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 |
Booking.com
BKNG
|
+$812M |
| 2 |
EMC
EMC CORPORATION
EMC
|
+$745M |
| 3 |
Petrobras Class A
PBR.A
|
+$482M |
| 4 |
Cisco
CSCO
|
+$443M |
| 5 |
HP
HPQ
|
+$402M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GSK
GSK
|
+$494M |
| 2 |
AOL
AOL INC COMMON STOCK
AOL
|
+$464M |
| 3 |
CarMax
KMX
|
+$435M |
| 4 |
BNY
Bank of New York Mellon
BNY
|
+$376M |
| 5 |
Nokia
NOK
|
+$232M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.33% |
| 2 | Technology | 19.62% |
| 3 | Healthcare | 16.6% |
| 4 | Communication Services | 16.32% |
| 5 | Energy | 11.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
Baxter International
BAX
$11.1B
| $237K | ﹤0.01% |
6,226
| – | – |
|
177
Loews
L
$23.7B
| $235K | ﹤0.01% |
6,100
-200
| -3% | -$8.14K |
|
|
CTRA
178
DELISTED
Coterra Energy
CTRA
| $232K | ﹤0.01% |
7,360
| – | – |
|
179
Automatic Data Processing
ADP
$96.4B
| $210K | ﹤0.01% |
2,620
| – | – |
|
|
ENDP
180
DELISTED
Endo International plc
ENDP
| $204K | ﹤0.01% |
2,560
| – | – |
|
|
181
Nokia
NOK
$55.1B
| – | – |
-30,548,266
| Closed | -$232M |
|
182
PG&E
PCG
$39.2B
| – | – |
-6,382
| Closed | -$339K |
|
183
Sempra
SRE
$61.1B
| – | – |
-3,830
| Closed | -$209K |
|
184
AT&T
T
$160B
| – | – |
-19,187
| Closed | -$473K |
|
185
Whirlpool
WHR
$2.32B
| – | – |
-1,100
| Closed | -$222K |
|
|
AET
186
DELISTED
Aetna Inc
AET
| – | – |
-3,000
| Closed | -$320K |
|
|
AOL
187
DELISTED
AOL INC COMMON STOCK
AOL
| – | – |
-11,717,432
| Closed | -$464M |
|
Similar funds
Dodge & Cox's Q2 2015 Portfolio in Review
As of Q2 2015, Dodge & Cox held 187 positions worth $111B, up 2.2% from $109B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Trading was light in Q2 2015: portfolio turnover was 4.3%. Dodge & Cox opened 1 new position and exited 7, leaving the 187-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 22% of assets, up from 21% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q2 2015 buy was Booking.com: 17,019,125 shares worth $784M.
- Dodge & Cox added most to EMC CORPORATION in Q2 2015, an estimated $745M increase.
- Dodge & Cox's biggest Q2 2015 reduction was GSK, cutting an estimated $494M.
- Dodge & Cox fully exited AOL INC COMMON STOCK in Q2 2015, selling an estimated $464M.
- Dodge & Cox's ten largest holdings make up 35% of its $111B portfolio in Q2 2015.
- Dodge & Cox opened 1 new position and closed 7 in Q2 2015.
- Dodge & Cox's portfolio value rose 2.2% quarter-over-quarter to $111B.
Based on Dodge & Cox's 13F filing for Q2 2015, filed 13 Aug 2015.