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 |
Bristol-Myers Squibb
BMY
|
+$1.23B |
| 2 |
ZAYO
Zayo Group Holdings, Inc.
ZAYO
|
+$477M |
| 3 |
Medtronic
MDT
|
+$401M |
| 4 |
Sanofi
SNY
|
+$364M |
| 5 |
Wells Fargo
WFC
|
+$215M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Gen Digital
GEN
|
+$770M |
| 2 |
Bank of America
BAC
|
+$769M |
| 3 |
UnitedHealth
UNH
|
+$495M |
| 4 |
BHI
Baker Hughes
BHI
|
+$450M |
| 5 |
HP
HPQ
|
+$446M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.66% |
| 2 | Communication Services | 16.03% |
| 3 | Technology | 15.63% |
| 4 | Healthcare | 14.79% |
| 5 | Energy | 9.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Rio Tinto
RIO
$149B
| $577K | ﹤0.01% |
15,000
| – | – |
|
152
PepsiCo
PEP
$184B
| $549K | ﹤0.01% |
5,245
| – | – |
|
153
Mondelez International
MDLZ
$77.1B
| $525K | ﹤0.01% |
11,840
| – | – |
|
154
Halliburton
HAL
$27.3B
| $498K | ﹤0.01% |
9,200
| – | – |
|
155
Kimberly-Clark
KMB
$35.6B
| $459K | ﹤0.01% |
4,023
| – | – |
|
|
LVNTA
156
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $429K | ﹤0.01% |
11,642
-8,195
| -41% | -$322K |
|
157
State Street
STT
$50.6B
| $381K | ﹤0.01% |
4,900
| – | – |
|
158
Fluor
FLR
$7.44B
| $378K | ﹤0.01% |
7,195
| – | – |
|
159
Dominion Energy
D
$62.8B
| $361K | ﹤0.01% |
4,712
-300
| -6% | -$22.1K |
|
160
Macy's
M
$6.14B
| $358K | ﹤0.01% |
10,000
| – | – |
|
161
Qualcomm
QCOM
$180B
| $354K | ﹤0.01% |
5,430
| – | – |
|
162
Ameriprise Financial
AMP
$46.8B
| $353K | ﹤0.01% |
3,182
| – | – |
|
163
Kraft Heinz
KHC
$30.1B
| $345K | ﹤0.01% |
3,946
| – | – |
|
164
Moody's
MCO
$82.5B
| $311K | ﹤0.01% |
3,300
| – | – |
|
|
LEXEA
165
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
| $308K | ﹤0.01% |
+7,761
| New | +$329K |
|
166
Verizon
VZ
$183B
| $294K | ﹤0.01% |
5,500
| – | – |
|
167
Allstate
ALL
$65.5B
| $281K | ﹤0.01% |
3,796
| – | – |
|
168
Lowe's Companies
LOW
$113B
| $278K | ﹤0.01% |
3,910
-1,000
| -20% | -$70.8K |
|
169
Equinix
EQIX
$102B
| $269K | ﹤0.01% |
754
-150
| -17% | -$52.4K |
|
|
LVLT
170
DELISTED
Level 3 Communications Inc
LVLT
| $269K | ﹤0.01% |
4,778
| – | – |
|
171
Citigroup
C
$221B
| $264K | ﹤0.01% |
4,450
-1,000
| -18% | -$54K |
|
|
MRSH
172
Marsh
MRSH
$84.2B
| $261K | ﹤0.01% |
3,860
-1,500
| -28% | -$101K |
|
|
HES
173
DELISTED
Hess
HES
| $256K | ﹤0.01% |
4,106
| – | – |
|
174
RTX Corp
RTX
$282B
| $254K | ﹤0.01% |
3,688
| – | – |
|
|
UFS
175
DELISTED
DOMTAR CORPORATION (New)
UFS
| $242K | ﹤0.01% |
6,200
| – | – |
|
Similar funds
Dodge & Cox's Q4 2016 Portfolio in Review
As of Q4 2016, Dodge & Cox held 182 positions worth $113B, up 5.8% from $106B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Trading was light in Q4 2016: portfolio turnover was 3.8%. Dodge & Cox opened 6 new positions and exited 1, leaving the 182-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 24% a quarter earlier, followed by Communication Services and Technology.
- Dodge & Cox's largest Q4 2016 buy was Zayo Group Holdings, Inc.: 14,566,252 shares worth $479M.
- Dodge & Cox added most to Bristol-Myers Squibb in Q4 2016, an estimated $1.23B increase.
- Dodge & Cox's biggest Q4 2016 reduction was Gen Digital, cutting an estimated $770M.
- Dodge & Cox fully exited Hartford Financial Services in Q4 2016, selling an estimated $220K.
- Dodge & Cox's ten largest holdings make up 33% of its $113B portfolio in Q4 2016.
- Dodge & Cox opened 6 new positions and closed 1 in Q4 2016.
- Dodge & Cox's portfolio value rose 5.8% quarter-over-quarter to $113B.
Based on Dodge & Cox's 13F filing for Q4 2016, filed 14 Feb 2017.