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 |
SLB Ltd
SLB
|
+$868M |
| 2 |
HP
HPQ
|
+$637M |
| 3 |
Baidu
BIDU
|
+$431M |
| 4 |
ESRX
Express Scripts Holding Company
ESRX
|
+$417M |
| 5 |
MetLife
MET
|
+$388M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Merck
MRK
|
+$485M |
| 2 |
FedEx
FDX
|
+$282M |
| 3 |
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
|
+$122M |
| 4 |
TE Connectivity
TEL
|
+$83.1M |
| 5 |
CarMax
KMX
|
+$53.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 21.47% |
| 2 | Technology | 20.85% |
| 3 | Healthcare | 17.2% |
| 4 | Communication Services | 16.48% |
| 5 | Energy | 11.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
151
Morgan Stanley
MS
$298B
| $486K | ﹤0.01% |
13,620
-1,950
| -13% | -$70K |
2014 Q3
2 quarters
|
|
|
AGN
152
DELISTED
Allergan plc
AGN
| $477K | ﹤0.01% |
1,602
-1,691
| -51% | -$482K |
2014 Q3
2 quarters
|
|
153
Visa
V
$731B
| $474K | ﹤0.01% |
7,240
| – | – |
2014 Q3
2 quarters
|
|
154
AT&T
T
$155B
| $473K | ﹤0.01% |
19,187
| – | – |
2013 Q2
7 quarters
|
|
155
Elevance Health
ELV
$91.5B
| $463K | ﹤0.01% |
3,000
| – | – |
2013 Q2
7 quarters
|
|
156
Kimberly-Clark
KMB
$32.7B
| $437K | ﹤0.01% |
4,083
| – | – |
2013 Q2
7 quarters
|
|
157
Mondelez International
MDLZ
$78.9B
| $427K | ﹤0.01% |
11,840
-1,280
| -10% | -$46.3K |
2013 Q2
7 quarters
|
|
|
CHL
158
DELISTED
China Mobile Limited
CHL
| $421K | ﹤0.01% |
6,470
| – | – |
2014 Q3
2 quarters
|
|
159
Gilead Sciences
GILD
$186B
| $417K | ﹤0.01% |
4,250
-260
| -6% | -$26.4K |
2014 Q3
2 quarters
|
|
160
Halliburton
HAL
$27.1B
| $404K | ﹤0.01% |
9,200
| – | – |
2013 Q2
7 quarters
|
|
161
Dominion Energy
D
$54.9B
| $369K | ﹤0.01% |
5,212
-978
| -16% | -$72.6K |
2013 Q2
7 quarters
|
|
162
Lowe's Companies
LOW
$104B
| $369K | ﹤0.01% |
4,960
-2,220
| -31% | -$159K |
2014 Q3
2 quarters
|
|
163
Citigroup
C
$220B
| $365K | ﹤0.01% |
7,075
| – | – |
2014 Q3
2 quarters
|
|
|
YHOO
164
DELISTED
Yahoo Inc
YHOO
| $355K | ﹤0.01% |
8,000
-1,000
| -11% | -$45.2K |
2014 Q3
2 quarters
|
|
|
KRFT
165
DELISTED
KRAFT FOODS GROUP INC COM STK (VA)
KRFT
| $344K | ﹤0.01% |
3,946
| – | – |
2013 Q2
7 quarters
|
|
166
Moody's
MCO
$81.5B
| $343K | ﹤0.01% |
3,300
-1,000
| -23% | -$96.6K |
2013 Q2
7 quarters
|
|
167
DELISTED
Hess
HES
| $340K | ﹤0.01% |
5,006
| – | – |
2013 Q2
7 quarters
|
|
168
PG&E
PCG
$39.5B
| $339K | ﹤0.01% |
6,382
| – | – |
2013 Q2
7 quarters
|
|
169
Hartford Financial Services
HIG
$35.3B
| $337K | ﹤0.01% |
8,050
| – | – |
2014 Q3
2 quarters
|
|
170
Allstate
ALL
$58.9B
| $336K | ﹤0.01% |
4,724
| – | – |
2013 Q2
7 quarters
|
|
171
VF Corp
VFC
$6.2B
| $321K | ﹤0.01% |
4,524
| – | – |
2013 Q2
7 quarters
|
|
|
AET
172
DELISTED
Aetna Inc
AET
| $320K | ﹤0.01% |
3,000
-3,000
| -50% | -$294K |
2013 Q2
7 quarters
|
|
|
UFS
173
DELISTED
DOMTAR CORPORATION (New)
UFS
| $314K | ﹤0.01% |
6,796
| – | – |
2013 Q2
7 quarters
|
|
174
Stryker
SYK
$108B
| $310K | ﹤0.01% |
3,360
| – | – |
2014 Q3
2 quarters
|
|
175
Equinix
EQIX
$102B
| $293K | ﹤0.01% |
1,258
| – | – |
2014 Q3
2 quarters
|
|
Similar funds
Dodge & Cox's Q1 2015 Portfolio in Review
As of Q1 2015, Dodge & Cox held 191 positions worth $109B, up 0.81% from $108B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Trading was light in Q1 2015: portfolio turnover was 3.7%. Dodge & Cox opened 2 new positions and exited 5, leaving the 191-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 Q1 2015 buy was Teck Resources: 22,071,213 shares worth $303M.
- Dodge & Cox added most to SLB Ltd in Q1 2015, an estimated $868M increase.
- Dodge & Cox's biggest Q1 2015 reduction was Merck, cutting an estimated $485M.
- Dodge & Cox fully exited COVIDIEN PLC COM SHS NEW (IRELAND) in Q1 2015, selling an estimated $8.05M.
- Dodge & Cox's ten largest holdings make up 34% of its $109B portfolio in Q1 2015.
- Dodge & Cox opened 2 new positions and closed 5 in Q1 2015.
- Dodge & Cox's portfolio value rose 0.81% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q1 2015, filed 14 May 2015.