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 |
Occidental Petroleum
OXY
|
+$1.64B |
| 2 |
Dell
DELL
|
+$486M |
| 3 |
Ovintiv
OVV
|
+$450M |
| 4 |
Fox Class A
FOXA
|
+$410M |
| 5 |
Baker Hughes
BKR
|
+$404M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
APC
Anadarko Petroleum
APC
|
+$1.53B |
| 2 |
Charter Communications
CHTR
|
+$1.19B |
| 3 |
ZAYO
Zayo Group Holdings, Inc.
ZAYO
|
+$763M |
| 4 |
Microsoft
MSFT
|
+$754M |
| 5 |
Danaher
DHR
|
+$645M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.99% |
| 2 | Healthcare | 17.39% |
| 3 | Technology | 15.46% |
| 4 | Communication Services | 14.34% |
| 5 | Energy | 11.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Visa
V
$709B
| $619K | ﹤0.01% |
3,600
| – | – |
|
152
General Mills
GIS
$21.6B
| $617K | ﹤0.01% |
11,200
| – | – |
|
153
Chubb
CB
$131B
| $601K | ﹤0.01% |
3,722
-240
| -6% | -$37.1K |
|
154
Parker-Hannifin
PH
$127B
| $588K | ﹤0.01% |
3,256
| – | – |
|
155
Kimberly-Clark
KMB
$36.6B
| $548K | ﹤0.01% |
3,860
| – | – |
|
156
Norfolk Southern
NSC
$78.1B
| $548K | ﹤0.01% |
3,050
| – | – |
|
|
CTXS
157
DELISTED
Citrix Systems Inc
CTXS
| $531K | ﹤0.01% |
5,500
| – | – |
|
158
Phillips 66
PSX
$95.7B
| $523K | ﹤0.01% |
5,105
-100
| -2% | -$10K |
|
159
Duke Energy
DUK
$94.2B
| $509K | ﹤0.01% |
5,307
-125
| -2% | -$11.4K |
|
160
Rio Tinto
RIO
$170B
| $484K | ﹤0.01% |
9,300
| – | – |
|
161
Ameriprise Financial
AMP
$49.1B
| $433K | ﹤0.01% |
2,942
| – | – |
|
162
Moody's
MCO
$88.2B
| $420K | ﹤0.01% |
2,050
| – | – |
|
163
American Tower
AMT
$81.2B
| $404K | ﹤0.01% |
1,825
| – | – |
|
164
Allstate
ALL
$65.1B
| $400K | ﹤0.01% |
3,685
| – | – |
|
165
Boeing
BA
$166B
| $371K | ﹤0.01% |
974
| – | – |
|
166
Dominion Energy
D
$58.5B
| $366K | ﹤0.01% |
4,512
| – | – |
|
|
GLIBA
167
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
| $345K | ﹤0.01% |
5,551
| – | – |
|
168
Lockheed Martin
LMT
$131B
| $341K | ﹤0.01% |
875
| – | – |
|
169
Blackrock
BLK
$181B
| $334K | ﹤0.01% |
750
| – | – |
|
170
Verizon
VZ
$205B
| $332K | ﹤0.01% |
5,500
| – | – |
|
171
Qualcomm
QCOM
$176B
| $313K | ﹤0.01% |
4,100
-400
| -9% | -$30.1K |
|
172
Baxter International
BAX
$13.4B
| $296K | ﹤0.01% |
3,382
| – | – |
|
173
Automatic Data Processing
ADP
$113B
| $291K | ﹤0.01% |
1,800
| – | – |
|
174
Elevance Health
ELV
$86.6B
| $288K | ﹤0.01% |
1,200
| – | – |
|
|
MRSH
175
Marsh
MRSH
$90.7B
| $286K | ﹤0.01% |
2,860
| – | – |
|
Similar funds
Dodge & Cox's Q3 2019 Portfolio in Review
As of Q3 2019, Dodge & Cox held 183 positions worth $122B, down 1.7% from $124B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q3 2019: portfolio turnover was 2.7%. Dodge & Cox opened 3 new positions and exited 2, leaving the 183-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 24% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2019 buy was Ovintiv: 19,671,036 shares worth $452M.
- Dodge & Cox added most to Occidental Petroleum in Q3 2019, an estimated $1.64B increase.
- Dodge & Cox's biggest Q3 2019 reduction was Charter Communications, cutting an estimated $1.19B.
- Dodge & Cox fully exited Anadarko Petroleum in Q3 2019, selling an estimated $1.53B.
- Dodge & Cox's ten largest holdings make up 32% of its $122B portfolio in Q3 2019.
- Dodge & Cox opened 3 new positions and closed 2 in Q3 2019.
- Dodge & Cox's portfolio value fell 1.7% quarter-over-quarter to $122B.
Based on Dodge & Cox's 13F filing for Q3 2019, filed 13 Nov 2019.