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 |
Meta Platforms (Facebook)
META
|
+$951M |
| 2 |
VMW
VMware, Inc
VMW
|
+$780M |
| 3 |
Williams Companies
WMB
|
+$682M |
| 4 |
Carrier Global
CARR
|
+$673M |
| 5 |
Otis Worldwide
OTIS
|
+$494M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Sprint Corporation
S
|
+$769M |
| 2 |
RTX Corp
RTX
|
+$648M |
| 3 |
AstraZeneca
AZN
|
+$574M |
| 4 |
UnitedHealth
UNH
|
+$506M |
| 5 |
MXIM
Maxim Integrated Products
MXIM
|
+$469M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.21% |
| 2 | Technology | 18.94% |
| 3 | Healthcare | 15.58% |
| 4 | Communication Services | 14.38% |
| 5 | Energy | 10.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
76
Mattel
MAT
$4.82B
| $226M | 0.21% |
23,348,309
-124,056
| -0.5% | -$1.13M |
2017 Q4
10 quarters
|
|
77
Alphabet (Google) Class A
GOOGL
$4.33T
| $215M | 0.2% |
3,033,900
-65,700
| -2% | -$4.43M |
2015 Q4
18 quarters
|
|
78
Lincoln National
LNC
$7.8B
| $202M | 0.19% |
5,498,557
+4,365,725
| +385% | +$154M |
2020 Q1
1 quarter
|
|
79
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$29.1B
| $195M | 0.18% |
1,446,276
-985,204
| -41% | -$128M |
2020 Q1
1 quarter
|
|
80
Liberty Global Class A
LBTYA
$2.94B
| $193M | 0.18% |
8,822,251
-7,117,522
| -45% | -$147M |
2013 Q2
28 quarters
|
|
|
MFGP
81
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $190M | 0.18% |
34,715,406
-787,513
| -2% | -$4.31M |
2017 Q3
11 quarters
|
|
82
News Corp Class A
NWSA
$15.8B
| $163M | 0.15% |
13,740,109
-236,753
| -2% | -$2.53M |
2013 Q3
27 quarters
|
|
83
Teck Resources
TECK
$33.3B
| $103M | 0.09% |
+9,880,640
| New | +$90.7M |
2020 Q2
0 quarters
|
|
84
Walt Disney
DIS
$187B
| $66.3M | 0.06% |
594,976
-40,315
| -6% | -$4.45M |
2013 Q2
28 quarters
|
|
85
Itaú Unibanco
ITUB
$111B
| $65.8M | 0.06% |
19,281,568
+5,338,993
| +38% | +$17.3M |
2016 Q3
15 quarters
|
|
86
Union Pacific
UNP
$166B
| $60.1M | 0.06% |
355,324
-5,088
| -1% | -$815K |
2013 Q2
28 quarters
|
|
87
Cadence Design Systems
CDNS
$97.2B
| $36.5M | 0.03% |
380,179
-19,362
| -5% | -$1.62M |
2013 Q2
28 quarters
|
|
88
Eli Lilly
LLY
$1.05T
| $28M | 0.03% |
170,622
-120,885
| -41% | -$18.6M |
2013 Q2
28 quarters
|
|
89
Chevron
CVX
$422B
| $27.4M | 0.03% |
307,316
-6,151
| -2% | -$551K |
2013 Q2
28 quarters
|
|
90
Merck
MRK
$358B
| $26.8M | 0.02% |
362,586
-179,186
| -33% | -$13.5M |
2013 Q2
28 quarters
|
|
91
Target
TGT
$69.1B
| $21.9M | 0.02% |
182,979
-3,228
| -2% | -$368K |
2013 Q2
28 quarters
|
|
92
Travelers Companies
TRV
$77.7B
| $16M | 0.01% |
140,056
-3,375
| -2% | -$356K |
2013 Q2
28 quarters
|
|
93
Adobe
ADBE
$92.7B
| $15.4M | 0.01% |
35,405
-2,465
| -7% | -$913K |
2013 Q2
28 quarters
|
|
94
Walmart Inc
WMT
$891B
| $14.8M | 0.01% |
370,710
-7,326
| -2% | -$301K |
2013 Q2
28 quarters
|
|
95
Procter & Gamble
PG
$355B
| $14.5M | 0.01% |
121,040
-864
| -0.7% | -$101K |
2013 Q2
28 quarters
|
|
96
ICICI Bank
IBN
$101B
| $14.5M | 0.01% |
1,555,530
| – | – |
2016 Q4
14 quarters
|
|
97
Thermo Fisher Scientific
TMO
$243B
| $13M | 0.01% |
35,970
-320
| -0.9% | -$107K |
2013 Q2
28 quarters
|
|
98
Home Depot
HD
$291B
| $11.4M | 0.01% |
45,337
-335
| -0.7% | -$76.7K |
2013 Q2
28 quarters
|
|
99
Aptiv
APTV
$9.09B
| $9.57M | 0.01% |
+122,880
| New | +$8.46M |
2020 Q2
0 quarters
|
|
100
Pfizer
PFE
$162B
| $7.9M | 0.01% |
254,633
-70,284
| -22% | -$2.39M |
2013 Q2
28 quarters
|
|
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Dodge & Cox's Q2 2020 Portfolio in Review
As of Q2 2020, Dodge & Cox held 198 positions worth $109B, up 18% from $92.4B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2020 filing shows 21 new, 46 increased, 98 reduced and 6 closed positions. Its largest new stake was Meta Platforms (Facebook): 4,555,170 shares worth $1.03B. The largest sale was Sprint Corporation, an estimated $769M.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 24% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q2 2020 buy was Meta Platforms (Facebook): 4,555,170 shares worth $1.03B.
- Dodge & Cox added most to VMware, Inc in Q2 2020, an estimated $780M increase.
- Dodge & Cox's biggest Q2 2020 reduction was RTX Corp, cutting an estimated $648M.
- Dodge & Cox fully exited Sprint Corporation in Q2 2020, selling an estimated $769M.
- Dodge & Cox's ten largest holdings make up 30% of its $109B portfolio in Q2 2020.
- Dodge & Cox opened 21 new positions and closed 6 in Q2 2020.
- Dodge & Cox's portfolio value rose 18% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q2 2020, filed 13 Aug 2020.