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 |
State Street
STT
|
+$1.1B |
| 2 |
Occidental Petroleum
OXY
|
+$973M |
| 3 |
SLB Ltd
SLB
|
+$953M |
| 4 |
HP
HPQ
|
+$720M |
| 5 |
Bank of America
BAC
|
+$654M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Charter Communications
CHTR
|
+$1.31B |
| 2 |
Eli Lilly
LLY
|
+$1.07B |
| 3 |
Microsoft
MSFT
|
+$915M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$855M |
| 5 |
Sanofi
SNY
|
+$516M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.47% |
| 2 | Healthcare | 19.44% |
| 3 | Technology | 17.53% |
| 4 | Communication Services | 13.51% |
| 5 | Industrials | 8.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Alibaba
BABA
$269B
| $608M | 0.66% |
3,126,100
+204,600
| +7% | +$42.7M |
|
52
Alnylam Pharmaceuticals
ALNY
$36.3B
| $554M | 0.6% |
5,093,346
-157,975
| -3% | -$18.2M |
|
53
JD.com
JD
$40.8B
| $523M | 0.57% |
12,916,877
-7,968,600
| -38% | -$318M |
|
54
Liberty Global Class C
LBTYK
$3.27B
| $519M | 0.56% |
33,033,368
-110,800
| -0.3% | -$2.08M |
|
55
Medtronic
MDT
$107B
| $504M | 0.55% |
5,593,371
+43,432
| +0.8% | +$4.62M |
|
|
MXIM
56
DELISTED
Maxim Integrated Products
MXIM
| $415M | 0.45% |
8,530,542
-308,051
| -3% | -$17.7M |
|
57
Televisa
TV
$1.45B
| $395M | 0.43% |
68,146,520
+1,294,000
| +2% | +$12.6M |
|
|
QVCGA
58
DELISTED
QVC Group Inc Series A
QVCGA
| $383M | 0.41% |
1,292,246
+929
| +0.1% | +$332K |
|
59
Halliburton
HAL
$27.9B
| $335M | 0.36% |
48,884,929
+3,593,334
| +8% | +$62.6M |
|
60
Nutrien
NTR
$32.7B
| $335M | 0.36% |
9,856,359
+1,783,951
| +22% | +$71.4M |
|
61
BioMarin Pharmaceuticals
BMRN
$11.5B
| $333M | 0.36% |
3,942,508
-447,007
| -10% | -$38.5M |
|
62
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$34.7B
| $300M | 0.32% |
+2,431,480
| New | +$310M |
|
63
Incyte
INCY
$23.5B
| $292M | 0.32% |
3,992,600
+233,850
| +6% | +$17.7M |
|
64
Aegon
AEG
$13.5B
| $285M | 0.31% |
123,989,981
+233,237
| +0.2% | +$777K |
|
65
Liberty Global Class A
LBTYA
$3.31B
| $263M | 0.28% |
15,939,773
-1,521,130
| -9% | -$30M |
|
66
NOV
NOV
$7.45B
| $256M | 0.28% |
26,003,342
+3,226,475
| +14% | +$60.8M |
|
67
Brighthouse Financial
BHF
$3.63B
| $242M | 0.26% |
10,014,013
+19,878
| +0.2% | +$703K |
|
68
APA Corp
APA
$12.8B
| $229M | 0.25% |
54,741,657
-347,706
| -0.6% | -$7.75M |
|
69
Cemex
CX
$17.4B
| $225M | 0.24% |
105,997,890
-16,594,200
| -14% | -$56.1M |
|
70
Mattel
MAT
$4.17B
| $207M | 0.22% |
23,472,365
-15,459,943
| -40% | -$190M |
|
|
GAP
71
The Gap Inc
GAP
$6.84B
| $202M | 0.22% |
28,659,926
+210,700
| +0.7% | +$3.13M |
|
72
Harley-Davidson
HOG
$2.68B
| $191M | 0.21% |
10,068,831
+56,395
| +0.6% | +$1.71M |
|
73
Alphabet (Google) Class A
GOOGL
$3.91T
| $180M | 0.19% |
3,099,600
+255,500
| +9% | +$17.3M |
|
|
MFGP
74
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $180M | 0.19% |
35,502,919
+827,971
| +2% | +$8.39M |
|
75
Fox Class B
FOX
$20.7B
| $142M | 0.15% |
6,187,517
+206,519
| +3% | +$6.67M |
|
Similar funds
Dodge & Cox's Q1 2020 Portfolio in Review
As of Q1 2020, Dodge & Cox held 187 positions worth $92.4B, down 29% from $131B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox deployed $4.38B of net new capital in Q1 2020, opening 3 new positions and adding to 53 existing holdings. Its largest new stake was iShares iBoxx $ Investment Grade Corporate Bond ETF: 2,431,480 shares worth $300M.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Healthcare and Technology.
On the sell side, the largest reduction was Charter Communications, an estimated $1.31B trimmed.
- Dodge & Cox's largest Q1 2020 buy was iShares iBoxx $ Investment Grade Corporate Bond ETF: 2,431,480 shares worth $300M.
- Dodge & Cox added most to State Street in Q1 2020, an estimated $1.1B increase.
- Dodge & Cox's biggest Q1 2020 reduction was Charter Communications, cutting an estimated $1.31B.
- Dodge & Cox fully exited Zayo Group Holdings, Inc. in Q1 2020, selling an estimated $10.4M.
- Dodge & Cox's ten largest holdings make up 32% of its $92.4B portfolio in Q1 2020.
- Dodge & Cox opened 3 new positions and closed 10 in Q1 2020.
- Dodge & Cox's portfolio value fell 29% quarter-over-quarter to $92.4B.
Based on Dodge & Cox's 13F filing for Q1 2020, filed 14 May 2020.