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 |
State Street
STT
|
+$1.1B |
| 2 |
Occidental Petroleum
OXY
|
+$973M |
| 3 |
SLB Ltd
SLB
|
+$953M |
| 4 |
HP
HPQ
|
+$720M |
| 5 |
Bank of America
BAC
|
+$654M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Charter Communications
CHTR
|
+$1.31B |
| 2 |
Eli Lilly
LLY
|
+$1.07B |
| 3 |
Microsoft
MSFT
|
+$915M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$855M |
| 5 |
Sanofi
SNY
|
+$516M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.47% |
| 2 | Healthcare | 19.44% |
| 3 | Technology | 17.53% |
| 4 | Communication Services | 13.51% |
| 5 | Industrials | 8.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
Occidental Petroleum
OXY
$57B
| $1.36B | 1.48% |
117,862,556
+29,625,829
| +34% | +$973M |
|
27
UBS Group
UBS
$170B
| $1.36B | 1.47% |
145,287,527
+27,700
| +0% | +$319K |
|
28
AstraZeneca
AZN
$263B
| $1.33B | 1.44% |
14,941,519
-4,295,946
| -22% | -$404M |
|
29
Hewlett Packard
HPE
$63.2B
| $1.31B | 1.42% |
135,043,948
+8,462,023
| +7% | +$111M |
|
30
Cisco
CSCO
$450B
| $1.25B | 1.35% |
31,807,872
+11,406,688
| +56% | +$500M |
|
31
CVS Health
CVS
$137B
| $1.24B | 1.34% |
20,863,956
+368,385
| +2% | +$24.6M |
|
|
32
SLB Ltd
SLB
$77.8B
| $1.23B | 1.33% |
90,915,760
+32,930,662
| +57% | +$953M |
|
33
JPMorgan Chase
JPM
$939B
| $1.22B | 1.32% |
13,515,625
-550,068
| -4% | -$66.8M |
|
34
American Express
AXP
$223B
| $1.15B | 1.25% |
13,448,063
-695,438
| -5% | -$80.9M |
|
35
Gilead Sciences
GILD
$161B
| $1.13B | 1.22% |
15,110,961
-2,341,312
| -13% | -$162M |
|
36
Cognizant
CTSH
$21.5B
| $1.1B | 1.19% |
23,678,565
+6,564,807
| +38% | +$391M |
|
37
Baker Hughes
BKR
$56.8B
| $984M | 1.06% |
93,727,915
+17,413,449
| +23% | +$327M |
|
|
JNPR
38
DELISTED
Juniper Networks
JNPR
| $962M | 1.04% |
50,280,321
+1,112,625
| +2% | +$25M |
|
|
39
State Street
STT
$50.9B
| $905M | 0.98% |
16,985,060
+15,772,265
| +1,300% | +$1.1B |
|
40
Molson Coors Class B
TAP
$7.68B
| $861M | 0.93% |
22,072,733
+4,953,065
| +29% | +$251M |
|
41
Truist Financial
TFC
$63.2B
| $854M | 0.92% |
27,705,278
+1,603,252
| +6% | +$75.8M |
|
42
Suncor Energy
SU
$77.7B
| $798M | 0.86% |
50,513,854
+12,490,854
| +33% | +$327M |
|
|
S
43
DELISTED
Sprint Corporation
S
| $769M | 0.83% |
89,227,648
-10,885,736
| -11% | -$76.4M |
|
44
Celanese
CE
$5.09B
| $741M | 0.8% |
10,095,394
-414,891
| -4% | -$41M |
|
|
CXO
45
DELISTED
CONCHO RESOURCES INC.
CXO
| $739M | 0.8% |
17,243,988
+6,681,473
| +63% | +$465M |
|
|
HES
46
DELISTED
Hess
HES
| $725M | 0.78% |
21,774,020
+7,018,986
| +48% | +$380M |
|
47
Fox Class A
FOXA
$23.2B
| $705M | 0.76% |
29,837,098
+487,494
| +2% | +$16M |
|
48
Baidu
BIDU
$35.8B
| $658M | 0.71% |
6,530,521
-3,521,466
| -35% | -$429M |
|
49
Linde
LIN
$237B
| $642M | 0.69% |
3,558,259
-815,935
| -19% | -$161M |
|
|
DISH
50
DELISTED
DISH Network Corp.
DISH
| $628M | 0.68% |
31,423,528
+2,142,300
| +7% | +$69.5M |
|
Similar funds
Dodge & Cox's Q1 2020 Portfolio in Review
As of Q1 2020, Dodge & Cox held 187 positions worth $92.4B, down 29% from $131B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox deployed $4.38B of net new capital in Q1 2020, opening 3 new positions and adding to 53 existing holdings. Its largest new stake was iShares iBoxx $ Investment Grade Corporate Bond ETF: 2,431,480 shares worth $300M.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Healthcare and Technology.
On the sell side, the largest reduction was Charter Communications, an estimated $1.31B trimmed.
- Dodge & Cox's largest Q1 2020 buy was iShares iBoxx $ Investment Grade Corporate Bond ETF: 2,431,480 shares worth $300M.
- Dodge & Cox added most to State Street in Q1 2020, an estimated $1.1B increase.
- Dodge & Cox's biggest Q1 2020 reduction was Charter Communications, cutting an estimated $1.31B.
- Dodge & Cox fully exited Zayo Group Holdings, Inc. in Q1 2020, selling an estimated $10.4M.
- Dodge & Cox's ten largest holdings make up 32% of its $92.4B portfolio in Q1 2020.
- Dodge & Cox opened 3 new positions and closed 10 in Q1 2020.
- Dodge & Cox's portfolio value fell 29% quarter-over-quarter to $92.4B.
Based on Dodge & Cox's 13F filing for Q1 2020, filed 14 May 2020.