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 |
FedEx
FDX
|
+$345M |
| 2 |
BioMarin Pharmaceuticals
BMRN
|
+$332M |
| 3 |
UnitedHealth
UNH
|
+$269M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$209M |
| 5 |
Baidu
BIDU
|
+$193M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$930M |
| 2 |
AstraZeneca
AZN
|
+$512M |
| 3 |
Johnson Controls International
JCI
|
+$400M |
| 4 |
Capital One
COF
|
+$188M |
| 5 |
TE Connectivity
TEL
|
+$164M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.14% |
| 2 | Healthcare | 18.68% |
| 3 | Technology | 14.92% |
| 4 | Communication Services | 14.23% |
| 5 | Energy | 11.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
RDS.A
101
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $7.62M | 0.01% |
129,268
| – | – |
|
102
Vulcan Materials
VMC
$35.5B
| $6.41M | ﹤0.01% |
44,500
| – | – |
|
103
Caterpillar
CAT
$376B
| $6.38M | ﹤0.01% |
43,207
-174
| -0.4% | -$24.3K |
|
104
US Bancorp
USB
$97.2B
| $5.6M | ﹤0.01% |
94,421
| – | – |
|
105
NetApp
NTAP
$37.4B
| $5.58M | ﹤0.01% |
89,600
-1,800
| -2% | -$105K |
|
106
Amgen
AMGN
$236B
| $5.15M | ﹤0.01% |
21,372
-25
| -0.1% | -$5.51K |
|
107
PayPal
PYPL
$52.6B
| $4.75M | ﹤0.01% |
43,921
| – | – |
|
108
Ericsson
ERIC
$33B
| $4.32M | ﹤0.01% |
492,517
-91,771
| -16% | -$812K |
|
|
CS
109
DELISTED
Credit Suisse Group
CS
| $4.29M | ﹤0.01% |
318,761
-8,443
| -3% | -$108K |
|
110
America Movil
AMX
$70.4B
| $4.09M | ﹤0.01% |
255,400
| – | – |
|
111
Johnson & Johnson
JNJ
$640B
| $3.93M | ﹤0.01% |
26,940
-2,482
| -8% | -$337K |
|
112
DuPont de Nemours
DD
$18.7B
| $3.89M | ﹤0.01% |
48,287
-2,142
| -4% | -$178K |
|
113
Danaher
DHR
$152B
| $3.61M | ﹤0.01% |
26,519
-3,497
| -12% | -$442K |
|
114
Dow Inc
DOW
$21.9B
| $3.41M | ﹤0.01% |
62,353
-2,592
| -4% | -$134K |
|
115
Apple
AAPL
$4.59T
| $3.22M | ﹤0.01% |
43,804
-900
| -2% | -$57.9K |
|
116
Deere & Co
DE
$168B
| $3.15M | ﹤0.01% |
18,189
-375
| -2% | -$64.6K |
|
117
PNC Financial Services
PNC
$97.1B
| $2.98M | ﹤0.01% |
18,680
| – | – |
|
118
Diageo
DEO
$51.2B
| $2.95M | ﹤0.01% |
17,511
-540
| -3% | -$87.8K |
|
119
McDonald's
MCD
$184B
| $2.95M | ﹤0.01% |
14,913
| – | – |
|
120
Berkshire Hathaway Class B
BRK.B
$1.08T
| $2.94M | ﹤0.01% |
12,970
| – | – |
|
121
3M
MMM
$92.2B
| $2.89M | ﹤0.01% |
19,580
| – | – |
|
|
UN
122
DELISTED
Unilever NV New York Registry Shares
UN
| $2.6M | ﹤0.01% |
45,171
| – | – |
|
|
VMW
123
DELISTED
VMware, Inc
VMW
| $2.35M | ﹤0.01% |
15,500
-100
| -0.6% | -$15.7K |
|
124
Synopsys
SNPS
$89.1B
| $2.35M | ﹤0.01% |
16,850
-2,000
| -11% | -$274K |
|
125
DXC Technology
DXC
$1.76B
| $2.28M | ﹤0.01% |
60,672
-3,193
| -5% | -$104K |
|
Similar funds
Dodge & Cox's Q4 2019 Portfolio in Review
As of Q4 2019, Dodge & Cox held 185 positions worth $131B, up 7.5% from $122B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q4 2019: portfolio turnover was 2.7%. Dodge & Cox opened 4 new positions and exited 1, leaving the 185-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q4 2019 buy was BioMarin Pharmaceuticals: 4,389,515 shares worth $371M.
- Dodge & Cox added most to FedEx in Q4 2019, an estimated $345M increase.
- Dodge & Cox's biggest Q4 2019 reduction was JPMorgan Chase, cutting an estimated $930M.
- Dodge & Cox fully exited SunTrust Banks, Inc. in Q4 2019, selling an estimated $12.2M.
- Dodge & Cox's ten largest holdings make up 31% of its $131B portfolio in Q4 2019.
- Dodge & Cox opened 4 new positions and closed 1 in Q4 2019.
- Dodge & Cox's portfolio value rose 7.5% quarter-over-quarter to $131B.
Based on Dodge & Cox's 13F filing for Q4 2019, filed 13 Feb 2020.