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 |
HP
HPQ
|
+$672M |
| 2 |
UBS Group
UBS
|
+$647M |
| 3 |
Cisco
CSCO
|
+$627M |
| 4 |
SLB Ltd
SLB
|
+$418M |
| 5 |
PayPal
PYPL
|
+$409M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$972M |
| 2 |
Chevron
CVX
|
+$904M |
| 3 |
GSK
GSK
|
+$511M |
| 4 |
STI
SunTrust Banks, Inc.
STI
|
+$501M |
| 5 |
UnitedHealth
UNH
|
+$433M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.11% |
| 2 | Technology | 21.96% |
| 3 | Communication Services | 17.58% |
| 4 | Healthcare | 16.13% |
| 5 | Energy | 10.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Kimberly-Clark
KMB
$36.6B
| $445K | ﹤0.01% |
4,083
| – | – |
|
152
Qualcomm
QCOM
$174B
| $430K | ﹤0.01% |
8,000
| – | – |
|
153
Morgan Stanley
MS
$337B
| $429K | ﹤0.01% |
13,620
| – | – |
|
154
Norfolk Southern
NSC
$78.1B
| $428K | ﹤0.01% |
5,597
-600
| -10% | -$48.8K |
|
155
Gilead Sciences
GILD
$180B
| $417K | ﹤0.01% |
4,250
| – | – |
|
156
Amazon
AMZN
$2.86T
| $394K | ﹤0.01% |
15,400
| – | – |
|
|
CHL
157
DELISTED
China Mobile Limited
CHL
| $385K | ﹤0.01% |
6,470
| – | – |
|
|
LVLT
158
DELISTED
Level 3 Communications Inc
LVLT
| $384K | ﹤0.01% |
8,778
| – | – |
|
159
Hartford Financial Services
HIG
$37.4B
| $369K | ﹤0.01% |
8,050
| – | – |
|
160
Fluor
FLR
$7.16B
| $364K | ﹤0.01% |
8,595
| – | – |
|
161
Dominion Energy
D
$57.6B
| $360K | ﹤0.01% |
5,112
| – | – |
|
|
LM
162
DELISTED
Legg Mason, Inc.
LM
| $356K | ﹤0.01% |
8,560
| – | – |
|
163
Citigroup
C
$222B
| $351K | ﹤0.01% |
7,075
| – | – |
|
164
Elevance Health
ELV
$86.1B
| $350K | ﹤0.01% |
2,500
-500
| -17% | -$75.1K |
|
165
Ameriprise Financial
AMP
$49.2B
| $347K | ﹤0.01% |
3,182
-1,000
| -24% | -$118K |
|
166
Equinix
EQIX
$103B
| $344K | ﹤0.01% |
1,258
| – | – |
|
167
Lowe's Companies
LOW
$116B
| $342K | ﹤0.01% |
4,960
| – | – |
|
168
Halliburton
HAL
$30.1B
| $325K | ﹤0.01% |
9,200
| – | – |
|
169
Moody's
MCO
$89B
| $324K | ﹤0.01% |
3,300
| – | – |
|
170
Under Armour
UAA
$2.19B
| $319K | ﹤0.01% |
6,600
| – | – |
|
171
Stryker
SYK
$126B
| $316K | ﹤0.01% |
3,360
| – | – |
|
|
AGN
172
DELISTED
Allergan plc
AGN
| $299K | ﹤0.01% |
1,100
-501
| -31% | -$154K |
|
173
Kraft Heinz
KHC
$30.1B
| $279K | ﹤0.01% |
+3,946
| New | +$298K |
|
174
VF Corp
VFC
$5.4B
| $276K | ﹤0.01% |
4,297
| – | – |
|
175
Verizon
VZ
$208B
| $239K | ﹤0.01% |
5,500
| – | – |
|
Similar funds
Dodge & Cox's Q3 2015 Portfolio in Review
As of Q3 2015, Dodge & Cox held 189 positions worth $99.4B, down 10% from $111B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Dodge & Cox's Q3 2015 filing shows 9 new, 45 increased, 83 reduced and 5 closed positions. Its largest new stake was UBS Group: 30,534,700 shares worth $566M. The largest sale was eBay, an estimated $972M.
By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 22% a quarter earlier, followed by Technology and Communication Services.
- Dodge & Cox's largest Q3 2015 buy was UBS Group: 30,534,700 shares worth $566M.
- Dodge & Cox added most to HP in Q3 2015, an estimated $672M increase.
- Dodge & Cox's biggest Q3 2015 reduction was eBay, cutting an estimated $972M.
- Dodge & Cox fully exited NVR in Q3 2015, selling an estimated $115M.
- Dodge & Cox's ten largest holdings make up 36% of its $99.4B portfolio in Q3 2015.
- Dodge & Cox opened 9 new positions and closed 5 in Q3 2015.
- Dodge & Cox's portfolio value fell 10% quarter-over-quarter to $99.4B.
Based on Dodge & Cox's 13F filing for Q3 2015, filed 12 Nov 2015.