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 |
MFGP
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
|
+$1.17B |
| 2 |
Eli Lilly
LLY
|
+$1.15B |
| 3 |
Baker Hughes
BKR
|
+$845M |
| 4 |
Gilead Sciences
GILD
|
+$758M |
| 5 |
GSK
GSK
|
+$602M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BHI
Baker Hughes
BHI
|
+$1.3B |
| 2 |
Hewlett Packard
HPE
|
+$952M |
| 3 |
DXC Technology
DXC
|
+$764M |
| 4 |
TWX
Time Warner Inc
TWX
|
+$664M |
| 5 |
Novartis
NVS
|
+$464M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.34% |
| 2 | Healthcare | 19.07% |
| 3 | Communication Services | 15.79% |
| 4 | Technology | 14.69% |
| 5 | Energy | 7.12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Genuine Parts
GPC
$16.4B
| $1.9M | ﹤0.01% |
19,862
| – | – |
|
127
Apple
AAPL
$4.71T
| $1.9M | ﹤0.01% |
49,200
-1,600
| -3% | -$62.1K |
|
128
Becton Dickinson
BDX
$42.1B
| $1.51M | ﹤0.01% |
7,923
-52
| -0.7% | -$10.1K |
|
129
Altria Group
MO
$120B
| $1.51M | ﹤0.01% |
23,800
| – | – |
|
130
Abbott
ABT
$175B
| $1.46M | ﹤0.01% |
27,332
-1,936
| -7% | -$97.1K |
|
131
Coca-Cola
KO
$349B
| $1.44M | ﹤0.01% |
32,042
-2,200
| -6% | -$100K |
|
132
ConocoPhillips
COP
$148B
| $1.27M | ﹤0.01% |
25,288
| – | – |
|
133
NextEra Energy
NEE
$187B
| $1.25M | ﹤0.01% |
34,168
-1,800
| -5% | -$65.9K |
|
134
Chubb
CB
$136B
| $1.18M | ﹤0.01% |
8,274
-288
| -3% | -$41.7K |
|
135
Honeywell
HON
$77.3B
| $1.07M | ﹤0.01% |
8,337
| – | – |
|
136
Colgate-Palmolive
CL
$71.6B
| $1.02M | ﹤0.01% |
14,000
| – | – |
|
137
Duke Energy
DUK
$101B
| $954K | ﹤0.01% |
11,368
-233
| -2% | -$19.9K |
|
138
Philips
PHG
$25.3B
| $908K | ﹤0.01% |
29,049
-791
| -3% | -$23K |
|
139
Unilever
UL
$129B
| $852K | ﹤0.01% |
13,067
| – | – |
|
140
Berkshire Hathaway Class A
BRK.A
$1.06T
| $824K | ﹤0.01% |
3
| – | – |
|
141
Amazon
AMZN
$2.52T
| $798K | ﹤0.01% |
16,600
-1,000
| -6% | -$49.1K |
|
142
Air Products & Chemicals
APD
$65.7B
| $764K | ﹤0.01% |
5,050
-1,000
| -17% | -$146K |
|
143
Parker-Hannifin
PH
$123B
| $758K | ﹤0.01% |
4,331
-50
| -1% | -$8.21K |
|
144
Visa
V
$667B
| $671K | ﹤0.01% |
6,380
-500
| -7% | -$50.7K |
|
|
DNB
145
DELISTED
Dun & Bradstreet
DNB
| $632K | ﹤0.01% |
5,425
| – | – |
|
146
Phillips 66
PSX
$84.3B
| $591K | ﹤0.01% |
6,455
-422
| -6% | -$35.7K |
|
|
WBA
147
DELISTED
Walgreens Boots Alliance
WBA
| $584K | ﹤0.01% |
7,569
| – | – |
|
148
General Mills
GIS
$19B
| $580K | ﹤0.01% |
11,200
| – | – |
|
|
CTXS
149
DELISTED
Citrix Systems Inc
CTXS
| $555K | ﹤0.01% |
7,226
| – | – |
|
|
LVNTA
150
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $531K | ﹤0.01% |
9,230
-340
| -4% | -$19.7K |
|
Similar funds
Dodge & Cox's Q3 2017 Portfolio in Review
As of Q3 2017, Dodge & Cox held 183 positions worth $124B, up 4.8% from $119B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q3 2017: portfolio turnover was 3.8%. Dodge & Cox opened 4 new positions and exited 3, leaving the 183-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q3 2017 buy was Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share: 30,298,435 shares worth $1.17B.
- Dodge & Cox added most to Eli Lilly in Q3 2017, an estimated $1.15B increase.
- Dodge & Cox's biggest Q3 2017 reduction was Hewlett Packard, cutting an estimated $952M.
- Dodge & Cox fully exited Baker Hughes in Q3 2017, selling an estimated $1.3B.
- Dodge & Cox's ten largest holdings make up 29% of its $124B portfolio in Q3 2017.
- Dodge & Cox opened 4 new positions and closed 3 in Q3 2017.
- Dodge & Cox's portfolio value rose 4.8% quarter-over-quarter to $124B.
Based on Dodge & Cox's 13F filing for Q3 2017, filed 13 Nov 2017.