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 |
NOV
NOV
|
+$997M |
| 2 |
ESRX
Express Scripts Holding Company
ESRX
|
+$448M |
| 3 |
EMC
EMC CORPORATION
EMC
|
+$409M |
| 4 |
JPMorgan Chase
JPM
|
+$313M |
| 5 |
APA Corp
APA
|
+$237M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Merck
MRK
|
+$480M |
| 2 |
Xerox
XRX
|
+$476M |
| 3 |
Vodafone
VOD
|
+$356M |
| 4 |
BHI
Baker Hughes
BHI
|
+$315M |
| 5 |
FRX
FOREST LABORATORIES INC
FRX
|
+$303M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 21.61% |
| 2 | Technology | 21.46% |
| 3 | Healthcare | 18.65% |
| 4 | Communication Services | 13.81% |
| 5 | Energy | 11.63% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
AET
151
DELISTED
Aetna Inc
AET
| $450K | ﹤0.01% |
6,000
| – | – |
|
152
Dominion Energy
D
$58.5B
| $447K | ﹤0.01% |
6,290
-400
| -6% | -$27.3K |
|
|
AGN
153
DELISTED
Allergan Inc
AGN
| $442K | ﹤0.01% |
3,564
| – | – |
|
154
VF Corp
VFC
$5.36B
| $418K | ﹤0.01% |
7,179
-2,443
| -25% | -$138K |
|
155
Mondelez International
MDLZ
$79.7B
| $409K | ﹤0.01% |
11,840
| – | – |
|
|
WBA
156
DELISTED
Walgreens Boots Alliance
WBA
| $401K | ﹤0.01% |
6,069
| – | – |
|
157
Phillips 66
PSX
$95.7B
| $354K | ﹤0.01% |
4,600
| – | – |
|
158
Moody's
MCO
$88.2B
| $341K | ﹤0.01% |
4,300
| – | – |
|
159
Elevance Health
ELV
$86.6B
| $299K | ﹤0.01% |
3,000
| – | – |
|
160
PG&E
PCG
$39.5B
| $276K | ﹤0.01% |
6,382
| – | – |
|
161
Allstate
ALL
$65.1B
| $267K | ﹤0.01% |
4,724
| – | – |
|
162
Baxter International
BAX
$13.4B
| $250K | ﹤0.01% |
6,267
+41
| +0.7% | +$1.53K |
|
|
KRFT
163
DELISTED
KRAFT FOODS GROUP INC COM STK (VA)
KRFT
| $221K | ﹤0.01% |
3,946
| – | – |
|
164
Automatic Data Processing
ADP
$113B
| $210K | ﹤0.01% |
3,098
| – | – |
|
165
RTX Corp
RTX
$286B
| $205K | ﹤0.01% |
+2,784
| New | +$200K |
|
Similar funds
Dodge & Cox's Q1 2014 Portfolio in Review
As of Q1 2014, Dodge & Cox held 165 positions worth $97.8B, up 1.9% from $95.9B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Trading was light in Q1 2014: portfolio turnover was 1.2%. Dodge & Cox opened 2 new positions and made no exits, leaving the 165-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 22% of assets, up from 21% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q1 2014 buy was NOV: 14,533,426 shares worth $1.02B.
- Dodge & Cox added most to Express Scripts Holding Company in Q1 2014, an estimated $448M increase.
- Dodge & Cox's biggest Q1 2014 reduction was Merck, cutting an estimated $480M.
- Dodge & Cox's ten largest holdings make up 36% of its $97.8B portfolio in Q1 2014.
- Dodge & Cox opened 2 new positions and closed 0 in Q1 2014.
- Dodge & Cox's portfolio value rose 1.9% quarter-over-quarter to $97.8B.
Based on Dodge & Cox's 13F filing for Q1 2014, filed 14 May 2014.