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 |
State Street
STT
|
+$1.1B |
| 2 |
Occidental Petroleum
OXY
|
+$973M |
| 3 |
SLB Ltd
SLB
|
+$953M |
| 4 |
HP
HPQ
|
+$720M |
| 5 |
Bank of America
BAC
|
+$654M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Charter Communications
CHTR
|
+$1.31B |
| 2 |
Eli Lilly
LLY
|
+$1.07B |
| 3 |
Microsoft
MSFT
|
+$915M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$855M |
| 5 |
Sanofi
SNY
|
+$516M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.47% |
| 2 | Healthcare | 19.44% |
| 3 | Technology | 17.53% |
| 4 | Communication Services | 13.51% |
| 5 | Industrials | 8.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Corning
GLW
$126B
| $4.73M | 0.01% |
230,302
-120,898
| -34% | -$3.15M |
|
102
ExxonMobil
XOM
$651B
| $4.56M | ﹤0.01% |
120,059
-2,290
| -2% | -$126K |
|
103
Vulcan Materials
VMC
$36.3B
| $4.52M | ﹤0.01% |
41,800
-2,700
| -6% | -$345K |
|
|
RDS.A
104
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $4.28M | ﹤0.01% |
122,758
-6,510
| -5% | -$304K |
|
105
Amgen
AMGN
$203B
| $4.22M | ﹤0.01% |
20,797
-575
| -3% | -$126K |
|
106
PayPal
PYPL
$49.5B
| $4.18M | ﹤0.01% |
43,671
-250
| -0.6% | -$27.6K |
|
107
Johnson & Johnson
JNJ
$635B
| $3.51M | ﹤0.01% |
26,740
-200
| -0.7% | -$28.4K |
|
108
GE Aerospace
GE
$367B
| $3.47M | ﹤0.01% |
87,755
-50,663
| -37% | -$2.7M |
|
109
Danaher
DHR
$135B
| $3.25M | ﹤0.01% |
26,519
| – | – |
|
110
US Bancorp
USB
$99.6B
| $3.14M | ﹤0.01% |
91,221
-3,200
| -3% | -$154K |
|
111
Apple
AAPL
$4.89T
| $2.79M | ﹤0.01% |
43,804
| – | – |
|
112
Ericsson
ERIC
$30.7B
| $2.78M | ﹤0.01% |
343,917
-148,600
| -30% | -$1.22M |
|
113
NetApp
NTAP
$32.9B
| $2.71M | ﹤0.01% |
64,950
-24,650
| -28% | -$1.27M |
|
114
Deere & Co
DE
$170B
| $2.51M | ﹤0.01% |
18,189
| – | – |
|
115
McDonald's
MCD
$188B
| $2.47M | ﹤0.01% |
14,913
| – | – |
|
116
Berkshire Hathaway Class B
BRK.B
$1.07T
| $2.34M | ﹤0.01% |
12,820
-150
| -1% | -$31.9K |
|
|
UN
117
DELISTED
Unilever NV New York Registry Shares
UN
| $2.2M | ﹤0.01% |
45,171
| – | – |
|
118
Diageo
DEO
$46.2B
| $2.14M | ﹤0.01% |
16,811
-700
| -4% | -$105K |
|
119
3M
MMM
$89B
| $2.13M | ﹤0.01% |
18,623
-957
| -5% | -$126K |
|
|
CS
120
DELISTED
Credit Suisse Group
CS
| $2.12M | ﹤0.01% |
261,771
-56,990
| -18% | -$663K |
|
121
Synopsys
SNPS
$71.5B
| $1.96M | ﹤0.01% |
15,250
-1,600
| -9% | -$228K |
|
122
DuPont de Nemours
DD
$18.6B
| $1.92M | ﹤0.01% |
44,768
-3,519
| -7% | -$215K |
|
123
Abbott
ABT
$180B
| $1.91M | ﹤0.01% |
24,146
-1,076
| -4% | -$89.8K |
|
124
PNC Financial Services
PNC
$100B
| $1.79M | ﹤0.01% |
18,680
| – | – |
|
125
NextEra Energy
NEE
$187B
| $1.71M | ﹤0.01% |
28,368
-200
| -0.7% | -$12.6K |
|
Similar funds
Dodge & Cox's Q1 2020 Portfolio in Review
As of Q1 2020, Dodge & Cox held 187 positions worth $92.4B, down 29% from $131B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox deployed $4.38B of net new capital in Q1 2020, opening 3 new positions and adding to 53 existing holdings. Its largest new stake was iShares iBoxx $ Investment Grade Corporate Bond ETF: 2,431,480 shares worth $300M.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Healthcare and Technology.
On the sell side, the largest reduction was Charter Communications, an estimated $1.31B trimmed.
- Dodge & Cox's largest Q1 2020 buy was iShares iBoxx $ Investment Grade Corporate Bond ETF: 2,431,480 shares worth $300M.
- Dodge & Cox added most to State Street in Q1 2020, an estimated $1.1B increase.
- Dodge & Cox's biggest Q1 2020 reduction was Charter Communications, cutting an estimated $1.31B.
- Dodge & Cox fully exited Zayo Group Holdings, Inc. in Q1 2020, selling an estimated $10.4M.
- Dodge & Cox's ten largest holdings make up 32% of its $92.4B portfolio in Q1 2020.
- Dodge & Cox opened 3 new positions and closed 10 in Q1 2020.
- Dodge & Cox's portfolio value fell 29% quarter-over-quarter to $92.4B.
Based on Dodge & Cox's 13F filing for Q1 2020, filed 14 May 2020.