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 |
Johnson Controls International
JCI
|
+$1.1B |
| 2 |
DXC Technology
DXC
|
+$1.03B |
| 3 |
APC
Anadarko Petroleum
APC
|
+$529M |
| 4 |
Target
TGT
|
+$497M |
| 5 |
Eli Lilly
LLY
|
+$487M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Petrobras Class A
PBR.A
|
+$1.02B |
| 2 |
Hewlett Packard
HPE
|
+$814M |
| 3 |
Elevance Health
ELV
|
+$498M |
| 4 |
Synopsys
SNPS
|
+$366M |
| 5 |
Corning
GLW
|
+$358M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.09% |
| 2 | Healthcare | 17.63% |
| 3 | Communication Services | 16.71% |
| 4 | Technology | 14.6% |
| 5 | Energy | 7.12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Novartis
NVS
$291B
| $4.19B | 3.53% |
55,960,156
-493,586
| -0.9% | -$35M |
|
2
Bank of America
BAC
$432B
| $4.14B | 3.49% |
170,593,039
-14,855,500
| -8% | -$346M |
|
|
SCHW
3
Charles Schwab
SCHW
$175B
| $4.07B | 3.43% |
94,777,563
-774,562
| -0.8% | -$31M |
|
|
4
Hewlett Packard
HPE
$63.7B
| $3.96B | 3.34% |
307,575,252
-58,495,419
| -16% | -$814M |
|
5
Wells Fargo
WFC
$262B
| $3.93B | 3.31% |
70,845,441
-345,211
| -0.5% | -$18.5M |
|
6
Capital One
COF
$124B
| $3.67B | 3.09% |
44,371,017
-211,875
| -0.5% | -$17.2M |
|
7
Charter Communications
CHTR
$15.9B
| $3.32B | 2.8% |
9,848,231
-377,611
| -4% | -$126M |
|
8
SLB Ltd
SLB
$71.3B
| $3.18B | 2.68% |
48,271,463
+5,494,165
| +13% | +$394M |
|
9
Goldman Sachs
GS
$324B
| $3.09B | 2.6% |
13,908,167
-94,420
| -0.7% | -$21M |
|
|
TWX
10
DELISTED
Time Warner Inc
TWX
| $3.04B | 2.56% |
30,237,925
-1,494,497
| -5% | -$148M |
|
11
Sanofi
SNY
$105B
| $3B | 2.53% |
62,683,955
-5,293,458
| -8% | -$253M |
|
12
Alphabet (Google) Class C
GOOG
$4.17T
| $2.96B | 2.5% |
65,189,760
+437,760
| +0.7% | +$20M |
|
13
Comcast
CMCSA
$84B
| $2.9B | 2.45% |
74,508,135
-892,148
| -1% | -$35.2M |
|
14
Microsoft
MSFT
$2.9T
| $2.82B | 2.38% |
40,957,925
-1,251,706
| -3% | -$85.9M |
|
|
15
Johnson Controls International
JCI
$86.9B
| $2.51B | 2.12% |
57,851,274
+26,319,624
| +83% | +$1.1B |
|
16
FedEx
FDX
$75.9B
| $2.47B | 2.09% |
11,377,092
-116,375
| -1% | -$23M |
|
17
JPMorgan Chase
JPM
$926B
| $2.39B | 2.01% |
26,105,040
-262,850
| -1% | -$22.7M |
|
18
American Express
AXP
$238B
| $2.33B | 1.97% |
27,714,370
-327,735
| -1% | -$25.9M |
|
19
Cigna
CI
$75.4B
| $2.33B | 1.96% |
13,909,629
-489,949
| -3% | -$78.7M |
|
|
ESRX
20
DELISTED
Express Scripts Holding Company
ESRX
| $2.31B | 1.95% |
36,188,517
+7,388,021
| +26% | +$464M |
|
|
BNY
21
Bank of New York Mellon
BNY
$109B
| $2.26B | 1.91% |
44,390,531
-618,057
| -1% | -$29.6M |
|
22
MetLife
MET
$60B
| $2.23B | 1.88% |
45,594,109
-196,631
| -0.4% | -$9.12M |
|
23
TE Connectivity
TEL
$58.5B
| $2.14B | 1.8% |
27,179,182
-162,525
| -0.6% | -$12.4M |
|
24
HP
HPQ
$23B
| $2.04B | 1.72% |
116,747,562
-1,316,512
| -1% | -$24.2M |
|
25
Cisco
CSCO
$442B
| $2.01B | 1.69% |
64,126,413
-432,050
| -0.7% | -$14.1M |
|
Similar funds
Dodge & Cox's Q2 2017 Portfolio in Review
As of Q2 2017, Dodge & Cox held 184 positions worth $119B, up 0.75% from $118B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Dodge & Cox's Q2 2017 filing shows 6 new, 25 increased, 114 reduced and 5 closed positions. Its largest new stake was DXC Technology: 15,559,102 shares worth $1.03B. The largest sale was Petrobras Class A, an estimated $1.02B.
By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 25% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q2 2017 buy was DXC Technology: 15,559,102 shares worth $1.03B.
- Dodge & Cox added most to Johnson Controls International in Q2 2017, an estimated $1.1B increase.
- Dodge & Cox's biggest Q2 2017 reduction was Petrobras Class A, cutting an estimated $1.02B.
- Dodge & Cox fully exited Honda in Q2 2017, selling an estimated $159M.
- Dodge & Cox's ten largest holdings make up 31% of its $119B portfolio in Q2 2017.
- Dodge & Cox opened 6 new positions and closed 5 in Q2 2017.
- Dodge & Cox's portfolio value rose 0.75% quarter-over-quarter to $119B.
Based on Dodge & Cox's 13F filing for Q2 2017, filed 11 Aug 2017.