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 |
Meta Platforms (Facebook)
META
|
+$951M |
| 2 |
VMW
VMware, Inc
VMW
|
+$780M |
| 3 |
Williams Companies
WMB
|
+$682M |
| 4 |
Carrier Global
CARR
|
+$673M |
| 5 |
Otis Worldwide
OTIS
|
+$494M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
S
Sprint Corporation
S
|
+$769M |
| 2 |
RTX Corp
RTX
|
+$648M |
| 3 |
AstraZeneca
AZN
|
+$574M |
| 4 |
UnitedHealth
UNH
|
+$506M |
| 5 |
MXIM
Maxim Integrated Products
MXIM
|
+$469M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.21% |
| 2 | Technology | 18.94% |
| 3 | Healthcare | 15.58% |
| 4 | Communication Services | 14.38% |
| 5 | Energy | 10.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
SLB Ltd
SLB
$81.6B
| $1.64B | 1.51% |
89,066,920
-1,848,840
| -2% | -$32.4M |
|
27
American Express
AXP
$226B
| $1.57B | 1.45% |
16,513,001
+3,064,938
| +23% | +$282M |
|
28
Hewlett Packard
HPE
$72B
| $1.51B | 1.39% |
154,877,812
+19,833,864
| +15% | +$195M |
|
29
UBS Group
UBS
$166B
| $1.48B | 1.36% |
128,503,442
-16,784,085
| -12% | -$173M |
|
30
Baker Hughes
BKR
$61.7B
| $1.39B | 1.28% |
90,324,036
-3,403,879
| -4% | -$49.8M |
|
31
Cognizant
CTSH
$28.7B
| $1.35B | 1.24% |
23,710,739
+32,174
| +0.1% | +$1.73M |
|
32
Cisco
CSCO
$442B
| $1.28B | 1.18% |
27,541,072
-4,266,800
| -13% | -$187M |
|
|
33
RTX Corp
RTX
$286B
| $1.22B | 1.13% |
19,859,667
-10,391,985
| -34% | -$648M |
|
34
JPMorgan Chase
JPM
$942B
| $1.19B | 1.1% |
12,679,016
-836,609
| -6% | -$79.4M |
|
35
State Street
STT
$53.1B
| $1.15B | 1.06% |
18,139,660
+1,154,600
| +7% | +$69.7M |
|
36
Truist Financial
TFC
$61.4B
| $1.11B | 1.02% |
29,657,574
+1,952,296
| +7% | +$70.3M |
|
|
JNPR
37
DELISTED
Juniper Networks
JNPR
| $1.1B | 1.01% |
48,152,071
-2,128,250
| -4% | -$49M |
|
|
DISH
38
DELISTED
DISH Network Corp.
DISH
| $1.08B | 1% |
31,429,828
+6,300
| +0% | +$175K |
|
|
HES
39
DELISTED
Hess
HES
| $1.05B | 0.97% |
20,254,120
-1,519,900
| -7% | -$69.6M |
|
40
CVS Health
CVS
$119B
| $1.04B | 0.96% |
16,001,738
-4,862,218
| -23% | -$306M |
|
|
41
Meta Platforms (Facebook)
META
$1.45T
| $1.03B | 0.95% |
+4,555,170
| New | +$951M |
|
42
Suncor Energy
SU
$77.7B
| $999M | 0.92% |
59,262,754
+8,748,900
| +17% | +$150M |
|
|
43
AstraZeneca
AZN
$255B
| $993M | 0.91% |
9,387,882
-5,553,637
| -37% | -$574M |
|
44
Gilead Sciences
GILD
$185B
| $969M | 0.89% |
12,592,512
-2,518,449
| -17% | -$193M |
|
|
VMW
45
DELISTED
VMware, Inc
VMW
| $949M | 0.87% |
6,125,920
+5,674,226
| +1,256% | +$780M |
|
46
Celanese
CE
$4.92B
| $943M | 0.87% |
10,920,117
+824,723
| +8% | +$68.7M |
|
|
CXO
47
DELISTED
CONCHO RESOURCES INC.
CXO
| $918M | 0.84% |
17,825,353
+581,365
| +3% | +$32.1M |
|
48
Baidu
BIDU
$32.9B
| $816M | 0.75% |
6,803,321
+272,800
| +4% | +$29.2M |
|
|
49
Carrier Global
CARR
$48.5B
| $805M | 0.74% |
+36,242,473
| New | +$673M |
|
50
Fox Class A
FOXA
$28.3B
| $803M | 0.74% |
29,932,463
+95,365
| +0.3% | +$2.58M |
|
Similar funds
Dodge & Cox's Q2 2020 Portfolio in Review
As of Q2 2020, Dodge & Cox held 198 positions worth $109B, up 18% from $92.4B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2020 filing shows 21 new, 46 increased, 98 reduced and 6 closed positions. Its largest new stake was Meta Platforms (Facebook): 4,555,170 shares worth $1.03B. The largest sale was Sprint Corporation, an estimated $769M.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 24% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q2 2020 buy was Meta Platforms (Facebook): 4,555,170 shares worth $1.03B.
- Dodge & Cox added most to VMware, Inc in Q2 2020, an estimated $780M increase.
- Dodge & Cox's biggest Q2 2020 reduction was RTX Corp, cutting an estimated $648M.
- Dodge & Cox fully exited Sprint Corporation in Q2 2020, selling an estimated $769M.
- Dodge & Cox's ten largest holdings make up 30% of its $109B portfolio in Q2 2020.
- Dodge & Cox opened 21 new positions and closed 6 in Q2 2020.
- Dodge & Cox's portfolio value rose 18% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q2 2020, filed 13 Aug 2020.