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 |
Target
TGT
|
+$991M |
| 2 |
Walmart Inc
WMT
|
+$733M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$680M |
| 4 |
EMC
EMC CORPORATION
EMC
|
+$544M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$443M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$526M |
| 2 |
Pfizer
PFE
|
+$457M |
| 3 |
SLB Ltd
SLB
|
+$400M |
| 4 |
FRX
FOREST LABORATORIES INC
FRX
|
+$358M |
| 5 |
DuPont de Nemours
DD
|
+$330M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.98% |
| 2 | Technology | 20.42% |
| 3 | Healthcare | 17.61% |
| 4 | Communication Services | 14.02% |
| 5 | Energy | 12.51% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
AET
151
DELISTED
Aetna Inc
AET
| $486K | ﹤0.01% |
6,000
| – | – |
|
152
Eaton
ETN
$160B
| $463K | ﹤0.01% |
6,000
-3,900
| -39% | -$289K |
|
153
Kimberly-Clark
KMB
$35.7B
| $454K | ﹤0.01% |
4,259
| – | – |
|
154
Dominion Energy
D
$63.1B
| $450K | ﹤0.01% |
6,290
| – | – |
|
155
Mondelez International
MDLZ
$77.4B
| $445K | ﹤0.01% |
11,840
| – | – |
|
156
VF Corp
VFC
$6.55B
| $426K | ﹤0.01% |
7,179
| – | – |
|
|
WBA
157
DELISTED
Walgreens Boots Alliance
WBA
| $420K | ﹤0.01% |
5,669
-400
| -7% | -$27.9K |
|
158
Moody's
MCO
$82.8B
| $377K | ﹤0.01% |
4,300
| – | – |
|
159
Phillips 66
PSX
$85.4B
| $338K | ﹤0.01% |
4,200
-400
| -9% | -$32.9K |
|
160
Loews
L
$23.7B
| $334K | ﹤0.01% |
7,600
-2,900
| -28% | -$127K |
|
161
Elevance Health
ELV
$82.7B
| $323K | ﹤0.01% |
3,000
| – | – |
|
162
PG&E
PCG
$39.4B
| $306K | ﹤0.01% |
6,382
| – | – |
|
163
Allstate
ALL
$65.4B
| $277K | ﹤0.01% |
4,724
| – | – |
|
164
Baxter International
BAX
$11.2B
| $245K | ﹤0.01% |
6,226
-41
| -0.7% | -$1.64K |
|
|
KRFT
165
DELISTED
KRAFT FOODS GROUP INC COM STK (VA)
KRFT
| $237K | ﹤0.01% |
3,946
| – | – |
|
166
Automatic Data Processing
ADP
$96.6B
| $216K | ﹤0.01% |
3,098
| – | – |
|
167
Sempra
SRE
$61.5B
| $201K | ﹤0.01% |
+3,830
| New | +$190K |
|
168
RTX Corp
RTX
$282B
| – | – |
-2,784
| Closed | -$205K |
|
Similar funds
Dodge & Cox's Q2 2014 Portfolio in Review
As of Q2 2014, Dodge & Cox held 168 positions worth $105B, up 7.2% from $97.8B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Trading was light in Q2 2014: portfolio turnover was 2.4%. Dodge & Cox opened 3 new positions and exited 1, leaving the 168-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 21% of assets, down from 22% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q2 2014 buy was Time Inc.: 8,123,224 shares worth $197M.
- Dodge & Cox added most to Target in Q2 2014, an estimated $991M increase.
- Dodge & Cox's biggest Q2 2014 reduction was GE Aerospace, cutting an estimated $526M.
- Dodge & Cox fully exited RTX Corp in Q2 2014, selling an estimated $205K.
- Dodge & Cox's ten largest holdings make up 35% of its $105B portfolio in Q2 2014.
- Dodge & Cox opened 3 new positions and closed 1 in Q2 2014.
- Dodge & Cox's portfolio value rose 7.2% quarter-over-quarter to $105B.
Based on Dodge & Cox's 13F filing for Q2 2014, filed 13 Aug 2014.