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 |
Johnson Controls International
JCI
|
+$1.53B |
| 2 |
APC
Anadarko Petroleum
APC
|
+$765M |
| 3 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$569M |
| 4 |
Suncor Energy
SU
|
+$564M |
| 5 |
Dell
DELL
|
+$524M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EMC
EMC CORPORATION
EMC
|
+$2.07B |
| 2 |
TYC
TYCO INTL PLC COM SHS (IRL)
TYC
|
+$1.63B |
| 3 |
Gen Digital
GEN
|
+$708M |
| 4 |
Petrobras Class A
PBR.A
|
+$517M |
| 5 |
Microsoft
MSFT
|
+$397M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.56% |
| 2 | Technology | 18.06% |
| 3 | Communication Services | 16.63% |
| 4 | Healthcare | 14.37% |
| 5 | Energy | 10.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Altria Group
MO
$120B
| $1.5M | ﹤0.01% |
23,800
| – | – |
|
127
Coca-Cola
KO
$349B
| $1.45M | ﹤0.01% |
34,242
| – | – |
|
128
Abbott
ABT
$175B
| $1.24M | ﹤0.01% |
29,268
| – | – |
|
129
NextEra Energy
NEE
$188B
| $1.23M | ﹤0.01% |
40,304
-2,400
| -6% | -$75.6K |
|
|
CSRA
130
DELISTED
CSRA Inc.
CSRA
| $1.17M | ﹤0.01% |
43,400
-5,100
| -11% | -$132K |
|
131
ConocoPhillips
COP
$148B
| $1.16M | ﹤0.01% |
26,788
| – | – |
|
132
Duke Energy
DUK
$101B
| $1.04M | ﹤0.01% |
12,979
| – | – |
|
133
Colgate-Palmolive
CL
$71.6B
| $1.04M | ﹤0.01% |
14,000
| – | – |
|
134
Air Products & Chemicals
APD
$65.8B
| $940K | ﹤0.01% |
6,756
| – | – |
|
135
Amazon
AMZN
$2.51T
| $883K | ﹤0.01% |
21,100
| – | – |
|
136
Honeywell
HON
$77.3B
| $878K | ﹤0.01% |
8,381
| – | – |
|
137
Philips
PHG
$25.3B
| $868K | ﹤0.01% |
39,639
-7,428
| -16% | -$152K |
|
|
LVNTA
138
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $791K | ﹤0.01% |
19,837
| – | – |
|
139
Visa
V
$667B
| $751K | ﹤0.01% |
9,080
-500
| -5% | -$40K |
|
|
DNB
140
DELISTED
Dun & Bradstreet
DNB
| $741K | ﹤0.01% |
5,425
| – | – |
|
141
General Mills
GIS
$19.1B
| $715K | ﹤0.01% |
11,200
| – | – |
|
|
CTXS
142
DELISTED
Citrix Systems Inc
CTXS
| $701K | ﹤0.01% |
10,330
| – | – |
|
|
WBA
143
DELISTED
Walgreens Boots Alliance
WBA
| $692K | ﹤0.01% |
8,579
| – | – |
|
144
Berkshire Hathaway Class A
BRK.A
$1.05T
| $649K | ﹤0.01% |
3
| – | – |
|
145
Phillips 66
PSX
$83.7B
| $618K | ﹤0.01% |
7,677
| – | – |
|
146
Parker-Hannifin
PH
$123B
| $580K | ﹤0.01% |
4,618
-50
| -1% | -$5.96K |
|
147
PepsiCo
PEP
$184B
| $570K | ﹤0.01% |
5,245
-1,000
| -16% | -$108K |
|
148
Norfolk Southern
NSC
$78B
| $534K | ﹤0.01% |
5,497
| – | – |
|
149
Mondelez International
MDLZ
$76.7B
| $520K | ﹤0.01% |
11,840
| – | – |
|
150
Kimberly-Clark
KMB
$35.4B
| $507K | ﹤0.01% |
4,023
| – | – |
|
Similar funds
Dodge & Cox's Q3 2016 Portfolio in Review
As of Q3 2016, Dodge & Cox held 180 positions worth $106B, up 5.1% from $101B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $3.59B in Q3 2016, closing 4 positions and reducing 87 holdings. Its most notable exit was EMC CORPORATION, an estimated $2.07B position sold in full.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 22% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Dodge & Cox opened a new position in Johnson Controls International worth $1.53B.
- Dodge & Cox's largest Q3 2016 buy was Johnson Controls International: 32,979,554 shares worth $1.53B.
- Dodge & Cox added most to Anadarko Petroleum in Q3 2016, an estimated $765M increase.
- Dodge & Cox's biggest Q3 2016 reduction was Gen Digital, cutting an estimated $708M.
- Dodge & Cox fully exited EMC CORPORATION in Q3 2016, selling an estimated $2.07B.
- Dodge & Cox's ten largest holdings make up 32% of its $106B portfolio in Q3 2016.
- Dodge & Cox opened 5 new positions and closed 4 in Q3 2016.
- Dodge & Cox's portfolio value rose 5.1% quarter-over-quarter to $106B.
Based on Dodge & Cox's 13F filing for Q3 2016, filed 14 Nov 2016.