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 |
Wells Fargo
WFC
|
+$681M |
| 2 |
RTX Corp
RTX
|
+$637M |
| 3 |
BioMarin Pharmaceuticals
BMRN
|
+$415M |
| 4 |
BNY
Bank of New York Mellon
BNY
|
+$288M |
| 5 |
Williams Companies
WMB
|
+$261M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$1.92B |
| 2 |
Microsoft
MSFT
|
+$532M |
| 3 |
Goldman Sachs
GS
|
+$476M |
| 4 |
Microchip Technology
MCHP
|
+$443M |
| 5 |
Booking.com
BKNG
|
+$410M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.97% |
| 2 | Technology | 18.56% |
| 3 | Healthcare | 15.26% |
| 4 | Communication Services | 15% |
| 5 | Industrials | 10.52% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Gilead Sciences
GILD
$161B
| $797M | 0.73% |
12,607,853
+15,341
| +0.1% | +$1.06M |
|
|
HES
52
DELISTED
Hess
HES
| $749M | 0.69% |
18,310,880
-1,943,240
| -10% | -$92.3M |
|
53
Alnylam Pharmaceuticals
ALNY
$36.3B
| $681M | 0.62% |
4,677,613
-26,058
| -0.6% | -$3.7M |
|
54
Baidu
BIDU
$35.8B
| $599M | 0.55% |
4,728,921
-2,074,400
| -30% | -$257M |
|
55
Medtronic
MDT
$107B
| $596M | 0.55% |
5,735,437
-91,749
| -2% | -$9.21M |
|
56
Nutrien
NTR
$32.7B
| $589M | 0.54% |
15,021,814
+1,209,200
| +9% | +$44M |
|
|
57
BioMarin Pharmaceuticals
BMRN
$11.5B
| $587M | 0.54% |
7,720,223
+4,104,483
| +114% | +$415M |
|
58
Otis Worldwide
OTIS
$27.4B
| $550M | 0.5% |
8,818,184
-709,674
| -7% | -$43.4M |
|
59
JD.com
JD
$40.8B
| $517M | 0.47% |
6,664,177
-2,322,000
| -26% | -$161M |
|
60
APA Corp
APA
$12.8B
| $495M | 0.45% |
52,306,246
-1,968,866
| -4% | -$27M |
|
|
GAP
61
The Gap Inc
GAP
$6.84B
| $455M | 0.42% |
26,731,582
-1,792,799
| -6% | -$26.7M |
|
62
LyondellBasell Industries
LYB
$19.5B
| $451M | 0.41% |
6,398,920
+325,200
| +5% | +$22.5M |
|
|
QVCGA
63
DELISTED
QVC Group Inc Series A
QVCGA
| $440M | 0.4% |
1,226,243
-60,402
| -5% | -$28.6M |
|
64
Televisa
TV
$1.45B
| $418M | 0.38% |
67,557,620
-338,900
| -0.5% | -$2.07M |
|
65
Liberty Global Class C
LBTYK
$3.27B
| $402M | 0.37% |
19,588,661
-8,556,507
| -30% | -$188M |
|
66
Halliburton
HAL
$27.9B
| $378M | 0.35% |
31,372,145
-17,462,861
| -36% | -$253M |
|
67
Linde
LIN
$237B
| $358M | 0.33% |
1,513,390
-1,373,369
| -48% | -$333M |
|
68
Cemex
CX
$17.4B
| $339M | 0.31% |
89,183,590
-16,496,200
| -16% | -$53.9M |
|
69
T-Mobile US
TMUS
$193B
| $329M | 0.3% |
2,878,033
-796,854
| -22% | -$88.3M |
|
70
Aegon
AEG
$13.5B
| $304M | 0.28% |
128,560,859
+2,387,439
| +2% | +$6.35M |
|
71
Ovintiv
OVV
$17.5B
| $296M | 0.27% |
36,262,297
-1,505,500
| -4% | -$15.5M |
|
72
Incyte
INCY
$23.5B
| $295M | 0.27% |
3,288,931
-384,819
| -10% | -$37.1M |
|
73
Fox Class B
FOX
$20.7B
| $287M | 0.26% |
10,278,799
+1,155,029
| +13% | +$30.6M |
|
74
Brighthouse Financial
BHF
$3.63B
| $269M | 0.25% |
9,992,922
-14,861
| -0.1% | -$432K |
|
75
NOV
NOV
$7.45B
| $210M | 0.19% |
23,134,115
-1,728,627
| -7% | -$20.2M |
|
Similar funds
Dodge & Cox's Q3 2020 Portfolio in Review
As of Q3 2020, Dodge & Cox held 196 positions worth $109B, up 0.5% from $109B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $3.73B in Q3 2020, closing 13 positions and reducing 112 holdings. Its most notable exit was iShares iBoxx $ Investment Grade Corporate Bond ETF, an estimated $195M position sold in full.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 24% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Dodge & Cox opened a new position in Credicorp worth $189M.
- Dodge & Cox's largest Q3 2020 buy was Credicorp: 1,524,224 shares worth $189M.
- Dodge & Cox added most to Wells Fargo in Q3 2020, an estimated $681M increase.
- Dodge & Cox's biggest Q3 2020 reduction was FedEx, cutting an estimated $1.92B.
- Dodge & Cox fully exited iShares iBoxx $ Investment Grade Corporate Bond ETF in Q3 2020, selling an estimated $195M.
- Dodge & Cox's ten largest holdings make up 32% of its $109B portfolio in Q3 2020.
- Dodge & Cox opened 4 new positions and closed 13 in Q3 2020.
- Dodge & Cox's portfolio value rose 0.5% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q3 2020, filed 13 Nov 2020.