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 |
UBS Group
UBS
|
+$1.66B |
| 2 |
CVS Health
CVS
|
+$1.08B |
| 3 |
Microchip Technology
MCHP
|
+$927M |
| 4 |
Booking.com
BKNG
|
+$833M |
| 5 |
FedEx
FDX
|
+$500M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$913M |
| 2 |
Bank of America
BAC
|
+$586M |
| 3 |
AT&T
T
|
+$541M |
| 4 |
Capital One
COF
|
+$501M |
| 5 |
VMW
VMware, Inc
VMW
|
+$480M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.49% |
| 2 | Healthcare | 21.17% |
| 3 | Communication Services | 17.82% |
| 4 | Technology | 14.08% |
| 5 | Energy | 10.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Parker-Hannifin
PH
$127B
| $599K | ﹤0.01% |
3,256
-1,075
| -25% | -$185K |
|
152
Phillips 66
PSX
$95.7B
| $587K | ﹤0.01% |
5,205
| – | – |
|
153
Air Products & Chemicals
APD
$68B
| $551K | ﹤0.01% |
3,300
| – | – |
|
154
Duke Energy
DUK
$94.2B
| $541K | ﹤0.01% |
6,765
-383
| -5% | -$31K |
|
155
Rio Tinto
RIO
$170B
| $536K | ﹤0.01% |
10,500
| – | – |
|
156
Mondelez International
MDLZ
$79.7B
| $509K | ﹤0.01% |
11,840
| – | – |
|
157
General Mills
GIS
$21.6B
| $481K | ﹤0.01% |
11,200
| – | – |
|
158
Kimberly-Clark
KMB
$36.6B
| $448K | ﹤0.01% |
3,943
| – | – |
|
159
Boeing
BA
$166B
| $437K | ﹤0.01% |
+1,174
| New | +$412K |
|
160
Ameriprise Financial
AMP
$49.1B
| $434K | ﹤0.01% |
2,942
| – | – |
|
|
AET
161
DELISTED
Aetna Inc
AET
| $426K | ﹤0.01% |
2,100
+700
| +50% | +$137K |
|
|
WBA
162
DELISTED
Walgreens Boots Alliance
WBA
| $413K | ﹤0.01% |
5,669
| – | – |
|
163
Qualcomm
QCOM
$176B
| $398K | ﹤0.01% |
5,530
+530
| +11% | +$34.9K |
|
164
Elevance Health
ELV
$86.6B
| $384K | ﹤0.01% |
1,400
| – | – |
|
165
American Tower
AMT
$81.2B
| $381K | ﹤0.01% |
+2,625
| New | +$385K |
|
166
State Street
STT
$53.1B
| $377K | ﹤0.01% |
4,500
| – | – |
|
167
Allstate
ALL
$65.1B
| $370K | ﹤0.01% |
3,746
| – | – |
|
168
Blackrock
BLK
$181B
| $353K | ﹤0.01% |
+750
| New | +$365K |
|
169
Moody's
MCO
$88.2B
| $343K | ﹤0.01% |
2,050
| – | – |
|
170
Macy's
M
$5.92B
| $340K | ﹤0.01% |
9,800
| – | – |
|
171
Lockheed Martin
LMT
$131B
| $337K | ﹤0.01% |
+975
| New | +$315K |
|
172
Unilever
UL
$139B
| $324K | ﹤0.01% |
5,244
-800
| -13% | -$50.5K |
|
|
RTN
173
DELISTED
Raytheon Company
RTN
| $320K | ﹤0.01% |
+1,550
| New | +$309K |
|
174
Dominion Energy
D
$58.5B
| $317K | ﹤0.01% |
4,512
| – | – |
|
|
GLIBA
175
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
| $317K | ﹤0.01% |
6,206
-1,425
| -19% | -$68.5K |
|
Similar funds
Dodge & Cox's Q3 2018 Portfolio in Review
As of Q3 2018, Dodge & Cox held 193 positions worth $131B, up 4.4% from $125B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q3 2018 filing shows 17 new, 49 increased, 90 reduced and 3 closed positions. Its largest new stake was UBS Group: 105,532,270 shares worth $1.67B. The largest sale was Twenty-First Century Fox, Inc. Class A, an estimated $913M.
By sector, the portfolio is most concentrated in Financials at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q3 2018 buy was UBS Group: 105,532,270 shares worth $1.67B.
- Dodge & Cox added most to Booking.com in Q3 2018, an estimated $833M increase.
- Dodge & Cox's biggest Q3 2018 reduction was Twenty-First Century Fox, Inc. Class A, cutting an estimated $913M.
- Dodge & Cox fully exited Adient in Q3 2018, selling an estimated $314K.
- Dodge & Cox's ten largest holdings make up 30% of its $131B portfolio in Q3 2018.
- Dodge & Cox opened 17 new positions and closed 3 in Q3 2018.
- Dodge & Cox's portfolio value rose 4.4% quarter-over-quarter to $131B.
Based on Dodge & Cox's 13F filing for Q3 2018, filed 14 Nov 2018.