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 |
Wells Fargo
WFC
|
+$681M |
| 2 |
RTX Corp
RTX
|
+$637M |
| 3 |
BioMarin Pharmaceuticals
BMRN
|
+$415M |
| 4 |
BNY
Bank of New York Mellon
BNY
|
+$288M |
| 5 |
Williams Companies
WMB
|
+$261M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$1.92B |
| 2 |
Microsoft
MSFT
|
+$532M |
| 3 |
Goldman Sachs
GS
|
+$476M |
| 4 |
Microchip Technology
MCHP
|
+$443M |
| 5 |
Booking.com
BKNG
|
+$410M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.97% |
| 2 | Technology | 18.56% |
| 3 | Healthcare | 15.26% |
| 4 | Communication Services | 15% |
| 5 | Industrials | 10.52% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Alphabet (Google) Class A
GOOGL
$3.91T
| $197M | 0.18% |
2,686,900
-347,000
| -11% | -$26.4M |
|
77
News Corp Class A
NWSA
$14.5B
| $193M | 0.18% |
13,767,853
+27,744
| +0.2% | +$387K |
|
78
Credicorp
BAP
$30.9B
| $189M | 0.17% |
+1,524,224
| New | +$196M |
|
79
Liberty Global Class A
LBTYA
$3.31B
| $185M | 0.17% |
8,792,951
-29,300
| -0.3% | -$658K |
|
80
Lincoln National
LNC
$7.91B
| $182M | 0.17% |
5,812,057
+313,500
| +6% | +$11.2M |
|
81
Mattel
MAT
$4.17B
| $148M | 0.14% |
12,636,021
-10,712,288
| -46% | -$119M |
|
82
Teck Resources
TECK
$29.5B
| $126M | 0.12% |
9,070,340
-810,300
| -8% | -$9.6M |
|
|
MFGP
83
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $112M | 0.1% |
34,742,738
+27,332
| +0.1% | +$109K |
|
84
Walt Disney
DIS
$165B
| $69.9M | 0.06% |
563,516
-31,460
| -5% | -$3.93M |
|
85
Union Pacific
UNP
$183B
| $67.9M | 0.06% |
345,109
-10,215
| -3% | -$1.9M |
|
86
Itaú Unibanco
ITUB
$91.3B
| $56.1M | 0.05% |
19,379,283
+97,715
| +0.5% | +$332K |
|
87
Occidental Petroleum Corp Warrants
OXY.WS
$33.2B
| $46.3M | 0.04% |
+15,417,712
| New | +$49.3M |
|
88
Cadence Design Systems
CDNS
$90B
| $38.7M | 0.04% |
363,058
-17,121
| -5% | -$1.8M |
|
89
Target
TGT
$62.1B
| $27.6M | 0.03% |
175,494
-7,485
| -4% | -$1.03M |
|
90
Merck
MRK
$324B
| $25.5M | 0.02% |
322,500
-40,086
| -11% | -$3.14M |
|
91
Chevron
CVX
$388B
| $21.7M | 0.02% |
301,144
-6,172
| -2% | -$519K |
|
92
Eli Lilly
LLY
$1.07T
| $18.6M | 0.02% |
125,393
-45,229
| -27% | -$7M |
|
93
Walmart Inc
WMT
$871B
| $16.9M | 0.02% |
362,610
-8,100
| -2% | -$360K |
|
94
Procter & Gamble
PG
$343B
| $16.7M | 0.02% |
119,882
-1,158
| -1% | -$154K |
|
95
ICICI Bank
IBN
$106B
| $16.6M | 0.02% |
1,691,230
+135,700
| +9% | +$1.35M |
|
96
Adobe
ADBE
$89.5B
| $16.6M | 0.02% |
33,894
-1,511
| -4% | -$703K |
|
97
Thermo Fisher Scientific
TMO
$211B
| $15.5M | 0.01% |
35,130
-840
| -2% | -$347K |
|
98
Travelers Companies
TRV
$80.8B
| $14.8M | 0.01% |
136,591
-3,465
| -2% | -$397K |
|
99
TC Energy
TRP
$73.5B
| $13.4M | 0.01% |
+318,273
| New | +$14.6M |
|
100
Aptiv
APTV
$12B
| $11.3M | 0.01% |
123,280
+400
| +0.3% | +$33.6K |
|
Similar funds
Dodge & Cox's Q3 2020 Portfolio in Review
As of Q3 2020, Dodge & Cox held 196 positions worth $109B, up 0.5% from $109B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $3.73B in Q3 2020, closing 13 positions and reducing 112 holdings. Its most notable exit was iShares iBoxx $ Investment Grade Corporate Bond ETF, an estimated $195M position sold in full.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 24% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Dodge & Cox opened a new position in Credicorp worth $189M.
- Dodge & Cox's largest Q3 2020 buy was Credicorp: 1,524,224 shares worth $189M.
- Dodge & Cox added most to Wells Fargo in Q3 2020, an estimated $681M increase.
- Dodge & Cox's biggest Q3 2020 reduction was FedEx, cutting an estimated $1.92B.
- Dodge & Cox fully exited iShares iBoxx $ Investment Grade Corporate Bond ETF in Q3 2020, selling an estimated $195M.
- Dodge & Cox's ten largest holdings make up 32% of its $109B portfolio in Q3 2020.
- Dodge & Cox opened 4 new positions and closed 13 in Q3 2020.
- Dodge & Cox's portfolio value rose 0.5% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q3 2020, filed 13 Nov 2020.