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
|
+$868M |
| 2 |
HP
HPQ
|
+$637M |
| 3 |
Baidu
BIDU
|
+$431M |
| 4 |
ESRX
Express Scripts Holding Company
ESRX
|
+$417M |
| 5 |
MetLife
MET
|
+$388M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Merck
MRK
|
+$485M |
| 2 |
FedEx
FDX
|
+$282M |
| 3 |
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
|
+$122M |
| 4 |
TE Connectivity
TEL
|
+$83.1M |
| 5 |
CarMax
KMX
|
+$53.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 21.47% |
| 2 | Technology | 20.85% |
| 3 | Healthcare | 17.2% |
| 4 | Communication Services | 16.48% |
| 5 | Energy | 11.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
HP
HPQ
$26.7B
| $5.01B | 4.62% |
354,016,355
+38,596,330
| +12% | +$637M |
|
2
Novartis
NVS
$294B
| $4.93B | 4.55% |
55,836,599
-325,705
| -0.6% | -$28.9M |
|
|
3
SLB Ltd
SLB
$81.6B
| $4.75B | 4.38% |
56,942,812
+10,428,672
| +22% | +$868M |
|
4
Wells Fargo
WFC
$257B
| $3.91B | 3.61% |
71,933,893
-539,828
| -0.7% | -$29.2M |
|
5
Capital One
COF
$133B
| $3.69B | 3.4% |
46,800,911
+351,550
| +0.8% | +$27.6M |
|
6
Microsoft
MSFT
$3.75T
| $3.39B | 3.12% |
83,350,600
+1,279,851
| +2% | +$55.7M |
|
|
TWX
7
DELISTED
Time Warner Inc
TWX
| $3.16B | 2.91% |
37,446,403
-97,006
| -0.3% | -$8.06M |
|
|
TWC
8
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $2.92B | 2.69% |
19,483,979
+87,924
| +0.5% | +$13.1M |
|
|
SCHW
9
Charles Schwab
SCHW
$187B
| $2.88B | 2.66% |
94,671,937
+1,506,160
| +2% | +$43.7M |
|
|
BNY
10
Bank of New York Mellon
BNY
$110B
| $2.7B | 2.49% |
67,054,467
-285,250
| -0.4% | -$11.1M |
|
|
11
TE Connectivity
TEL
$58.8B
| $2.67B | 2.46% |
37,218,367
-1,209,041
| -3% | -$83.1M |
|
12
Comcast
CMCSA
$93.7B
| $2.6B | 2.4% |
92,144,872
-829,452
| -0.9% | -$23.8M |
|
13
Walmart Inc
WMT
$817B
| $2.54B | 2.34% |
92,630,517
+343,800
| +0.4% | +$9.75M |
|
14
Alphabet (Google) Class C
GOOG
$4.13T
| $2.47B | 2.28% |
90,183,340
+809,235
| +0.9% | +$21.7M |
|
15
Bank of America
BAC
$428B
| $2.42B | 2.23% |
156,991,569
+2,678,941
| +2% | +$43M |
|
16
Goldman Sachs
GS
$303B
| $2.18B | 2.01% |
11,621,340
-107,394
| -0.9% | -$20M |
|
|
17
FedEx
FDX
$78.4B
| $2.15B | 1.98% |
13,013,612
-1,626,492
| -11% | -$282M |
|
18
Sanofi
SNY
$107B
| $2.13B | 1.96% |
43,034,073
-238,727
| -0.6% | -$11.4M |
|
|
ESRX
19
DELISTED
Express Scripts Holding Company
ESRX
| $2.1B | 1.94% |
24,221,504
+4,972,525
| +26% | +$417M |
|
20
UnitedHealth
UNH
$355B
| $2B | 1.84% |
16,896,393
+8,450
| +0.1% | +$938K |
|
21
Gen Digital
GEN
$18.3B
| $1.99B | 1.83% |
85,082,495
+475,100
| +0.6% | +$11.9M |
|
22
APA Corp
APA
$14.8B
| $1.88B | 1.73% |
31,168,219
+1,253,889
| +4% | +$78.9M |
|
|
TYC
23
DELISTED
TYCO INTL PLC COM SHS (IRL)
TYC
| $1.83B | 1.68% |
40,511,238
+5,127,372
| +14% | +$228M |
|
|
BHI
24
DELISTED
Baker Hughes
BHI
| $1.73B | 1.59% |
27,187,515
+3,047,215
| +13% | +$184M |
|
25
Pfizer
PFE
$160B
| $1.63B | 1.5% |
49,302,915
-441,219
| -0.9% | -$14M |
|
Similar funds
Dodge & Cox's Q1 2015 Portfolio in Review
As of Q1 2015, Dodge & Cox held 191 positions worth $109B, up 0.81% from $108B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Trading was light in Q1 2015: portfolio turnover was 3.7%. Dodge & Cox opened 2 new positions and exited 5, leaving the 191-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 21% of assets, down from 22% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q1 2015 buy was Teck Resources: 22,071,213 shares worth $303M.
- Dodge & Cox added most to SLB Ltd in Q1 2015, an estimated $868M increase.
- Dodge & Cox's biggest Q1 2015 reduction was Merck, cutting an estimated $485M.
- Dodge & Cox fully exited COVIDIEN PLC COM SHS NEW (IRELAND) in Q1 2015, selling an estimated $8.05M.
- Dodge & Cox's ten largest holdings make up 34% of its $109B portfolio in Q1 2015.
- Dodge & Cox opened 2 new positions and closed 5 in Q1 2015.
- Dodge & Cox's portfolio value rose 0.81% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q1 2015, filed 14 May 2015.