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 |
UBS Group
UBS
|
+$1.66B |
| 2 |
CVS Health
CVS
|
+$1.08B |
| 3 |
Microchip Technology
MCHP
|
+$927M |
| 4 |
Booking.com
BKNG
|
+$833M |
| 5 |
FedEx
FDX
|
+$500M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$913M |
| 2 |
Bank of America
BAC
|
+$586M |
| 3 |
AT&T
T
|
+$541M |
| 4 |
Capital One
COF
|
+$501M |
| 5 |
VMW
VMware, Inc
VMW
|
+$480M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.49% |
| 2 | Healthcare | 21.17% |
| 3 | Communication Services | 17.82% |
| 4 | Technology | 14.08% |
| 5 | Energy | 10.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Comcast
CMCSA
$93.7B
| $4.69B | 3.59% |
132,526,363
+509,730
| +0.4% | +$18M |
|
2
Wells Fargo
WFC
$257B
| $4.2B | 3.21% |
79,848,292
+115,760
| +0.1% | +$6.61M |
|
3
Microsoft
MSFT
$3.75T
| $4.16B | 3.19% |
36,405,244
-1,384,025
| -4% | -$150M |
|
4
Charter Communications
CHTR
$17.7B
| $3.89B | 2.97% |
11,924,338
+1,262
| +0% | +$385K |
|
5
Novartis
NVS
$294B
| $3.82B | 2.92% |
49,507,308
+256,150
| +0.5% | +$18.9M |
|
|
ESRX
6
DELISTED
Express Scripts Holding Company
ESRX
| $3.79B | 2.9% |
39,936,856
-1,526,800
| -4% | -$130M |
|
|
SCHW
7
Charles Schwab
SCHW
$187B
| $3.74B | 2.86% |
76,008,133
-725,600
| -0.9% | -$37.1M |
|
8
Alphabet (Google) Class C
GOOG
$4.13T
| $3.7B | 2.83% |
61,920,700
-1,420,180
| -2% | -$85.1M |
|
|
9
Capital One
COF
$133B
| $3.62B | 2.77% |
38,134,401
-5,152,261
| -12% | -$501M |
|
10
Johnson Controls International
JCI
$86.1B
| $3.48B | 2.66% |
99,462,999
-261,233
| -0.3% | -$9.63M |
|
|
11
Bank of America
BAC
$428B
| $3.35B | 2.56% |
113,576,385
-19,251,020
| -14% | -$586M |
|
|
12
FedEx
FDX
$78.4B
| $2.98B | 2.28% |
12,391,153
+2,065,853
| +20% | +$500M |
|
|
APC
13
DELISTED
Anadarko Petroleum
APC
| $2.93B | 2.24% |
43,463,717
-933,423
| -2% | -$63M |
|
14
Hewlett Packard
HPE
$72B
| $2.87B | 2.2% |
176,026,592
-7,642,644
| -4% | -$122M |
|
15
JPMorgan Chase
JPM
$942B
| $2.81B | 2.15% |
24,936,752
-130,450
| -0.5% | -$14.8M |
|
16
American Express
AXP
$226B
| $2.77B | 2.12% |
26,052,633
-109,904
| -0.4% | -$11.4M |
|
17
Sanofi
SNY
$107B
| $2.73B | 2.09% |
61,110,540
-248,230
| -0.4% | -$10.6M |
|
18
SLB Ltd
SLB
$81.6B
| $2.52B | 1.93% |
41,418,305
-1,605,098
| -4% | -$103M |
|
19
Eli Lilly
LLY
$1.05T
| $2.44B | 1.86% |
22,692,971
-4,327,500
| -16% | -$433M |
|
20
Goldman Sachs
GS
$303B
| $2.27B | 1.74% |
10,129,233
-646,950
| -6% | -$150M |
|
|
TFCFA
21
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $2.24B | 1.72% |
48,452,392
-19,917,041
| -29% | -$913M |
|
|
BNY
22
Bank of New York Mellon
BNY
$110B
| $2.24B | 1.71% |
43,947,951
-171,640
| -0.4% | -$9.03M |
|
|
23
Booking.com
BKNG
$152B
| $2.2B | 1.69% |
27,784,650
+10,575,100
| +61% | +$833M |
|
24
MetLife
MET
$61.2B
| $2.16B | 1.65% |
46,174,712
-192,600
| -0.4% | -$8.8M |
|
25
HP
HPQ
$26.7B
| $2.11B | 1.61% |
81,743,986
-670,747
| -0.8% | -$16.2M |
|
Similar funds
Dodge & Cox's Q3 2018 Portfolio in Review
As of Q3 2018, Dodge & Cox held 193 positions worth $131B, up 4.4% from $125B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q3 2018 filing shows 17 new, 49 increased, 90 reduced and 3 closed positions. Its largest new stake was UBS Group: 105,532,270 shares worth $1.67B. The largest sale was Twenty-First Century Fox, Inc. Class A, an estimated $913M.
By sector, the portfolio is most concentrated in Financials at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q3 2018 buy was UBS Group: 105,532,270 shares worth $1.67B.
- Dodge & Cox added most to Booking.com in Q3 2018, an estimated $833M increase.
- Dodge & Cox's biggest Q3 2018 reduction was Twenty-First Century Fox, Inc. Class A, cutting an estimated $913M.
- Dodge & Cox fully exited Adient in Q3 2018, selling an estimated $314K.
- Dodge & Cox's ten largest holdings make up 30% of its $131B portfolio in Q3 2018.
- Dodge & Cox opened 17 new positions and closed 3 in Q3 2018.
- Dodge & Cox's portfolio value rose 4.4% quarter-over-quarter to $131B.
Based on Dodge & Cox's 13F filing for Q3 2018, filed 14 Nov 2018.