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 |
T-Mobile US
TMUS
|
+$1.27B |
| 2 |
FISV
Fiserv Inc
FISV
|
+$1,000M |
| 3 |
Honda
HMC
|
+$931M |
| 4 |
Incyte
INCY
|
+$774M |
| 5 |
Gilead Sciences
GILD
|
+$701M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Capital One
COF
|
+$1.06B |
| 2 |
Hewlett Packard
HPE
|
+$654M |
| 3 |
APA Corp
APA
|
+$415M |
| 4 |
Johnson Controls International
JCI
|
+$345M |
| 5 |
Goldman Sachs
GS
|
+$279M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.9% |
| 2 | Technology | 17.61% |
| 3 | Communication Services | 15.85% |
| 4 | Healthcare | 15.64% |
| 5 | Energy | 9.52% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Baker Hughes
BKR
$61.7B
| $1.17B | 0.76% |
51,108,706
-341,607
| -0.7% | -$7.88M |
|
|
VMW
52
DELISTED
VMware, Inc
VMW
| $1.15B | 0.75% |
7,180,825
+345,270
| +5% | +$55.2M |
|
|
53
Incyte
INCY
$25.9B
| $1.14B | 0.75% |
13,597,536
+9,280,144
| +215% | +$774M |
|
|
HES
54
DELISTED
Hess
HES
| $1.05B | 0.69% |
12,002,275
-894,834
| -7% | -$72.2M |
|
55
Nutrien
NTR
$34.9B
| $970M | 0.63% |
15,998,359
+2,026,145
| +15% | +$120M |
|
56
Baidu
BIDU
$32.9B
| $958M | 0.63% |
4,697,851
+1,806,159
| +62% | +$361M |
|
57
Alnylam Pharmaceuticals
ALNY
$31.7B
| $918M | 0.6% |
5,414,001
+1,092,374
| +25% | +$160M |
|
58
Televisa
TV
$1.45B
| $910M | 0.6% |
63,701,320
-746,100
| -1% | -$9.58M |
|
59
Truist Financial
TFC
$61.4B
| $817M | 0.53% |
14,718,439
-2,237,350
| -13% | -$131M |
|
|
GAP
60
The Gap Inc
GAP
$7.48B
| $790M | 0.52% |
23,470,862
-828,900
| -3% | -$27.4M |
|
61
Ovintiv
OVV
$18B
| $740M | 0.48% |
23,512,137
-4,751,712
| -17% | -$128M |
|
|
QVCGA
62
DELISTED
QVC Group Inc Series A
QVCGA
| $682M | 0.45% |
1,041,902
-21,498
| -2% | -$13.8M |
|
63
Medtronic
MDT
$115B
| $628M | 0.41% |
5,062,662
-185,619
| -4% | -$23.3M |
|
|
64
APA Corp
APA
$14.8B
| $525M | 0.34% |
24,277,527
-20,218,924
| -45% | -$415M |
|
65
Otis Worldwide
OTIS
$27.2B
| $510M | 0.33% |
6,240,505
-216,531
| -3% | -$16.7M |
|
66
TC Energy
TRP
$64.6B
| $488M | 0.32% |
9,859,000
| – | – |
|
67
JD.com
JD
$38.5B
| $486M | 0.32% |
6,086,649
+518,772
| +9% | +$39M |
|
68
Liberty Global Class C
LBTYK
$3.51B
| $481M | 0.31% |
17,783,768
| – | – |
|
69
Fox Class B
FOX
$25.4B
| $463M | 0.3% |
13,158,141
+1,778,285
| +16% | +$64.3M |
|
70
Aegon
AEG
$13.6B
| $456M | 0.3% |
117,542,230
-2,689,692
| -2% | -$11.5M |
|
71
Brighthouse Financial
BHF
$3.11B
| $437M | 0.29% |
9,603,165
-180,198
| -2% | -$8.47M |
|
72
Credicorp
BAP
$29.6B
| $407M | 0.27% |
3,362,996
+32,600
| +1% | +$4.26M |
|
73
Linde
LIN
$224B
| $375M | 0.25% |
1,299,735
-2,355
| -0.2% | -$687K |
|
74
Lincoln National
LNC
$8.33B
| $327M | 0.21% |
5,208,907
-472,000
| -8% | -$31.2M |
|
75
News Corp Class A
NWSA
$16.8B
| $315M | 0.21% |
12,233,203
-676,729
| -5% | -$17.8M |
|
Similar funds
Dodge & Cox's Q2 2021 Portfolio in Review
As of Q2 2021, Dodge & Cox held 197 positions worth $153B, up 9.3% from $140B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Dodge & Cox's Q2 2021 filing shows 11 new, 39 increased, 108 reduced and 7 closed positions. Its largest new stake was Organon & Co: 22,698 shares worth $686K. The largest sale was Capital One, an estimated $1.06B.
By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 26% a quarter earlier, followed by Technology and Communication Services.
- Dodge & Cox's largest Q2 2021 buy was Organon & Co: 22,698 shares worth $686K.
- Dodge & Cox added most to T-Mobile US in Q2 2021, an estimated $1.27B increase.
- Dodge & Cox's biggest Q2 2021 reduction was Capital One, cutting an estimated $1.06B.
- Dodge & Cox fully exited State Street SPDR S&P 500 ETF Trust in Q2 2021, selling an estimated $1.19M.
- Dodge & Cox's ten largest holdings make up 31% of its $153B portfolio in Q2 2021.
- Dodge & Cox opened 11 new positions and closed 7 in Q2 2021.
- Dodge & Cox's portfolio value rose 9.3% quarter-over-quarter to $153B.
Based on Dodge & Cox's 13F filing for Q2 2021, filed 13 Aug 2021.