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 |
Wells Fargo
WFC
|
+$681M |
| 2 |
RTX Corp
RTX
|
+$637M |
| 3 |
BioMarin Pharmaceuticals
BMRN
|
+$415M |
| 4 |
BNY
Bank of New York Mellon
BNY
|
+$288M |
| 5 |
Williams Companies
WMB
|
+$261M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$1.92B |
| 2 |
Microsoft
MSFT
|
+$532M |
| 3 |
Goldman Sachs
GS
|
+$476M |
| 4 |
Microchip Technology
MCHP
|
+$443M |
| 5 |
Booking.com
BKNG
|
+$410M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.97% |
| 2 | Technology | 18.56% |
| 3 | Healthcare | 15.26% |
| 4 | Communication Services | 15% |
| 5 | Industrials | 10.52% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Home Depot
HD
$332B
| $11M | 0.01% |
39,762
-5,575
| -12% | -$1.51M |
|
102
Pfizer
PFE
$140B
| $7.88M | 0.01% |
226,446
-28,187
| -11% | -$988K |
|
103
PayPal
PYPL
$49.5B
| $7.62M | 0.01% |
38,650
-1,421
| -4% | -$268K |
|
|
MXIM
104
DELISTED
Maxim Integrated Products
MXIM
| $6.74M | 0.01% |
99,650
-9,325
| -9% | -$631K |
|
105
IBM
IBM
$202B
| $6.66M | 0.01% |
57,249
-2,980
| -5% | -$351K |
|
106
Caterpillar
CAT
$409B
| $6.18M | 0.01% |
41,451
-106
| -0.3% | -$14.9K |
|
107
Corning
GLW
$126B
| $5.89M | 0.01% |
181,652
-15,100
| -8% | -$467K |
|
108
Vulcan Materials
VMC
$36.3B
| $5.31M | ﹤0.01% |
39,200
-200
| -0.5% | -$25.1K |
|
109
Boston Scientific
BSX
$65.8B
| $5.27M | ﹤0.01% |
137,990
-5,100
| -4% | -$197K |
|
110
Apple
AAPL
$4.89T
| $5.23M | ﹤0.01% |
45,156
-5,748
| -11% | -$627K |
|
111
Amgen
AMGN
$203B
| $4.82M | ﹤0.01% |
18,957
-1,185
| -6% | -$294K |
|
112
Danaher
DHR
$135B
| $4.72M | ﹤0.01% |
24,751
-1,494
| -6% | -$266K |
|
113
ExxonMobil
XOM
$651B
| $3.95M | ﹤0.01% |
115,001
-3,572
| -3% | -$146K |
|
114
Johnson & Johnson
JNJ
$635B
| $3.92M | ﹤0.01% |
26,295
-85
| -0.3% | -$12.6K |
|
115
Deere & Co
DE
$170B
| $3.66M | ﹤0.01% |
16,529
-210
| -1% | -$40.5K |
|
116
Synopsys
SNPS
$71.5B
| $3.28M | ﹤0.01% |
15,330
-100
| -0.6% | -$20.4K |
|
117
US Bancorp
USB
$99.6B
| $3.24M | ﹤0.01% |
90,300
-200
| -0.2% | -$7.32K |
|
118
AT&T
T
$165B
| $3.21M | ﹤0.01% |
149,143
-10,114
| -6% | -$226K |
|
119
McDonald's
MCD
$188B
| $3.01M | ﹤0.01% |
13,725
-45
| -0.3% | -$9.24K |
|
120
Berkshire Hathaway Class B
BRK.B
$1.07T
| $2.73M | ﹤0.01% |
12,820
| – | – |
|
|
UN
121
DELISTED
Unilever NV New York Registry Shares
UN
| $2.71M | ﹤0.01% |
44,838
| – | – |
|
122
DuPont de Nemours
DD
$18.6B
| $2.66M | ﹤0.01% |
38,238
-3,177
| -8% | -$223K |
|
123
Ericsson
ERIC
$30.7B
| $2.57M | ﹤0.01% |
235,950
-35,950
| -13% | -$397K |
|
124
eBay
EBAY
$48.6B
| $2.54M | ﹤0.01% |
48,681
-1,050
| -2% | -$57.8K |
|
125
Abbott
ABT
$180B
| $2.52M | ﹤0.01% |
23,114
-1,142
| -5% | -$116K |
|
Similar funds
Dodge & Cox's Q3 2020 Portfolio in Review
As of Q3 2020, Dodge & Cox held 196 positions worth $109B, up 0.5% from $109B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $3.73B in Q3 2020, closing 13 positions and reducing 112 holdings. Its most notable exit was iShares iBoxx $ Investment Grade Corporate Bond ETF, an estimated $195M position sold in full.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 24% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Dodge & Cox opened a new position in Credicorp worth $189M.
- Dodge & Cox's largest Q3 2020 buy was Credicorp: 1,524,224 shares worth $189M.
- Dodge & Cox added most to Wells Fargo in Q3 2020, an estimated $681M increase.
- Dodge & Cox's biggest Q3 2020 reduction was FedEx, cutting an estimated $1.92B.
- Dodge & Cox fully exited iShares iBoxx $ Investment Grade Corporate Bond ETF in Q3 2020, selling an estimated $195M.
- Dodge & Cox's ten largest holdings make up 32% of its $109B portfolio in Q3 2020.
- Dodge & Cox opened 4 new positions and closed 13 in Q3 2020.
- Dodge & Cox's portfolio value rose 0.5% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q3 2020, filed 13 Nov 2020.