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 |
FISV
Fiserv Inc
FISV
|
+$684M |
| 2 |
GSK
GSK
|
+$659M |
| 3 |
RTX Corp
RTX
|
+$578M |
| 4 |
Wells Fargo
WFC
|
+$452M |
| 5 |
TC Energy
TRP
|
+$365M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$1.06B |
| 2 |
TE Connectivity
TEL
|
+$801M |
| 3 |
AstraZeneca
AZN
|
+$609M |
| 4 |
Bank of America
BAC
|
+$533M |
| 5 |
SCHW
Charles Schwab
SCHW
|
+$481M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.05% |
| 2 | Technology | 18.36% |
| 3 | Communication Services | 14.15% |
| 4 | Healthcare | 14.14% |
| 5 | Industrials | 9.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
UnitedHealth
UNH
$382B
| $1.84B | 1.45% |
5,245,261
-1,307,204
| -20% | -$438M |
|
27
Cognizant
CTSH
$21.5B
| $1.78B | 1.41% |
21,752,645
-1,699,786
| -7% | -$129M |
|
28
American Express
AXP
$223B
| $1.73B | 1.37% |
14,345,665
-2,006,980
| -12% | -$222M |
|
29
Cisco
CSCO
$450B
| $1.73B | 1.37% |
38,592,574
+8,276,836
| +27% | +$340M |
|
30
SLB Ltd
SLB
$78.4B
| $1.67B | 1.32% |
76,557,389
-5,367,856
| -7% | -$101M |
|
31
Bristol-Myers Squibb
BMY
$127B
| $1.65B | 1.31% |
26,648,695
-551,291
| -2% | -$33.9M |
|
32
Baker Hughes
BKR
$56.8B
| $1.6B | 1.27% |
76,915,685
-5,240,346
| -6% | -$92.1M |
|
33
JPMorgan Chase
JPM
$939B
| $1.54B | 1.22% |
12,154,454
-480,748
| -4% | -$53.7M |
|
34
State Street
STT
$50.9B
| $1.48B | 1.17% |
20,327,224
-131,245
| -0.6% | -$8.91M |
|
35
Molson Coors Class B
TAP
$7.68B
| $1.34B | 1.06% |
29,588,242
-218,451
| -0.7% | -$9.01M |
|
36
UBS Group
UBS
$170B
| $1.29B | 1.02% |
92,313,242
-13,345,000
| -13% | -$177M |
|
37
Fox Class A
FOXA
$23.2B
| $1.29B | 1.02% |
44,274,761
+12,001,025
| +37% | +$335M |
|
38
Celanese
CE
$5.09B
| $1.25B | 0.99% |
9,622,670
-1,079,378
| -10% | -$134M |
|
39
Carrier Global
CARR
$57.2B
| $1.18B | 0.93% |
31,233,856
-4,204,314
| -12% | -$152M |
|
40
Truist Financial
TFC
$63.2B
| $1.16B | 0.92% |
24,148,785
-6,524,331
| -21% | -$295M |
|
|
DISH
41
DELISTED
DISH Network Corp.
DISH
| $1.12B | 0.88% |
34,502,920
+4,991,543
| +17% | +$154M |
|
42
CVS Health
CVS
$137B
| $1.09B | 0.86% |
15,960,473
+77,629
| +0.5% | +$5.05M |
|
|
JNPR
43
DELISTED
Juniper Networks
JNPR
| $1.07B | 0.84% |
47,472,697
-385,172
| -0.8% | -$8.4M |
|
44
Suncor Energy
SU
$77.7B
| $1.06B | 0.84% |
63,255,554
-5,772,800
| -8% | -$84.8M |
|
|
CXO
45
DELISTED
CONCHO RESOURCES INC.
CXO
| $1.05B | 0.83% |
18,060,851
-950,057
| -5% | -$50M |
|
46
Gilead Sciences
GILD
$161B
| $997M | 0.79% |
17,107,888
+4,500,035
| +36% | +$272M |
|
47
Williams Companies
WMB
$90.5B
| $948M | 0.75% |
47,277,094
-2,198,656
| -4% | -$44.6M |
|
48
Meta Platforms (Facebook)
META
$1.51T
| $928M | 0.73% |
3,396,605
-716,440
| -17% | -$196M |
|
|
HES
49
DELISTED
Hess
HES
| $908M | 0.72% |
17,204,589
-1,106,291
| -6% | -$50.3M |
|
|
VMW
50
DELISTED
VMware, Inc
VMW
| $908M | 0.72% |
6,471,395
+273,625
| +4% | +$39.2M |
|
Similar funds
Dodge & Cox's Q4 2020 Portfolio in Review
As of Q4 2020, Dodge & Cox held 186 positions worth $126B, up 16% from $109B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $5.15B in Q4 2020, closing 4 positions and reducing 121 holdings. Its most notable exit was Aptiv, an estimated $11.3M position sold in full.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 25% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Dodge & Cox opened a new position in Fiserv Inc worth $723M.
- Dodge & Cox's largest Q4 2020 buy was Fiserv Inc: 6,349,031 shares worth $723M.
- Dodge & Cox added most to GSK in Q4 2020, an estimated $659M increase.
- Dodge & Cox's biggest Q4 2020 reduction was FedEx, cutting an estimated $1.06B.
- Dodge & Cox fully exited Aptiv in Q4 2020, selling an estimated $11.3M.
- Dodge & Cox's ten largest holdings make up 32% of its $126B portfolio in Q4 2020.
- Dodge & Cox opened 3 new positions and closed 4 in Q4 2020.
- Dodge & Cox's portfolio value rose 16% quarter-over-quarter to $126B.
Based on Dodge & Cox's 13F filing for Q4 2020, filed 11 Feb 2021.