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 |
FISV
Fiserv Inc
FISV
|
+$684M |
| 2 |
GSK
GSK
|
+$659M |
| 3 |
RTX Corp
RTX
|
+$578M |
| 4 |
Wells Fargo
WFC
|
+$452M |
| 5 |
TC Energy
TRP
|
+$365M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$1.06B |
| 2 |
TE Connectivity
TEL
|
+$801M |
| 3 |
AstraZeneca
AZN
|
+$609M |
| 4 |
Bank of America
BAC
|
+$533M |
| 5 |
SCHW
Charles Schwab
SCHW
|
+$481M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.05% |
| 2 | Technology | 18.36% |
| 3 | Communication Services | 14.15% |
| 4 | Healthcare | 14.14% |
| 5 | Industrials | 9.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
BioMarin Pharmaceuticals
BMRN
$11.5B
| $859M | 0.68% |
9,796,924
+2,076,701
| +27% | +$165M |
|
52
Baidu
BIDU
$35.8B
| $808M | 0.64% |
3,738,621
-990,300
| -21% | -$147M |
|
53
APA Corp
APA
$12.8B
| $741M | 0.59% |
52,194,876
-111,370
| -0.2% | -$1.3M |
|
|
FISV
54
Fiserv Inc
FISV
$27.2B
| $723M | 0.57% |
+6,349,031
| New | +$684M |
|
55
Nutrien
NTR
$32.7B
| $716M | 0.57% |
14,874,614
-147,200
| -1% | -$6.51M |
|
56
Alibaba
BABA
$269B
| $667M | 0.53% |
2,867,800
-92,700
| -3% | -$25.7M |
|
|
QVCGA
57
DELISTED
QVC Group Inc Series A
QVCGA
| $651M | 0.51% |
1,186,861
-39,382
| -3% | -$17.7M |
|
58
Medtronic
MDT
$107B
| $639M | 0.5% |
5,451,591
-283,846
| -5% | -$31.2M |
|
59
Alnylam Pharmaceuticals
ALNY
$36.3B
| $603M | 0.48% |
4,639,913
-37,700
| -0.8% | -$5.03M |
|
60
Halliburton
HAL
$27.9B
| $555M | 0.44% |
29,338,672
-2,033,473
| -6% | -$31.6M |
|
61
LyondellBasell Industries
LYB
$19.5B
| $554M | 0.44% |
6,039,403
-359,517
| -6% | -$29.3M |
|
62
Televisa
TV
$1.45B
| $535M | 0.42% |
64,947,420
-2,610,200
| -4% | -$19.9M |
|
|
GAP
63
The Gap Inc
GAP
$6.84B
| $511M | 0.4% |
25,313,027
-1,418,555
| -5% | -$29.8M |
|
64
JD.com
JD
$40.8B
| $487M | 0.39% |
5,545,877
-1,118,300
| -17% | -$93.4M |
|
65
Ovintiv
OVV
$17.5B
| $472M | 0.37% |
32,851,897
-3,410,400
| -9% | -$39.9M |
|
66
Aegon
AEG
$13.5B
| $464M | 0.37% |
127,269,412
-1,291,447
| -1% | -$3.95M |
|
67
Otis Worldwide
OTIS
$27.4B
| $451M | 0.36% |
6,678,253
-2,139,931
| -24% | -$139M |
|
68
Liberty Global Class C
LBTYK
$3.27B
| $421M | 0.33% |
17,783,768
-1,804,893
| -9% | -$39.1M |
|
69
Credicorp
BAP
$30.9B
| $411M | 0.33% |
2,507,096
+982,872
| +64% | +$136M |
|
70
T-Mobile US
TMUS
$193B
| $365M | 0.29% |
2,705,277
-172,756
| -6% | -$21.3M |
|
|
71
TC Energy
TRP
$73.5B
| $362M | 0.29% |
8,892,873
+8,574,600
| +2,694% | +$365M |
|
72
Linde
LIN
$237B
| $359M | 0.28% |
1,382,090
-131,300
| -9% | -$32.2M |
|
73
Brighthouse Financial
BHF
$3.63B
| $359M | 0.28% |
9,907,961
-84,961
| -0.9% | -$2.85M |
|
74
Fox Class B
FOX
$20.7B
| $296M | 0.23% |
10,266,448
-12,351
| -0.1% | -$342K |
|
75
Lincoln National
LNC
$7.91B
| $293M | 0.23% |
5,833,207
+21,150
| +0.4% | +$899K |
|
Similar funds
Dodge & Cox's Q4 2020 Portfolio in Review
As of Q4 2020, Dodge & Cox held 186 positions worth $126B, up 16% from $109B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $5.15B in Q4 2020, closing 4 positions and reducing 121 holdings. Its most notable exit was Aptiv, an estimated $11.3M position sold in full.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 25% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Dodge & Cox opened a new position in Fiserv Inc worth $723M.
- Dodge & Cox's largest Q4 2020 buy was Fiserv Inc: 6,349,031 shares worth $723M.
- Dodge & Cox added most to GSK in Q4 2020, an estimated $659M increase.
- Dodge & Cox's biggest Q4 2020 reduction was FedEx, cutting an estimated $1.06B.
- Dodge & Cox fully exited Aptiv in Q4 2020, selling an estimated $11.3M.
- Dodge & Cox's ten largest holdings make up 32% of its $126B portfolio in Q4 2020.
- Dodge & Cox opened 3 new positions and closed 4 in Q4 2020.
- Dodge & Cox's portfolio value rose 16% quarter-over-quarter to $126B.
Based on Dodge & Cox's 13F filing for Q4 2020, filed 11 Feb 2021.