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 |
Sanofi
SNY
|
+$1.4B |
| 2 |
ConocoPhillips
COP
|
+$1.18B |
| 3 |
FISV
Fiserv Inc
FISV
|
+$924M |
| 4 |
GSK
GSK
|
+$908M |
| 5 |
Alibaba
BABA
|
+$681M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$1.58B |
| 2 |
CXO
CONCHO RESOURCES INC.
CXO
|
+$1.05B |
| 3 |
Bank of America
BAC
|
+$1.03B |
| 4 |
Capital One
COF
|
+$889M |
| 5 |
HP
HPQ
|
+$673M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.36% |
| 2 | Technology | 18.58% |
| 3 | Healthcare | 14.71% |
| 4 | Communication Services | 14.08% |
| 5 | Energy | 9.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Caterpillar
CAT
$409B
| $9.18M | 0.01% |
39,602
-1,338
| -3% | -$277K |
|
102
PayPal
PYPL
$49.5B
| $8.66M | 0.01% |
35,650
-800
| -2% | -$202K |
|
|
MXIM
103
DELISTED
Maxim Integrated Products
MXIM
| $7.4M | 0.01% |
80,975
-4,283
| -5% | -$393K |
|
104
Corning
GLW
$126B
| $7.25M | 0.01% |
166,602
-5,450
| -3% | -$210K |
|
105
IBM
IBM
$202B
| $6.52M | ﹤0.01% |
51,190
-3,735
| -7% | -$447K |
|
106
ExxonMobil
XOM
$651B
| $6.32M | ﹤0.01% |
113,264
+763
| +0.7% | +$40K |
|
107
Pfizer
PFE
$140B
| $6.1M | ﹤0.01% |
168,379
-29,027
| -15% | -$1.03M |
|
108
Vulcan Materials
VMC
$36.3B
| $5.83M | ﹤0.01% |
34,550
-1,150
| -3% | -$186K |
|
109
Deere & Co
DE
$170B
| $5.21M | ﹤0.01% |
13,914
-1,565
| -10% | -$514K |
|
110
Boston Scientific
BSX
$65.8B
| $5.07M | ﹤0.01% |
131,290
-1,700
| -1% | -$64.3K |
|
111
Apple
AAPL
$4.89T
| $5.03M | ﹤0.01% |
41,156
| – | – |
|
112
Amgen
AMGN
$203B
| $4.43M | ﹤0.01% |
17,787
-70
| -0.4% | -$16.7K |
|
113
Johnson & Johnson
JNJ
$635B
| $4.28M | ﹤0.01% |
26,056
+1
| +0% | +$162 |
|
114
GE Aerospace
GE
$367B
| $4.16M | ﹤0.01% |
63,618
-72,651
| -53% | -$4.4M |
|
115
Danaher
DHR
$135B
| $4.09M | ﹤0.01% |
20,492
-564
| -3% | -$115K |
|
116
US Bancorp
USB
$99.6B
| $3.77M | ﹤0.01% |
68,189
-14,311
| -17% | -$715K |
|
117
Synopsys
SNPS
$71.5B
| $3.63M | ﹤0.01% |
14,630
-700
| -5% | -$178K |
|
118
DuPont de Nemours
DD
$18.6B
| $3.49M | ﹤0.01% |
35,985
-1,319
| -4% | -$126K |
|
119
Berkshire Hathaway Class B
BRK.B
$1.07T
| $3.27M | ﹤0.01% |
12,820
| – | – |
|
|
RDS.A
120
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $3.08M | ﹤0.01% |
78,598
-3,433
| -4% | -$138K |
|
121
McDonald's
MCD
$188B
| $2.88M | ﹤0.01% |
12,825
-850
| -6% | -$182K |
|
122
eBay
EBAY
$48.6B
| $2.84M | ﹤0.01% |
46,381
-800
| -2% | -$46.4K |
|
123
Diageo
DEO
$46.2B
| $2.76M | ﹤0.01% |
16,811
| – | – |
|
124
3M
MMM
$89B
| $2.69M | ﹤0.01% |
16,690
-239
| -1% | -$35.8K |
|
125
Unilever
UL
$131B
| $2.65M | ﹤0.01% |
42,196
-1,127
| -3% | -$71.8K |
|
Similar funds
Dodge & Cox's Q1 2021 Portfolio in Review
As of Q1 2021, Dodge & Cox held 188 positions worth $140B, up 11% from $126B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $5.19B in Q1 2021, closing 2 positions and reducing 114 holdings. Its most notable exit was CONCHO RESOURCES INC., an estimated $1.05B position sold in full.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 27% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Dodge & Cox opened a new position in Honda worth $348M.
- Dodge & Cox's largest Q1 2021 buy was Honda: 11,515,024 shares worth $348M.
- Dodge & Cox added most to Sanofi in Q1 2021, an estimated $1.4B increase.
- Dodge & Cox's biggest Q1 2021 reduction was JPMorgan Chase, cutting an estimated $1.58B.
- Dodge & Cox fully exited CONCHO RESOURCES INC. in Q1 2021, selling an estimated $1.05B.
- Dodge & Cox's ten largest holdings make up 32% of its $140B portfolio in Q1 2021.
- Dodge & Cox opened 6 new positions and closed 2 in Q1 2021.
- Dodge & Cox's portfolio value rose 11% quarter-over-quarter to $140B.
Based on Dodge & Cox's 13F filing for Q1 2021, filed 14 May 2021.