 | Healthcare | 15.08% |
| 5 | Energy | 9.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
PPG Industries
PPG
$25.2B
| $1.78M | ﹤0.01% |
18,000
| – | – |
|
127
Philip Morris
PM
$297B
| $1.75M | ﹤0.01% |
19,900
| – | – |
|
128
Coca-Cola
KO
$383B
| $1.47M | ﹤0.01% |
34,242
| – | – |
|
129
Altria Group
MO
$113B
| $1.39M | ﹤0.01% |
23,800
| – | – |
|
130
ConocoPhillips
COP
$156B
| $1.37M | ﹤0.01% |
29,388
-100
| -0.3% | -$5.23K |
|
131
Abbott
ABT
$193B
| $1.36M | ﹤0.01% |
30,268
| – | – |
|
132
NextEra Energy
NEE
$174B
| $1.14M | ﹤0.01% |
44,000
| – | – |
|
133
Duke Energy
DUK
$94.2B
| $1.03M | ﹤0.01% |
14,445
-500
| -3% | -$35.2K |
|
|
LVNTA
134
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $992K | ﹤0.01% |
21,995
-1,803
| -8% | -$77.4K |
|
135
Berkshire Hathaway Class A
BRK.A
$1.08T
| $989K | ﹤0.01% |
5
| – | – |
|
136
Colgate-Palmolive
CL
$72.5B
| $933K | ﹤0.01% |
14,000
| – | – |
|
137
Air Products & Chemicals
APD
$68B
| $794K | ﹤0.01% |
6,594
| – | – |
|
138
Honeywell
HON
$69.9B
| $780K | ﹤0.01% |
8,381
| – | – |
|
|
WBA
139
DELISTED
Walgreens Boots Alliance
WBA
| $773K | ﹤0.01% |
9,079
-1,800
| -17% | -$153K |
|
140
PepsiCo
PEP
$191B
| $726K | ﹤0.01% |
7,265
-900
| -11% | -$89.8K |
|
|
CTXS
141
DELISTED
Citrix Systems Inc
CTXS
| $683K | ﹤0.01% |
11,335
| – | – |
|
142
Xerox
XRX
$390M
| $648K | ﹤0.01% |
23,150
-759
| -3% | -$20.4K |
|
143
Phillips 66
PSX
$95.7B
| $647K | ﹤0.01% |
7,905
-624
| -7% | -$53.8K |
|
144
General Mills
GIS
$21.6B
| $646K | ﹤0.01% |
11,200
| – | – |
|
|
DNB
145
DELISTED
Dun & Bradstreet
DNB
| $564K | ﹤0.01% |
5,425
| – | – |
|
146
HSBC
HSBC
$352B
| $553K | ﹤0.01% |
15,719
-7,183
| -31% | -$254K |
|
147
Mondelez International
MDLZ
$79.7B
| $531K | ﹤0.01% |
11,840
| – | – |
|
148
State Street
STT
$53.1B
| $531K | ﹤0.01% |
8,000
-1,800
| -18% | -$125K |
|
149
Kimberly-Clark
KMB
$36.6B
| $512K | ﹤0.01% |
4,023
-60
| -1% | -$7.2K |
|
150
Visa
V
$709B
| $510K | ﹤0.01% |
6,580
-660
| -9% | -$51.1K |
|
Similar funds
Dodge & Cox's Q4 2015 Portfolio in Review
As of Q4 2015, Dodge & Cox held 191 positions worth $102B, up 2.5% from $99.4B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Dodge & Cox's Q4 2015 filing shows 7 new, 31 increased, 114 reduced and 8 closed positions. Its largest new stake was Hewlett Packard: 374,271,996 shares worth $3.31B. The largest sale was HP, an estimated $2.98B.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 23% a quarter earlier, followed by Technology and Communication Services.
- Dodge & Cox's largest Q4 2015 buy was Hewlett Packard: 374,271,996 shares worth $3.31B.
- Dodge & Cox added most to American Express in Q4 2015, an estimated $898M increase.
- Dodge & Cox's biggest Q4 2015 reduction was HP, cutting an estimated $2.98B.
- Dodge & Cox fully exited UBS Group in Q4 2015, selling an estimated $566M.
- Dodge & Cox's ten largest holdings make up 35% of its $102B portfolio in Q4 2015.
- Dodge & Cox opened 7 new positions and closed 8 in Q4 2015.
- Dodge & Cox's portfolio value rose 2.5% quarter-over-quarter to $102B.
Based on Dodge & Cox's 13F filing for Q4 2015, filed 12 Feb 2016.