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 |
T-Mobile US
TMUS
|
+$1.27B |
| 2 |
FISV
Fiserv Inc
FISV
|
+$1,000M |
| 3 |
Honda
HMC
|
+$931M |
| 4 |
Incyte
INCY
|
+$774M |
| 5 |
Gilead Sciences
GILD
|
+$701M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Capital One
COF
|
+$1.06B |
| 2 |
Hewlett Packard
HPE
|
+$654M |
| 3 |
APA Corp
APA
|
+$415M |
| 4 |
Johnson Controls International
JCI
|
+$345M |
| 5 |
Goldman Sachs
GS
|
+$279M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.9% |
| 2 | Technology | 17.61% |
| 3 | Communication Services | 15.85% |
| 4 | Healthcare | 15.64% |
| 5 | Energy | 9.52% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
American Express
AXP
$226B
| $2.09B | 1.37% |
12,662,934
-1,005,830
| -7% | -$158M |
|
27
Cognizant
CTSH
$28.7B
| $2.03B | 1.33% |
29,359,124
+8,252,344
| +39% | +$614M |
|
28
SLB Ltd
SLB
$81.6B
| $2B | 1.31% |
62,378,924
-6,276,915
| -9% | -$193M |
|
|
29
Gilead Sciences
GILD
$185B
| $1.99B | 1.3% |
28,961,844
+10,499,694
| +57% | +$701M |
|
30
Booking.com
BKNG
$152B
| $1.96B | 1.28% |
22,432,425
-502,700
| -2% | -$46.9M |
|
31
Williams Companies
WMB
$90.7B
| $1.94B | 1.27% |
73,224,494
+4,796,431
| +7% | +$123M |
|
32
Bristol-Myers Squibb
BMY
$137B
| $1.9B | 1.24% |
28,473,658
+1,048,325
| +4% | +$68.4M |
|
33
UnitedHealth
UNH
$355B
| $1.82B | 1.19% |
4,534,630
-259,239
| -5% | -$103M |
|
34
Fox Class A
FOXA
$28.3B
| $1.81B | 1.18% |
48,721,900
+5,050,236
| +12% | +$190M |
|
35
State Street
STT
$53.1B
| $1.74B | 1.14% |
21,111,249
+909,022
| +4% | +$76.7M |
|
36
Molson Coors Class B
TAP
$7.77B
| $1.69B | 1.1% |
31,407,308
+126,516
| +0.4% | +$7.07M |
|
|
37
Hewlett Packard
HPE
$72B
| $1.67B | 1.09% |
114,536,792
-41,427,658
| -27% | -$654M |
|
|
38
T-Mobile US
TMUS
$191B
| $1.64B | 1.07% |
11,324,513
+9,195,915
| +432% | +$1.27B |
|
|
DISH
39
DELISTED
DISH Network Corp.
DISH
| $1.5B | 0.98% |
35,808,038
-152,332
| -0.4% | -$6.41M |
|
40
Alibaba
BABA
$289B
| $1.41B | 0.93% |
6,236,170
+595,270
| +11% | +$132M |
|
41
UBS Group
UBS
$166B
| $1.37B | 0.9% |
89,564,542
+248,900
| +0.3% | +$3.93M |
|
42
ConocoPhillips
COP
$156B
| $1.36B | 0.89% |
22,393,956
-1,596,227
| -7% | -$89M |
|
43
Suncor Energy
SU
$77.7B
| $1.35B | 0.88% |
56,296,954
-3,637,600
| -6% | -$83.4M |
|
|
44
Honda
HMC
$40.7B
| $1.33B | 0.87% |
41,462,028
+29,947,004
| +260% | +$931M |
|
45
CVS Health
CVS
$119B
| $1.31B | 0.86% |
15,723,074
-441,911
| -3% | -$36.2M |
|
46
Meta Platforms (Facebook)
META
$1.45T
| $1.3B | 0.85% |
3,735,415
+307,040
| +9% | +$98.5M |
|
|
JNPR
47
DELISTED
Juniper Networks
JNPR
| $1.28B | 0.84% |
46,688,793
-703,054
| -1% | -$18.7M |
|
48
Celanese
CE
$4.92B
| $1.2B | 0.78% |
7,901,617
-553,115
| -7% | -$87.8M |
|
49
BioMarin Pharmaceuticals
BMRN
$12.6B
| $1.18B | 0.77% |
14,102,097
+2,247,789
| +19% | +$178M |
|
50
Carrier Global
CARR
$48.5B
| $1.17B | 0.77% |
24,100,662
-3,917,919
| -14% | -$175M |
|
Similar funds
Dodge & Cox's Q2 2021 Portfolio in Review
As of Q2 2021, Dodge & Cox held 197 positions worth $153B, up 9.3% from $140B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Dodge & Cox's Q2 2021 filing shows 11 new, 39 increased, 108 reduced and 7 closed positions. Its largest new stake was Organon & Co: 22,698 shares worth $686K. The largest sale was Capital One, an estimated $1.06B.
By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 26% a quarter earlier, followed by Technology and Communication Services.
- Dodge & Cox's largest Q2 2021 buy was Organon & Co: 22,698 shares worth $686K.
- Dodge & Cox added most to T-Mobile US in Q2 2021, an estimated $1.27B increase.
- Dodge & Cox's biggest Q2 2021 reduction was Capital One, cutting an estimated $1.06B.
- Dodge & Cox fully exited State Street SPDR S&P 500 ETF Trust in Q2 2021, selling an estimated $1.19M.
- Dodge & Cox's ten largest holdings make up 31% of its $153B portfolio in Q2 2021.
- Dodge & Cox opened 11 new positions and closed 7 in Q2 2021.
- Dodge & Cox's portfolio value rose 9.3% quarter-over-quarter to $153B.
Based on Dodge & Cox's 13F filing for Q2 2021, filed 13 Aug 2021.