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 |
HP
HPQ
|
+$672M |
| 2 |
UBS Group
UBS
|
+$647M |
| 3 |
Cisco
CSCO
|
+$627M |
| 4 |
SLB Ltd
SLB
|
+$418M |
| 5 |
PayPal
PYPL
|
+$409M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$972M |
| 2 |
Chevron
CVX
|
+$904M |
| 3 |
GSK
GSK
|
+$511M |
| 4 |
STI
SunTrust Banks, Inc.
STI
|
+$501M |
| 5 |
UnitedHealth
UNH
|
+$433M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.11% |
| 2 | Technology | 21.96% |
| 3 | Communication Services | 17.58% |
| 4 | Healthcare | 16.13% |
| 5 | Energy | 10.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
HP
HPQ
$26.7B
| $5.03B | 5.06% |
432,817,098
+51,716,253
| +14% | +$672M |
|
|
2
SLB Ltd
SLB
$81.6B
| $4.28B | 4.31% |
62,107,301
+5,283,255
| +9% | +$418M |
|
3
Novartis
NVS
$294B
| $4.2B | 4.23% |
51,026,907
-2,507,998
| -5% | -$223M |
|
4
Wells Fargo
WFC
$257B
| $3.67B | 3.7% |
71,544,477
+647,793
| +0.9% | +$35.6M |
|
5
Capital One
COF
$133B
| $3.55B | 3.57% |
48,917,988
+2,515,300
| +5% | +$202M |
|
|
TWC
6
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $3.49B | 3.51% |
19,444,541
+83,708
| +0.4% | +$15.6M |
|
7
Microsoft
MSFT
$3.75T
| $3.31B | 3.33% |
74,792,774
-7,009,320
| -9% | -$315M |
|
8
Bank of America
BAC
$428B
| $2.95B | 2.97% |
189,615,263
+13,005,080
| +7% | +$219M |
|
9
Alphabet (Google) Class C
GOOG
$4.13T
| $2.83B | 2.85% |
91,783,500
+750,540
| +0.8% | +$23.1M |
|
|
SCHW
10
Charles Schwab
SCHW
$187B
| $2.75B | 2.77% |
96,419,718
+1,310,856
| +1% | +$42.1M |
|
|
TWX
11
DELISTED
Time Warner Inc
TWX
| $2.59B | 2.61% |
37,730,510
+561,559
| +2% | +$44.1M |
|
12
Comcast
CMCSA
$93.7B
| $2.54B | 2.56% |
89,400,570
-905,856
| -1% | -$26.9M |
|
13
Sanofi
SNY
$107B
| $2.37B | 2.38% |
49,859,813
+94,120
| +0.2% | +$4.79M |
|
|
ESRX
14
DELISTED
Express Scripts Holding Company
ESRX
| $2.3B | 2.31% |
28,405,375
+472,746
| +2% | +$41.2M |
|
|
BNY
15
Bank of New York Mellon
BNY
$110B
| $2.25B | 2.26% |
57,469,938
-748,814
| -1% | -$31.1M |
|
16
TE Connectivity
TEL
$58.8B
| $2.11B | 2.13% |
35,309,351
+73,740
| +0.2% | +$4.49M |
|
|
EMC
17
DELISTED
EMC CORPORATION
EMC
| $2.07B | 2.08% |
85,474,449
+13,719,336
| +19% | +$347M |
|
18
Walmart Inc
WMT
$817B
| $2B | 2.02% |
92,690,742
+621,150
| +0.7% | +$14.3M |
|
19
Goldman Sachs
GS
$303B
| $1.88B | 1.89% |
10,820,390
-139,400
| -1% | -$27.3M |
|
20
FedEx
FDX
$78.4B
| $1.78B | 1.79% |
12,335,446
-401,447
| -3% | -$64.1M |
|
|
21
Cisco
CSCO
$442B
| $1.77B | 1.78% |
67,295,678
+23,205,300
| +53% | +$627M |
|
|
BHI
22
DELISTED
Baker Hughes
BHI
| $1.76B | 1.77% |
33,771,551
+6,602,450
| +24% | +$369M |
|
23
Cigna
CI
$73.4B
| $1.74B | 1.75% |
12,879,034
+2,633,276
| +26% | +$382M |
|
24
Gen Digital
GEN
$18.3B
| $1.7B | 1.71% |
87,452,480
+808,080
| +0.9% | +$17.4M |
|
25
JPMorgan Chase
JPM
$942B
| $1.63B | 1.64% |
26,679,607
+503,540
| +2% | +$33M |
|
Similar funds
Dodge & Cox's Q3 2015 Portfolio in Review
As of Q3 2015, Dodge & Cox held 189 positions worth $99.4B, down 10% from $111B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Dodge & Cox's Q3 2015 filing shows 9 new, 45 increased, 83 reduced and 5 closed positions. Its largest new stake was UBS Group: 30,534,700 shares worth $566M. The largest sale was eBay, an estimated $972M.
By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 22% a quarter earlier, followed by Technology and Communication Services.
- Dodge & Cox's largest Q3 2015 buy was UBS Group: 30,534,700 shares worth $566M.
- Dodge & Cox added most to HP in Q3 2015, an estimated $672M increase.
- Dodge & Cox's biggest Q3 2015 reduction was eBay, cutting an estimated $972M.
- Dodge & Cox fully exited NVR in Q3 2015, selling an estimated $115M.
- Dodge & Cox's ten largest holdings make up 36% of its $99.4B portfolio in Q3 2015.
- Dodge & Cox opened 9 new positions and closed 5 in Q3 2015.
- Dodge & Cox's portfolio value fell 10% quarter-over-quarter to $99.4B.
Based on Dodge & Cox's 13F filing for Q3 2015, filed 12 Nov 2015.