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 |
Meta Platforms (Facebook)
META
|
+$951M |
| 2 |
VMW
VMware, Inc
VMW
|
+$780M |
| 3 |
Williams Companies
WMB
|
+$682M |
| 4 |
Carrier Global
CARR
|
+$673M |
| 5 |
Otis Worldwide
OTIS
|
+$494M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
S
Sprint Corporation
S
|
+$769M |
| 2 |
RTX Corp
RTX
|
+$648M |
| 3 |
AstraZeneca
AZN
|
+$574M |
| 4 |
UnitedHealth
UNH
|
+$506M |
| 5 |
MXIM
Maxim Integrated Products
MXIM
|
+$469M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.21% |
| 2 | Technology | 18.94% |
| 3 | Healthcare | 15.58% |
| 4 | Communication Services | 14.38% |
| 5 | Energy | 10.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Molson Coors Class B
TAP
$7.77B
| $794M | 0.73% |
23,108,338
+1,035,605
| +5% | +$41.3M |
|
52
APA Corp
APA
$14.8B
| $733M | 0.67% |
54,275,112
-466,545
| -0.9% | -$5.32M |
|
|
53
Williams Companies
WMB
$90.7B
| $697M | 0.64% |
+36,658,928
| New | +$682M |
|
54
Alnylam Pharmaceuticals
ALNY
$31.7B
| $697M | 0.64% |
4,703,671
-389,675
| -8% | -$52.5M |
|
55
Alibaba
BABA
$289B
| $635M | 0.58% |
2,942,100
-184,000
| -6% | -$38.3M |
|
56
Halliburton
HAL
$29.6B
| $634M | 0.58% |
48,835,006
-49,923
| -0.1% | -$538K |
|
57
Linde
LIN
$224B
| $608M | 0.56% |
2,886,759
-671,500
| -19% | -$130M |
|
58
Liberty Global Class C
LBTYK
$3.51B
| $605M | 0.56% |
28,145,168
-4,888,200
| -15% | -$97.6M |
|
|
QVCGA
59
DELISTED
QVC Group Inc Series A
QVCGA
| $593M | 0.55% |
1,286,645
-5,601
| -0.4% | -$2.19M |
|
|
60
Otis Worldwide
OTIS
$27.2B
| $542M | 0.5% |
+9,527,858
| New | +$494M |
|
61
JD.com
JD
$38.5B
| $541M | 0.5% |
8,986,177
-3,930,700
| -30% | -$199M |
|
62
Medtronic
MDT
$115B
| $534M | 0.49% |
5,827,186
+233,815
| +4% | +$22.4M |
|
63
BioMarin Pharmaceuticals
BMRN
$12.6B
| $446M | 0.41% |
3,615,740
-326,768
| -8% | -$32.5M |
|
64
Nutrien
NTR
$34.9B
| $443M | 0.41% |
13,812,614
+3,956,255
| +40% | +$138M |
|
65
LyondellBasell Industries
LYB
$20.4B
| $399M | 0.37% |
+6,073,720
| New | +$362M |
|
66
T-Mobile US
TMUS
$191B
| $383M | 0.35% |
+3,674,887
| New | +$352M |
|
67
Incyte
INCY
$25.9B
| $382M | 0.35% |
3,673,750
-318,850
| -8% | -$30.7M |
|
68
Ovintiv
OVV
$18B
| $361M | 0.33% |
37,767,797
-250,000
| -0.7% | -$1.74M |
|
|
GAP
69
The Gap Inc
GAP
$7.48B
| $360M | 0.33% |
28,524,381
-135,545
| -0.5% | -$1.22M |
|
70
Televisa
TV
$1.45B
| $356M | 0.33% |
67,896,520
-250,000
| -0.4% | -$1.38M |
|
71
Aegon
AEG
$13.6B
| $342M | 0.31% |
126,173,420
+2,183,439
| +2% | +$5.37M |
|
72
NOV
NOV
$7.4B
| $305M | 0.28% |
24,862,742
-1,140,600
| -4% | -$14M |
|
73
Cemex
CX
$15.8B
| $304M | 0.28% |
105,679,790
-318,100
| -0.3% | -$746K |
|
74
Brighthouse Financial
BHF
$3.11B
| $278M | 0.26% |
10,007,783
-6,230
| -0.1% | -$172K |
|
75
Fox Class B
FOX
$25.4B
| $245M | 0.23% |
9,123,770
+2,936,253
| +47% | +$78.1M |
|
Similar funds
Dodge & Cox's Q2 2020 Portfolio in Review
As of Q2 2020, Dodge & Cox held 198 positions worth $109B, up 18% from $92.4B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2020 filing shows 21 new, 46 increased, 98 reduced and 6 closed positions. Its largest new stake was Meta Platforms (Facebook): 4,555,170 shares worth $1.03B. The largest sale was Sprint Corporation, an estimated $769M.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 24% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q2 2020 buy was Meta Platforms (Facebook): 4,555,170 shares worth $1.03B.
- Dodge & Cox added most to VMware, Inc in Q2 2020, an estimated $780M increase.
- Dodge & Cox's biggest Q2 2020 reduction was RTX Corp, cutting an estimated $648M.
- Dodge & Cox fully exited Sprint Corporation in Q2 2020, selling an estimated $769M.
- Dodge & Cox's ten largest holdings make up 30% of its $109B portfolio in Q2 2020.
- Dodge & Cox opened 21 new positions and closed 6 in Q2 2020.
- Dodge & Cox's portfolio value rose 18% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q2 2020, filed 13 Aug 2020.