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 |
AT&T
T
|
+$1.51B |
| 2 |
Comcast
CMCSA
|
+$985M |
| 3 |
Optimum Communications Inc
OPTU
|
+$520M |
| 4 |
Charter Communications
CHTR
|
+$518M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$487M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TWX
Time Warner Inc
TWX
|
+$2.98B |
| 2 |
Merck
MRK
|
+$620M |
| 3 |
Hewlett Packard
HPE
|
+$617M |
| 4 |
Charles Schwab
SCHW
|
+$485M |
| 5 |
Cisco
CSCO
|
+$459M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.82% |
| 2 | Healthcare | 19.47% |
| 3 | Communication Services | 19.05% |
| 4 | Technology | 13.42% |
| 5 | Energy | 10.78% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
151
PepsiCo
PEP
$173B
| $462K | ﹤0.01% |
4,245
| – | – |
2013 Q2
20 quarters
|
|
152
State Street
STT
$47.8B
| $419K | ﹤0.01% |
4,500
| – | – |
2013 Q2
20 quarters
|
|
153
Halliburton
HAL
$27.3B
| $415K | ﹤0.01% |
9,200
| – | – |
2013 Q2
20 quarters
|
|
154
Kimberly-Clark
KMB
$32.7B
| $415K | ﹤0.01% |
3,943
| – | – |
2013 Q2
20 quarters
|
|
155
Ameriprise Financial
AMP
$43.6B
| $412K | ﹤0.01% |
2,942
| – | – |
2013 Q2
20 quarters
|
|
156
Unilever
UL
$135B
| $376K | ﹤0.01% |
6,044
-889
| -13% | -$55.2K |
2013 Q2
20 quarters
|
|
157
Macy's
M
$5.94B
| $367K | ﹤0.01% |
9,800
-200
| -2% | -$6.7K |
2013 Q2
20 quarters
|
|
158
Moody's
MCO
$80.4B
| $350K | ﹤0.01% |
2,050
| – | – |
2013 Q2
20 quarters
|
|
|
GLIBA
159
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
| $344K | ﹤0.01% |
7,631
-407
| -5% | -$18.8K |
2018 Q1
1 quarter
|
|
160
Allstate
ALL
$59.8B
| $342K | ﹤0.01% |
3,746
| – | – |
2013 Q2
20 quarters
|
|
161
DELISTED
Walgreens Boots Alliance
WBA
| $340K | ﹤0.01% |
5,669
| – | – |
2013 Q2
20 quarters
|
|
162
Elevance Health
ELV
$92.2B
| $333K | ﹤0.01% |
1,400
| – | – |
2013 Q2
20 quarters
|
|
163
Adient
ADNT
$1.39B
| $314K | ﹤0.01% |
6,388
-4,916
| -43% | -$279K |
2016 Q4
6 quarters
|
|
164
Dominion Energy
D
$54.8B
| $308K | ﹤0.01% |
4,512
| – | – |
2013 Q2
20 quarters
|
|
165
Marsh
MRSH
$84.5B
| $300K | ﹤0.01% |
3,660
| – | – |
2014 Q3
15 quarters
|
|
166
Qualcomm
QCOM
$189B
| $281K | ﹤0.01% |
5,000
| – | – |
2014 Q3
15 quarters
|
|
167
Verizon
VZ
$181B
| $277K | ﹤0.01% |
5,500
| – | – |
2013 Q2
20 quarters
|
|
168
DELISTED
Hess
HES
| $261K | ﹤0.01% |
3,906
-100
| -2% | -$5.97K |
2018 Q1
1 quarter
|
|
|
AET
169
DELISTED
Aetna Inc
AET
| $257K | ﹤0.01% |
1,400
| – | – |
2017 Q2
4 quarters
|
|
170
Baxter International
BAX
$12.9B
| $250K | ﹤0.01% |
3,382
| – | – |
2017 Q2
4 quarters
|
|
171
The Kraft Heinz Company
KHC
$26.6B
| $248K | ﹤0.01% |
3,946
| – | – |
2015 Q3
11 quarters
|
|
172
Automatic Data Processing
ADP
$109B
| $241K | ﹤0.01% |
1,800
| – | – |
2016 Q4
6 quarters
|
|
|
LEXEA
173
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
| $224K | ﹤0.01% |
5,087
-45
| -0.9% | -$1.88K |
2016 Q4
6 quarters
|
|
|
UFS
174
DELISTED
DOMTAR CORPORATION (New)
UFS
| $220K | ﹤0.01% |
4,600
-500
| -10% | -$23.2K |
2013 Q2
20 quarters
|
|
175
RTX Corp
RTX
$247B
| $219K | ﹤0.01% |
2,781
| – | – |
2016 Q2
8 quarters
|
|
Similar funds
Dodge & Cox's Q2 2018 Portfolio in Review
As of Q2 2018, Dodge & Cox held 181 positions worth $125B, up 1% from $124B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q2 2018: portfolio turnover was 5%. Dodge & Cox opened 4 new positions and exited 5, leaving the 181-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 Q2 2018 buy was AT&T: 60,273,392 shares worth $1.46B.
- Dodge & Cox added most to Comcast in Q2 2018, an estimated $985M increase.
- Dodge & Cox's biggest Q2 2018 reduction was Merck, cutting an estimated $620M.
- Dodge & Cox fully exited Time Warner Inc in Q2 2018, selling an estimated $2.98B.
- Dodge & Cox's ten largest holdings make up 30% of its $125B portfolio in Q2 2018.
- Dodge & Cox opened 4 new positions and closed 5 in Q2 2018.
- Dodge & Cox's portfolio value rose 1% quarter-over-quarter to $125B.
Based on Dodge & Cox's 13F filing for Q2 2018, filed 14 Aug 2018.