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 |
Johnson Controls International
JCI
|
+$1.53B |
| 2 |
Anadarko Petroleum
APC
|
+$765M |
| 3 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$569M |
| 4 |
Suncor Energy
SU
|
+$564M |
| 5 |
Dell
DELL
|
+$524M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EMC CORPORATION
EMC
|
+$2.07B |
| 2 |
TYC
TYCO INTL PLC COM SHS (IRL)
TYC
|
+$1.63B |
| 3 |
Gen Digital
GEN
|
+$708M |
| 4 |
Petrobras Class A
PBR.A
|
+$517M |
| 5 |
Microsoft
MSFT
|
+$397M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.58% |
| 2 | Technology | 18.79% |
| 3 | Communication Services | 17.76% |
| 4 | Healthcare | 14.37% |
| 5 | Energy | 12.66% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Hewlett Packard
HPE
$80.1B
| $4.81B | 4.52% |
363,845,495
-8,348,670
| -2% | -$103M |
2015 Q4
3 quarters
|
|
2
SLB Ltd
SLB
$79.6B
| $3.93B | 3.69% |
49,997,984
-4,660,678
| -9% | -$370M |
2013 Q2
13 quarters
|
|
3
Bank of America
BAC
$359B
| $3.57B | 3.36% |
228,153,359
+6,153,527
| +3% | +$91.6M |
2013 Q2
13 quarters
|
|
4
Capital One
COF
$128B
| $3.54B | 3.33% |
49,306,476
+74,866
| +0.2% | +$5.14M |
2013 Q2
13 quarters
|
|
5
Novartis
NVS
$303B
| $3.44B | 3.23% |
48,637,385
-875,641
| -2% | -$63.8M |
2013 Q2
13 quarters
|
|
6
Charles Schwab
SCHW
$155B
| $3.21B | 3.02% |
101,788,384
-1,143,085
| -1% | -$33.5M |
2013 Q2
13 quarters
|
|
7
Wells Fargo
WFC
$255B
| $2.98B | 2.8% |
67,255,750
-392,621
| -0.6% | -$18.8M |
2013 Q2
13 quarters
|
|
8
Charter Communications
CHTR
$12.3B
| $2.94B | 2.76% |
10,898,490
-448,908
| -4% | -$113M |
2016 Q2
1 quarter
|
|
|
TWX
9
DELISTED
Time Warner Inc
TWX
| $2.92B | 2.74% |
36,666,411
-1,175,357
| -3% | -$91.8M |
2013 Q2
13 quarters
|
|
10
Comcast
CMCSA
$77.6B
| $2.74B | 2.57% |
82,482,066
-3,411,592
| -4% | -$114M |
2013 Q2
13 quarters
|
|
11
HP
HPQ
$29.3B
| $2.63B | 2.47% |
169,156,699
-25,394,161
| -13% | -$362M |
2013 Q2
13 quarters
|
|
|
12
Microsoft
MSFT
$3.89T
| $2.56B | 2.41% |
44,449,176
-7,037,919
| -14% | -$397M |
2013 Q2
13 quarters
|
|
13
Goldman Sachs
GS
$272B
| $2.47B | 2.32% |
15,287,200
+266,345
| +2% | +$43.3M |
2013 Q2
13 quarters
|
|
14
Alphabet (Google) Class C
GOOG
$3.47T
| $2.42B | 2.28% |
62,332,540
-1,341,960
| -2% | -$51M |
2013 Q2
13 quarters
|
|
15
Sanofi
SNY
$101B
| $2.26B | 2.13% |
59,267,298
+4,111,385
| +7% | +$165M |
2013 Q2
13 quarters
|
|
16
Bank of New York Mellon
BNY
$101B
| $2.25B | 2.12% |
56,537,289
+609,197
| +1% | +$24.3M |
2013 Q2
13 quarters
|
|
17
Cisco
CSCO
$432B
| $2.11B | 1.99% |
66,632,428
-2,106,018
| -3% | -$64.8M |
2014 Q3
8 quarters
|
|
18
FedEx
FDX
$71.5B
| $2.1B | 1.97% |
12,010,834
-379,734
| -3% | -$62.2M |
2013 Q2
13 quarters
|
|
19
UnitedHealth
UNH
$367B
| $1.91B | 1.8% |
13,677,691
-1,061,848
| -7% | -$149M |
2013 Q2
13 quarters
|
|
20
JPMorgan Chase
JPM
$917B
| $1.9B | 1.78% |
28,520,669
+688,070
| +2% | +$44.9M |
2013 Q2
13 quarters
|
|
21
Cigna
CI
$78.8B
| $1.88B | 1.77% |
14,448,844
-833,772
| -5% | -$109M |
2013 Q2
13 quarters
|
|
22
American Express
AXP
$218B
| $1.87B | 1.76% |
29,219,762
+971,125
| +3% | +$62.4M |
2013 Q2
13 quarters
|
|
23
APA Corp
APA
$18B
| $1.86B | 1.75% |
29,142,376
+45,312
| +0.2% | +$2.48M |
2013 Q2
13 quarters
|
|
24
MetLife
MET
$64.3B
| $1.82B | 1.71% |
46,060,547
+2,152,955
| +5% | +$80.9M |
2013 Q2
13 quarters
|
|
25
TE Connectivity
TEL
$63.6B
| $1.81B | 1.7% |
28,169,629
-285,984
| -1% | -$17.5M |
2013 Q2
13 quarters
|
|
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Dodge & Cox's Q3 2016 Portfolio in Review
As of Q3 2016, Dodge & Cox held 180 positions worth $106B, up 5.1% from $101B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $3.6B in Q3 2016, closing 4 positions and reducing 87 holdings. Its most notable exit was EMC CORPORATION, an estimated $2.07B position sold in full.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 22% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Dodge & Cox opened a new position in Johnson Controls International worth $1.53B.
- Dodge & Cox's largest Q3 2016 buy was Johnson Controls International: 32,979,554 shares worth $1.53B.
- Dodge & Cox added most to Anadarko Petroleum in Q3 2016, an estimated $765M increase.
- Dodge & Cox's biggest Q3 2016 reduction was Gen Digital, cutting an estimated $708M.
- Dodge & Cox fully exited EMC CORPORATION in Q3 2016, selling an estimated $2.07B.
- Dodge & Cox's ten largest holdings make up 32% of its $106B portfolio in Q3 2016.
- Dodge & Cox opened 5 new positions and closed 4 in Q3 2016.
- Dodge & Cox's portfolio value rose 5.1% quarter-over-quarter to $106B.
Based on Dodge & Cox's 13F filing for Q3 2016, filed 14 Nov 2016.