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 |
State Street
STT
|
+$1.1B |
| 2 |
Occidental Petroleum
OXY
|
+$973M |
| 3 |
SLB Ltd
SLB
|
+$953M |
| 4 |
HP
HPQ
|
+$720M |
| 5 |
Bank of America
BAC
|
+$654M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Charter Communications
CHTR
|
+$1.31B |
| 2 |
Eli Lilly
LLY
|
+$1.07B |
| 3 |
Microsoft
MSFT
|
+$915M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$855M |
| 5 |
Sanofi
SNY
|
+$516M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.47% |
| 2 | Healthcare | 19.44% |
| 3 | Technology | 17.53% |
| 4 | Communication Services | 13.51% |
| 5 | Industrials | 8.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
News Corp Class A
NWSA
$14.5B
| $125M | 0.14% |
13,976,862
+262,100
| +2% | +$3.31M |
|
77
Ovintiv
OVV
$17.5B
| $103M | 0.11% |
38,017,797
+9,580,540
| +34% | +$126M |
|
78
Walt Disney
DIS
$165B
| $61.4M | 0.07% |
635,291
-54,097
| -8% | -$6.84M |
|
|
VMW
79
DELISTED
VMware, Inc
VMW
| $54.7M | 0.06% |
451,694
+436,194
| +2,814% | +$60M |
|
80
Union Pacific
UNP
$183B
| $50.8M | 0.06% |
360,412
-18,356
| -5% | -$3.03M |
|
81
Itaú Unibanco
ITUB
$91.3B
| $45.6M | 0.05% |
13,942,575
+1,142,755
| +9% | +$5.86M |
|
|
82
Eli Lilly
LLY
$1.07T
| $40.4M | 0.04% |
291,507
-7,796,551
| -96% | -$1.07B |
|
83
Merck
MRK
$324B
| $39.8M | 0.04% |
541,772
-180,715
| -25% | -$14.2M |
|
84
Lincoln National
LNC
$7.91B
| $29.8M | 0.03% |
+1,132,832
| New | +$53.8M |
|
85
Cadence Design Systems
CDNS
$90B
| $26.4M | 0.03% |
399,541
-23,965
| -6% | -$1.66M |
|
86
Chevron
CVX
$388B
| $22.7M | 0.02% |
313,467
-23,093
| -7% | -$2.28M |
|
87
Target
TGT
$62.1B
| $17.3M | 0.02% |
186,207
-7,000
| -4% | -$777K |
|
88
Walmart Inc
WMT
$871B
| $14.3M | 0.02% |
378,036
-21,720
| -5% | -$835K |
|
89
Travelers Companies
TRV
$80.8B
| $14.3M | 0.02% |
143,431
-2,650
| -2% | -$330K |
|
90
Procter & Gamble
PG
$343B
| $13.4M | 0.01% |
121,904
-8,350
| -6% | -$1M |
|
91
ICICI Bank
IBN
$106B
| $13.2M | 0.01% |
1,555,530
| – | – |
|
92
Petrobras Class A
PBR.A
$107B
| $12.2M | 0.01% |
2,265,907
+543,200
| +32% | +$6.11M |
|
93
Adobe
ADBE
$89.5B
| $12.1M | 0.01% |
37,870
-2,825
| -7% | -$966K |
|
94
Thermo Fisher Scientific
TMO
$211B
| $10.3M | 0.01% |
36,290
-65
| -0.2% | -$20.5K |
|
95
Pfizer
PFE
$140B
| $10.1M | 0.01% |
324,917
-84,564
| -21% | -$2.88M |
|
96
Home Depot
HD
$332B
| $8.53M | 0.01% |
45,672
-6,701
| -13% | -$1.47M |
|
97
IBM
IBM
$202B
| $6.51M | 0.01% |
61,402
-9,616
| -14% | -$1.22M |
|
98
Boston Scientific
BSX
$65.8B
| $5.38M | 0.01% |
164,840
-9,600
| -6% | -$375K |
|
99
AT&T
T
$165B
| $5.17M | 0.01% |
234,833
-82,129
| -26% | -$2.24M |
|
100
Caterpillar
CAT
$409B
| $5M | 0.01% |
43,107
-100
| -0.2% | -$12.8K |
|
Similar funds
Dodge & Cox's Q1 2020 Portfolio in Review
As of Q1 2020, Dodge & Cox held 187 positions worth $92.4B, down 29% from $131B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox deployed $4.38B of net new capital in Q1 2020, opening 3 new positions and adding to 53 existing holdings. Its largest new stake was iShares iBoxx $ Investment Grade Corporate Bond ETF: 2,431,480 shares worth $300M.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Healthcare and Technology.
On the sell side, the largest reduction was Charter Communications, an estimated $1.31B trimmed.
- Dodge & Cox's largest Q1 2020 buy was iShares iBoxx $ Investment Grade Corporate Bond ETF: 2,431,480 shares worth $300M.
- Dodge & Cox added most to State Street in Q1 2020, an estimated $1.1B increase.
- Dodge & Cox's biggest Q1 2020 reduction was Charter Communications, cutting an estimated $1.31B.
- Dodge & Cox fully exited Zayo Group Holdings, Inc. in Q1 2020, selling an estimated $10.4M.
- Dodge & Cox's ten largest holdings make up 32% of its $92.4B portfolio in Q1 2020.
- Dodge & Cox opened 3 new positions and closed 10 in Q1 2020.
- Dodge & Cox's portfolio value fell 29% quarter-over-quarter to $92.4B.
Based on Dodge & Cox's 13F filing for Q1 2020, filed 14 May 2020.