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 |
Wells Fargo
WFC
|
+$681M |
| 2 |
RTX Corp
RTX
|
+$637M |
| 3 |
BioMarin Pharmaceuticals
BMRN
|
+$415M |
| 4 |
BNY
Bank of New York Mellon
BNY
|
+$288M |
| 5 |
Williams Companies
WMB
|
+$261M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$1.92B |
| 2 |
Microsoft
MSFT
|
+$532M |
| 3 |
Goldman Sachs
GS
|
+$476M |
| 4 |
Microchip Technology
MCHP
|
+$443M |
| 5 |
Booking.com
BKNG
|
+$410M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.97% |
| 2 | Technology | 18.56% |
| 3 | Healthcare | 15.26% |
| 4 | Communication Services | 15% |
| 5 | Industrials | 10.52% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
American Express
AXP
$223B
| $1.64B | 1.5% |
16,352,645
-160,356
| -1% | -$15.8M |
|
27
Cognizant
CTSH
$21.5B
| $1.63B | 1.49% |
23,452,431
-258,308
| -1% | -$16.8M |
|
28
Hewlett Packard
HPE
$63.2B
| $1.47B | 1.35% |
157,062,057
+2,184,245
| +1% | +$20.9M |
|
29
SLB Ltd
SLB
$78.4B
| $1.27B | 1.17% |
81,925,245
-7,141,675
| -8% | -$133M |
|
30
JPMorgan Chase
JPM
$939B
| $1.22B | 1.11% |
12,635,202
-43,814
| -0.3% | -$4.3M |
|
31
Occidental Petroleum
OXY
$57B
| $1.21B | 1.11% |
121,309,016
-2,368,158
| -2% | -$33.4M |
|
32
State Street
STT
$50.9B
| $1.21B | 1.11% |
20,458,469
+2,318,809
| +13% | +$151M |
|
33
Cisco
CSCO
$450B
| $1.19B | 1.09% |
30,315,738
+2,774,666
| +10% | +$121M |
|
34
UBS Group
UBS
$170B
| $1.18B | 1.08% |
105,658,242
-22,845,200
| -18% | -$274M |
|
35
Truist Financial
TFC
$63.2B
| $1.17B | 1.07% |
30,673,116
+1,015,542
| +3% | +$38.3M |
|
36
Celanese
CE
$5.09B
| $1.15B | 1.05% |
10,702,048
-218,069
| -2% | -$21.8M |
|
37
Baker Hughes
BKR
$56.8B
| $1.09B | 1% |
82,156,031
-8,168,005
| -9% | -$125M |
|
38
Carrier Global
CARR
$57.2B
| $1.08B | 0.99% |
35,438,170
-804,303
| -2% | -$22.8M |
|
39
Meta Platforms (Facebook)
META
$1.51T
| $1.08B | 0.99% |
4,113,045
-442,125
| -10% | -$114M |
|
|
JNPR
40
DELISTED
Juniper Networks
JNPR
| $1.03B | 0.94% |
47,857,869
-294,202
| -0.6% | -$6.98M |
|
41
Molson Coors Class B
TAP
$7.68B
| $1B | 0.92% |
29,806,693
+6,698,355
| +29% | +$242M |
|
|
42
Williams Companies
WMB
$90.5B
| $972M | 0.89% |
49,475,750
+12,816,822
| +35% | +$261M |
|
43
CVS Health
CVS
$137B
| $928M | 0.85% |
15,882,844
-118,894
| -0.7% | -$7.4M |
|
44
Fox Class A
FOXA
$23.2B
| $898M | 0.82% |
32,273,736
+2,341,273
| +8% | +$62M |
|
|
VMW
45
DELISTED
VMware, Inc
VMW
| $890M | 0.81% |
6,197,770
+71,850
| +1% | +$10.2M |
|
46
Alibaba
BABA
$269B
| $870M | 0.8% |
2,960,500
+18,400
| +0.6% | +$4.85M |
|
|
DISH
47
DELISTED
DISH Network Corp.
DISH
| $857M | 0.78% |
29,511,377
-1,918,451
| -6% | -$63.3M |
|
48
Suncor Energy
SU
$77.7B
| $844M | 0.77% |
69,028,354
+9,765,600
| +16% | +$153M |
|
|
CXO
49
DELISTED
CONCHO RESOURCES INC.
CXO
| $839M | 0.77% |
19,010,908
+1,185,555
| +7% | +$59.1M |
|
50
AstraZeneca
AZN
$263B
| $812M | 0.74% |
7,410,673
-1,977,209
| -21% | -$220M |
|
Similar funds
Dodge & Cox's Q3 2020 Portfolio in Review
As of Q3 2020, Dodge & Cox held 196 positions worth $109B, up 0.5% from $109B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $3.73B in Q3 2020, closing 13 positions and reducing 112 holdings. Its most notable exit was iShares iBoxx $ Investment Grade Corporate Bond ETF, an estimated $195M position sold in full.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 24% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Dodge & Cox opened a new position in Credicorp worth $189M.
- Dodge & Cox's largest Q3 2020 buy was Credicorp: 1,524,224 shares worth $189M.
- Dodge & Cox added most to Wells Fargo in Q3 2020, an estimated $681M increase.
- Dodge & Cox's biggest Q3 2020 reduction was FedEx, cutting an estimated $1.92B.
- Dodge & Cox fully exited iShares iBoxx $ Investment Grade Corporate Bond ETF in Q3 2020, selling an estimated $195M.
- Dodge & Cox's ten largest holdings make up 32% of its $109B portfolio in Q3 2020.
- Dodge & Cox opened 4 new positions and closed 13 in Q3 2020.
- Dodge & Cox's portfolio value rose 0.5% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q3 2020, filed 13 Nov 2020.