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 |
Hewlett Packard
HPE
|
+$3.13B |
| 2 |
American Express
AXP
|
+$898M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$814M |
| 4 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$411M |
| 5 |
Elevance Health
ELV
|
+$409M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
HP
HPQ
|
+$2.98B |
| 2 |
Pfizer
PFE
|
+$1.43B |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$940M |
| 4 |
GE Aerospace
GE
|
+$799M |
| 5 |
UBS Group
UBS
|
+$566M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.52% |
| 2 | Technology | 22.84% |
| 3 | Communication Services | 17.89% |
| 4 | Healthcare | 15.08% |
| 5 | Energy | 9.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
SLB Ltd
SLB
$81.6B
| $4.42B | 4.34% |
63,361,537
+1,254,236
| +2% | +$93.9M |
|
2
Novartis
NVS
$294B
| $3.88B | 3.81% |
50,339,507
-687,400
| -1% | -$54.6M |
|
3
Wells Fargo
WFC
$257B
| $3.8B | 3.73% |
69,913,390
-1,631,087
| -2% | -$88.6M |
|
4
Microsoft
MSFT
$3.75T
| $3.69B | 3.62% |
66,559,905
-8,232,869
| -11% | -$433M |
|
|
TWC
5
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $3.6B | 3.54% |
19,420,146
-24,395
| -0.1% | -$4.53M |
|
6
Capital One
COF
$133B
| $3.53B | 3.46% |
48,888,414
-29,574
| -0.1% | -$2.27M |
|
|
SCHW
7
Charles Schwab
SCHW
$187B
| $3.38B | 3.32% |
102,622,637
+6,202,919
| +6% | +$196M |
|
|
8
Hewlett Packard
HPE
$72B
| $3.31B | 3.24% |
+374,271,996
| New | +$3.13B |
|
9
Bank of America
BAC
$428B
| $3.15B | 3.09% |
187,074,863
-2,540,400
| -1% | -$43M |
|
|
10
Alphabet (Google) Class C
GOOG
$4.13T
| $2.49B | 2.44% |
65,577,120
-26,206,380
| -29% | -$940M |
|
11
Comcast
CMCSA
$93.7B
| $2.48B | 2.43% |
87,871,062
-1,529,508
| -2% | -$46.1M |
|
|
TWX
12
DELISTED
Time Warner Inc
TWX
| $2.46B | 2.42% |
38,101,959
+371,449
| +1% | +$26M |
|
|
EMC
13
DELISTED
EMC CORPORATION
EMC
| $2.46B | 2.41% |
95,808,352
+10,333,903
| +12% | +$268M |
|
|
14
HP
HPQ
$26.7B
| $2.36B | 2.32% |
199,736,878
-233,080,220
| -54% | -$2.98B |
|
15
TE Connectivity
TEL
$58.8B
| $2.28B | 2.24% |
35,300,732
-8,619
| -0% | -$556K |
|
|
BNY
16
Bank of New York Mellon
BNY
$110B
| $2.24B | 2.2% |
54,285,547
-3,184,391
| -6% | -$134M |
|
|
ESRX
17
DELISTED
Express Scripts Holding Company
ESRX
| $2.23B | 2.19% |
25,520,318
-2,885,057
| -10% | -$247M |
|
18
Sanofi
SNY
$107B
| $2.13B | 2.09% |
49,915,073
+55,260
| +0.1% | +$2.54M |
|
19
Cigna
CI
$73.4B
| $1.98B | 1.94% |
13,515,865
+636,831
| +5% | +$87.5M |
|
20
Goldman Sachs
GS
$303B
| $1.95B | 1.91% |
10,798,990
-21,400
| -0.2% | -$3.98M |
|
21
Walmart Inc
WMT
$817B
| $1.9B | 1.86% |
92,808,579
+117,837
| +0.1% | +$2.36M |
|
22
Cisco
CSCO
$442B
| $1.84B | 1.81% |
67,753,678
+458,000
| +0.7% | +$12.6M |
|
23
Gen Digital
GEN
$18.3B
| $1.84B | 1.8% |
87,383,425
-69,055
| -0.1% | -$1.4M |
|
24
FedEx
FDX
$78.4B
| $1.83B | 1.8% |
12,311,592
-23,854
| -0.2% | -$3.69M |
|
25
JPMorgan Chase
JPM
$942B
| $1.74B | 1.71% |
26,338,039
-341,568
| -1% | -$22.2M |
|
Similar funds
Dodge & Cox's Q4 2015 Portfolio in Review
As of Q4 2015, Dodge & Cox held 191 positions worth $102B, up 2.5% from $99.4B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Dodge & Cox's Q4 2015 filing shows 7 new, 31 increased, 114 reduced and 8 closed positions. Its largest new stake was Hewlett Packard: 374,271,996 shares worth $3.31B. The largest sale was HP, an estimated $2.98B.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 23% a quarter earlier, followed by Technology and Communication Services.
- Dodge & Cox's largest Q4 2015 buy was Hewlett Packard: 374,271,996 shares worth $3.31B.
- Dodge & Cox added most to American Express in Q4 2015, an estimated $898M increase.
- Dodge & Cox's biggest Q4 2015 reduction was HP, cutting an estimated $2.98B.
- Dodge & Cox fully exited UBS Group in Q4 2015, selling an estimated $566M.
- Dodge & Cox's ten largest holdings make up 35% of its $102B portfolio in Q4 2015.
- Dodge & Cox opened 7 new positions and closed 8 in Q4 2015.
- Dodge & Cox's portfolio value rose 2.5% quarter-over-quarter to $102B.
Based on Dodge & Cox's 13F filing for Q4 2015, filed 12 Feb 2016.