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 |
ESRX
Express Scripts Holding Company
ESRX
|
+$524M |
| 2 |
Suncor Energy
SU
|
+$422M |
| 3 |
Novartis
NVS
|
+$362M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$361M |
| 5 |
Juniper Networks
JNPR
|
+$314M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLB Ltd
SLB
|
+$354M |
| 2 |
HP
HPQ
|
+$350M |
| 3 |
NetApp
NTAP
|
+$329M |
| 4 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$319M |
| 5 |
Bank of New York Mellon
BNY
|
+$217M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.32% |
| 2 | Communication Services | 18.65% |
| 3 | Technology | 16.41% |
| 4 | Healthcare | 16.28% |
| 5 | Energy | 10.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Hewlett Packard
HPE
$93.4B
| $5.04B | 4.28% |
366,070,671
+6,818,032
| +2% | +$91.6M |
2015 Q4
5 quarters
|
|
2
Bank of America
BAC
$382B
| $4.37B | 3.72% |
185,448,539
-2,767,302
| -1% | -$65.7M |
2013 Q2
15 quarters
|
|
3
Wells Fargo
WFC
$252B
| $3.96B | 3.37% |
71,190,652
-341,184
| -0.5% | -$19.4M |
2013 Q2
15 quarters
|
|
4
Charles Schwab
SCHW
$168B
| $3.9B | 3.31% |
95,552,125
-1,071,449
| -1% | -$44.2M |
2013 Q2
15 quarters
|
|
5
Capital One
COF
$123B
| $3.86B | 3.28% |
44,582,892
-628,560
| -1% | -$56M |
2013 Q2
15 quarters
|
|
|
6
Novartis
NVS
$273B
| $3.76B | 3.19% |
56,453,742
+5,431,873
| +11% | +$362M |
2013 Q2
15 quarters
|
|
7
Charter Communications
CHTR
$11.7B
| $3.35B | 2.84% |
10,225,842
-130,661
| -1% | -$41.6M |
2016 Q2
3 quarters
|
|
|
8
SLB Ltd
SLB
$72.4B
| $3.34B | 2.84% |
42,777,298
-4,324,607
| -9% | -$354M |
2013 Q2
15 quarters
|
|
9
Goldman Sachs
GS
$260B
| $3.22B | 2.73% |
14,002,587
-194,619
| -1% | -$47M |
2013 Q2
15 quarters
|
|
|
TWX
10
DELISTED
Time Warner Inc
TWX
| $3.1B | 2.63% |
31,732,422
-639,182
| -2% | -$61.9M |
2013 Q2
15 quarters
|
|
11
Sanofi
SNY
$95.2B
| $3.08B | 2.61% |
67,977,413
-531,127
| -0.8% | -$22.5M |
2013 Q2
15 quarters
|
|
12
Comcast
CMCSA
$73.4B
| $2.83B | 2.41% |
75,400,283
-1,177,407
| -2% | -$43.7M |
2013 Q2
15 quarters
|
|
13
Microsoft
MSFT
$4.02T
| $2.78B | 2.36% |
42,209,631
-572,860
| -1% | -$36.7M |
2013 Q2
15 quarters
|
|
14
Alphabet (Google) Class C
GOOG
$4.27T
| $2.69B | 2.28% |
64,752,000
+2,885,180
| +5% | +$118M |
2013 Q2
15 quarters
|
|
15
JPMorgan Chase
JPM
$889B
| $2.32B | 1.97% |
26,367,890
-258,789
| -1% | -$22.8M |
2013 Q2
15 quarters
|
|
16
FedEx
FDX
$69.2B
| $2.24B | 1.91% |
11,493,467
-60,933
| -0.5% | -$11.6M |
2013 Q2
15 quarters
|
|
17
American Express
AXP
$210B
| $2.22B | 1.88% |
28,042,105
-692,595
| -2% | -$54.1M |
2013 Q2
15 quarters
|
|
|
TFCFA
18
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $2.22B | 1.88% |
68,409,689
-509,352
| -0.7% | -$15.6M |
2013 Q2
15 quarters
|
|
19
Cisco
CSCO
$455B
| $2.18B | 1.85% |
64,558,463
+712
| +0% | +$23.1K |
2014 Q3
10 quarters
|
|
20
MetLife
MET
$63.7B
| $2.16B | 1.83% |
45,790,740
-280,458
| -0.6% | -$13.4M |
2013 Q2
15 quarters
|
|
|
21
Bank of New York Mellon
BNY
$96.9B
| $2.13B | 1.81% |
45,008,588
-4,647,431
| -9% | -$217M |
2013 Q2
15 quarters
|
|
|
22
HP
HPQ
$26.9B
| $2.11B | 1.79% |
118,064,074
-21,636,983
| -15% | -$350M |
2013 Q2
15 quarters
|
|
23
Cigna
CI
$74.9B
| $2.11B | 1.79% |
14,399,578
-65,780
| -0.5% | -$9.69M |
2013 Q2
15 quarters
|
|
24
TE Connectivity
TEL
$62.9B
| $2.04B | 1.73% |
27,341,707
-271,930
| -1% | -$20M |
2013 Q2
15 quarters
|
|
|
ESRX
25
DELISTED
Express Scripts Holding Company
ESRX
| $1.9B | 1.61% |
28,800,496
+7,622,276
| +36% | +$524M |
2013 Q4
13 quarters
|
|
Similar funds
Dodge & Cox's Q1 2017 Portfolio in Review
As of Q1 2017, Dodge & Cox held 181 positions worth $118B, up 4.6% from $113B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q1 2017: portfolio turnover was 1.7%. Dodge & Cox opened no new positions and exited 3, leaving the 181-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 27% a quarter earlier, followed by Communication Services and Technology.
- Dodge & Cox added most to Express Scripts Holding Company in Q1 2017, an estimated $524M increase.
- Dodge & Cox's biggest Q1 2017 reduction was SLB Ltd, cutting an estimated $354M.
- Dodge & Cox fully exited Lowe's Companies in Q1 2017, selling an estimated $278K.
- Dodge & Cox's ten largest holdings make up 32% of its $118B portfolio in Q1 2017.
- Dodge & Cox opened 0 new positions and closed 3 in Q1 2017.
- Dodge & Cox's portfolio value rose 4.6% quarter-over-quarter to $118B.
Based on Dodge & Cox's 13F filing for Q1 2017, filed 12 May 2017.