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 |
FISV
Fiserv Inc
FISV
|
+$684M |
| 2 |
GSK
GSK
|
+$659M |
| 3 |
RTX Corp
RTX
|
+$578M |
| 4 |
Wells Fargo
WFC
|
+$452M |
| 5 |
TC Energy
TRP
|
+$365M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$1.06B |
| 2 |
TE Connectivity
TEL
|
+$801M |
| 3 |
AstraZeneca
AZN
|
+$609M |
| 4 |
Bank of America
BAC
|
+$533M |
| 5 |
SCHW
Charles Schwab
SCHW
|
+$481M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.05% |
| 2 | Technology | 18.36% |
| 3 | Communication Services | 14.15% |
| 4 | Healthcare | 14.14% |
| 5 | Industrials | 9.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Incyte
INCY
$23.5B
| $283M | 0.22% |
3,252,530
-36,401
| -1% | -$3.15M |
|
77
News Corp Class A
NWSA
$14.5B
| $244M | 0.19% |
13,567,010
-200,843
| -1% | -$3.24M |
|
78
NOV
NOV
$7.45B
| $226M | 0.18% |
16,466,332
-6,667,783
| -29% | -$75.4M |
|
79
Alphabet (Google) Class A
GOOGL
$3.91T
| $213M | 0.17% |
2,431,180
-255,720
| -10% | -$21.5M |
|
80
Liberty Global Class A
LBTYA
$3.31B
| $201M | 0.16% |
8,285,751
-507,200
| -6% | -$11.3M |
|
|
MFGP
81
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $198M | 0.16% |
34,614,826
-127,912
| -0.4% | -$554K |
|
82
Cemex
CX
$17.4B
| $169M | 0.13% |
32,592,692
-56,590,898
| -63% | -$260M |
|
|
83
AstraZeneca
AZN
$263B
| $166M | 0.13% |
1,657,586
-5,753,087
| -78% | -$609M |
|
84
Teck Resources
TECK
$29.5B
| $156M | 0.12% |
8,582,240
-488,100
| -5% | -$7.53M |
|
85
Occidental Petroleum Corp Warrants
OXY.WS
$33.2B
| $104M | 0.08% |
15,292,066
-125,646
| -0.8% | -$569K |
|
86
Itaú Unibanco
ITUB
$91.3B
| $94.4M | 0.07% |
21,294,273
+1,914,990
| +10% | +$7.16M |
|
87
Walt Disney
DIS
$165B
| $91.6M | 0.07% |
505,449
-58,067
| -10% | -$8.33M |
|
88
Union Pacific
UNP
$183B
| $67.7M | 0.05% |
324,969
-20,140
| -6% | -$4.02M |
|
89
Cadence Design Systems
CDNS
$90B
| $47.6M | 0.04% |
348,943
-14,115
| -4% | -$1.66M |
|
90
Target
TGT
$62.1B
| $29.4M | 0.02% |
166,716
-8,778
| -5% | -$1.46M |
|
91
ICICI Bank
IBN
$106B
| $26.8M | 0.02% |
1,802,230
+111,000
| +7% | +$1.4M |
|
92
Chevron
CVX
$388B
| $23.6M | 0.02% |
279,117
-22,027
| -7% | -$1.78M |
|
93
Merck
MRK
$324B
| $22.5M | 0.02% |
288,372
-34,128
| -11% | -$2.61M |
|
94
Travelers Companies
TRV
$80.8B
| $18.6M | 0.01% |
132,430
-4,161
| -3% | -$534K |
|
95
Eli Lilly
LLY
$1.07T
| $18M | 0.01% |
106,513
-18,880
| -15% | -$2.82M |
|
96
Adobe
ADBE
$89.5B
| $16.6M | 0.01% |
33,117
-777
| -2% | -$375K |
|
97
Procter & Gamble
PG
$343B
| $16.3M | 0.01% |
116,980
-2,902
| -2% | -$406K |
|
98
Thermo Fisher Scientific
TMO
$211B
| $16.2M | 0.01% |
34,845
-285
| -0.8% | -$134K |
|
99
Walmart Inc
WMT
$871B
| $15.9M | 0.01% |
331,407
-31,203
| -9% | -$1.52M |
|
100
Home Depot
HD
$332B
| $9.95M | 0.01% |
37,444
-2,318
| -6% | -$637K |
|
Similar funds
Dodge & Cox's Q4 2020 Portfolio in Review
As of Q4 2020, Dodge & Cox held 186 positions worth $126B, up 16% from $109B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $5.15B in Q4 2020, closing 4 positions and reducing 121 holdings. Its most notable exit was Aptiv, an estimated $11.3M position sold in full.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 25% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Dodge & Cox opened a new position in Fiserv Inc worth $723M.
- Dodge & Cox's largest Q4 2020 buy was Fiserv Inc: 6,349,031 shares worth $723M.
- Dodge & Cox added most to GSK in Q4 2020, an estimated $659M increase.
- Dodge & Cox's biggest Q4 2020 reduction was FedEx, cutting an estimated $1.06B.
- Dodge & Cox fully exited Aptiv in Q4 2020, selling an estimated $11.3M.
- Dodge & Cox's ten largest holdings make up 32% of its $126B portfolio in Q4 2020.
- Dodge & Cox opened 3 new positions and closed 4 in Q4 2020.
- Dodge & Cox's portfolio value rose 16% quarter-over-quarter to $126B.
Based on Dodge & Cox's 13F filing for Q4 2020, filed 11 Feb 2021.