Dodge & Cox Portfolio holdings
Dodge & Cox is a value investing firm that runs mutual funds, including a balanced fund of large company stocks and bonds that dates to 1931. Van Duyn Dodge and E. Morris Cox founded it in 1930, and it often takes a contrarian approach, favoring companies with good long-term prospects that have hit temporary setbacks. Its Stock Fund is an actively managed core stock fund that picks companies by comparing their long-term fundamentals with current prices. Dodge & Cox invests across a three- to five-year horizon, acting as an owner of the companies it holds, and is owned entirely by its active employees. The firm has no star managers: it says small teams do better over the long run than any one person, and it does not advertise and operates from a single office.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Target
TGT
|
+$991M |
| 2 |
Walmart Inc
WMT
|
+$733M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$680M |
| 4 |
EMC CORPORATION
EMC
|
+$544M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$443M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$526M |
| 2 |
Pfizer
PFE
|
+$457M |
| 3 |
SLB Ltd
SLB
|
+$400M |
| 4 |
FRX
FOREST LABORATORIES INC
FRX
|
+$358M |
| 5 |
DuPont de Nemours
DD
|
+$330M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 21.19% |
| 2 | Financials | 21.01% |
| 3 | Healthcare | 17.61% |
| 4 | Communication Services | 14.53% |
| 5 | Energy | 12.51% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
HP
HPQ
$25.5B
| $5.68B | 5.42% |
371,562,001
-2,684,542
| -0.7% | -$40.4M |
2013 Q2
4 quarters
|
|
2
Novartis
NVS
$308B
| $4.63B | 4.41% |
57,030,076
+5,201,731
| +10% | +$409M |
2013 Q2
4 quarters
|
|
|
3
SLB Ltd
SLB
$73.9B
| $4.17B | 3.98% |
35,362,918
-3,881,281
| -10% | -$400M |
2013 Q2
4 quarters
|
|
4
Capital One
COF
$118B
| $3.85B | 3.67% |
46,602,075
-107,350
| -0.2% | -$8.34M |
2013 Q2
4 quarters
|
|
5
Wells Fargo
WFC
$257B
| $3.82B | 3.64% |
72,719,840
+165,841
| +0.2% | +$8.34M |
2013 Q2
4 quarters
|
|
6
Microsoft
MSFT
$3.96T
| $3.57B | 3.4% |
85,613,638
-232,050
| -0.3% | -$9.39M |
2013 Q2
4 quarters
|
|
7
GSK
GSK
$103B
| $3.22B | 3.07% |
48,180,840
-128,400
| -0.3% | -$8.69M |
2013 Q2
4 quarters
|
|
8
Comcast
CMCSA
$88.4B
| $2.97B | 2.83% |
110,657,182
-68,826
| -0.1% | -$1.77M |
2013 Q2
4 quarters
|
|
|
TWX
9
DELISTED
Time Warner Inc
TWX
| $2.59B | 2.47% |
36,893,767
-403,808
| -1% | -$26.5M |
2013 Q2
4 quarters
|
|
10
Bank of New York Mellon
BNY
$101B
| $2.53B | 2.42% |
67,624,874
+4,830,411
| +8% | +$167M |
2013 Q2
4 quarters
|
|
11
Charles Schwab
SCHW
$161B
| $2.45B | 2.33% |
90,836,867
+1,131,750
| +1% | +$29.7M |
2013 Q2
4 quarters
|
|
|
TWC
12
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $2.33B | 2.22% |
15,795,358
+418,042
| +3% | +$58.7M |
2013 Q2
4 quarters
|
|
13
Sanofi
SNY
$116B
| $2.32B | 2.21% |
43,549,909
-114,978
| -0.3% | -$6.1M |
2013 Q2
4 quarters
|
|
14
FedEx
FDX
$74.6B
| $2.26B | 2.16% |
14,948,604
-212,058
| -1% | -$29.6M |
2013 Q2
4 quarters
|
|
|
15
Alphabet (Google) Class C
GOOG
$3.49T
| $2.17B | 2.07% |
75,375,858
+25,067,072
| +50% | +$680M |
2013 Q2
4 quarters
|
|
16
TE Connectivity
TEL
$62.2B
| $2.14B | 2.04% |
34,637,731
-493,525
| -1% | -$29.6M |
2013 Q2
4 quarters
|
|
17
Merck
MRK
$362B
| $2.08B | 1.98% |
37,686,224
-4,191,013
| -10% | -$229M |
2013 Q2
4 quarters
|
|
18
Bank of America
BAC
$349B
| $2.07B | 1.98% |
134,954,397
+10,285,909
| +8% | +$160M |
2013 Q2
4 quarters
|
|
|
19
Walmart Inc
WMT
$1000B
| $2.07B | 1.97% |
82,688,526
+28,527,000
| +53% | +$733M |
2013 Q2
4 quarters
|
|
20
Goldman Sachs
GS
$261B
| $1.96B | 1.87% |
11,690,000
+662,200
| +6% | +$107M |
2013 Q2
4 quarters
|
|
21
Gen Digital
GEN
$17.6B
| $1.92B | 1.83% |
84,002,767
+468,200
| +0.6% | +$9.9M |
2013 Q2
4 quarters
|
|
|
22
GE Aerospace
GE
$347B
| $1.75B | 1.67% |
13,863,868
-4,133,203
| -23% | -$526M |
2013 Q2
4 quarters
|
|
23
APA Corp
APA
$15.2B
| $1.71B | 1.63% |
16,979,111
+1,553,465
| +10% | +$141M |
2013 Q2
4 quarters
|
|
|
WFT
24
DELISTED
Weatherford International plc
WFT
| $1.68B | 1.6% |
72,869,677
-196,600
| -0.3% | -$4.04M |
2013 Q2
4 quarters
|
|
|
TFCFA
25
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $1.64B | 1.56% |
46,620,129
-148,937
| -0.3% | -$5.07M |
2013 Q2
4 quarters
|
|
Similar funds
Dodge & Cox's Q2 2014 Portfolio in Review
As of Q2 2014, Dodge & Cox held 168 positions worth $105B, up 7.2% from $97.8B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Trading was light in Q2 2014: portfolio turnover was 2.4%. Dodge & Cox opened 3 new positions and exited 1, leaving the 168-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 21% of assets, down from 21% a quarter earlier, followed by Financials and Healthcare.
- Dodge & Cox's largest Q2 2014 buy was Time Inc.: 8,123,224 shares worth $197M.
- Dodge & Cox added most to Target in Q2 2014, an estimated $991M increase.
- Dodge & Cox's biggest Q2 2014 reduction was GE Aerospace, cutting an estimated $526M.
- Dodge & Cox fully exited RTX Corp in Q2 2014, selling an estimated $205K.
- Dodge & Cox's ten largest holdings make up 35% of its $105B portfolio in Q2 2014.
- Dodge & Cox opened 3 new positions and closed 1 in Q2 2014.
- Dodge & Cox's portfolio value rose 7.2% quarter-over-quarter to $105B.
Based on Dodge & Cox's 13F filing for Q2 2014, filed 13 Aug 2014.