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 |
Sanofi
SNY
|
+$1.4B |
| 2 |
ConocoPhillips
COP
|
+$1.18B |
| 3 |
FISV
Fiserv Inc
FISV
|
+$924M |
| 4 |
GSK
GSK
|
+$908M |
| 5 |
Alibaba
BABA
|
+$681M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$1.58B |
| 2 |
CXO
CONCHO RESOURCES INC.
CXO
|
+$1.05B |
| 3 |
Bank of America
BAC
|
+$1.03B |
| 4 |
Capital One
COF
|
+$889M |
| 5 |
HP
HPQ
|
+$673M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.36% |
| 2 | Technology | 18.58% |
| 3 | Healthcare | 14.71% |
| 4 | Communication Services | 14.08% |
| 5 | Energy | 9.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
T-Mobile US
TMUS
$193B
| $267M | 0.19% |
2,128,598
-576,679
| -21% | -$72.7M |
|
|
MFGP
77
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $266M | 0.19% |
34,616,032
+1,206
| +0% | +$7.55K |
|
78
Alphabet (Google) Class A
GOOGL
$3.91T
| $239M | 0.17% |
2,315,680
-115,500
| -5% | -$11.4M |
|
79
Liberty Global Class A
LBTYA
$3.31B
| $202M | 0.14% |
7,885,751
-400,000
| -5% | -$10.1M |
|
80
LyondellBasell Industries
LYB
$19.5B
| $183M | 0.13% |
1,756,851
-4,282,552
| -71% | -$425M |
|
|
81
JPMorgan Chase
JPM
$939B
| $183M | 0.13% |
1,200,087
-10,954,367
| -90% | -$1.58B |
|
82
Occidental Petroleum Corp Warrants
OXY.WS
$33.2B
| $182M | 0.13% |
15,287,722
-4,344
| -0% | -$49K |
|
83
Teck Resources
TECK
$29.5B
| $165M | 0.12% |
8,582,240
| – | – |
|
84
Walt Disney
DIS
$165B
| $89.2M | 0.06% |
483,176
-22,273
| -4% | -$4.11M |
|
85
Itaú Unibanco
ITUB
$91.3B
| $87.6M | 0.06% |
24,259,113
+2,964,840
| +14% | +$11.2M |
|
86
Union Pacific
UNP
$183B
| $70.9M | 0.05% |
321,501
-3,468
| -1% | -$728K |
|
87
Cadence Design Systems
CDNS
$90B
| $46.2M | 0.03% |
337,216
-11,727
| -3% | -$1.57M |
|
88
AstraZeneca
AZN
$263B
| $44.3M | 0.03% |
445,138
-1,212,448
| -73% | -$122M |
|
89
Target
TGT
$62.1B
| $31.7M | 0.02% |
159,825
-6,891
| -4% | -$1.29M |
|
90
Chevron
CVX
$388B
| $29.1M | 0.02% |
277,905
-1,212
| -0.4% | -$118K |
|
91
ICICI Bank
IBN
$106B
| $26.5M | 0.02% |
1,653,700
-148,530
| -8% | -$2.43M |
|
92
Travelers Companies
TRV
$80.8B
| $19.5M | 0.01% |
129,830
-2,600
| -2% | -$382K |
|
93
Merck
MRK
$324B
| $19M | 0.01% |
258,946
-29,426
| -10% | -$2.17M |
|
94
Eli Lilly
LLY
$1.07T
| $17.3M | 0.01% |
92,366
-14,147
| -13% | -$2.77M |
|
95
Procter & Gamble
PG
$343B
| $15.6M | 0.01% |
115,187
-1,793
| -2% | -$234K |
|
96
Adobe
ADBE
$89.5B
| $15.4M | 0.01% |
32,450
-667
| -2% | -$312K |
|
97
Thermo Fisher Scientific
TMO
$211B
| $15M | 0.01% |
32,856
-1,989
| -6% | -$949K |
|
98
Walmart Inc
WMT
$871B
| $14.2M | 0.01% |
312,933
-18,474
| -6% | -$856K |
|
99
iShares Russell 1000 Value ETF
IWD
$82B
| $13M | 0.01% |
+85,500
| New | +$12.4M |
|
100
Home Depot
HD
$332B
| $11.3M | 0.01% |
37,019
-425
| -1% | -$117K |
|
Similar funds
Dodge & Cox's Q1 2021 Portfolio in Review
As of Q1 2021, Dodge & Cox held 188 positions worth $140B, up 11% from $126B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $5.19B in Q1 2021, closing 2 positions and reducing 114 holdings. Its most notable exit was CONCHO RESOURCES INC., an estimated $1.05B position sold in full.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 27% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Dodge & Cox opened a new position in Honda worth $348M.
- Dodge & Cox's largest Q1 2021 buy was Honda: 11,515,024 shares worth $348M.
- Dodge & Cox added most to Sanofi in Q1 2021, an estimated $1.4B increase.
- Dodge & Cox's biggest Q1 2021 reduction was JPMorgan Chase, cutting an estimated $1.58B.
- Dodge & Cox fully exited CONCHO RESOURCES INC. in Q1 2021, selling an estimated $1.05B.
- Dodge & Cox's ten largest holdings make up 32% of its $140B portfolio in Q1 2021.
- Dodge & Cox opened 6 new positions and closed 2 in Q1 2021.
- Dodge & Cox's portfolio value rose 11% quarter-over-quarter to $140B.
Based on Dodge & Cox's 13F filing for Q1 2021, filed 14 May 2021.