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 |
RTX Corp
RTX
|
+$1.53B |
| 2 |
Linde
LIN
|
+$1.28B |
| 3 |
Occidental Petroleum
OXY
|
+$1.27B |
| 4 |
Cigna
CI
|
+$904M |
| 5 |
FedEx
FDX
|
+$752M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ESRX
Express Scripts Holding Company
ESRX
|
+$3.79B |
| 2 |
Medtronic
MDT
|
+$1.09B |
| 3 |
Dell
DELL
|
+$1.04B |
| 4 |
Union Pacific
UNP
|
+$861M |
| 5 |
Eli Lilly
LLY
|
+$803M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.53% |
| 2 | Healthcare | 19.64% |
| 3 | Communication Services | 17.52% |
| 4 | Technology | 13.35% |
| 5 | Energy | 9.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Comcast
CMCSA
$93.7B
| $4.34B | 3.98% |
127,555,330
-4,971,033
| -4% | -$181M |
|
2
Wells Fargo
WFC
$257B
| $3.7B | 3.39% |
80,222,956
+374,664
| +0.5% | +$19.2M |
|
3
Charter Communications
CHTR
$17.7B
| $3.33B | 3.05% |
11,680,954
-243,384
| -2% | -$76.3M |
|
4
Microsoft
MSFT
$3.75T
| $3.25B | 2.98% |
31,983,072
-4,422,172
| -12% | -$474M |
|
5
Novartis
NVS
$294B
| $3.16B | 2.89% |
41,067,258
-8,440,050
| -17% | -$657M |
|
|
SCHW
6
Charles Schwab
SCHW
$187B
| $3.16B | 2.89% |
76,016,388
+8,255
| +0% | +$373K |
|
7
Johnson Controls International
JCI
$86.1B
| $3.15B | 2.89% |
106,275,577
+6,812,578
| +7% | +$225M |
|
8
Alphabet (Google) Class C
GOOG
$4.13T
| $3.14B | 2.87% |
60,556,660
-1,364,040
| -2% | -$73M |
|
9
Capital One
COF
$133B
| $2.85B | 2.61% |
37,735,829
-398,572
| -1% | -$34.5M |
|
10
Bank of America
BAC
$428B
| $2.81B | 2.58% |
114,196,520
+620,135
| +0.5% | +$16.8M |
|
11
Sanofi
SNY
$107B
| $2.62B | 2.4% |
60,376,172
-734,368
| -1% | -$32.4M |
|
|
12
FedEx
FDX
$78.4B
| $2.57B | 2.36% |
15,945,178
+3,554,025
| +29% | +$752M |
|
|
13
Cigna
CI
$73.4B
| $2.51B | 2.3% |
13,231,894
+4,334,467
| +49% | +$904M |
|
14
American Express
AXP
$226B
| $2.46B | 2.26% |
25,846,978
-205,655
| -0.8% | -$21.5M |
|
15
JPMorgan Chase
JPM
$942B
| $2.42B | 2.22% |
24,808,398
-128,354
| -0.5% | -$13.7M |
|
|
BNY
16
Bank of New York Mellon
BNY
$110B
| $2.37B | 2.17% |
50,269,750
+6,321,799
| +14% | +$307M |
|
17
Hewlett Packard
HPE
$72B
| $2.25B | 2.07% |
170,681,391
-5,345,201
| -3% | -$80.1M |
|
18
Bristol-Myers Squibb
BMY
$137B
| $2.21B | 2.03% |
42,587,957
+9,618,771
| +29% | +$517M |
|
19
Booking.com
BKNG
$152B
| $2B | 1.83% |
29,023,425
+1,238,775
| +4% | +$90.9M |
|
|
TFCFA
20
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $2B | 1.83% |
41,533,329
-6,919,063
| -14% | -$328M |
|
|
APC
21
DELISTED
Anadarko Petroleum
APC
| $1.93B | 1.77% |
44,065,467
+601,750
| +1% | +$33.9M |
|
22
MetLife
MET
$61.2B
| $1.89B | 1.74% |
46,141,883
-32,829
| -0.1% | -$1.41M |
|
23
AstraZeneca
AZN
$255B
| $1.88B | 1.72% |
24,758,201
-811,954
| -3% | -$63.4M |
|
24
TE Connectivity
TEL
$58.8B
| $1.85B | 1.69% |
24,400,495
+2,188,640
| +10% | +$169M |
|
25
GSK
GSK
$101B
| $1.83B | 1.68% |
38,389,190
-14,600
| -0% | -$719K |
|
Similar funds
Dodge & Cox's Q4 2018 Portfolio in Review
As of Q4 2018, Dodge & Cox held 194 positions worth $109B, down 17% from $131B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q4 2018 filing shows 4 new, 38 increased, 100 reduced and 13 closed positions. Its largest new stake was Linde: 8,101,094 shares worth $1.29B. The largest sale was Express Scripts Holding Company, an estimated $3.79B.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 23% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q4 2018 buy was Linde: 8,101,094 shares worth $1.29B.
- Dodge & Cox added most to RTX Corp in Q4 2018, an estimated $1.53B increase.
- Dodge & Cox's biggest Q4 2018 reduction was Medtronic, cutting an estimated $1.09B.
- Dodge & Cox fully exited Express Scripts Holding Company in Q4 2018, selling an estimated $3.79B.
- Dodge & Cox's ten largest holdings make up 30% of its $109B portfolio in Q4 2018.
- Dodge & Cox opened 4 new positions and closed 13 in Q4 2018.
- Dodge & Cox's portfolio value fell 17% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q4 2018, filed 14 Feb 2019.