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 |
Gen Digital
GEN
|
+$395M |
| 2 |
UnitedHealth
UNH
|
+$368M |
| 3 |
ESRX
Express Scripts Holding Company
ESRX
|
+$366M |
| 4 |
WFT
Weatherford International plc
WFT
|
+$342M |
| 5 |
eBay
EBAY
|
+$331M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
MOLXA
MOLEX INC CL-A
MOLXA
|
+$680M |
| 2 |
Amdocs
DOX
|
+$501M |
| 3 |
DuPont de Nemours
DD
|
+$468M |
| 4 |
FedEx
FDX
|
+$443M |
| 5 |
Genworth Financial
GNW
|
+$414M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.99% |
| 2 | Technology | 20.48% |
| 3 | Healthcare | 18.33% |
| 4 | Communication Services | 15.59% |
| 5 | Energy | 10.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
HP
HPQ
$26.7B
| $4.79B | 4.99% |
376,862,651
+18,916,070
| +5% | +$217M |
|
2
Novartis
NVS
$294B
| $3.74B | 3.9% |
51,877,653
-420,676
| -0.8% | -$29.2M |
|
3
Capital One
COF
$133B
| $3.59B | 3.74% |
46,807,942
-1,036,325
| -2% | -$73.8M |
|
4
SLB Ltd
SLB
$81.6B
| $3.57B | 3.72% |
39,611,494
-488,900
| -1% | -$44.1M |
|
5
Wells Fargo
WFC
$257B
| $3.3B | 3.44% |
72,589,936
-1,672,467
| -2% | -$72.2M |
|
6
GSK
GSK
$101B
| $3.23B | 3.37% |
48,383,720
-648,760
| -1% | -$42.1M |
|
7
Microsoft
MSFT
$3.75T
| $3.21B | 3.34% |
85,715,099
-809,250
| -0.9% | -$29.4M |
|
8
Comcast
CMCSA
$93.7B
| $3.11B | 3.25% |
119,824,200
-3,415,586
| -3% | -$82.3M |
|
|
TWX
9
DELISTED
Time Warner Inc
TWX
| $2.51B | 2.62% |
37,610,337
-926,335
| -2% | -$59.9M |
|
10
Merck
MRK
$369B
| $2.44B | 2.55% |
51,140,824
-1,403,377
| -3% | -$64.1M |
|
11
GE Aerospace
GE
$356B
| $2.44B | 2.54% |
18,165,478
-595,382
| -3% | -$75M |
|
|
SCHW
12
Charles Schwab
SCHW
$187B
| $2.34B | 2.44% |
90,120,817
-2,514,200
| -3% | -$60M |
|
13
Sanofi
SNY
$107B
| $2.34B | 2.44% |
43,628,729
-337,520
| -0.8% | -$17.4M |
|
|
14
FedEx
FDX
$78.4B
| $2.19B | 2.28% |
15,207,295
-3,342,183
| -18% | -$443M |
|
|
TWC
15
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $2.1B | 2.19% |
15,524,188
-916,555
| -6% | -$114M |
|
|
BNY
16
Bank of New York Mellon
BNY
$110B
| $2.03B | 2.11% |
57,967,724
-699,730
| -1% | -$22.8M |
|
17
Pfizer
PFE
$160B
| $2B | 2.08% |
68,815,464
-2,230,918
| -3% | -$64.9M |
|
18
Goldman Sachs
GS
$303B
| $1.96B | 2.04% |
11,060,900
-229,575
| -2% | -$37.9M |
|
19
Bank of America
BAC
$428B
| $1.95B | 2.03% |
125,324,421
-3,225,700
| -3% | -$47.9M |
|
20
TE Connectivity
TEL
$58.8B
| $1.94B | 2.02% |
35,191,231
-552,200
| -2% | -$29M |
|
|
21
Gen Digital
GEN
$18.3B
| $1.9B | 1.98% |
80,562,067
+16,897,400
| +27% | +$395M |
|
|
TFCFA
22
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $1.66B | 1.73% |
47,131,366
-1,339,800
| -3% | -$45.2M |
|
23
Chevron
CVX
$392B
| $1.43B | 1.49% |
11,431,382
-168,485
| -1% | -$20.4M |
|
24
Alphabet (Google) Class C
GOOG
$4.13T
| $1.41B | 1.47% |
50,384,950
-1,619,648
| -3% | -$41M |
|
25
Walmart Inc
WMT
$817B
| $1.32B | 1.37% |
50,181,069
+7,554,240
| +18% | +$195M |
|
Similar funds
Dodge & Cox's Q4 2013 Portfolio in Review
As of Q4 2013, Dodge & Cox held 167 positions worth $95.9B, up 9% from $88B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Trading was light in Q4 2013: portfolio turnover was 4.2%. Dodge & Cox opened 3 new positions and exited 4, leaving the 167-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 21% of assets, down from 21% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q4 2013 buy was Express Scripts Holding Company: 5,609,705 shares worth $394M.
- Dodge & Cox added most to Gen Digital in Q4 2013, an estimated $395M increase.
- Dodge & Cox's biggest Q4 2013 reduction was Amdocs, cutting an estimated $501M.
- Dodge & Cox fully exited MOLEX INC CL-A in Q4 2013, selling an estimated $680M.
- Dodge & Cox's ten largest holdings make up 35% of its $95.9B portfolio in Q4 2013.
- Dodge & Cox opened 3 new positions and closed 4 in Q4 2013.
- Dodge & Cox's portfolio value rose 9% quarter-over-quarter to $95.9B.
Based on Dodge & Cox's 13F filing for Q4 2013, filed 14 Feb 2014.