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 |
T-Mobile US
TMUS
|
+$1.27B |
| 2 |
FISV
Fiserv Inc
FISV
|
+$1,000M |
| 3 |
Honda
HMC
|
+$931M |
| 4 |
Incyte
INCY
|
+$774M |
| 5 |
Gilead Sciences
GILD
|
+$701M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Capital One
COF
|
+$1.06B |
| 2 |
Hewlett Packard
HPE
|
+$654M |
| 3 |
APA Corp
APA
|
+$415M |
| 4 |
Johnson Controls International
JCI
|
+$345M |
| 5 |
Goldman Sachs
GS
|
+$279M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.9% |
| 2 | Technology | 17.61% |
| 3 | Communication Services | 15.85% |
| 4 | Healthcare | 15.64% |
| 5 | Energy | 9.52% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Alphabet (Google) Class A
GOOGL
$4.17T
| $279M | 0.18% |
2,283,660
-32,020
| -1% | -$3.74M |
|
77
Halliburton
HAL
$29.6B
| $276M | 0.18% |
11,949,707
-10,796,130
| -47% | -$240M |
|
|
MFGP
78
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $260M | 0.17% |
34,551,080
-64,952
| -0.2% | -$466K |
|
79
Liberty Global Class A
LBTYA
$3.6B
| $214M | 0.14% |
7,885,751
| – | – |
|
80
Occidental Petroleum Corp Warrants
OXY.WS
$35B
| $211M | 0.14% |
15,204,793
-82,929
| -0.5% | -$957K |
|
81
Teck Resources
TECK
$34.6B
| $198M | 0.13% |
8,582,240
| – | – |
|
82
LyondellBasell Industries
LYB
$20.4B
| $177M | 0.12% |
1,724,131
-32,720
| -2% | -$3.54M |
|
83
Itaú Unibanco
ITUB
$83B
| $145M | 0.09% |
33,056,742
+8,797,629
| +36% | +$35.5M |
|
84
JPMorgan Chase
JPM
$942B
| $95.1M | 0.06% |
611,629
-588,458
| -49% | -$92.4M |
|
85
Walt Disney
DIS
$184B
| $81.9M | 0.05% |
465,837
-17,339
| -4% | -$3.12M |
|
86
Union Pacific
UNP
$183B
| $68.4M | 0.04% |
311,026
-10,475
| -3% | -$2.33M |
|
87
AstraZeneca
AZN
$255B
| $52.4M | 0.03% |
437,013
-8,125
| -2% | -$891K |
|
88
Cadence Design Systems
CDNS
$95.7B
| $45M | 0.03% |
328,813
-8,403
| -2% | -$1.11M |
|
89
Target
TGT
$75.4B
| $35.6M | 0.02% |
147,172
-12,653
| -8% | -$2.77M |
|
90
Chevron
CVX
$392B
| $28.8M | 0.02% |
275,121
-2,784
| -1% | -$294K |
|
91
ICICI Bank
IBN
$107B
| $27.1M | 0.02% |
1,587,000
-66,700
| -4% | -$1.11M |
|
92
Eli Lilly
LLY
$1.05T
| $19.7M | 0.01% |
85,805
-6,561
| -7% | -$1.32M |
|
93
Travelers Companies
TRV
$77B
| $19.2M | 0.01% |
128,130
-1,700
| -1% | -$264K |
|
94
Merck
MRK
$369B
| $17.8M | 0.01% |
229,028
-29,918
| -12% | -$2.23M |
|
95
Adobe
ADBE
$115B
| $17.8M | 0.01% |
30,366
-2,084
| -6% | -$1.07M |
|
96
Thermo Fisher Scientific
TMO
$233B
| $16.1M | 0.01% |
31,931
-925
| -3% | -$436K |
|
97
Procter & Gamble
PG
$333B
| $15.2M | 0.01% |
113,012
-2,175
| -2% | -$294K |
|
98
Walmart Inc
WMT
$817B
| $13.7M | 0.01% |
292,098
-20,835
| -7% | -$970K |
|
99
Home Depot
HD
$328B
| $11.1M | 0.01% |
34,844
-2,175
| -6% | -$692K |
|
100
PayPal
PYPL
$52.6B
| $10.4M | 0.01% |
35,550
-100
| -0.3% | -$26.4K |
|
Similar funds
Dodge & Cox's Q2 2021 Portfolio in Review
As of Q2 2021, Dodge & Cox held 197 positions worth $153B, up 9.3% from $140B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Dodge & Cox's Q2 2021 filing shows 11 new, 39 increased, 108 reduced and 7 closed positions. Its largest new stake was Organon & Co: 22,698 shares worth $686K. The largest sale was Capital One, an estimated $1.06B.
By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 26% a quarter earlier, followed by Technology and Communication Services.
- Dodge & Cox's largest Q2 2021 buy was Organon & Co: 22,698 shares worth $686K.
- Dodge & Cox added most to T-Mobile US in Q2 2021, an estimated $1.27B increase.
- Dodge & Cox's biggest Q2 2021 reduction was Capital One, cutting an estimated $1.06B.
- Dodge & Cox fully exited State Street SPDR S&P 500 ETF Trust in Q2 2021, selling an estimated $1.19M.
- Dodge & Cox's ten largest holdings make up 31% of its $153B portfolio in Q2 2021.
- Dodge & Cox opened 11 new positions and closed 7 in Q2 2021.
- Dodge & Cox's portfolio value rose 9.3% quarter-over-quarter to $153B.
Based on Dodge & Cox's 13F filing for Q2 2021, filed 13 Aug 2021.