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
|
+$345M |
| 2 |
BioMarin Pharmaceuticals
BMRN
|
+$332M |
| 3 |
UnitedHealth
UNH
|
+$269M |
| 4 |
Charles Schwab
SCHW
|
+$209M |
| 5 |
Baidu
BIDU
|
+$193M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$930M |
| 2 |
AstraZeneca
AZN
|
+$512M |
| 3 |
Johnson Controls International
JCI
|
+$400M |
| 4 |
Capital One
COF
|
+$188M |
| 5 |
TE Connectivity
TEL
|
+$164M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.14% |
| 2 | Healthcare | 18.68% |
| 3 | Technology | 14.92% |
| 4 | Communication Services | 14.23% |
| 5 | Energy | 11.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
26
GSK
GSK
$93.9B
| $2.18B | 1.67% |
37,110,575
-1,556,940
| -4% | -$86.6M |
2013 Q2
26 quarters
|
|
27
Hewlett Packard
HPE
$92.9B
| $2.01B | 1.54% |
126,581,925
-9,962,708
| -7% | -$159M |
2015 Q4
16 quarters
|
|
|
28
JPMorgan Chase
JPM
$890B
| $1.96B | 1.5% |
14,065,693
-7,250,217
| -34% | -$930M |
2013 Q2
26 quarters
|
|
29
Baker Hughes
BKR
$56.1B
| $1.96B | 1.5% |
76,314,466
-588,484
| -0.8% | -$13.4M |
2017 Q3
9 quarters
|
|
|
30
AstraZeneca
AZN
$246B
| $1.92B | 1.47% |
19,237,465
-5,437,105
| -22% | -$512M |
2015 Q4
16 quarters
|
|
31
UBS Group
UBS
$147B
| $1.83B | 1.4% |
145,259,827
+261,000
| +0.2% | +$3.1M |
2018 Q3
5 quarters
|
|
32
American Express
AXP
$211B
| $1.76B | 1.35% |
14,143,501
-395,897
| -3% | -$47.3M |
2013 Q2
26 quarters
|
|
33
CVS Health
CVS
$111B
| $1.52B | 1.17% |
20,495,571
-357,601
| -2% | -$25.1M |
2018 Q3
5 quarters
|
|
34
Truist Financial
TFC
$57B
| $1.47B | 1.13% |
26,102,026
+1,593,510
| +7% | +$86.3M |
2013 Q2
26 quarters
|
|
35
APA Corp
APA
$16.4B
| $1.41B | 1.08% |
55,089,363
-315,384
| -0.6% | -$7.14M |
2013 Q2
26 quarters
|
|
36
Celanese
CE
$4.93B
| $1.29B | 0.99% |
10,510,285
-309,045
| -3% | -$38M |
2013 Q2
26 quarters
|
|
|
37
Baidu
BIDU
$28.6B
| $1.27B | 0.97% |
10,051,987
+1,695,800
| +20% | +$193M |
2013 Q2
26 quarters
|
|
38
Suncor Energy
SU
$85.9B
| $1.25B | 0.95% |
38,023,000
+7,500
| +0% | +$234K |
2016 Q3
13 quarters
|
|
39
Dell
DELL
$362B
| $1.24B | 0.95% |
47,626,967
+420,466
| +0.9% | +$10.9M |
2016 Q3
13 quarters
|
|
40
DELISTED
Juniper Networks
JNPR
| $1.21B | 0.93% |
49,167,696
-60,550
| -0.1% | -$1.49M |
2014 Q4
20 quarters
|
|
41
Gilead Sciences
GILD
$186B
| $1.13B | 0.87% |
17,452,273
+15,752
| +0.1% | +$1.03M |
2014 Q3
21 quarters
|
|
42
Halliburton
HAL
$27.2B
| $1.11B | 0.85% |
45,291,595
-388,975
| -0.9% | -$8.2M |
2013 Q2
26 quarters
|
|
43
Fox Class A
FOXA
$26.4B
| $1.09B | 0.83% |
29,349,604
-35,063
| -0.1% | -$1.2M |
2019 Q1
3 quarters
|
|
44
Eli Lilly
LLY
$1.05T
| $1.06B | 0.81% |
8,088,058
-730,995
| -8% | -$84.7M |
2013 Q2
26 quarters
|
|
45
Cognizant
CTSH
$26.8B
| $1.06B | 0.81% |
17,113,758
-79,101
| -0.5% | -$4.89M |
2019 Q2
2 quarters
|
|
|
DISH
46
DELISTED
DISH Network Corp.
DISH
| $1.04B | 0.8% |
29,281,228
-140,845
| -0.5% | -$4.88M |
2013 Q2
26 quarters
|
|
47
DELISTED
Hess
HES
| $986M | 0.75% |
14,755,034
+13,466
| +0.1% | +$881K |
2019 Q2
2 quarters
|
|
48
Cisco
CSCO
$455B
| $978M | 0.75% |
20,401,184
-307,860
| -1% | -$14.3M |
2014 Q3
21 quarters
|
|
49
Linde
LIN
$226B
| $939M | 0.72% |
4,374,194
-117,400
| -3% | -$23.7M |
2018 Q4
4 quarters
|
|
|
CXO
50
DELISTED
CONCHO RESOURCES INC.
CXO
| $925M | 0.71% |
10,562,515
-11,662
| -0.1% | -$842K |
2015 Q3
17 quarters
|
|
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Dodge & Cox's Q4 2019 Portfolio in Review
As of Q4 2019, Dodge & Cox held 185 positions worth $131B, up 7.5% from $122B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q4 2019: portfolio turnover was 2.7%. Dodge & Cox opened 4 new positions and exited 1, leaving the 185-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 Technology.
- Dodge & Cox's largest Q4 2019 buy was BioMarin Pharmaceuticals: 4,389,515 shares worth $371M.
- Dodge & Cox added most to FedEx in Q4 2019, an estimated $345M increase.
- Dodge & Cox's biggest Q4 2019 reduction was JPMorgan Chase, cutting an estimated $930M.
- Dodge & Cox fully exited SunTrust Banks, Inc. in Q4 2019, selling an estimated $12.2M.
- Dodge & Cox's ten largest holdings make up 31% of its $131B portfolio in Q4 2019.
- Dodge & Cox opened 4 new positions and closed 1 in Q4 2019.
- Dodge & Cox's portfolio value rose 7.5% quarter-over-quarter to $131B.
Based on Dodge & Cox's 13F filing for Q4 2019, filed 13 Feb 2020.