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 |
TWX
Time Warner Inc
TWX
|
+$1B |
| 2 |
Johnson Controls International
JCI
|
+$737M |
| 3 |
Nutrien
NTR
|
+$616M |
| 4 |
VMW
VMware, Inc
VMW
|
+$412M |
| 5 |
Wells Fargo
WFC
|
+$398M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NetApp
NTAP
|
+$701M |
| 2 |
AGU
Agrium
AGU
|
+$635M |
| 3 |
Walmart Inc
WMT
|
+$551M |
| 4 |
UnitedHealth
UNH
|
+$459M |
| 5 |
Target
TGT
|
+$458M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.09% |
| 2 | Healthcare | 19.03% |
| 3 | Communication Services | 17.99% |
| 4 | Technology | 14.82% |
| 5 | Energy | 9.73% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Altria Group
MO
$113B
| $1.48M | ﹤0.01% |
23,800
| – | – |
|
127
CarMax
KMX
$8.89B
| $1.46M | ﹤0.01% |
23,600
-2,400
| -9% | -$157K |
|
128
Becton Dickinson
BDX
$51.2B
| $1.44M | ﹤0.01% |
6,796
-512
| -7% | -$112K |
|
129
Coca-Cola
KO
$383B
| $1.3M | ﹤0.01% |
30,022
| – | – |
|
130
Tapestry
TPR
$24.6B
| $1.27M | ﹤0.01% |
24,100
-340,615
| -93% | -$16.8M |
|
131
NextEra Energy
NEE
$174B
| $1.26M | ﹤0.01% |
30,968
-2,400
| -7% | -$92.5K |
|
132
Amazon
AMZN
$2.76T
| $1.13M | ﹤0.01% |
15,600
-1,000
| -6% | -$71.5K |
|
133
Chubb
CB
$131B
| $1.1M | ﹤0.01% |
8,014
| – | – |
|
134
Honeywell
HON
$69.9B
| $1.06M | ﹤0.01% |
8,115
-222
| -3% | -$30.7K |
|
135
Colgate-Palmolive
CL
$72.5B
| $1M | ﹤0.01% |
14,000
| – | – |
|
136
Berkshire Hathaway Class A
BRK.A
$1.08T
| $897K | ﹤0.01% |
3
| – | – |
|
137
Philips
PHG
$26.3B
| $831K | ﹤0.01% |
28,588
| – | – |
|
138
Parker-Hannifin
PH
$127B
| $741K | ﹤0.01% |
4,331
| – | – |
|
139
Adient
ADNT
$1.45B
| $676K | ﹤0.01% |
11,304
-4,413
| -28% | -$294K |
|
140
Visa
V
$709B
| $658K | ﹤0.01% |
5,500
-380
| -6% | -$46.1K |
|
141
Gen Digital
GEN
$18.3B
| $642K | ﹤0.01% |
24,850
-13,350
| -35% | -$363K |
|
|
DNB
142
DELISTED
Dun & Bradstreet
DNB
| $635K | ﹤0.01% |
5,425
| – | – |
|
143
Duke Energy
DUK
$94.2B
| $581K | ﹤0.01% |
7,498
-2,487
| -25% | -$192K |
|
|
CTXS
144
DELISTED
Citrix Systems Inc
CTXS
| $580K | ﹤0.01% |
6,250
-176
| -3% | -$16.2K |
|
145
Air Products & Chemicals
APD
$68B
| $565K | ﹤0.01% |
3,550
-1,500
| -30% | -$247K |
|
146
Rio Tinto
RIO
$170B
| $541K | ﹤0.01% |
10,500
-700
| -6% | -$38.2K |
|
147
Norfolk Southern
NSC
$78.1B
| $516K | ﹤0.01% |
3,797
-200
| -5% | -$28.8K |
|
148
General Mills
GIS
$21.6B
| $505K | ﹤0.01% |
11,200
| – | – |
|
149
Phillips 66
PSX
$95.7B
| $499K | ﹤0.01% |
5,205
-250
| -5% | -$24.3K |
|
150
Mondelez International
MDLZ
$79.7B
| $494K | ﹤0.01% |
11,840
| – | – |
|
Similar funds
Dodge & Cox's Q1 2018 Portfolio in Review
As of Q1 2018, Dodge & Cox held 182 positions worth $124B, down 4% from $129B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q1 2018: portfolio turnover was 4.9%. Dodge & Cox opened 4 new positions and exited 5, leaving the 182-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q1 2018 buy was Nutrien: 12,308,134 shares worth $582M.
- Dodge & Cox added most to Time Warner Inc in Q1 2018, an estimated $1B increase.
- Dodge & Cox's biggest Q1 2018 reduction was NetApp, cutting an estimated $701M.
- Dodge & Cox fully exited Agrium in Q1 2018, selling an estimated $635M.
- Dodge & Cox's ten largest holdings make up 30% of its $124B portfolio in Q1 2018.
- Dodge & Cox opened 4 new positions and closed 5 in Q1 2018.
- Dodge & Cox's portfolio value fell 4% quarter-over-quarter to $124B.
Based on Dodge & Cox's 13F filing for Q1 2018, filed 14 May 2018.