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 |
FedEx
FDX
|
+$631M |
| 2 |
SLB Ltd
SLB
|
+$550M |
| 3 |
TE Connectivity
TEL
|
+$541M |
| 4 |
Fox Class A
FOXA
|
+$517M |
| 5 |
RTX Corp
RTX
|
+$367M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$2B |
| 2 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$577M |
| 3 |
OPTU
Optimum Communications Inc
OPTU
|
+$411M |
| 4 |
American Express
AXP
|
+$239M |
| 5 |
Hewlett Packard
HPE
|
+$212M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.79% |
| 2 | Healthcare | 18.15% |
| 3 | Communication Services | 16.28% |
| 4 | Technology | 14.13% |
| 5 | Energy | 10.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Comcast
CMCSA
$93.7B
| $5.06B | 4.16% |
126,663,394
-891,936
| -0.7% | -$33.6M |
|
2
Charter Communications
CHTR
$17.7B
| $4.13B | 3.39% |
11,896,502
+215,548
| +2% | +$71M |
|
3
Johnson Controls International
JCI
$86.1B
| $4B | 3.28% |
108,259,610
+1,984,033
| +2% | +$68.1M |
|
4
Wells Fargo
WFC
$257B
| $3.95B | 3.25% |
81,808,640
+1,585,684
| +2% | +$78M |
|
5
Microsoft
MSFT
$3.75T
| $3.73B | 3.06% |
31,622,852
-360,220
| -1% | -$39.3M |
|
6
Alphabet (Google) Class C
GOOG
$4.13T
| $3.57B | 2.93% |
60,857,580
+300,920
| +0.5% | +$16.9M |
|
|
7
FedEx
FDX
$78.4B
| $3.54B | 2.91% |
19,513,279
+3,568,101
| +22% | +$631M |
|
8
Novartis
NVS
$294B
| $3.49B | 2.87% |
40,560,568
-506,690
| -1% | -$40.7M |
|
9
Capital One
COF
$133B
| $3.36B | 2.76% |
41,112,655
+3,376,826
| +9% | +$274M |
|
|
SCHW
10
Charles Schwab
SCHW
$187B
| $3.27B | 2.68% |
76,385,888
+369,500
| +0.5% | +$16.7M |
|
11
Bank of America
BAC
$428B
| $3.17B | 2.6% |
114,743,993
+547,473
| +0.5% | +$15.5M |
|
12
Sanofi
SNY
$107B
| $2.68B | 2.2% |
60,590,539
+214,367
| +0.4% | +$9.18M |
|
|
13
American Express
AXP
$226B
| $2.58B | 2.12% |
23,576,924
-2,270,054
| -9% | -$239M |
|
14
JPMorgan Chase
JPM
$942B
| $2.52B | 2.07% |
24,942,765
+134,367
| +0.5% | +$13.8M |
|
|
BNY
15
Bank of New York Mellon
BNY
$110B
| $2.52B | 2.07% |
50,051,150
-218,600
| -0.4% | -$11.3M |
|
|
16
TE Connectivity
TEL
$58.8B
| $2.51B | 2.06% |
31,111,066
+6,710,571
| +28% | +$541M |
|
|
17
Hewlett Packard
HPE
$72B
| $2.42B | 1.99% |
156,936,903
-13,744,488
| -8% | -$212M |
|
|
18
SLB Ltd
SLB
$81.6B
| $2.36B | 1.94% |
54,156,506
+12,722,193
| +31% | +$550M |
|
19
Goldman Sachs
GS
$303B
| $2.19B | 1.8% |
11,389,893
+718,256
| +7% | +$139M |
|
20
Cigna
CI
$73.4B
| $2.13B | 1.75% |
13,249,653
+17,759
| +0.1% | +$3.24M |
|
|
APC
21
DELISTED
Anadarko Petroleum
APC
| $2.06B | 1.7% |
45,401,436
+1,335,969
| +3% | +$60.6M |
|
22
Booking.com
BKNG
$152B
| $2.06B | 1.69% |
29,537,800
+514,375
| +2% | +$36.7M |
|
23
Bristol-Myers Squibb
BMY
$137B
| $2.06B | 1.69% |
43,147,416
+559,459
| +1% | +$27.9M |
|
24
Occidental Petroleum
OXY
$59.1B
| $2.01B | 1.65% |
30,368,000
+2,385,585
| +9% | +$157M |
|
25
GSK
GSK
$101B
| $2.01B | 1.65% |
38,465,556
+76,366
| +0.2% | +$3.82M |
|
Similar funds
Dodge & Cox's Q1 2019 Portfolio in Review
As of Q1 2019, Dodge & Cox held 183 positions worth $122B, up 12% from $109B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q1 2019: portfolio turnover was 3.8%. Dodge & Cox opened 2 new positions and exited 5, leaving the 183-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Healthcare and Communication Services.
- Dodge & Cox's largest Q1 2019 buy was Fox Class A: 13,278,252 shares worth $487M.
- Dodge & Cox added most to FedEx in Q1 2019, an estimated $631M increase.
- Dodge & Cox's biggest Q1 2019 reduction was American Express, cutting an estimated $239M.
- Dodge & Cox fully exited Twenty-First Century Fox, Inc. Class A in Q1 2019, selling an estimated $2B.
- Dodge & Cox's ten largest holdings make up 31% of its $122B portfolio in Q1 2019.
- Dodge & Cox opened 2 new positions and closed 5 in Q1 2019.
- Dodge & Cox's portfolio value rose 12% quarter-over-quarter to $122B.
Based on Dodge & Cox's 13F filing for Q1 2019, filed 14 May 2019.