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 | |
|---|---|---|---|---|---|---|---|
|
GLIBA
176
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
| $255K | ﹤0.01% |
6,206
| – | – |
2018 Q1
3 quarters
|
|
177
Unilever
UL
$135B
| $246K | ﹤0.01% |
4,178
-1,066
| -20% | -$64.2K |
2013 Q2
22 quarters
|
|
178
Automatic Data Processing
ADP
$108B
| $236K | ﹤0.01% |
1,800
| – | – |
2016 Q4
8 quarters
|
|
179
Intel
INTC
$534B
| $235K | ﹤0.01% |
5,000
| – | – |
2018 Q3
1 quarter
|
|
180
DELISTED
Coterra Energy
CTRA
| $230K | ﹤0.01% |
10,300
| – | – |
2018 Q3
1 quarter
|
|
181
Baxter International
BAX
$12.7B
| $223K | ﹤0.01% |
3,382
| – | – |
2017 Q2
6 quarters
|
|
182
Elanco Animal Health
ELAN
$11.4B
| – | – |
-2,012,033
| Closed | -$70.2M | – |
|
183
Fluor
FLR
$6.72B
| – | – |
-3,505
| Closed | -$204K | – |
|
184
DELISTED
Hess
HES
| – | – |
-3,906
| Closed | -$280K | – |
|
185
iShares Russell 2000 Value ETF
IWN
$13.8B
| – | – |
-1,925
| Closed | -$256K | – |
|
186
The Kraft Heinz Company
KHC
$26.4B
| – | – |
-3,946
| Closed | -$217K | – |
|
187
Liberty Latin America Class C
LILAK
$1.6B
| – | – |
-7,761,196
| Closed | -$137M | – |
|
188
Lowe's Companies
LOW
$105B
| – | – |
-1,900
| Closed | -$218K | – |
|
189
Tapestry
TPR
$23.5B
| – | – |
-4,000
| Closed | -$201K | – |
|
190
United Parcel Service
UPS
$80.4B
| – | – |
-2,200
| Closed | -$257K | – |
|
|
RTN
191
DELISTED
Raytheon Company
RTN
| – | – |
-1,550
| Closed | -$320K | – |
|
|
ESRX
192
DELISTED
Express Scripts Holding Company
ESRX
| – | – |
-39,936,856
| Closed | -$3.79B | – |
|
|
AET
193
DELISTED
Aetna Inc
AET
| – | – |
-2,100
| Closed | -$426K | – |
|
|
UFS
194
DELISTED
DOMTAR CORPORATION (New)
UFS
| – | – |
-4,300
| Closed | -$224K | – |
|
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.