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 |
MFGP
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
|
+$1.17B |
| 2 |
Eli Lilly
LLY
|
+$1.15B |
| 3 |
Baker Hughes
BKR
|
+$845M |
| 4 |
Gilead Sciences
GILD
|
+$758M |
| 5 |
GSK
GSK
|
+$602M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BHI
Baker Hughes
BHI
|
+$1.3B |
| 2 |
Hewlett Packard
HPE
|
+$952M |
| 3 |
DXC Technology
DXC
|
+$764M |
| 4 |
TWX
Time Warner Inc
TWX
|
+$664M |
| 5 |
Novartis
NVS
|
+$464M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.39% |
| 2 | Healthcare | 19.07% |
| 3 | Communication Services | 17.52% |
| 4 | Technology | 15.39% |
| 5 | Energy | 9.54% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Bank of America
BAC
$350B
| $4.3B | 3.46% |
169,614,131
-978,908
| -0.6% | -$23.8M |
2013 Q2
17 quarters
|
|
2
Charles Schwab
SCHW
$161B
| $3.86B | 3.11% |
88,251,967
-6,525,596
| -7% | -$271M |
2013 Q2
17 quarters
|
|
3
Wells Fargo
WFC
$257B
| $3.84B | 3.09% |
69,694,805
-1,150,636
| -2% | -$61.2M |
2013 Q2
17 quarters
|
|
|
4
Novartis
NVS
$308B
| $3.83B | 3.08% |
49,822,620
-6,137,536
| -11% | -$464M |
2013 Q2
17 quarters
|
|
5
Capital One
COF
$118B
| $3.72B | 2.99% |
43,927,401
-443,616
| -1% | -$36.6M |
2013 Q2
17 quarters
|
|
|
6
Hewlett Packard
HPE
$63.6B
| $3.5B | 2.81% |
237,757,379
-69,817,873
| -23% | -$952M |
2015 Q4
7 quarters
|
|
7
Charter Communications
CHTR
$15.3B
| $3.43B | 2.76% |
9,440,412
-407,819
| -4% | -$152M |
2016 Q2
5 quarters
|
|
8
SLB Ltd
SLB
$73.7B
| $3.39B | 2.73% |
48,621,287
+349,824
| +0.7% | +$23.1M |
2013 Q2
17 quarters
|
|
9
Goldman Sachs
GS
$263B
| $3.28B | 2.64% |
13,817,680
-90,487
| -0.7% | -$20.4M |
2013 Q2
17 quarters
|
|
10
Alphabet (Google) Class C
GOOG
$3.5T
| $3.11B | 2.5% |
64,793,300
-396,460
| -0.6% | -$18.5M |
2013 Q2
17 quarters
|
|
11
Sanofi
SNY
$116B
| $3.1B | 2.49% |
62,183,081
-500,874
| -0.8% | -$24.2M |
2013 Q2
17 quarters
|
|
12
Microsoft
MSFT
$3.96T
| $3B | 2.41% |
40,230,755
-727,170
| -2% | -$53.1M |
2013 Q2
17 quarters
|
|
13
Comcast
CMCSA
$87.9B
| $2.92B | 2.35% |
75,986,369
+1,478,234
| +2% | +$58.2M |
2013 Q2
17 quarters
|
|
14
Johnson Controls International
JCI
$85.5B
| $2.62B | 2.11% |
65,053,287
+7,202,013
| +12% | +$291M |
2016 Q3
4 quarters
|
|
15
FedEx
FDX
$74.8B
| $2.54B | 2.05% |
11,271,745
-105,347
| -0.9% | -$22.4M |
2013 Q2
17 quarters
|
|
16
JPMorgan Chase
JPM
$908B
| $2.47B | 1.99% |
25,839,297
-265,743
| -1% | -$24.5M |
2013 Q2
17 quarters
|
|
17
Cigna
CI
$79.9B
| $2.43B | 1.96% |
13,008,253
-901,376
| -6% | -$160M |
2013 Q2
17 quarters
|
|
18
American Express
AXP
$217B
| $2.43B | 1.96% |
26,876,964
-837,406
| -3% | -$72M |
2013 Q2
17 quarters
|
|
|
TWX
19
DELISTED
Time Warner Inc
TWX
| $2.43B | 1.95% |
23,692,769
-6,545,156
| -22% | -$664M |
2013 Q2
17 quarters
|
|
20
Bank of New York Mellon
BNY
$102B
| $2.32B | 1.87% |
43,795,278
-595,253
| -1% | -$31.2M |
2013 Q2
17 quarters
|
|
21
HP
HPQ
$25.6B
| $2.3B | 1.85% |
115,270,677
-1,476,885
| -1% | -$28.1M |
2013 Q2
17 quarters
|
|
22
DELISTED
Anadarko Petroleum
APC
| $2.26B | 1.82% |
46,221,028
+13,426,820
| +41% | +$592M |
2013 Q2
17 quarters
|
|
23
TE Connectivity
TEL
$62.7B
| $2.25B | 1.81% |
27,108,837
-70,345
| -0.3% | -$5.66M |
2013 Q2
17 quarters
|
|
|
ESRX
24
DELISTED
Express Scripts Holding Company
ESRX
| $2.21B | 1.78% |
34,938,393
-1,250,124
| -3% | -$77.7M |
2013 Q4
15 quarters
|
|
25
Cisco
CSCO
$387B
| $2.14B | 1.72% |
63,485,857
-640,556
| -1% | -$20.4M |
2014 Q3
12 quarters
|
|
Similar funds
Dodge & Cox's Q3 2017 Portfolio in Review
As of Q3 2017, Dodge & Cox held 183 positions worth $124B, up 4.8% from $119B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q3 2017: portfolio turnover was 3.8%. Dodge & Cox opened 4 new positions and exited 3, leaving the 183-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 26% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q3 2017 buy was Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share: 30,298,435 shares worth $1.17B.
- Dodge & Cox added most to Eli Lilly in Q3 2017, an estimated $1.15B increase.
- Dodge & Cox's biggest Q3 2017 reduction was Hewlett Packard, cutting an estimated $952M.
- Dodge & Cox fully exited Baker Hughes in Q3 2017, selling an estimated $1.3B.
- Dodge & Cox's ten largest holdings make up 29% of its $124B portfolio in Q3 2017.
- Dodge & Cox opened 4 new positions and closed 3 in Q3 2017.
- Dodge & Cox's portfolio value rose 4.8% quarter-over-quarter to $124B.
Based on Dodge & Cox's 13F filing for Q3 2017, filed 13 Nov 2017.