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 |
ESRX
Express Scripts Holding Company
ESRX
|
+$524M |
| 2 |
Suncor Energy
SU
|
+$422M |
| 3 |
Novartis
NVS
|
+$362M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$361M |
| 5 |
Juniper Networks
JNPR
|
+$314M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLB Ltd
SLB
|
+$354M |
| 2 |
HP
HPQ
|
+$350M |
| 3 |
NetApp
NTAP
|
+$329M |
| 4 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$319M |
| 5 |
Bank of New York Mellon
BNY
|
+$217M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.32% |
| 2 | Communication Services | 18.65% |
| 3 | Technology | 16.41% |
| 4 | Healthcare | 16.28% |
| 5 | Energy | 10.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
151
Kimberly-Clark
KMB
$32.7B
| $519K | ﹤0.01% |
3,943
-80
| -2% | -$10.1K |
2013 Q2
15 quarters
|
|
152
Mondelez International
MDLZ
$78.5B
| $510K | ﹤0.01% |
11,840
| – | – |
2013 Q2
15 quarters
|
|
153
PepsiCo
PEP
$173B
| $508K | ﹤0.01% |
4,545
-700
| -13% | -$75.1K |
2013 Q2
15 quarters
|
|
|
LVNTA
154
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $506K | ﹤0.01% |
11,383
-259
| -2% | -$11.1K |
2014 Q4
9 quarters
|
|
155
Rio Tinto
RIO
$151B
| $504K | ﹤0.01% |
12,400
-2,600
| -17% | -$110K |
2013 Q2
15 quarters
|
|
156
Halliburton
HAL
$27.3B
| $453K | ﹤0.01% |
9,200
| – | – |
2013 Q2
15 quarters
|
|
157
Ameriprise Financial
AMP
$43.6B
| $382K | ﹤0.01% |
2,942
-240
| -8% | -$29.7K |
2013 Q2
15 quarters
|
|
158
Moody's
MCO
$80.4B
| $370K | ﹤0.01% |
3,300
| – | – |
2013 Q2
15 quarters
|
|
159
Dominion Energy
D
$54.8B
| $366K | ﹤0.01% |
4,712
| – | – |
2013 Q2
15 quarters
|
|
160
State Street
STT
$47.8B
| $366K | ﹤0.01% |
4,600
-300
| -6% | -$23.8K |
2013 Q2
15 quarters
|
|
161
The Kraft Heinz Company
KHC
$26.6B
| $358K | ﹤0.01% |
3,946
| – | – |
2015 Q3
6 quarters
|
|
|
LEXEA
162
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
| $345K | ﹤0.01% |
7,589
-172
| -2% | -$7.56K |
2016 Q4
1 quarter
|
|
163
Fluor
FLR
$6.65B
| $327K | ﹤0.01% |
6,205
-990
| -14% | -$54K |
2013 Q2
15 quarters
|
|
164
Qualcomm
QCOM
$189B
| $311K | ﹤0.01% |
5,430
| – | – |
2014 Q3
10 quarters
|
|
165
Allstate
ALL
$59.8B
| $309K | ﹤0.01% |
3,796
| – | – |
2013 Q2
15 quarters
|
|
166
Macy's
M
$5.94B
| $296K | ﹤0.01% |
10,000
| – | – |
2013 Q2
15 quarters
|
|
167
Marsh
MRSH
$84.5B
| $285K | ﹤0.01% |
3,860
| – | – |
2014 Q3
10 quarters
|
|
|
LVLT
168
DELISTED
Level 3 Communications Inc
LVLT
| $273K | ﹤0.01% |
4,778
| – | – |
2014 Q3
10 quarters
|
|
169
Verizon
VZ
$181B
| $268K | ﹤0.01% |
5,500
| – | – |
2013 Q2
15 quarters
|
|
170
Equinix
EQIX
$101B
| $262K | ﹤0.01% |
654
-100
| -13% | -$38K |
2014 Q3
10 quarters
|
|
171
RTX Corp
RTX
$247B
| $260K | ﹤0.01% |
3,688
| – | – |
2016 Q2
3 quarters
|
|
|
YHOO
172
DELISTED
Yahoo Inc
YHOO
| $255K | ﹤0.01% |
5,500
| – | – |
2014 Q3
10 quarters
|
|
173
Citigroup
C
$209B
| $236K | ﹤0.01% |
3,950
-500
| -11% | -$29.6K |
2014 Q3
10 quarters
|
|
|
UFS
174
DELISTED
DOMTAR CORPORATION (New)
UFS
| $226K | ﹤0.01% |
6,200
| – | – |
2013 Q2
15 quarters
|
|
175
Gilead Sciences
GILD
$183B
| $221K | ﹤0.01% |
3,250
| – | – |
2014 Q3
10 quarters
|
|
Similar funds
Dodge & Cox's Q1 2017 Portfolio in Review
As of Q1 2017, Dodge & Cox held 181 positions worth $118B, up 4.6% from $113B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q1 2017: portfolio turnover was 1.7%. Dodge & Cox opened no new positions and exited 3, leaving the 181-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 27% a quarter earlier, followed by Communication Services and Technology.
- Dodge & Cox added most to Express Scripts Holding Company in Q1 2017, an estimated $524M increase.
- Dodge & Cox's biggest Q1 2017 reduction was SLB Ltd, cutting an estimated $354M.
- Dodge & Cox fully exited Lowe's Companies in Q1 2017, selling an estimated $278K.
- Dodge & Cox's ten largest holdings make up 32% of its $118B portfolio in Q1 2017.
- Dodge & Cox opened 0 new positions and closed 3 in Q1 2017.
- Dodge & Cox's portfolio value rose 4.6% quarter-over-quarter to $118B.
Based on Dodge & Cox's 13F filing for Q1 2017, filed 12 May 2017.