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 |
AT&T
T
|
+$1.51B |
| 2 |
Comcast
CMCSA
|
+$985M |
| 3 |
OPTU
Optimum Communications Inc
OPTU
|
+$520M |
| 4 |
Charter Communications
CHTR
|
+$518M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$487M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TWX
Time Warner Inc
TWX
|
+$2.98B |
| 2 |
Merck
MRK
|
+$620M |
| 3 |
Hewlett Packard
HPE
|
+$617M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$485M |
| 5 |
Cisco
CSCO
|
+$459M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.82% |
| 2 | Healthcare | 19.47% |
| 3 | Communication Services | 19.05% |
| 4 | Technology | 13.42% |
| 5 | Energy | 10.78% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
CarMax
KMX
$8.86B
| $1.69M | ﹤0.01% |
23,200
-400
| -2% | -$26.7K |
|
127
Abbott
ABT
$194B
| $1.66M | ﹤0.01% |
27,229
| – | – |
|
128
Becton Dickinson
BDX
$51.6B
| $1.59M | ﹤0.01% |
6,796
| – | – |
|
129
Philip Morris
PM
$300B
| $1.53M | ﹤0.01% |
18,913
| – | – |
|
|
PRSP
130
DELISTED
Perspecta Inc. Common Stock
PRSP
| $1.5M | ﹤0.01% |
+72,865
| New | +$1.63M |
|
131
Altria Group
MO
$114B
| $1.35M | ﹤0.01% |
23,800
| – | – |
|
132
Amazon
AMZN
$2.86T
| $1.33M | ﹤0.01% |
15,600
| – | – |
|
133
Coca-Cola
KO
$387B
| $1.32M | ﹤0.01% |
30,022
| – | – |
|
134
NextEra Energy
NEE
$170B
| $1.29M | ﹤0.01% |
30,968
| – | – |
|
135
Honeywell
HON
$68.3B
| $984K | ﹤0.01% |
7,562
-553
| -7% | -$73.6K |
|
136
Chubb
CB
$131B
| $954K | ﹤0.01% |
7,514
-500
| -6% | -$66.4K |
|
137
Philips
PHG
$26.1B
| $917K | ﹤0.01% |
27,956
-632
| -2% | -$20.2K |
|
138
Colgate-Palmolive
CL
$72.4B
| $907K | ﹤0.01% |
14,000
| – | – |
|
139
Berkshire Hathaway Class A
BRK.A
$1.08T
| $846K | ﹤0.01% |
3
| – | – |
|
140
Visa
V
$713B
| $728K | ﹤0.01% |
5,500
| – | – |
|
141
Parker-Hannifin
PH
$125B
| $675K | ﹤0.01% |
4,331
| – | – |
|
|
CTXS
142
DELISTED
Citrix Systems Inc
CTXS
| $645K | ﹤0.01% |
6,150
-100
| -2% | -$10.3K |
|
|
DNB
143
DELISTED
Dun & Bradstreet
DNB
| $629K | ﹤0.01% |
5,125
-300
| -6% | -$36.5K |
|
144
Phillips 66
PSX
$97.1B
| $585K | ﹤0.01% |
5,205
| – | – |
|
145
Rio Tinto
RIO
$168B
| $583K | ﹤0.01% |
10,500
| – | – |
|
146
Norfolk Southern
NSC
$78B
| $573K | ﹤0.01% |
3,797
| – | – |
|
147
Duke Energy
DUK
$93.6B
| $565K | ﹤0.01% |
7,148
-350
| -5% | -$26.9K |
|
148
Air Products & Chemicals
APD
$68.1B
| $514K | ﹤0.01% |
3,300
-250
| -7% | -$40.9K |
|
149
General Mills
GIS
$22.2B
| $496K | ﹤0.01% |
11,200
| – | – |
|
150
Mondelez International
MDLZ
$79.8B
| $485K | ﹤0.01% |
11,840
| – | – |
|
Similar funds
Dodge & Cox's Q2 2018 Portfolio in Review
As of Q2 2018, Dodge & Cox held 181 positions worth $125B, up 1% from $124B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q2 2018: portfolio turnover was 5%. Dodge & Cox opened 4 new positions and exited 5, leaving the 181-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 Q2 2018 buy was AT&T: 60,273,392 shares worth $1.46B.
- Dodge & Cox added most to Comcast in Q2 2018, an estimated $985M increase.
- Dodge & Cox's biggest Q2 2018 reduction was Merck, cutting an estimated $620M.
- Dodge & Cox fully exited Time Warner Inc in Q2 2018, selling an estimated $2.98B.
- Dodge & Cox's ten largest holdings make up 30% of its $125B portfolio in Q2 2018.
- Dodge & Cox opened 4 new positions and closed 5 in Q2 2018.
- Dodge & Cox's portfolio value rose 1% quarter-over-quarter to $125B.
Based on Dodge & Cox's 13F filing for Q2 2018, filed 14 Aug 2018.