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 |
Meta Platforms (Facebook)
META
|
+$951M |
| 2 |
VMW
VMware, Inc
VMW
|
+$780M |
| 3 |
Williams Companies
WMB
|
+$682M |
| 4 |
Carrier Global
CARR
|
+$673M |
| 5 |
Otis Worldwide
OTIS
|
+$494M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
S
Sprint Corporation
S
|
+$769M |
| 2 |
RTX Corp
RTX
|
+$648M |
| 3 |
AstraZeneca
AZN
|
+$574M |
| 4 |
UnitedHealth
UNH
|
+$506M |
| 5 |
MXIM
Maxim Integrated Products
MXIM
|
+$469M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.21% |
| 2 | Technology | 18.94% |
| 3 | Healthcare | 15.58% |
| 4 | Communication Services | 14.38% |
| 5 | Energy | 10.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
PayPal
PYPL
$52.6B
| $6.98M | 0.01% |
40,071
-3,600
| -8% | -$498K |
|
102
IBM
IBM
$225B
| $6.95M | 0.01% |
60,229
-1,173
| -2% | -$136K |
|
|
MXIM
103
DELISTED
Maxim Integrated Products
MXIM
| $6.61M | 0.01% |
108,975
-8,421,567
| -99% | -$469M |
|
104
ExxonMobil
XOM
$643B
| $5.3M | ﹤0.01% |
118,573
-1,486
| -1% | -$66.6K |
|
105
Caterpillar
CAT
$376B
| $5.26M | ﹤0.01% |
41,557
-1,550
| -4% | -$184K |
|
106
Corning
GLW
$132B
| $5.1M | ﹤0.01% |
196,752
-33,550
| -15% | -$761K |
|
107
Boston Scientific
BSX
$67.6B
| $5.02M | ﹤0.01% |
143,090
-21,750
| -13% | -$783K |
|
108
Amgen
AMGN
$236B
| $4.75M | ﹤0.01% |
20,142
-655
| -3% | -$149K |
|
109
Apple
AAPL
$4.59T
| $4.64M | ﹤0.01% |
50,904
+7,100
| +16% | +$550K |
|
110
Vulcan Materials
VMC
$35.5B
| $4.56M | ﹤0.01% |
39,400
-2,400
| -6% | -$263K |
|
111
Danaher
DHR
$152B
| $4.11M | ﹤0.01% |
26,245
-274
| -1% | -$39.3K |
|
|
RDS.A
112
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $3.87M | ﹤0.01% |
118,358
-4,400
| -4% | -$151K |
|
113
Johnson & Johnson
JNJ
$640B
| $3.71M | ﹤0.01% |
26,380
-360
| -1% | -$52.5K |
|
114
AT&T
T
$174B
| $3.64M | ﹤0.01% |
159,257
-75,576
| -32% | -$1.72M |
|
115
US Bancorp
USB
$97.2B
| $3.33M | ﹤0.01% |
90,500
-721
| -0.8% | -$25.7K |
|
116
Synopsys
SNPS
$89.1B
| $3.01M | ﹤0.01% |
15,430
+180
| +1% | +$29.7K |
|
117
DuPont de Nemours
DD
$18.7B
| $2.76M | ﹤0.01% |
41,415
-3,353
| -7% | -$196K |
|
118
Deere & Co
DE
$168B
| $2.63M | ﹤0.01% |
16,739
-1,450
| -8% | -$210K |
|
119
eBay
EBAY
$45.5B
| $2.61M | ﹤0.01% |
49,731
-2,000
| -4% | -$84.5K |
|
|
CS
120
DELISTED
Credit Suisse Group
CS
| $2.6M | ﹤0.01% |
252,676
-9,095
| -3% | -$81.7K |
|
121
GE Aerospace
GE
$356B
| $2.58M | ﹤0.01% |
75,717
-12,038
| -14% | -$406K |
|
122
McDonald's
MCD
$184B
| $2.54M | ﹤0.01% |
13,770
-1,143
| -8% | -$210K |
|
123
Ericsson
ERIC
$33B
| $2.53M | ﹤0.01% |
271,900
-72,017
| -21% | -$625K |
|
124
3M
MMM
$92.2B
| $2.4M | ﹤0.01% |
18,420
-203
| -1% | -$25.6K |
|
|
UN
125
DELISTED
Unilever NV New York Registry Shares
UN
| $2.39M | ﹤0.01% |
44,838
-333
| -0.7% | -$16.9K |
|
Similar funds
Dodge & Cox's Q2 2020 Portfolio in Review
As of Q2 2020, Dodge & Cox held 198 positions worth $109B, up 18% from $92.4B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2020 filing shows 21 new, 46 increased, 98 reduced and 6 closed positions. Its largest new stake was Meta Platforms (Facebook): 4,555,170 shares worth $1.03B. The largest sale was Sprint Corporation, an estimated $769M.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 24% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q2 2020 buy was Meta Platforms (Facebook): 4,555,170 shares worth $1.03B.
- Dodge & Cox added most to VMware, Inc in Q2 2020, an estimated $780M increase.
- Dodge & Cox's biggest Q2 2020 reduction was RTX Corp, cutting an estimated $648M.
- Dodge & Cox fully exited Sprint Corporation in Q2 2020, selling an estimated $769M.
- Dodge & Cox's ten largest holdings make up 30% of its $109B portfolio in Q2 2020.
- Dodge & Cox opened 21 new positions and closed 6 in Q2 2020.
- Dodge & Cox's portfolio value rose 18% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q2 2020, filed 13 Aug 2020.