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 |
RTX Corp
RTX
|
+$1.53B |
| 2 |
Linde
LIN
|
+$1.28B |
| 3 |
Occidental Petroleum
OXY
|
+$1.27B |
| 4 |
Cigna
CI
|
+$904M |
| 5 |
FedEx
FDX
|
+$752M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ESRX
Express Scripts Holding Company
ESRX
|
+$3.79B |
| 2 |
Medtronic
MDT
|
+$1.09B |
| 3 |
Dell
DELL
|
+$1.04B |
| 4 |
Union Pacific
UNP
|
+$861M |
| 5 |
Eli Lilly
LLY
|
+$803M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.53% |
| 2 | Healthcare | 19.64% |
| 3 | Communication Services | 17.52% |
| 4 | Technology | 13.35% |
| 5 | Energy | 9.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
126
DELISTED
Unilever NV New York Registry Shares
UN
| $2.46M | ﹤0.01% |
45,771
-1,571
| -3% | -$85.8K |
2013 Q2
22 quarters
|
|
127
Abbott
ABT
$176B
| $2.38M | ﹤0.01% |
32,829
| – | – |
2013 Q2
22 quarters
|
|
128
Apple
AAPL
$4.96T
| $2.3M | ﹤0.01% |
58,400
-1,600
| -3% | -$77.6K |
2013 Q2
22 quarters
|
|
129
PNC Financial Services
PNC
$88.2B
| $2.18M | ﹤0.01% |
18,680
-300
| -2% | -$38.3K |
2013 Q2
22 quarters
|
|
130
Genuine Parts
GPC
$17.7B
| $1.78M | ﹤0.01% |
18,562
| – | – |
2013 Q2
22 quarters
|
|
131
PPG Industries
PPG
$23.1B
| $1.74M | ﹤0.01% |
17,000
| – | – |
2013 Q2
22 quarters
|
|
132
eBay
EBAY
$52.1B
| $1.67M | ﹤0.01% |
59,581
-4,154
| -7% | -$122K |
2013 Q2
22 quarters
|
|
133
Amazon
AMZN
$2.8T
| $1.55M | ﹤0.01% |
20,600
| – | – |
2014 Q3
17 quarters
|
|
134
Berkshire Hathaway Class A
BRK.A
$1.11T
| $1.53M | ﹤0.01% |
5
| – | – |
2013 Q2
22 quarters
|
|
135
CarMax
KMX
$7.26B
| $1.46M | ﹤0.01% |
23,200
| – | – |
2013 Q2
22 quarters
|
|
136
ConocoPhillips
COP
$165B
| $1.45M | ﹤0.01% |
23,188
| – | – |
2013 Q2
22 quarters
|
|
137
S&P Global
SPGI
$121B
| $1.41M | ﹤0.01% |
8,300
| – | – |
2016 Q2
10 quarters
|
|
138
Coca-Cola
KO
$384B
| $1.4M | ﹤0.01% |
29,478
-544
| -2% | -$26K |
2013 Q2
22 quarters
|
|
139
Becton Dickinson
BDX
$51.1B
| $1.28M | ﹤0.01% |
5,822
-359
| -6% | -$83.3K |
2013 Q2
22 quarters
|
|
140
Philip Morris
PM
$315B
| $1.26M | ﹤0.01% |
18,913
| – | – |
2013 Q2
22 quarters
|
|
141
NextEra Energy
NEE
$163B
| $1.24M | ﹤0.01% |
28,568
| – | – |
2013 Q2
22 quarters
|
|
142
Honeywell
HON
$66.6B
| $1.22M | ﹤0.01% |
9,794
-425
| -4% | -$58K |
2013 Q2
22 quarters
|
|
143
Altria Group
MO
$119B
| $1.18M | ﹤0.01% |
23,800
| – | – |
2013 Q2
22 quarters
|
|
144
Colgate-Palmolive
CL
$71.3B
| $833K | ﹤0.01% |
14,000
| – | – |
2013 Q2
22 quarters
|
|
145
Philips
PHG
$24.2B
| $762K | ﹤0.01% |
27,956
| – | – |
2013 Q2
22 quarters
|
|
146
Visa
V
$734B
| $726K | ﹤0.01% |
5,500
| – | – |
2014 Q3
17 quarters
|
|
147
PepsiCo
PEP
$172B
| $635K | ﹤0.01% |
5,745
-300
| -5% | -$33.8K |
2013 Q2
22 quarters
|
|
148
Chubb
CB
$133B
| $618K | ﹤0.01% |
4,783
-561
| -10% | -$72.5K |
2016 Q1
11 quarters
|
|
|
CTXS
149
DELISTED
Citrix Systems Inc
CTXS
| $589K | ﹤0.01% |
5,750
-400
| -7% | -$42.2K |
2013 Q2
22 quarters
|
|
150
Duke Energy
DUK
$91.6B
| $584K | ﹤0.01% |
6,765
| – | – |
2013 Q2
22 quarters
|
|
Similar funds
Dodge & Cox's Q4 2018 Portfolio in Review
As of Q4 2018, Dodge & Cox held 194 positions worth $109B, down 17% from $131B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q4 2018 filing shows 4 new, 38 increased, 100 reduced and 13 closed positions. Its largest new stake was Linde: 8,101,094 shares worth $1.29B. The largest sale was Express Scripts Holding Company, an estimated $3.79B.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 23% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q4 2018 buy was Linde: 8,101,094 shares worth $1.29B.
- Dodge & Cox added most to RTX Corp in Q4 2018, an estimated $1.53B increase.
- Dodge & Cox's biggest Q4 2018 reduction was Medtronic, cutting an estimated $1.09B.
- Dodge & Cox fully exited Express Scripts Holding Company in Q4 2018, selling an estimated $3.79B.
- Dodge & Cox's ten largest holdings make up 30% of its $109B portfolio in Q4 2018.
- Dodge & Cox opened 4 new positions and closed 13 in Q4 2018.
- Dodge & Cox's portfolio value fell 17% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q4 2018, filed 14 Feb 2019.