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 |
Sanofi
SNY
|
+$1.4B |
| 2 |
ConocoPhillips
COP
|
+$1.18B |
| 3 |
FISV
Fiserv Inc
FISV
|
+$924M |
| 4 |
GSK
GSK
|
+$908M |
| 5 |
Alibaba
BABA
|
+$681M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$1.58B |
| 2 |
CXO
CONCHO RESOURCES INC.
CXO
|
+$1.05B |
| 3 |
Bank of America
BAC
|
+$1.03B |
| 4 |
Capital One
COF
|
+$889M |
| 5 |
HP
HPQ
|
+$673M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.36% |
| 2 | Technology | 18.58% |
| 3 | Healthcare | 14.71% |
| 4 | Communication Services | 14.08% |
| 5 | Energy | 9.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
HES
51
DELISTED
Hess
HES
| $913M | 0.65% |
12,897,109
-4,307,480
| -25% | -$275M |
|
52
BioMarin Pharmaceuticals
BMRN
$11.5B
| $895M | 0.64% |
11,854,308
+2,057,384
| +21% | +$168M |
|
53
APA Corp
APA
$12.8B
| $796M | 0.57% |
44,496,451
-7,698,425
| -15% | -$141M |
|
54
Nutrien
NTR
$32.7B
| $753M | 0.54% |
13,972,214
-902,400
| -6% | -$49.1M |
|
|
GAP
55
The Gap Inc
GAP
$6.84B
| $724M | 0.52% |
24,299,762
-1,013,265
| -4% | -$25.2M |
|
56
Ovintiv
OVV
$17.7B
| $673M | 0.48% |
28,263,849
-4,588,048
| -14% | -$98.1M |
|
57
Baidu
BIDU
$35.8B
| $629M | 0.45% |
2,891,692
-846,929
| -23% | -$221M |
|
|
QVCGA
58
DELISTED
QVC Group Inc Series A
QVCGA
| $625M | 0.45% |
1,063,400
-123,461
| -10% | -$76.1M |
|
59
Medtronic
MDT
$107B
| $620M | 0.44% |
5,248,281
-203,310
| -4% | -$23.8M |
|
60
Alnylam Pharmaceuticals
ALNY
$36.3B
| $610M | 0.44% |
4,321,627
-318,286
| -7% | -$47.9M |
|
61
Televisa
TV
$1.45B
| $571M | 0.41% |
64,447,420
-500,000
| -0.8% | -$4.25M |
|
62
Aegon
AEG
$13.5B
| $525M | 0.38% |
120,231,922
-7,037,490
| -6% | -$29.5M |
|
63
Halliburton
HAL
$27.9B
| $488M | 0.35% |
22,745,837
-6,592,835
| -22% | -$138M |
|
64
JD.com
JD
$40.8B
| $470M | 0.34% |
5,567,877
+22,000
| +0.4% | +$2.02M |
|
65
Credicorp
BAP
$30.9B
| $455M | 0.33% |
3,330,396
+823,300
| +33% | +$128M |
|
66
Liberty Global Class C
LBTYK
$3.25B
| $454M | 0.32% |
17,783,768
| – | – |
|
67
TC Energy
TRP
$73.5B
| $451M | 0.32% |
9,859,000
+966,127
| +11% | +$42.8M |
|
68
Otis Worldwide
OTIS
$27.6B
| $442M | 0.32% |
6,457,036
-221,217
| -3% | -$14.5M |
|
69
Brighthouse Financial
BHF
$3.63B
| $433M | 0.31% |
9,783,363
-124,598
| -1% | -$5.12M |
|
70
Fox Class B
FOX
$20.7B
| $397M | 0.28% |
11,379,856
+1,113,408
| +11% | +$37.3M |
|
71
Linde
LIN
$237B
| $365M | 0.26% |
1,302,090
-80,000
| -6% | -$20.8M |
|
72
Lincoln National
LNC
$7.91B
| $354M | 0.25% |
5,680,907
-152,300
| -3% | -$8.42M |
|
73
Incyte
INCY
$23.5B
| $351M | 0.25% |
4,317,392
+1,064,862
| +33% | +$90.9M |
|
74
Honda
HMC
$36.5B
| $348M | 0.25% |
+11,515,024
| New | +$331M |
|
75
News Corp Class A
NWSA
$14.5B
| $328M | 0.23% |
12,909,932
-657,078
| -5% | -$14.7M |
|
Similar funds
Dodge & Cox's Q1 2021 Portfolio in Review
As of Q1 2021, Dodge & Cox held 188 positions worth $140B, up 11% from $126B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $5.19B in Q1 2021, closing 2 positions and reducing 114 holdings. Its most notable exit was CONCHO RESOURCES INC., an estimated $1.05B position sold in full.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 27% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Dodge & Cox opened a new position in Honda worth $348M.
- Dodge & Cox's largest Q1 2021 buy was Honda: 11,515,024 shares worth $348M.
- Dodge & Cox added most to Sanofi in Q1 2021, an estimated $1.4B increase.
- Dodge & Cox's biggest Q1 2021 reduction was JPMorgan Chase, cutting an estimated $1.58B.
- Dodge & Cox fully exited CONCHO RESOURCES INC. in Q1 2021, selling an estimated $1.05B.
- Dodge & Cox's ten largest holdings make up 32% of its $140B portfolio in Q1 2021.
- Dodge & Cox opened 6 new positions and closed 2 in Q1 2021.
- Dodge & Cox's portfolio value rose 11% quarter-over-quarter to $140B.
Based on Dodge & Cox's 13F filing for Q1 2021, filed 14 May 2021.