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 |
TWX
Time Warner Inc
TWX
|
+$1B |
| 2 |
Johnson Controls International
JCI
|
+$737M |
| 3 |
Nutrien
NTR
|
+$616M |
| 4 |
VMW
VMware, Inc
VMW
|
+$412M |
| 5 |
Wells Fargo
WFC
|
+$398M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NetApp
NTAP
|
+$701M |
| 2 |
AGU
Agrium
AGU
|
+$635M |
| 3 |
Walmart Inc
WMT
|
+$551M |
| 4 |
UnitedHealth
UNH
|
+$459M |
| 5 |
Target
TGT
|
+$458M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.09% |
| 2 | Healthcare | 19.03% |
| 3 | Communication Services | 17.99% |
| 4 | Technology | 14.82% |
| 5 | Energy | 9.73% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SCHW
1
Charles Schwab
SCHW
$187B
| $4.46B | 3.6% |
85,484,446
-1,527,050
| -2% | -$81.8M |
|
2
Capital One
COF
$133B
| $4.14B | 3.34% |
43,164,037
-662,335
| -2% | -$65.9M |
|
3
Bank of America
BAC
$428B
| $4.06B | 3.28% |
135,534,435
-11,385,250
| -8% | -$358M |
|
|
4
Wells Fargo
WFC
$257B
| $4.06B | 3.27% |
77,382,281
+6,692,539
| +9% | +$398M |
|
5
Hewlett Packard
HPE
$72B
| $3.87B | 3.13% |
220,884,661
-17,508,070
| -7% | -$297M |
|
6
Novartis
NVS
$294B
| $3.58B | 2.89% |
49,438,981
-311,615
| -0.6% | -$23.7M |
|
7
Microsoft
MSFT
$3.75T
| $3.5B | 2.83% |
38,380,491
-665,100
| -2% | -$60.8M |
|
8
Comcast
CMCSA
$93.7B
| $3.48B | 2.81% |
101,781,445
+8,338,750
| +9% | +$323M |
|
|
9
Johnson Controls International
JCI
$86.1B
| $3.36B | 2.71% |
95,364,511
+19,392,767
| +26% | +$737M |
|
10
Alphabet (Google) Class C
GOOG
$4.13T
| $3.26B | 2.63% |
63,180,880
-1,055,080
| -2% | -$58.2M |
|
11
Charter Communications
CHTR
$17.7B
| $3.15B | 2.54% |
10,120,571
+772,511
| +8% | +$272M |
|
|
TWX
12
DELISTED
Time Warner Inc
TWX
| $2.98B | 2.41% |
31,548,482
+10,664,051
| +51% | +$1B |
|
13
SLB Ltd
SLB
$81.6B
| $2.81B | 2.27% |
43,423,343
-5,819,330
| -12% | -$406M |
|
14
JPMorgan Chase
JPM
$942B
| $2.78B | 2.24% |
25,264,090
-463,129
| -2% | -$52.4M |
|
|
APC
15
DELISTED
Anadarko Petroleum
APC
| $2.77B | 2.24% |
45,924,992
-460,650
| -1% | -$27M |
|
16
Goldman Sachs
GS
$303B
| $2.69B | 2.17% |
10,668,523
-867,930
| -8% | -$226M |
|
|
TFCFA
17
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $2.52B | 2.04% |
68,756,433
-2,383,450
| -3% | -$88M |
|
18
FedEx
FDX
$78.4B
| $2.5B | 2.02% |
10,416,573
-269,840
| -3% | -$68.2M |
|
19
Sanofi
SNY
$107B
| $2.47B | 1.99% |
61,512,540
-567,814
| -0.9% | -$23.6M |
|
20
American Express
AXP
$226B
| $2.44B | 1.97% |
26,197,062
-218,427
| -0.8% | -$21.2M |
|
|
ESRX
21
DELISTED
Express Scripts Holding Company
ESRX
| $2.42B | 1.95% |
34,977,619
+209,825
| +0.6% | +$16M |
|
22
TE Connectivity
TEL
$58.8B
| $2.34B | 1.89% |
23,406,224
-1,290,840
| -5% | -$130M |
|
|
BNY
23
Bank of New York Mellon
BNY
$110B
| $2.31B | 1.87% |
44,917,941
-665,550
| -1% | -$37M |
|
24
Cisco
CSCO
$442B
| $2.16B | 1.74% |
50,300,958
-9,746,695
| -16% | -$413M |
|
25
MetLife
MET
$61.2B
| $2.09B | 1.69% |
45,616,887
+5,918,350
| +15% | +$287M |
|
Similar funds
Dodge & Cox's Q1 2018 Portfolio in Review
As of Q1 2018, Dodge & Cox held 182 positions worth $124B, down 4% from $129B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q1 2018: portfolio turnover was 4.9%. Dodge & Cox opened 4 new positions and exited 5, leaving the 182-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q1 2018 buy was Nutrien: 12,308,134 shares worth $582M.
- Dodge & Cox added most to Time Warner Inc in Q1 2018, an estimated $1B increase.
- Dodge & Cox's biggest Q1 2018 reduction was NetApp, cutting an estimated $701M.
- Dodge & Cox fully exited Agrium in Q1 2018, selling an estimated $635M.
- Dodge & Cox's ten largest holdings make up 30% of its $124B portfolio in Q1 2018.
- Dodge & Cox opened 4 new positions and closed 5 in Q1 2018.
- Dodge & Cox's portfolio value fell 4% quarter-over-quarter to $124B.
Based on Dodge & Cox's 13F filing for Q1 2018, filed 14 May 2018.