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 |
SLB Ltd
SLB
|
+$960M |
| 2 |
APA Corp
APA
|
+$888M |
| 3 |
Danaher
DHR
|
+$805M |
| 4 |
Cisco
CSCO
|
+$714M |
| 5 |
TWC
TIME WARNER CABLE INC NEW COM STK
TWC
|
+$533M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$682M |
| 2 |
GSK
GSK
|
+$655M |
| 3 |
Boston Scientific
BSX
|
+$553M |
| 4 |
eBay
EBAY
|
+$476M |
| 5 |
Comcast
CMCSA
|
+$469M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 21.94% |
| 2 | Technology | 21.34% |
| 3 | Healthcare | 16.15% |
| 4 | Communication Services | 15.77% |
| 5 | Energy | 10.69% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
HP
HPQ
$23B
| $5.75B | 5.34% |
315,420,025
-26,724,982
| -8% | -$448M |
|
2
Novartis
NVS
$290B
| $4.66B | 4.33% |
56,162,304
-648,177
| -1% | -$53.7M |
|
3
Wells Fargo
WFC
$260B
| $3.97B | 3.69% |
72,473,721
-131,574
| -0.2% | -$6.97M |
|
|
4
SLB Ltd
SLB
$72.2B
| $3.97B | 3.69% |
46,514,140
+10,430,806
| +29% | +$960M |
|
5
Capital One
COF
$122B
| $3.83B | 3.56% |
46,449,361
+57,491
| +0.1% | +$4.68M |
|
6
Microsoft
MSFT
$2.89T
| $3.81B | 3.54% |
82,070,749
-1,065,046
| -1% | -$50M |
|
|
TWX
7
DELISTED
Time Warner Inc
TWX
| $3.21B | 2.98% |
37,543,409
+729,025
| +2% | +$58.1M |
|
|
TWC
8
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $2.95B | 2.74% |
19,396,055
+3,698,190
| +24% | +$533M |
|
|
SCHW
9
Charles Schwab
SCHW
$177B
| $2.81B | 2.61% |
93,165,777
+1,280,813
| +1% | +$36.4M |
|
10
Bank of America
BAC
$429B
| $2.76B | 2.57% |
154,312,628
+13,412,848
| +10% | +$230M |
|
|
BNY
11
Bank of New York Mellon
BNY
$108B
| $2.73B | 2.54% |
67,339,717
+188,953
| +0.3% | +$7.39M |
|
|
12
Comcast
CMCSA
$83.9B
| $2.7B | 2.51% |
92,974,324
-17,124,984
| -16% | -$469M |
|
13
Walmart Inc
WMT
$858B
| $2.64B | 2.45% |
92,286,717
+1,438,461
| +2% | +$38.9M |
|
14
FedEx
FDX
$75.9B
| $2.54B | 2.36% |
14,640,104
-121,172
| -0.8% | -$20.5M |
|
15
TE Connectivity
TEL
$58.4B
| $2.43B | 2.26% |
38,427,408
+3,807,119
| +11% | +$229M |
|
16
Alphabet (Google) Class C
GOOG
$3.92T
| $2.35B | 2.18% |
89,374,105
+10,791,086
| +14% | +$290M |
|
17
Goldman Sachs
GS
$319B
| $2.27B | 2.11% |
11,728,734
+20,590
| +0.2% | +$3.87M |
|
18
Gen Digital
GEN
$15.3B
| $2.17B | 2.02% |
84,607,395
+930,378
| +1% | +$23.1M |
|
19
Sanofi
SNY
$103B
| $1.97B | 1.83% |
43,272,800
+5,796
| +0% | +$281K |
|
20
Merck
MRK
$319B
| $1.91B | 1.77% |
35,229,665
-1,510,771
| -4% | -$84.2M |
|
|
21
APA Corp
APA
$13.2B
| $1.87B | 1.74% |
29,914,330
+12,481,719
| +72% | +$888M |
|
|
TFCFA
22
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $1.77B | 1.65% |
46,210,752
-55,327
| -0.1% | -$1.96M |
|
23
UnitedHealth
UNH
$389B
| $1.71B | 1.59% |
16,887,943
-19,807
| -0.1% | -$1.88M |
|
|
ESRX
24
DELISTED
Express Scripts Holding Company
ESRX
| $1.63B | 1.51% |
19,248,979
+779,284
| +4% | +$60.9M |
|
|
TYC
25
DELISTED
TYCO INTL PLC COM SHS (IRL)
TYC
| $1.63B | 1.51% |
35,383,866
+2,259,759
| +7% | +$101M |
|
Similar funds
Dodge & Cox's Q4 2014 Portfolio in Review
As of Q4 2014, Dodge & Cox held 208 positions worth $108B, up 2.9% from $105B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Dodge & Cox's Q4 2014 filing shows 5 new, 51 increased, 97 reduced and 19 closed positions. Its largest new stake was Juniper Networks: 14,842,903 shares worth $331M. The largest sale was GE Aerospace, an estimated $682M.
By sector, the portfolio is most concentrated in Financials at 22% of assets, up from 21% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q4 2014 buy was Juniper Networks: 14,842,903 shares worth $331M.
- Dodge & Cox added most to SLB Ltd in Q4 2014, an estimated $960M increase.
- Dodge & Cox's biggest Q4 2014 reduction was GE Aerospace, cutting an estimated $682M.
- Dodge & Cox fully exited Vodafone in Q4 2014, selling an estimated $4.59M.
- Dodge & Cox's ten largest holdings make up 35% of its $108B portfolio in Q4 2014.
- Dodge & Cox opened 5 new positions and closed 19 in Q4 2014.
- Dodge & Cox's portfolio value rose 2.9% quarter-over-quarter to $108B.
Based on Dodge & Cox's 13F filing for Q4 2014, filed 13 Feb 2015.