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 |
ESRX
Express Scripts Holding Company
ESRX
|
+$524M |
| 2 |
Suncor Energy
SU
|
+$422M |
| 3 |
Novartis
NVS
|
+$362M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$361M |
| 5 |
JNPR
Juniper Networks
JNPR
|
+$314M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLB Ltd
SLB
|
+$354M |
| 2 |
HP
HPQ
|
+$350M |
| 3 |
NetApp
NTAP
|
+$329M |
| 4 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$319M |
| 5 |
BNY
Bank of New York Mellon
BNY
|
+$217M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.32% |
| 2 | Communication Services | 18.65% |
| 3 | Technology | 16.41% |
| 4 | Healthcare | 16.28% |
| 5 | Energy | 10.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Altria Group
MO
$115B
| $1.7M | ﹤0.01% |
23,800
| – | – |
|
127
Becton Dickinson
BDX
$51.6B
| $1.62M | ﹤0.01% |
9,051
-5,125
| -36% | -$893K |
|
128
Chubb
CB
$131B
| $1.5M | ﹤0.01% |
11,009
-4,409
| -29% | -$593K |
|
129
Coca-Cola
KO
$386B
| $1.45M | ﹤0.01% |
34,242
| – | – |
|
130
GSK
GSK
$102B
| $1.36M | ﹤0.01% |
25,750
-3,660
| -12% | -$186K |
|
131
Abbott
ABT
$195B
| $1.3M | ﹤0.01% |
29,268
| – | – |
|
132
ConocoPhillips
COP
$157B
| $1.26M | ﹤0.01% |
25,288
| – | – |
|
133
NextEra Energy
NEE
$171B
| $1.23M | ﹤0.01% |
38,184
-800
| -2% | -$25.2K |
|
134
Unilever
UL
$140B
| $1.16M | ﹤0.01% |
20,889
-8,889
| -30% | -$450K |
|
135
Colgate-Palmolive
CL
$72.3B
| $1.02M | ﹤0.01% |
14,000
| – | – |
|
136
Duke Energy
DUK
$93.8B
| $1.01M | ﹤0.01% |
12,267
-712
| -5% | -$56.6K |
|
137
Honeywell
HON
$68.9B
| $940K | ﹤0.01% |
8,337
| – | – |
|
138
Amazon
AMZN
$2.87T
| $847K | ﹤0.01% |
19,100
-1,000
| -5% | -$41.7K |
|
139
Air Products & Chemicals
APD
$68.6B
| $832K | ﹤0.01% |
6,150
-50
| -0.8% | -$7.05K |
|
140
Philips
PHG
$26.1B
| $766K | ﹤0.01% |
32,211
| – | – |
|
141
Berkshire Hathaway Class A
BRK.A
$1.08T
| $750K | ﹤0.01% |
3
| – | – |
|
142
Parker-Hannifin
PH
$125B
| $702K | ﹤0.01% |
4,381
-237
| -5% | -$36K |
|
|
CSRA
143
DELISTED
CSRA Inc.
CSRA
| $678K | ﹤0.01% |
23,150
-18,950
| -45% | -$581K |
|
144
General Mills
GIS
$22.2B
| $661K | ﹤0.01% |
11,200
| – | – |
|
145
Visa
V
$712B
| $647K | ﹤0.01% |
7,280
-300
| -4% | -$25.8K |
|
|
WBA
146
DELISTED
Walgreens Boots Alliance
WBA
| $629K | ﹤0.01% |
7,569
-510
| -6% | -$42.8K |
|
|
CTXS
147
DELISTED
Citrix Systems Inc
CTXS
| $628K | ﹤0.01% |
7,526
-2,553
| -25% | -$199K |
|
|
DNB
148
DELISTED
Dun & Bradstreet
DNB
| $586K | ﹤0.01% |
5,425
| – | – |
|
149
Phillips 66
PSX
$97.4B
| $545K | ﹤0.01% |
6,877
-100
| -1% | -$8.06K |
|
150
Norfolk Southern
NSC
$78.3B
| $537K | ﹤0.01% |
4,797
-600
| -11% | -$70.2K |
|
Similar funds
Dodge & Cox's Q1 2017 Portfolio in Review
As of Q1 2017, Dodge & Cox held 181 positions worth $118B, up 4.6% from $113B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q1 2017: portfolio turnover was 1.7%. Dodge & Cox opened no new positions and exited 3, leaving the 181-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 27% a quarter earlier, followed by Communication Services and Technology.
- Dodge & Cox added most to Express Scripts Holding Company in Q1 2017, an estimated $524M increase.
- Dodge & Cox's biggest Q1 2017 reduction was SLB Ltd, cutting an estimated $354M.
- Dodge & Cox fully exited Lowe's Companies in Q1 2017, selling an estimated $278K.
- Dodge & Cox's ten largest holdings make up 32% of its $118B portfolio in Q1 2017.
- Dodge & Cox opened 0 new positions and closed 3 in Q1 2017.
- Dodge & Cox's portfolio value rose 4.6% quarter-over-quarter to $118B.
Based on Dodge & Cox's 13F filing for Q1 2017, filed 12 May 2017.