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 |
TWX
Time Warner Inc
TWX
|
+$1B |
| 2 |
Johnson Controls International
JCI
|
+$737M |
| 3 |
Nutrien
NTR
|
+$616M |
| 4 |
VMW
VMware, Inc
VMW
|
+$412M |
| 5 |
Wells Fargo
WFC
|
+$398M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NetApp
NTAP
|
+$701M |
| 2 |
AGU
Agrium
AGU
|
+$635M |
| 3 |
Walmart Inc
WMT
|
+$551M |
| 4 |
UnitedHealth
UNH
|
+$459M |
| 5 |
Target
TGT
|
+$458M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.09% |
| 2 | Healthcare | 19.03% |
| 3 | Communication Services | 17.99% |
| 4 | Technology | 14.82% |
| 5 | Energy | 9.73% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
151
PepsiCo
PEP
$173B
| $463K | ﹤0.01% |
4,245
| – | – |
2013 Q2
19 quarters
|
|
152
State Street
STT
$48.1B
| $449K | ﹤0.01% |
4,500
-100
| -2% | -$10.5K |
2013 Q2
19 quarters
|
|
153
Ameriprise Financial
AMP
$44.4B
| $435K | ﹤0.01% |
2,942
| – | – |
2013 Q2
19 quarters
|
|
154
Kimberly-Clark
KMB
$32.7B
| $434K | ﹤0.01% |
3,943
| – | – |
2013 Q2
19 quarters
|
|
155
Unilever
UL
$135B
| $433K | ﹤0.01% |
6,933
-3,111
| -31% | -$189K |
2013 Q2
19 quarters
|
|
156
Halliburton
HAL
$27.1B
| $432K | ﹤0.01% |
9,200
| – | – |
2013 Q2
19 quarters
|
|
|
GLIBA
157
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
| $425K | ﹤0.01% |
+8,038
| New | +$421K |
2018 Q1
0 quarters
|
|
158
DELISTED
Walgreens Boots Alliance
WBA
| $371K | ﹤0.01% |
5,669
| – | – |
2013 Q2
19 quarters
|
|
159
Allstate
ALL
$58.9B
| $355K | ﹤0.01% |
3,746
-50
| -1% | -$4.84K |
2013 Q2
19 quarters
|
|
160
Moody's
MCO
$81.5B
| $331K | ﹤0.01% |
2,050
+250
| +14% | +$40.5K |
2013 Q2
19 quarters
|
|
161
Elevance Health
ELV
$91.5B
| $308K | ﹤0.01% |
1,400
-800
| -36% | -$188K |
2013 Q2
19 quarters
|
|
162
Dominion Energy
D
$54.9B
| $304K | ﹤0.01% |
4,512
| – | – |
2013 Q2
19 quarters
|
|
163
Marsh
MRSH
$83.9B
| $302K | ﹤0.01% |
3,660
| – | – |
2014 Q3
14 quarters
|
|
164
Macy's
M
$6.03B
| $297K | ﹤0.01% |
10,000
| – | – |
2013 Q2
19 quarters
|
|
165
Qualcomm
QCOM
$186B
| $277K | ﹤0.01% |
5,000
-430
| -8% | -$27.4K |
2014 Q3
14 quarters
|
|
166
Verizon
VZ
$178B
| $263K | ﹤0.01% |
5,500
| – | – |
2013 Q2
19 quarters
|
|
167
The Kraft Heinz Company
KHC
$26.7B
| $246K | ﹤0.01% |
3,946
| – | – |
2015 Q3
10 quarters
|
|
|
AET
168
DELISTED
Aetna Inc
AET
| $237K | ﹤0.01% |
1,400
| – | – |
2017 Q2
3 quarters
|
|
169
Baxter International
BAX
$12.8B
| $220K | ﹤0.01% |
3,382
| – | – |
2017 Q2
3 quarters
|
|
170
RTX Corp
RTX
$251B
| $220K | ﹤0.01% |
2,781
-159
| -5% | -$13.1K |
2016 Q2
7 quarters
|
|
171
VF Corp
VFC
$6.19B
| $218K | ﹤0.01% |
3,123
-266
| -8% | -$19.2K |
2017 Q3
2 quarters
|
|
|
UFS
172
DELISTED
DOMTAR CORPORATION (New)
UFS
| $217K | ﹤0.01% |
5,100
-600
| -11% | -$28.2K |
2013 Q2
19 quarters
|
|
173
Automatic Data Processing
ADP
$108B
| $204K | ﹤0.01% |
1,800
-150
| -8% | -$17.5K |
2016 Q4
5 quarters
|
|
174
DELISTED
Hess
HES
| $203K | ﹤0.01% |
+4,006
| New | +$196K |
2018 Q1
0 quarters
|
|
|
LEXEA
175
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
| $202K | ﹤0.01% |
5,132
-568
| -10% | -$24.3K |
2016 Q4
5 quarters
|
|
Similar funds
Dodge & Cox's Q1 2018 Portfolio in Review
As of Q1 2018, Dodge & Cox held 182 positions worth $124B, down 4% from $129B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q1 2018: portfolio turnover was 4.9%. Dodge & Cox opened 4 new positions and exited 5, leaving the 182-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q1 2018 buy was Nutrien: 12,308,134 shares worth $582M.
- Dodge & Cox added most to Time Warner Inc in Q1 2018, an estimated $1B increase.
- Dodge & Cox's biggest Q1 2018 reduction was NetApp, cutting an estimated $701M.
- Dodge & Cox fully exited Agrium in Q1 2018, selling an estimated $635M.
- Dodge & Cox's ten largest holdings make up 30% of its $124B portfolio in Q1 2018.
- Dodge & Cox opened 4 new positions and closed 5 in Q1 2018.
- Dodge & Cox's portfolio value fell 4% quarter-over-quarter to $124B.
Based on Dodge & Cox's 13F filing for Q1 2018, filed 14 May 2018.