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 |
Bristol-Myers Squibb
BMY
|
+$1.23B |
| 2 |
ZAYO
Zayo Group Holdings, Inc.
ZAYO
|
+$477M |
| 3 |
Medtronic
MDT
|
+$401M |
| 4 |
Sanofi
SNY
|
+$364M |
| 5 |
Wells Fargo
WFC
|
+$215M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Gen Digital
GEN
|
+$770M |
| 2 |
Bank of America
BAC
|
+$769M |
| 3 |
UnitedHealth
UNH
|
+$495M |
| 4 |
BHI
Baker Hughes
BHI
|
+$450M |
| 5 |
HP
HPQ
|
+$446M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.27% |
| 2 | Communication Services | 17.79% |
| 3 | Technology | 16.29% |
| 4 | Healthcare | 14.79% |
| 5 | Energy | 12.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Hewlett Packard
HPE
$63.6B
| $4.83B | 4.29% |
359,252,639
-4,592,856
| -1% | -$61.4M |
2015 Q4
4 quarters
|
|
|
2
Bank of America
BAC
$350B
| $4.16B | 3.7% |
188,215,841
-39,937,518
| -18% | -$769M |
2013 Q2
14 quarters
|
|
3
SLB Ltd
SLB
$73.7B
| $3.95B | 3.51% |
47,101,905
-2,896,079
| -6% | -$237M |
2013 Q2
14 quarters
|
|
4
Capital One
COF
$118B
| $3.94B | 3.5% |
45,211,452
-4,095,024
| -8% | -$330M |
2013 Q2
14 quarters
|
|
|
5
Wells Fargo
WFC
$257B
| $3.94B | 3.5% |
71,531,836
+4,276,086
| +6% | +$215M |
2013 Q2
14 quarters
|
|
6
Charles Schwab
SCHW
$161B
| $3.81B | 3.39% |
96,623,574
-5,164,810
| -5% | -$185M |
2013 Q2
14 quarters
|
|
7
Goldman Sachs
GS
$263B
| $3.4B | 3.02% |
14,197,206
-1,089,994
| -7% | -$221M |
2013 Q2
14 quarters
|
|
8
Novartis
NVS
$308B
| $3.33B | 2.96% |
51,021,869
+2,384,484
| +5% | +$155M |
2013 Q2
14 quarters
|
|
|
TWX
9
DELISTED
Time Warner Inc
TWX
| $3.12B | 2.78% |
32,371,604
-4,294,807
| -12% | -$382M |
2013 Q2
14 quarters
|
|
10
Charter Communications
CHTR
$15.3B
| $2.98B | 2.65% |
10,356,503
-541,987
| -5% | -$146M |
2016 Q2
2 quarters
|
|
|
11
Sanofi
SNY
$116B
| $2.77B | 2.46% |
68,508,540
+9,241,242
| +16% | +$364M |
2013 Q2
14 quarters
|
|
12
Microsoft
MSFT
$3.96T
| $2.66B | 2.36% |
42,782,491
-1,666,685
| -4% | -$100M |
2013 Q2
14 quarters
|
|
13
Comcast
CMCSA
$87.9B
| $2.64B | 2.35% |
76,577,690
-5,904,376
| -7% | -$197M |
2013 Q2
14 quarters
|
|
14
Alphabet (Google) Class C
GOOG
$3.5T
| $2.39B | 2.12% |
61,866,820
-465,720
| -0.7% | -$18.1M |
2013 Q2
14 quarters
|
|
15
Bank of New York Mellon
BNY
$102B
| $2.35B | 2.09% |
49,656,019
-6,881,270
| -12% | -$310M |
2013 Q2
14 quarters
|
|
16
JPMorgan Chase
JPM
$908B
| $2.3B | 2.04% |
26,626,679
-1,893,990
| -7% | -$144M |
2013 Q2
14 quarters
|
|
17
MetLife
MET
$64.4B
| $2.21B | 1.97% |
46,071,198
+10,651
| +0% | +$488K |
2013 Q2
14 quarters
|
|
18
FedEx
FDX
$74.8B
| $2.15B | 1.91% |
11,554,400
-456,434
| -4% | -$83.8M |
2013 Q2
14 quarters
|
|
19
American Express
AXP
$217B
| $2.13B | 1.89% |
28,734,700
-485,062
| -2% | -$33.6M |
2013 Q2
14 quarters
|
|
|
20
HP
HPQ
$25.6B
| $2.07B | 1.84% |
139,701,057
-29,455,642
| -17% | -$446M |
2013 Q2
14 quarters
|
|
21
Cisco
CSCO
$387B
| $1.95B | 1.73% |
64,557,751
-2,074,677
| -3% | -$63.2M |
2014 Q3
9 quarters
|
|
|
TFCFA
22
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $1.93B | 1.72% |
68,919,041
-267,738
| -0.4% | -$7.2M |
2013 Q2
14 quarters
|
|
23
Cigna
CI
$79.9B
| $1.93B | 1.71% |
14,465,358
+16,514
| +0.1% | +$2.16M |
2013 Q2
14 quarters
|
|
24
TE Connectivity
TEL
$62.4B
| $1.91B | 1.7% |
27,613,637
-555,992
| -2% | -$36.8M |
2013 Q2
14 quarters
|
|
25
APA Corp
APA
$15.1B
| $1.83B | 1.63% |
28,896,095
-246,281
| -0.8% | -$15.5M |
2013 Q2
14 quarters
|
|
Similar funds
Dodge & Cox's Q4 2016 Portfolio in Review
As of Q4 2016, Dodge & Cox held 182 positions worth $113B, up 5.8% from $106B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Trading was light in Q4 2016: portfolio turnover was 3.8%. Dodge & Cox opened 6 new positions and exited 1, leaving the 182-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 24% a quarter earlier, followed by Communication Services and Technology.
- Dodge & Cox's largest Q4 2016 buy was Zayo Group Holdings, Inc.: 14,566,252 shares worth $479M.
- Dodge & Cox added most to Bristol-Myers Squibb in Q4 2016, an estimated $1.23B increase.
- Dodge & Cox's biggest Q4 2016 reduction was Gen Digital, cutting an estimated $770M.
- Dodge & Cox fully exited Hartford Financial Services in Q4 2016, selling an estimated $220K.
- Dodge & Cox's ten largest holdings make up 33% of its $113B portfolio in Q4 2016.
- Dodge & Cox opened 6 new positions and closed 1 in Q4 2016.
- Dodge & Cox's portfolio value rose 5.8% quarter-over-quarter to $113B.
Based on Dodge & Cox's 13F filing for Q4 2016, filed 14 Feb 2017.