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 |
GSK
GSK
|
+$1.08B |
| 2 |
Comcast
CMCSA
|
+$656M |
| 3 |
Medtronic
MDT
|
+$492M |
| 4 |
Juniper Networks
JNPR
|
+$436M |
| 5 |
Johnson Controls International
JCI
|
+$427M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Walmart Inc
WMT
|
+$1.37B |
| 2 |
VMW
VMware, Inc
VMW
|
+$728M |
| 3 |
HP
HPQ
|
+$660M |
| 4 |
Bank of America
BAC
|
+$626M |
| 5 |
Goldman Sachs
GS
|
+$560M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.14% |
| 2 | Healthcare | 19.53% |
| 3 | Communication Services | 17.31% |
| 4 | Technology | 14.94% |
| 5 | Energy | 9.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Charles Schwab
SCHW
$160B
| $4.47B | 3.46% |
87,011,496
-1,240,471
| -1% | -$58.3M |
2013 Q2
18 quarters
|
|
2
Capital One
COF
$117B
| $4.36B | 3.38% |
43,826,372
-101,029
| -0.2% | -$9.22M |
2013 Q2
18 quarters
|
|
|
3
Bank of America
BAC
$352B
| $4.34B | 3.36% |
146,919,685
-22,694,446
| -13% | -$626M |
2013 Q2
18 quarters
|
|
4
Wells Fargo
WFC
$258B
| $4.29B | 3.32% |
70,689,742
+994,937
| +1% | +$56.2M |
2013 Q2
18 quarters
|
|
5
Novartis
NVS
$303B
| $3.74B | 2.9% |
49,750,596
-72,024
| -0.1% | -$5.43M |
2013 Q2
18 quarters
|
|
|
6
Comcast
CMCSA
$89.3B
| $3.74B | 2.9% |
93,442,695
+17,456,326
| +23% | +$656M |
2013 Q2
18 quarters
|
|
7
Hewlett Packard
HPE
$64.1B
| $3.42B | 2.65% |
238,392,731
+635,352
| +0.3% | +$9.03M |
2015 Q4
8 quarters
|
|
8
Alphabet (Google) Class C
GOOG
$3.6T
| $3.36B | 2.6% |
64,235,960
-557,340
| -0.9% | -$28.4M |
2013 Q2
18 quarters
|
|
9
Microsoft
MSFT
$3.89T
| $3.34B | 2.59% |
39,045,591
-1,185,164
| -3% | -$97.2M |
2013 Q2
18 quarters
|
|
10
SLB Ltd
SLB
$76.3B
| $3.32B | 2.57% |
49,242,673
+621,386
| +1% | +$40.3M |
2013 Q2
18 quarters
|
|
11
Charter Communications
CHTR
$15.8B
| $3.14B | 2.43% |
9,348,060
-92,352
| -1% | -$31.4M |
2016 Q2
6 quarters
|
|
|
12
Goldman Sachs
GS
$264B
| $2.94B | 2.28% |
11,536,453
-2,281,227
| -17% | -$560M |
2013 Q2
18 quarters
|
|
|
13
Johnson Controls International
JCI
$83.6B
| $2.9B | 2.24% |
75,971,744
+10,918,457
| +17% | +$427M |
2016 Q3
5 quarters
|
|
14
JPMorgan Chase
JPM
$919B
| $2.75B | 2.13% |
25,727,219
-112,078
| -0.4% | -$11.3M |
2013 Q2
18 quarters
|
|
15
Sanofi
SNY
$116B
| $2.67B | 2.07% |
62,080,354
-102,727
| -0.2% | -$4.74M |
2013 Q2
18 quarters
|
|
16
FedEx
FDX
$75.9B
| $2.67B | 2.07% |
10,686,413
-585,332
| -5% | -$134M |
2013 Q2
18 quarters
|
|
17
American Express
AXP
$215B
| $2.62B | 2.03% |
26,415,489
-461,475
| -2% | -$44M |
2013 Q2
18 quarters
|
|
|
ESRX
18
DELISTED
Express Scripts Holding Company
ESRX
| $2.6B | 2.01% |
34,767,794
-170,599
| -0.5% | -$10.9M |
2013 Q4
16 quarters
|
|
19
DELISTED
Anadarko Petroleum
APC
| $2.49B | 1.93% |
46,385,642
+164,614
| +0.4% | +$8.09M |
2013 Q2
18 quarters
|
|
|
TFCFA
20
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $2.46B | 1.9% |
71,139,883
+235,621
| +0.3% | +$7.03M |
2013 Q2
18 quarters
|
|
21
Bank of New York Mellon
BNY
$103B
| $2.46B | 1.9% |
45,583,491
+1,788,213
| +4% | +$95.3M |
2013 Q2
18 quarters
|
|
22
TE Connectivity
TEL
$62B
| $2.35B | 1.82% |
24,697,064
-2,411,773
| -9% | -$222M |
2013 Q2
18 quarters
|
|
23
Cisco
CSCO
$377B
| $2.3B | 1.78% |
60,047,653
-3,438,204
| -5% | -$123M |
2014 Q3
13 quarters
|
|
24
Cigna
CI
$78.3B
| $2.18B | 1.69% |
10,734,593
-2,273,660
| -17% | -$453M |
2013 Q2
18 quarters
|
|
25
UnitedHealth
UNH
$365B
| $2.08B | 1.61% |
9,417,622
-188,002
| -2% | -$39.8M |
2013 Q2
18 quarters
|
|
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Dodge & Cox's Q4 2017 Portfolio in Review
As of Q4 2017, Dodge & Cox held 182 positions worth $129B, up 3.8% from $124B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q4 2017: portfolio turnover was 3.3%. Dodge & Cox opened 2 new positions and exited 4, leaving the 182-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 26% of assets, up from 25% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q4 2017 buy was Mattel: 26,067,900 shares worth $401M.
- Dodge & Cox added most to GSK in Q4 2017, an estimated $1.08B increase.
- Dodge & Cox's biggest Q4 2017 reduction was Walmart Inc, cutting an estimated $1.37B.
- Dodge & Cox fully exited 58.com Inc in Q4 2017, selling an estimated $41.2M.
- Dodge & Cox's ten largest holdings make up 30% of its $129B portfolio in Q4 2017.
- Dodge & Cox opened 2 new positions and closed 4 in Q4 2017.
- Dodge & Cox's portfolio value rose 3.8% quarter-over-quarter to $129B.
Based on Dodge & Cox's 13F filing for Q4 2017, filed 14 Feb 2018.