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 |
Charter Communications
CHTR
|
+$2.44B |
| 2 |
APC
Anadarko Petroleum
APC
|
+$467M |
| 3 |
MetLife
MET
|
+$358M |
| 4 |
Union Pacific
UNP
|
+$248M |
| 5 |
JD.com
JD
|
+$240M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TWC
TIME WARNER CABLE INC NEW COM STK
TWC
|
+$3.73B |
| 2 |
ADT
ADT Corp
ADT
|
+$843M |
| 3 |
SLB Ltd
SLB
|
+$614M |
| 4 |
Teck Resources
TECK
|
+$442M |
| 5 |
EMC
EMC CORPORATION
EMC
|
+$432M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.42% |
| 2 | Technology | 21.75% |
| 3 | Communication Services | 16.84% |
| 4 | Healthcare | 15.78% |
| 5 | Energy | 11.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
SLB Ltd
SLB
$81.6B
| $4.32B | 4.27% |
54,658,662
-8,007,880
| -13% | -$614M |
|
2
Hewlett Packard
HPE
$72B
| $3.95B | 3.9% |
372,194,165
-13,330,602
| -3% | -$136M |
|
3
Novartis
NVS
$294B
| $3.66B | 3.62% |
49,513,026
-768,260
| -2% | -$53.1M |
|
4
Wells Fargo
WFC
$257B
| $3.2B | 3.16% |
67,648,371
-274,217
| -0.4% | -$13.4M |
|
5
Capital One
COF
$133B
| $3.13B | 3.09% |
49,231,610
+183,319
| +0.4% | +$12.8M |
|
6
Bank of America
BAC
$428B
| $2.95B | 2.91% |
221,999,832
+6,195,899
| +3% | +$87M |
|
7
Comcast
CMCSA
$93.7B
| $2.8B | 2.77% |
85,893,658
-1,588,630
| -2% | -$49.3M |
|
|
TWX
8
DELISTED
Time Warner Inc
TWX
| $2.78B | 2.75% |
37,841,768
-270,613
| -0.7% | -$20M |
|
9
Microsoft
MSFT
$3.75T
| $2.63B | 2.6% |
51,487,095
-1,440,965
| -3% | -$74.9M |
|
|
SCHW
10
Charles Schwab
SCHW
$187B
| $2.61B | 2.57% |
102,931,469
-70,418
| -0.1% | -$2M |
|
|
11
Charter Communications
CHTR
$17.7B
| $2.59B | 2.56% |
+11,347,398
| New | +$2.44B |
|
12
HP
HPQ
$26.7B
| $2.44B | 2.41% |
194,550,860
-5,796,650
| -3% | -$72.2M |
|
13
Sanofi
SNY
$107B
| $2.31B | 2.28% |
55,155,913
+1,625,784
| +3% | +$66.7M |
|
14
Goldman Sachs
GS
$303B
| $2.23B | 2.2% |
15,020,855
+1,531,815
| +11% | +$239M |
|
15
Alphabet (Google) Class C
GOOG
$4.13T
| $2.2B | 2.18% |
63,674,500
-585,780
| -0.9% | -$21M |
|
|
BNY
16
Bank of New York Mellon
BNY
$110B
| $2.17B | 2.15% |
55,928,092
+1,880,245
| +3% | +$74.8M |
|
17
UnitedHealth
UNH
$355B
| $2.08B | 2.06% |
14,739,539
-443,650
| -3% | -$59.2M |
|
|
EMC
18
DELISTED
EMC CORPORATION
EMC
| $2.07B | 2.05% |
76,298,392
-15,993,160
| -17% | -$432M |
|
19
Walmart Inc
WMT
$817B
| $2.06B | 2.04% |
84,685,269
-6,125,454
| -7% | -$142M |
|
20
Cisco
CSCO
$442B
| $1.97B | 1.95% |
68,738,446
-357,182
| -0.5% | -$10M |
|
21
Cigna
CI
$73.4B
| $1.96B | 1.93% |
15,282,616
+1,728,391
| +13% | +$228M |
|
22
FedEx
FDX
$78.4B
| $1.88B | 1.86% |
12,390,568
+686
| +0% | +$111K |
|
23
JPMorgan Chase
JPM
$942B
| $1.73B | 1.71% |
27,832,599
+1,415,650
| +5% | +$88.4M |
|
24
American Express
AXP
$226B
| $1.72B | 1.7% |
28,248,637
+1,888,379
| +7% | +$120M |
|
|
ESRX
25
DELISTED
Express Scripts Holding Company
ESRX
| $1.64B | 1.62% |
21,691,413
-378,400
| -2% | -$27.8M |
|
Similar funds
Dodge & Cox's Q2 2016 Portfolio in Review
As of Q2 2016, Dodge & Cox held 196 positions worth $101B, down 0.95% from $102B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox's Q2 2016 filing shows 5 new, 37 increased, 102 reduced and 21 closed positions. Its largest new stake was Charter Communications: 11,347,398 shares worth $2.59B. The largest sale was TIME WARNER CABLE INC NEW COM STK, an estimated $3.73B.
By sector, the portfolio is most concentrated in Financials at 22% of assets, up from 22% a quarter earlier, followed by Technology and Communication Services.
- Dodge & Cox's largest Q2 2016 buy was Charter Communications: 11,347,398 shares worth $2.59B.
- Dodge & Cox added most to Anadarko Petroleum in Q2 2016, an estimated $467M increase.
- Dodge & Cox's biggest Q2 2016 reduction was SLB Ltd, cutting an estimated $614M.
- Dodge & Cox fully exited TIME WARNER CABLE INC NEW COM STK in Q2 2016, selling an estimated $3.73B.
- Dodge & Cox's ten largest holdings make up 32% of its $101B portfolio in Q2 2016.
- Dodge & Cox opened 5 new positions and closed 21 in Q2 2016.
- Dodge & Cox's portfolio value fell 0.95% quarter-over-quarter to $101B.
Based on Dodge & Cox's 13F filing for Q2 2016, filed 12 Aug 2016.