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 | Held Since | |
|---|---|---|---|---|---|---|---|
176
RTX Corp
RTX
$252B
| $308K | ﹤0.01% |
3,496
+715
| +26% | +$60K |
2016 Q2
9 quarters
|
|
177
Marsh
MRSH
$84.2B
| $303K | ﹤0.01% |
3,660
| – | – |
2014 Q3
16 quarters
|
|
178
Verizon
VZ
$176B
| $294K | ﹤0.01% |
5,500
| – | – |
2013 Q2
21 quarters
|
|
179
DELISTED
Hess
HES
| $280K | ﹤0.01% |
3,906
| – | – |
2018 Q1
2 quarters
|
|
180
Automatic Data Processing
ADP
$108B
| $271K | ﹤0.01% |
1,800
| – | – |
2016 Q4
7 quarters
|
|
181
Baxter International
BAX
$12.7B
| $261K | ﹤0.01% |
3,382
| – | – |
2017 Q2
5 quarters
|
|
182
United Parcel Service
UPS
$80.5B
| $257K | ﹤0.01% |
+2,200
| New | +$259K |
2018 Q3
0 quarters
|
|
183
iShares Russell 2000 Value ETF
IWN
$13.9B
| $256K | ﹤0.01% |
+1,925
| New | +$259K |
2018 Q3
0 quarters
|
|
184
Intel
INTC
$536B
| $236K | ﹤0.01% |
+5,000
| New | +$243K |
2018 Q3
0 quarters
|
|
185
DELISTED
Coterra Energy
CTRA
| $232K | ﹤0.01% |
+10,300
| New | +$240K |
2018 Q3
0 quarters
|
|
|
UFS
186
DELISTED
DOMTAR CORPORATION (New)
UFS
| $224K | ﹤0.01% |
4,300
-300
| -7% | -$15.1K |
2013 Q2
21 quarters
|
|
187
Lowe's Companies
LOW
$105B
| $218K | ﹤0.01% |
+1,900
| New | +$198K |
2018 Q3
0 quarters
|
|
188
The Kraft Heinz Company
KHC
$26.6B
| $217K | ﹤0.01% |
3,946
| – | – |
2015 Q3
12 quarters
|
|
189
Fluor
FLR
$6.74B
| $204K | ﹤0.01% |
+3,505
| New | +$191K |
2018 Q3
0 quarters
|
|
190
Tapestry
TPR
$23.5B
| $201K | ﹤0.01% |
+4,000
| New | +$196K |
2018 Q3
0 quarters
|
|
191
Adient
ADNT
$1.35B
| – | – |
-6,388
| Closed | -$314K | – |
|
|
LEXEA
192
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
| – | – |
-5,087
| Closed | -$224K | – |
|
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.