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 |
FedEx
FDX
|
+$345M |
| 2 |
BioMarin Pharmaceuticals
BMRN
|
+$332M |
| 3 |
UnitedHealth
UNH
|
+$269M |
| 4 |
Charles Schwab
SCHW
|
+$209M |
| 5 |
Baidu
BIDU
|
+$193M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$930M |
| 2 |
AstraZeneca
AZN
|
+$512M |
| 3 |
Johnson Controls International
JCI
|
+$400M |
| 4 |
Capital One
COF
|
+$188M |
| 5 |
TE Connectivity
TEL
|
+$164M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.14% |
| 2 | Healthcare | 18.68% |
| 3 | Technology | 14.92% |
| 4 | Communication Services | 14.23% |
| 5 | Energy | 11.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
51
Molson Coors Class B
TAP
$7.02B
| $923M | 0.71% |
17,119,668
+2,075,670
| +14% | +$112M |
2018 Q2
6 quarters
|
|
52
Televisa
TV
$1.18B
| $784M | 0.6% |
66,852,520
-3,395,900
| -5% | -$37.6M |
2013 Q2
26 quarters
|
|
53
JD.com
JD
$36.2B
| $736M | 0.56% |
20,885,477
-6,300
| -0% | -$203K |
2015 Q4
16 quarters
|
|
54
Liberty Global Class C
LBTYK
$2.89B
| $722M | 0.55% |
33,144,168
-231,200
| -0.7% | -$5.2M |
2013 Q2
26 quarters
|
|
55
Ovintiv
OVV
$18B
| $667M | 0.51% |
28,437,257
+8,766,221
| +45% | +$188M |
2019 Q3
1 quarter
|
|
56
Medtronic
MDT
$117B
| $630M | 0.48% |
5,549,939
-1,077,913
| -16% | -$118M |
2013 Q2
26 quarters
|
|
57
Alibaba
BABA
$274B
| $620M | 0.47% |
2,921,500
-347,900
| -11% | -$65.3M |
2018 Q4
4 quarters
|
|
58
Alnylam Pharmaceuticals
ALNY
$30.8B
| $605M | 0.46% |
5,251,321
-60,480
| -1% | -$6.03M |
2016 Q2
14 quarters
|
|
59
NOV
NOV
$6.74B
| $571M | 0.44% |
22,776,867
-82,185
| -0.4% | -$1.85M |
2014 Q1
23 quarters
|
|
|
MXIM
60
DELISTED
Maxim Integrated Products
MXIM
| $544M | 0.42% |
8,838,593
-169,750
| -2% | -$9.89M |
2013 Q2
26 quarters
|
|
|
QVCGA
61
DELISTED
QVC Group Inc Series A
QVCGA
| $528M | 0.4% |
1,291,317
-7,171
| -0.6% | -$3.23M |
2013 Q2
26 quarters
|
|
62
Mattel
MAT
$4.8B
| $528M | 0.4% |
38,932,308
+79,400
| +0.2% | +$942K |
2017 Q4
8 quarters
|
|
63
DELISTED
Sprint Corporation
S
| $522M | 0.4% |
100,113,384
-1,034,559
| -1% | -$6.06M |
2013 Q3
25 quarters
|
|
64
Aegon
AEG
$12.3B
| $517M | 0.4% |
123,756,744
-727,012
| -0.6% | -$2.97M |
2013 Q2
26 quarters
|
|
65
The Gap Inc
GAP
$8.04B
| $503M | 0.39% |
28,449,226
+7,371,196
| +35% | +$125M |
2018 Q4
4 quarters
|
|
|
MFGP
66
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $486M | 0.37% |
34,674,948
-970,517
| -3% | -$13.4M |
2017 Q3
9 quarters
|
|
67
Cemex
CX
$13.9B
| $463M | 0.35% |
122,592,090
-3,597,100
| -3% | -$13.7M |
2013 Q2
26 quarters
|
|
68
Liberty Global Class A
LBTYA
$2.94B
| $397M | 0.3% |
17,460,903
-1,108,800
| -6% | -$26.1M |
2013 Q2
26 quarters
|
|
69
Brighthouse Financial
BHF
$2.81B
| $392M | 0.3% |
9,994,135
-83,820
| -0.8% | -$3.3M |
2017 Q3
9 quarters
|
|
70
Nutrien
NTR
$32.1B
| $387M | 0.3% |
8,072,408
| – | – |
2018 Q1
7 quarters
|
|
71
Harley-Davidson
HOG
$2.83B
| $372M | 0.29% |
10,012,436
-33,150
| -0.3% | -$1.23M |
2015 Q3
17 quarters
|
|
|
72
BioMarin Pharmaceuticals
BMRN
$10.8B
| $371M | 0.28% |
+4,389,515
| New | +$332M |
2019 Q4
0 quarters
|
|
73
Incyte
INCY
$22.8B
| $328M | 0.25% |
3,758,750
-153,525
| -4% | -$13.1M |
2018 Q4
4 quarters
|
|
74
Fox Class B
FOX
$23.5B
| $218M | 0.17% |
5,980,998
+49,464
| +0.8% | +$1.66M |
2019 Q1
3 quarters
|
|
75
News Corp Class A
NWSA
$15.8B
| $194M | 0.15% |
13,714,762
-193,862
| -1% | -$2.61M |
2013 Q3
25 quarters
|
|
Similar funds
Dodge & Cox's Q4 2019 Portfolio in Review
As of Q4 2019, Dodge & Cox held 185 positions worth $131B, up 7.5% from $122B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q4 2019: portfolio turnover was 2.7%. Dodge & Cox opened 4 new positions and exited 1, leaving the 185-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q4 2019 buy was BioMarin Pharmaceuticals: 4,389,515 shares worth $371M.
- Dodge & Cox added most to FedEx in Q4 2019, an estimated $345M increase.
- Dodge & Cox's biggest Q4 2019 reduction was JPMorgan Chase, cutting an estimated $930M.
- Dodge & Cox fully exited SunTrust Banks, Inc. in Q4 2019, selling an estimated $12.2M.
- Dodge & Cox's ten largest holdings make up 31% of its $131B portfolio in Q4 2019.
- Dodge & Cox opened 4 new positions and closed 1 in Q4 2019.
- Dodge & Cox's portfolio value rose 7.5% quarter-over-quarter to $131B.
Based on Dodge & Cox's 13F filing for Q4 2019, filed 13 Feb 2020.