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 |
Union Pacific
UNP
|
+$925M |
| 2 |
JD.com
JD
|
+$579M |
| 3 |
American Express
AXP
|
+$537M |
| 4 |
AstraZeneca
AZN
|
+$429M |
| 5 |
Goldman Sachs
GS
|
+$416M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$715M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$469M |
| 3 |
TE Connectivity
TEL
|
+$372M |
| 4 |
Cadence Design Systems
CDNS
|
+$272M |
| 5 |
Gen Digital
GEN
|
+$264M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.25% |
| 2 | Financials | 22.15% |
| 3 | Communication Services | 17.88% |
| 4 | Healthcare | 14.29% |
| 5 | Energy | 10.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
SLB Ltd
SLB
$81.6B
| $4.62B | 4.52% |
62,666,542
-694,995
| -1% | -$48.9M |
|
2
Hewlett Packard
HPE
$72B
| $3.97B | 3.89% |
385,524,767
+11,252,771
| +3% | +$94.3M |
|
|
TWC
3
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $3.73B | 3.65% |
18,227,262
-1,192,884
| -6% | -$226M |
|
4
Capital One
COF
$133B
| $3.4B | 3.33% |
49,048,291
+159,877
| +0.3% | +$10.6M |
|
5
Wells Fargo
WFC
$257B
| $3.28B | 3.21% |
67,922,588
-1,990,802
| -3% | -$97.5M |
|
6
Novartis
NVS
$294B
| $3.26B | 3.19% |
50,281,286
-58,221
| -0.1% | -$3.96M |
|
|
7
Microsoft
MSFT
$3.75T
| $2.92B | 2.86% |
52,928,060
-13,631,845
| -20% | -$715M |
|
8
Bank of America
BAC
$428B
| $2.92B | 2.85% |
215,803,933
+28,729,070
| +15% | +$388M |
|
|
SCHW
9
Charles Schwab
SCHW
$187B
| $2.89B | 2.82% |
103,001,887
+379,250
| +0.4% | +$10M |
|
|
TWX
10
DELISTED
Time Warner Inc
TWX
| $2.77B | 2.7% |
38,112,381
+10,422
| +0% | +$718K |
|
11
Comcast
CMCSA
$93.7B
| $2.67B | 2.61% |
87,482,288
-388,774
| -0.4% | -$11.2M |
|
12
HP
HPQ
$26.7B
| $2.47B | 2.41% |
200,347,510
+610,632
| +0.3% | +$6.53M |
|
|
EMC
13
DELISTED
EMC CORPORATION
EMC
| $2.46B | 2.41% |
92,291,552
-3,516,800
| -4% | -$89.1M |
|
|
14
Alphabet (Google) Class C
GOOG
$4.13T
| $2.39B | 2.34% |
64,260,280
-1,316,840
| -2% | -$47.2M |
|
15
Sanofi
SNY
$107B
| $2.15B | 2.1% |
53,530,129
+3,615,056
| +7% | +$145M |
|
|
16
Goldman Sachs
GS
$303B
| $2.12B | 2.07% |
13,489,040
+2,690,050
| +25% | +$416M |
|
17
Walmart Inc
WMT
$817B
| $2.07B | 2.03% |
90,810,723
-1,997,856
| -2% | -$43.8M |
|
18
FedEx
FDX
$78.4B
| $2.02B | 1.97% |
12,389,882
+78,290
| +0.6% | +$10.9M |
|
|
BNY
19
Bank of New York Mellon
BNY
$110B
| $1.99B | 1.95% |
54,047,847
-237,700
| -0.4% | -$8.62M |
|
20
Cisco
CSCO
$442B
| $1.97B | 1.92% |
69,095,628
+1,341,950
| +2% | +$34.5M |
|
21
UnitedHealth
UNH
$355B
| $1.96B | 1.91% |
15,183,189
+1,324,136
| +10% | +$157M |
|
22
Cigna
CI
$73.4B
| $1.86B | 1.82% |
13,554,225
+38,360
| +0.3% | +$5.27M |
|
|
23
TE Connectivity
TEL
$58.8B
| $1.79B | 1.75% |
28,899,289
-6,401,443
| -18% | -$372M |
|
|
24
American Express
AXP
$226B
| $1.62B | 1.58% |
26,360,258
+9,222,970
| +54% | +$537M |
|
25
JPMorgan Chase
JPM
$942B
| $1.56B | 1.53% |
26,416,949
+78,910
| +0.3% | +$4.61M |
|
Similar funds
Dodge & Cox's Q1 2016 Portfolio in Review
As of Q1 2016, Dodge & Cox held 196 positions worth $102B, up 0.31% from $102B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Dodge & Cox's Q1 2016 filing shows 13 new, 56 increased, 96 reduced and 5 closed positions. Its largest new stake was Chubb: 27,301 shares worth $3.25M. The largest sale was Microsoft, an estimated $715M.
By sector, the portfolio is most concentrated in Technology at 22% of assets, down from 23% a quarter earlier, followed by Financials and Communication Services.
- Dodge & Cox's largest Q1 2016 buy was Chubb: 27,301 shares worth $3.25M.
- Dodge & Cox added most to Union Pacific in Q1 2016, an estimated $925M increase.
- Dodge & Cox's biggest Q1 2016 reduction was Microsoft, cutting an estimated $715M.
- Dodge & Cox fully exited New Oriental in Q1 2016, selling an estimated $236M.
- Dodge & Cox's ten largest holdings make up 33% of its $102B portfolio in Q1 2016.
- Dodge & Cox opened 13 new positions and closed 5 in Q1 2016.
- Dodge & Cox's portfolio value rose 0.31% quarter-over-quarter to $102B.
Based on Dodge & Cox's 13F filing for Q1 2016, filed 13 May 2016.