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 |
Booking.com
BKNG
|
+$812M |
| 2 |
EMC CORPORATION
EMC
|
+$745M |
| 3 |
Petrobras Class A
PBR.A
|
+$482M |
| 4 |
Cisco
CSCO
|
+$443M |
| 5 |
HP
HPQ
|
+$402M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GSK
GSK
|
+$494M |
| 2 |
AOL
AOL INC COMMON STOCK
AOL
|
+$464M |
| 3 |
CarMax
KMX
|
+$435M |
| 4 |
Bank of New York Mellon
BNY
|
+$376M |
| 5 |
Nokia
NOK
|
+$232M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.35% |
| 2 | Technology | 20.41% |
| 3 | Communication Services | 17.08% |
| 4 | Healthcare | 16.6% |
| 5 | Energy | 11.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
HP
HPQ
$25.5B
| $5.19B | 4.68% |
381,100,845
+27,084,490
| +8% | +$402M |
2013 Q2
8 quarters
|
|
2
SLB Ltd
SLB
$73.8B
| $4.9B | 4.42% |
56,824,046
-118,766
| -0.2% | -$10.7M |
2013 Q2
8 quarters
|
|
3
Novartis
NVS
$309B
| $4.72B | 4.25% |
53,534,905
-2,301,694
| -4% | -$211M |
2013 Q2
8 quarters
|
|
4
Capital One
COF
$118B
| $4.08B | 3.68% |
46,402,688
-398,223
| -0.9% | -$33.4M |
2013 Q2
8 quarters
|
|
5
Wells Fargo
WFC
$257B
| $3.99B | 3.6% |
70,896,684
-1,037,209
| -1% | -$57.8M |
2013 Q2
8 quarters
|
|
6
Microsoft
MSFT
$3.94T
| $3.61B | 3.26% |
81,802,094
-1,548,506
| -2% | -$70.7M |
2013 Q2
8 quarters
|
|
|
TWC
7
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $3.45B | 3.11% |
19,360,833
-123,146
| -0.6% | -$20.4M |
2013 Q2
8 quarters
|
|
|
TWX
8
DELISTED
Time Warner Inc
TWX
| $3.25B | 2.93% |
37,168,951
-277,452
| -0.7% | -$23.7M |
2013 Q2
8 quarters
|
|
9
Charles Schwab
SCHW
$161B
| $3.11B | 2.8% |
95,108,862
+436,925
| +0.5% | +$13.8M |
2013 Q2
8 quarters
|
|
10
Bank of America
BAC
$349B
| $3.01B | 2.71% |
176,610,183
+19,618,614
| +12% | +$323M |
2013 Q2
8 quarters
|
|
11
Comcast
CMCSA
$88.5B
| $2.72B | 2.45% |
90,306,426
-1,838,446
| -2% | -$54M |
2013 Q2
8 quarters
|
|
|
ESRX
12
DELISTED
Express Scripts Holding Company
ESRX
| $2.48B | 2.24% |
27,932,629
+3,711,125
| +15% | +$324M |
2013 Q4
6 quarters
|
|
13
Sanofi
SNY
$116B
| $2.46B | 2.22% |
49,765,693
+6,731,620
| +16% | +$341M |
2013 Q2
8 quarters
|
|
|
14
Bank of New York Mellon
BNY
$101B
| $2.44B | 2.2% |
58,218,752
-8,835,715
| -13% | -$376M |
2013 Q2
8 quarters
|
|
15
Alphabet (Google) Class C
GOOG
$3.49T
| $2.39B | 2.16% |
91,032,960
+849,620
| +0.9% | +$22.8M |
2013 Q2
8 quarters
|
|
16
Goldman Sachs
GS
$261B
| $2.29B | 2.06% |
10,959,790
-661,550
| -6% | -$135M |
2013 Q2
8 quarters
|
|
17
TE Connectivity
TEL
$62.1B
| $2.27B | 2.04% |
35,235,611
-1,982,756
| -5% | -$137M |
2013 Q2
8 quarters
|
|
18
Walmart Inc
WMT
$999B
| $2.18B | 1.96% |
92,069,592
-560,925
| -0.6% | -$14.3M |
2013 Q2
8 quarters
|
|
19
FedEx
FDX
$74.6B
| $2.17B | 1.96% |
12,736,893
-276,719
| -2% | -$48.1M |
2013 Q2
8 quarters
|
|
20
Gen Digital
GEN
$17.6B
| $2.01B | 1.82% |
86,644,400
+1,561,905
| +2% | +$38.1M |
2013 Q2
8 quarters
|
|
21
UnitedHealth
UNH
$361B
| $2B | 1.81% |
16,415,117
-481,276
| -3% | -$56.9M |
2013 Q2
8 quarters
|
|
|
22
DELISTED
EMC CORPORATION
EMC
| $1.89B | 1.71% |
71,755,113
+27,930,100
| +64% | +$745M |
2013 Q4
6 quarters
|
|
23
JPMorgan Chase
JPM
$909B
| $1.77B | 1.6% |
26,176,067
+2,282,162
| +10% | +$149M |
2013 Q2
8 quarters
|
|
24
APA Corp
APA
$15.1B
| $1.73B | 1.56% |
30,013,813
-1,154,406
| -4% | -$72.7M |
2013 Q2
8 quarters
|
|
|
BHI
25
DELISTED
Baker Hughes
BHI
| $1.68B | 1.51% |
27,169,101
-18,414
| -0.1% | -$1.2M |
2013 Q2
8 quarters
|
|
Similar funds
Dodge & Cox's Q2 2015 Portfolio in Review
As of Q2 2015, Dodge & Cox held 187 positions worth $111B, up 2.2% from $109B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Trading was light in Q2 2015: portfolio turnover was 4.3%. Dodge & Cox opened 1 new position and exited 7, leaving the 187-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 22% of assets, up from 21% a quarter earlier, followed by Technology and Communication Services.
- Dodge & Cox's largest Q2 2015 buy was Booking.com: 17,019,125 shares worth $784M.
- Dodge & Cox added most to EMC CORPORATION in Q2 2015, an estimated $745M increase.
- Dodge & Cox's biggest Q2 2015 reduction was GSK, cutting an estimated $494M.
- Dodge & Cox fully exited AOL INC COMMON STOCK in Q2 2015, selling an estimated $464M.
- Dodge & Cox's ten largest holdings make up 35% of its $111B portfolio in Q2 2015.
- Dodge & Cox opened 1 new position and closed 7 in Q2 2015.
- Dodge & Cox's portfolio value rose 2.2% quarter-over-quarter to $111B.
Based on Dodge & Cox's 13F filing for Q2 2015, filed 13 Aug 2015.