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 | |
|---|---|---|---|---|---|---|
176
Unilever
UL
$139B
| $282K | ﹤0.01% |
4,178
| – | – |
|
177
State Street
STT
$53.1B
| $266K | ﹤0.01% |
4,500
| – | – |
|
|
WBA
178
DELISTED
Walgreens Boots Alliance
WBA
| $258K | ﹤0.01% |
4,669
| – | – |
|
179
Equinix
EQIX
$106B
| $222K | ﹤0.01% |
+385
| New | +$207K |
|
180
Intel
INTC
$487B
| $216K | ﹤0.01% |
4,200
| – | – |
|
181
Stryker
SYK
$124B
| $208K | ﹤0.01% |
+960
| New | +$206K |
|
|
PRSP
182
DELISTED
Perspecta Inc. Common Stock
PRSP
| – | – |
-18,236
| Closed | -$427K |
|
|
APC
183
DELISTED
Anadarko Petroleum
APC
| – | – |
-21,737,617
| Closed | -$1.53B |
|
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.