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 |
MFGP
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
|
+$1.17B |
| 2 |
Eli Lilly
LLY
|
+$1.15B |
| 3 |
Baker Hughes
BKR
|
+$845M |
| 4 |
Gilead Sciences
GILD
|
+$758M |
| 5 |
GSK
GSK
|
+$602M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BHI
Baker Hughes
BHI
|
+$1.3B |
| 2 |
Hewlett Packard
HPE
|
+$952M |
| 3 |
DXC Technology
DXC
|
+$764M |
| 4 |
TWX
Time Warner Inc
TWX
|
+$664M |
| 5 |
Novartis
NVS
|
+$464M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.34% |
| 2 | Healthcare | 19.07% |
| 3 | Communication Services | 15.79% |
| 4 | Technology | 14.69% |
| 5 | Energy | 7.12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Norfolk Southern
NSC
$78.3B
| $529K | ﹤0.01% |
3,997
-100
| -2% | -$12.2K |
|
152
Rio Tinto
RIO
$149B
| $529K | ﹤0.01% |
11,200
-1,200
| -10% | -$55.8K |
|
153
Mondelez International
MDLZ
$77.1B
| $481K | ﹤0.01% |
11,840
| – | – |
|
154
PepsiCo
PEP
$184B
| $473K | ﹤0.01% |
4,245
| – | – |
|
155
Kimberly-Clark
KMB
$35.6B
| $464K | ﹤0.01% |
3,943
| – | – |
|
|
CSRA
156
DELISTED
CSRA Inc.
CSRA
| $460K | ﹤0.01% |
14,250
-6,600
| -32% | -$213K |
|
157
State Street
STT
$50.6B
| $439K | ﹤0.01% |
4,600
| – | – |
|
158
Ameriprise Financial
AMP
$46.8B
| $437K | ﹤0.01% |
2,942
| – | – |
|
159
Halliburton
HAL
$27.3B
| $423K | ﹤0.01% |
9,200
| – | – |
|
160
Elevance Health
ELV
$82.3B
| $418K | ﹤0.01% |
2,200
-64,150
| -97% | -$12.2M |
|
161
Moody's
MCO
$82.5B
| $390K | ﹤0.01% |
2,800
| – | – |
|
162
Dominion Energy
D
$62.8B
| $362K | ﹤0.01% |
4,712
| – | – |
|
163
Allstate
ALL
$65.5B
| $349K | ﹤0.01% |
3,796
| – | – |
|
|
LEXEA
164
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
| $327K | ﹤0.01% |
6,154
-227
| -4% | -$12.3K |
|
|
MRSH
165
Marsh
MRSH
$84.2B
| $307K | ﹤0.01% |
3,660
| – | – |
|
166
Kraft Heinz
KHC
$30.1B
| $306K | ﹤0.01% |
3,946
| – | – |
|
|
AABA
167
DELISTED
Altaba Inc
AABA
| $298K | ﹤0.01% |
4,500
-1,000
| -18% | -$61.4K |
|
168
Qualcomm
QCOM
$180B
| $281K | ﹤0.01% |
5,430
| – | – |
|
169
Verizon
VZ
$183B
| $272K | ﹤0.01% |
5,500
| – | – |
|
170
Equinix
EQIX
$102B
| $247K | ﹤0.01% |
554
-50
| -8% | -$22.4K |
|
|
UFS
171
DELISTED
DOMTAR CORPORATION (New)
UFS
| $247K | ﹤0.01% |
5,700
| – | – |
|
|
LVLT
172
DELISTED
Level 3 Communications Inc
LVLT
| $228K | ﹤0.01% |
4,278
| – | – |
|
|
AET
173
DELISTED
Aetna Inc
AET
| $223K | ﹤0.01% |
1,400
| – | – |
|
174
Fluor
FLR
$7.44B
| $219K | ﹤0.01% |
5,205
-1,000
| -16% | -$41.5K |
|
175
Macy's
M
$6.14B
| $218K | ﹤0.01% |
10,000
| – | – |
|
Similar funds
Dodge & Cox's Q3 2017 Portfolio in Review
As of Q3 2017, Dodge & Cox held 183 positions worth $124B, up 4.8% from $119B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q3 2017: portfolio turnover was 3.8%. Dodge & Cox opened 4 new positions and exited 3, leaving the 183-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q3 2017 buy was Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share: 30,298,435 shares worth $1.17B.
- Dodge & Cox added most to Eli Lilly in Q3 2017, an estimated $1.15B increase.
- Dodge & Cox's biggest Q3 2017 reduction was Hewlett Packard, cutting an estimated $952M.
- Dodge & Cox fully exited Baker Hughes in Q3 2017, selling an estimated $1.3B.
- Dodge & Cox's ten largest holdings make up 29% of its $124B portfolio in Q3 2017.
- Dodge & Cox opened 4 new positions and closed 3 in Q3 2017.
- Dodge & Cox's portfolio value rose 4.8% quarter-over-quarter to $124B.
Based on Dodge & Cox's 13F filing for Q3 2017, filed 13 Nov 2017.