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 |
FISV
Fiserv Inc
FISV
|
+$684M |
| 2 |
GSK
GSK
|
+$659M |
| 3 |
RTX Corp
RTX
|
+$578M |
| 4 |
Wells Fargo
WFC
|
+$452M |
| 5 |
TC Energy
TRP
|
+$365M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$1.06B |
| 2 |
TE Connectivity
TEL
|
+$801M |
| 3 |
AstraZeneca
AZN
|
+$609M |
| 4 |
Bank of America
BAC
|
+$533M |
| 5 |
SCHW
Charles Schwab
SCHW
|
+$481M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.05% |
| 2 | Technology | 18.36% |
| 3 | Communication Services | 14.15% |
| 4 | Healthcare | 14.14% |
| 5 | Industrials | 9.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
PayPal
PYPL
$49.5B
| $8.54M | 0.01% |
36,450
-2,200
| -6% | -$456K |
|
|
MXIM
102
DELISTED
Maxim Integrated Products
MXIM
| $7.56M | 0.01% |
85,258
-14,392
| -14% | -$1.14M |
|
103
Caterpillar
CAT
$409B
| $7.45M | 0.01% |
40,940
-511
| -1% | -$86.7K |
|
104
GE Aerospace
GE
$367B
| $7.33M | 0.01% |
136,269
+62,137
| +84% | +$2.78M |
|
105
Pfizer
PFE
$140B
| $7.27M | 0.01% |
197,406
-29,040
| -13% | -$1.07M |
|
106
IBM
IBM
$202B
| $6.61M | 0.01% |
54,925
-2,324
| -4% | -$269K |
|
107
Corning
GLW
$126B
| $6.19M | ﹤0.01% |
172,052
-9,600
| -5% | -$341K |
|
108
Apple
AAPL
$4.89T
| $5.46M | ﹤0.01% |
41,156
-4,000
| -9% | -$481K |
|
109
Vulcan Materials
VMC
$36.3B
| $5.29M | ﹤0.01% |
35,700
-3,500
| -9% | -$499K |
|
110
Boston Scientific
BSX
$65.8B
| $4.78M | ﹤0.01% |
132,990
-5,000
| -4% | -$180K |
|
111
ExxonMobil
XOM
$651B
| $4.64M | ﹤0.01% |
112,501
-2,500
| -2% | -$93.7K |
|
112
Deere & Co
DE
$170B
| $4.17M | ﹤0.01% |
15,479
-1,050
| -6% | -$261K |
|
113
Danaher
DHR
$135B
| $4.15M | ﹤0.01% |
21,056
-3,695
| -15% | -$741K |
|
114
Amgen
AMGN
$203B
| $4.11M | ﹤0.01% |
17,857
-1,100
| -6% | -$254K |
|
115
Johnson & Johnson
JNJ
$635B
| $4.1M | ﹤0.01% |
26,055
-240
| -0.9% | -$35.4K |
|
116
Synopsys
SNPS
$71.5B
| $3.97M | ﹤0.01% |
15,330
| – | – |
|
117
US Bancorp
USB
$99.6B
| $3.84M | ﹤0.01% |
82,500
-7,800
| -9% | -$330K |
|
118
DuPont de Nemours
DD
$18.6B
| $3.33M | ﹤0.01% |
37,304
-934
| -2% | -$73.3K |
|
119
AT&T
T
$165B
| $3.01M | ﹤0.01% |
138,636
-10,507
| -7% | -$227K |
|
120
Berkshire Hathaway Class B
BRK.B
$1.07T
| $2.97M | ﹤0.01% |
12,820
| – | – |
|
121
Unilever
UL
$131B
| $2.94M | ﹤0.01% |
43,323
+39,323
| +983% | +$2.67M |
|
122
McDonald's
MCD
$188B
| $2.93M | ﹤0.01% |
13,675
-50
| -0.4% | -$10.9K |
|
|
RDS.A
123
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $2.88M | ﹤0.01% |
82,031
-17,683
| -18% | -$552K |
|
124
Diageo
DEO
$46.2B
| $2.67M | ﹤0.01% |
16,811
| – | – |
|
125
NetApp
NTAP
$32.9B
| $2.67M | ﹤0.01% |
40,300
-100
| -0.2% | -$5.28K |
|
Similar funds
Dodge & Cox's Q4 2020 Portfolio in Review
As of Q4 2020, Dodge & Cox held 186 positions worth $126B, up 16% from $109B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $5.15B in Q4 2020, closing 4 positions and reducing 121 holdings. Its most notable exit was Aptiv, an estimated $11.3M position sold in full.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 25% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Dodge & Cox opened a new position in Fiserv Inc worth $723M.
- Dodge & Cox's largest Q4 2020 buy was Fiserv Inc: 6,349,031 shares worth $723M.
- Dodge & Cox added most to GSK in Q4 2020, an estimated $659M increase.
- Dodge & Cox's biggest Q4 2020 reduction was FedEx, cutting an estimated $1.06B.
- Dodge & Cox fully exited Aptiv in Q4 2020, selling an estimated $11.3M.
- Dodge & Cox's ten largest holdings make up 32% of its $126B portfolio in Q4 2020.
- Dodge & Cox opened 3 new positions and closed 4 in Q4 2020.
- Dodge & Cox's portfolio value rose 16% quarter-over-quarter to $126B.
Based on Dodge & Cox's 13F filing for Q4 2020, filed 11 Feb 2021.