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 |
Sanofi
SNY
|
+$1.4B |
| 2 |
ConocoPhillips
COP
|
+$1.18B |
| 3 |
FISV
Fiserv Inc
FISV
|
+$924M |
| 4 |
GSK
GSK
|
+$908M |
| 5 |
Alibaba
BABA
|
+$681M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$1.58B |
| 2 |
CXO
CONCHO RESOURCES INC.
CXO
|
+$1.05B |
| 3 |
Bank of America
BAC
|
+$1.03B |
| 4 |
Capital One
COF
|
+$889M |
| 5 |
HP
HPQ
|
+$673M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.36% |
| 2 | Technology | 18.58% |
| 3 | Healthcare | 14.71% |
| 4 | Communication Services | 14.08% |
| 5 | Energy | 9.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
American Express
AXP
$221B
| $1.93B | 1.38% |
13,668,764
-676,901
| -5% | -$89.4M |
|
27
SLB Ltd
SLB
$78.1B
| $1.87B | 1.33% |
68,655,839
-7,901,550
| -10% | -$208M |
|
28
Novartis
NVS
$294B
| $1.85B | 1.32% |
21,670,237
+54,436
| +0.3% | +$4.88M |
|
29
UnitedHealth
UNH
$381B
| $1.78B | 1.28% |
4,793,869
-451,392
| -9% | -$156M |
|
30
Bristol-Myers Squibb
BMY
$127B
| $1.73B | 1.24% |
27,425,333
+776,638
| +3% | +$48.3M |
|
|
FISV
31
Fiserv Inc
FISV
$27.3B
| $1.71B | 1.23% |
14,396,386
+8,047,355
| +127% | +$924M |
|
32
State Street
STT
$50.9B
| $1.7B | 1.21% |
20,202,227
-124,997
| -0.6% | -$9.68M |
|
33
Cognizant
CTSH
$21.2B
| $1.65B | 1.18% |
21,106,780
-645,865
| -3% | -$49.9M |
|
34
Williams Companies
WMB
$91.4B
| $1.62B | 1.16% |
68,428,063
+21,150,969
| +45% | +$480M |
|
35
Molson Coors Class B
TAP
$7.66B
| $1.6B | 1.14% |
31,280,792
+1,692,550
| +6% | +$82.2M |
|
36
Fox Class A
FOXA
$23.4B
| $1.58B | 1.13% |
43,671,664
-603,097
| -1% | -$21.1M |
|
37
UBS Group
UBS
$170B
| $1.38B | 0.99% |
89,315,642
-2,997,600
| -3% | -$46.1M |
|
|
DISH
38
DELISTED
DISH Network Corp.
DISH
| $1.3B | 0.93% |
35,960,370
+1,457,450
| +4% | +$48.5M |
|
|
39
Alibaba
BABA
$270B
| $1.28B | 0.91% |
5,640,900
+2,773,100
| +97% | +$681M |
|
|
40
ConocoPhillips
COP
$146B
| $1.27B | 0.91% |
23,990,183
+23,965,938
| +98,849% | +$1.18B |
|
41
Celanese
CE
$5.16B
| $1.27B | 0.91% |
8,454,732
-1,167,938
| -12% | -$160M |
|
42
Suncor Energy
SU
$77.6B
| $1.25B | 0.9% |
59,934,554
-3,321,000
| -5% | -$65.1M |
|
43
CVS Health
CVS
$137B
| $1.22B | 0.87% |
16,164,985
+204,512
| +1% | +$14.9M |
|
|
JNPR
44
DELISTED
Juniper Networks
JNPR
| $1.2B | 0.86% |
47,391,847
-80,850
| -0.2% | -$1.99M |
|
45
Gilead Sciences
GILD
$161B
| $1.19B | 0.85% |
18,462,150
+1,354,262
| +8% | +$87.3M |
|
46
Carrier Global
CARR
$57.2B
| $1.18B | 0.85% |
28,018,581
-3,215,275
| -10% | -$125M |
|
47
Baker Hughes
BKR
$57.4B
| $1.11B | 0.79% |
51,450,313
-25,465,372
| -33% | -$580M |
|
|
VMW
48
DELISTED
VMware, Inc
VMW
| $1.03B | 0.74% |
6,835,555
+364,160
| +6% | +$52.1M |
|
49
Meta Platforms (Facebook)
META
$1.53T
| $1.01B | 0.72% |
3,428,375
+31,770
| +0.9% | +$8.55M |
|
50
Truist Financial
TFC
$63B
| $989M | 0.71% |
16,955,789
-7,192,996
| -30% | -$394M |
|
Similar funds
Dodge & Cox's Q1 2021 Portfolio in Review
As of Q1 2021, Dodge & Cox held 188 positions worth $140B, up 11% from $126B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $5.19B in Q1 2021, closing 2 positions and reducing 114 holdings. Its most notable exit was CONCHO RESOURCES INC., an estimated $1.05B position sold in full.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 27% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Dodge & Cox opened a new position in Honda worth $348M.
- Dodge & Cox's largest Q1 2021 buy was Honda: 11,515,024 shares worth $348M.
- Dodge & Cox added most to Sanofi in Q1 2021, an estimated $1.4B increase.
- Dodge & Cox's biggest Q1 2021 reduction was JPMorgan Chase, cutting an estimated $1.58B.
- Dodge & Cox fully exited CONCHO RESOURCES INC. in Q1 2021, selling an estimated $1.05B.
- Dodge & Cox's ten largest holdings make up 32% of its $140B portfolio in Q1 2021.
- Dodge & Cox opened 6 new positions and closed 2 in Q1 2021.
- Dodge & Cox's portfolio value rose 11% quarter-over-quarter to $140B.
Based on Dodge & Cox's 13F filing for Q1 2021, filed 14 May 2021.