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 |
eBay
EBAY
|
+$681M |
| 2 |
Cigna
CI
|
+$399M |
| 3 |
Liberty Global Class A
LBTYA
|
+$370M |
| 4 |
TYC
TYCO INTL PLC COM SHS (IRL)
TYC
|
+$207M |
| 5 |
Walmart Inc
WMT
|
+$206M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GSK
GSK
|
+$1.06B |
| 2 |
Nokia
NOK
|
+$561M |
| 3 |
MHFI
MCGRAW-HILL FINANCIAL INC COM
MHFI
|
+$511M |
| 4 |
HP
HPQ
|
+$477M |
| 5 |
DuPont de Nemours
DD
|
+$252M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 21.16% |
| 2 | Technology | 20.44% |
| 3 | Healthcare | 16.97% |
| 4 | Communication Services | 14.78% |
| 5 | Energy | 11.33% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
HP
HPQ
$22.5B
| $5.51B | 5.27% |
342,145,007
-29,416,994
| -8% | -$477M |
|
2
Novartis
NVS
$297B
| $4.79B | 4.58% |
56,810,481
-219,595
| -0.4% | -$17.8M |
|
3
Microsoft
MSFT
$2.83T
| $3.85B | 3.69% |
83,135,795
-2,477,843
| -3% | -$111M |
|
4
Capital One
COF
$122B
| $3.79B | 3.62% |
46,391,870
-210,205
| -0.5% | -$17.2M |
|
5
Wells Fargo
WFC
$261B
| $3.77B | 3.6% |
72,605,295
-114,545
| -0.2% | -$5.89M |
|
6
SLB Ltd
SLB
$70.9B
| $3.67B | 3.51% |
36,083,334
+720,416
| +2% | +$78.5M |
|
7
Comcast
CMCSA
$80.4B
| $2.96B | 2.83% |
110,099,308
-557,874
| -0.5% | -$15.3M |
|
|
TWX
8
DELISTED
Time Warner Inc
TWX
| $2.77B | 2.65% |
36,814,384
-79,383
| -0.2% | -$6.15M |
|
|
SCHW
9
Charles Schwab
SCHW
$176B
| $2.7B | 2.58% |
91,884,964
+1,048,097
| +1% | +$29.7M |
|
|
BNY
10
Bank of New York Mellon
BNY
$108B
| $2.6B | 2.49% |
67,150,764
-474,110
| -0.7% | -$18.4M |
|
11
Sanofi
SNY
$104B
| $2.44B | 2.34% |
43,267,004
-282,905
| -0.6% | -$15.2M |
|
12
Bank of America
BAC
$430B
| $2.4B | 2.3% |
140,899,780
+5,945,383
| +4% | +$94.7M |
|
13
FedEx
FDX
$74.5B
| $2.38B | 2.28% |
14,761,276
-187,328
| -1% | -$28.5M |
|
|
14
Walmart Inc
WMT
$858B
| $2.32B | 2.21% |
90,848,256
+8,159,730
| +10% | +$206M |
|
15
Alphabet (Google) Class C
GOOG
$3.9T
| $2.28B | 2.18% |
78,583,019
+3,207,161
| +4% | +$92.7M |
|
|
TWC
16
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $2.25B | 2.15% |
15,697,865
-97,493
| -0.6% | -$14.5M |
|
17
Goldman Sachs
GS
$317B
| $2.15B | 2.06% |
11,708,144
+18,144
| +0.2% | +$3.19M |
|
18
Merck
MRK
$321B
| $2.08B | 1.99% |
36,740,436
-945,788
| -3% | -$53.1M |
|
|
19
eBay
EBAY
$48.6B
| $2.05B | 1.96% |
86,075,789
+30,609,485
| +55% | +$681M |
|
20
Gen Digital
GEN
$15.1B
| $1.97B | 1.88% |
83,677,017
-325,750
| -0.4% | -$7.76M |
|
21
TE Connectivity
TEL
$58.3B
| $1.91B | 1.83% |
34,620,289
-17,442
| -0.1% | -$1.08M |
|
|
22
GSK
GSK
$101B
| $1.77B | 1.7% |
30,871,329
-17,309,511
| -36% | -$1.06B |
|
23
GE Aerospace
GE
$361B
| $1.68B | 1.6% |
13,642,129
-221,739
| -2% | -$27.6M |
|
24
APA Corp
APA
$13B
| $1.64B | 1.57% |
17,432,611
+453,500
| +3% | +$44.9M |
|
|
TFCFA
25
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $1.59B | 1.52% |
46,266,079
-354,050
| -0.8% | -$12.2M |
|
Similar funds
Dodge & Cox's Q3 2014 Portfolio in Review
As of Q3 2014, Dodge & Cox held 207 positions worth $105B, down 0.3% from $105B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Dodge & Cox's Q3 2014 filing shows 40 new, 53 increased, 86 reduced and 4 closed positions. Its largest new stake was New Oriental: 4,002,900 shares worth $92.9M. The largest sale was GSK, an estimated $1.06B.
By sector, the portfolio is most concentrated in Financials at 21% of assets, up from 21% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q3 2014 buy was New Oriental: 4,002,900 shares worth $92.9M.
- Dodge & Cox added most to eBay in Q3 2014, an estimated $681M increase.
- Dodge & Cox's biggest Q3 2014 reduction was GSK, cutting an estimated $1.06B.
- Dodge & Cox fully exited FOREST LABORATORIES INC in Q3 2014, selling an estimated $4.46M.
- Dodge & Cox's ten largest holdings make up 35% of its $105B portfolio in Q3 2014.
- Dodge & Cox opened 40 new positions and closed 4 in Q3 2014.
- Dodge & Cox's portfolio value fell 0.3% quarter-over-quarter to $105B.
Based on Dodge & Cox's 13F filing for Q3 2014, filed 13 Nov 2014.