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 |
RTX Corp
RTX
|
+$1.53B |
| 2 |
Linde
LIN
|
+$1.28B |
| 3 |
Occidental Petroleum
OXY
|
+$1.27B |
| 4 |
Cigna
CI
|
+$904M |
| 5 |
FedEx
FDX
|
+$752M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ESRX
Express Scripts Holding Company
ESRX
|
+$3.79B |
| 2 |
Medtronic
MDT
|
+$1.09B |
| 3 |
Dell
DELL
|
+$1.04B |
| 4 |
Union Pacific
UNP
|
+$861M |
| 5 |
Eli Lilly
LLY
|
+$803M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.53% |
| 2 | Healthcare | 19.64% |
| 3 | Communication Services | 17.52% |
| 4 | Technology | 13.35% |
| 5 | Energy | 9.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
151
Air Products & Chemicals
APD
$63.2B
| $528K | ﹤0.01% |
3,300
| – | – |
2013 Q2
22 quarters
|
|
152
Rio Tinto
RIO
$154B
| $504K | ﹤0.01% |
10,400
-100
| -1% | -$4.88K |
2013 Q2
22 quarters
|
|
153
Parker-Hannifin
PH
$121B
| $486K | ﹤0.01% |
3,256
| – | – |
2013 Q2
22 quarters
|
|
154
Norfolk Southern
NSC
$71.6B
| $482K | ﹤0.01% |
3,224
-573
| -15% | -$94.2K |
2013 Q2
22 quarters
|
|
155
Mondelez International
MDLZ
$78.5B
| $474K | ﹤0.01% |
11,840
| – | – |
2013 Q2
22 quarters
|
|
156
DELISTED
Dun & Bradstreet
DNB
| $470K | ﹤0.01% |
3,291
-1,834
| -36% | -$261K |
2013 Q2
22 quarters
|
|
|
PRSP
157
DELISTED
Perspecta Inc. Common Stock
PRSP
| $455K | ﹤0.01% |
26,415
-675
| -2% | -$14.9K |
2018 Q2
2 quarters
|
|
158
Kimberly-Clark
KMB
$32.7B
| $449K | ﹤0.01% |
3,943
| – | – |
2013 Q2
22 quarters
|
|
159
Phillips 66
PSX
$113B
| $448K | ﹤0.01% |
5,205
| – | – |
2013 Q2
22 quarters
|
|
160
General Mills
GIS
$17.4B
| $436K | ﹤0.01% |
11,200
| – | – |
2013 Q2
22 quarters
|
|
161
DELISTED
Walgreens Boots Alliance
WBA
| $374K | ﹤0.01% |
5,469
-200
| -4% | -$15.5K |
2013 Q2
22 quarters
|
|
162
Elevance Health
ELV
$91.1B
| $368K | ﹤0.01% |
1,400
| – | – |
2013 Q2
22 quarters
|
|
163
American Tower
AMT
$85.2B
| $352K | ﹤0.01% |
2,225
-400
| -15% | -$62.5K |
2018 Q3
1 quarter
|
|
164
Dominion Energy
D
$54.8B
| $322K | ﹤0.01% |
4,512
| – | – |
2013 Q2
22 quarters
|
|
165
Boeing
BA
$150B
| $314K | ﹤0.01% |
974
-200
| -17% | -$69.1K |
2018 Q3
1 quarter
|
|
166
Verizon
VZ
$176B
| $309K | ﹤0.01% |
5,500
| – | – |
2013 Q2
22 quarters
|
|
167
Ameriprise Financial
AMP
$44.4B
| $307K | ﹤0.01% |
2,942
| – | – |
2013 Q2
22 quarters
|
|
168
Allstate
ALL
$58.9B
| $304K | ﹤0.01% |
3,685
-61
| -2% | -$5.48K |
2013 Q2
22 quarters
|
|
169
Blackrock
BLK
$168B
| $295K | ﹤0.01% |
750
| – | – |
2018 Q3
1 quarter
|
|
170
Marsh
MRSH
$84.2B
| $292K | ﹤0.01% |
3,660
| – | – |
2014 Q3
17 quarters
|
|
171
Moody's
MCO
$81.5B
| $287K | ﹤0.01% |
2,050
| – | – |
2013 Q2
22 quarters
|
|
172
Macy's
M
$6.04B
| $286K | ﹤0.01% |
9,600
-200
| -2% | -$6.58K |
2013 Q2
22 quarters
|
|
173
State Street
STT
$48.2B
| $284K | ﹤0.01% |
4,500
| – | – |
2013 Q2
22 quarters
|
|
174
Qualcomm
QCOM
$186B
| $275K | ﹤0.01% |
4,830
-700
| -13% | -$42.5K |
2014 Q3
17 quarters
|
|
175
Lockheed Martin
LMT
$119B
| $255K | ﹤0.01% |
975
| – | – |
2018 Q3
1 quarter
|
|
Similar funds
Dodge & Cox's Q4 2018 Portfolio in Review
As of Q4 2018, Dodge & Cox held 194 positions worth $109B, down 17% from $131B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q4 2018 filing shows 4 new, 38 increased, 100 reduced and 13 closed positions. Its largest new stake was Linde: 8,101,094 shares worth $1.29B. The largest sale was Express Scripts Holding Company, an estimated $3.79B.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 23% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q4 2018 buy was Linde: 8,101,094 shares worth $1.29B.
- Dodge & Cox added most to RTX Corp in Q4 2018, an estimated $1.53B increase.
- Dodge & Cox's biggest Q4 2018 reduction was Medtronic, cutting an estimated $1.09B.
- Dodge & Cox fully exited Express Scripts Holding Company in Q4 2018, selling an estimated $3.79B.
- Dodge & Cox's ten largest holdings make up 30% of its $109B portfolio in Q4 2018.
- Dodge & Cox opened 4 new positions and closed 13 in Q4 2018.
- Dodge & Cox's portfolio value fell 17% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q4 2018, filed 14 Feb 2019.