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 |
FedEx
FDX
|
+$345M |
| 2 |
BioMarin Pharmaceuticals
BMRN
|
+$332M |
| 3 |
UnitedHealth
UNH
|
+$269M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$209M |
| 5 |
Baidu
BIDU
|
+$193M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$930M |
| 2 |
AstraZeneca
AZN
|
+$512M |
| 3 |
Johnson Controls International
JCI
|
+$400M |
| 4 |
Capital One
COF
|
+$188M |
| 5 |
TE Connectivity
TEL
|
+$164M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.14% |
| 2 | Healthcare | 18.68% |
| 3 | Technology | 14.92% |
| 4 | Communication Services | 14.23% |
| 5 | Energy | 11.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Abbott
ABT
$195B
| $2.19M | ﹤0.01% |
25,222
-7,000
| -22% | -$586K |
|
127
Nucor
NUE
$56.9B
| $2.14M | ﹤0.01% |
38,100
| – | – |
|
128
Genuine Parts
GPC
$18.9B
| $1.94M | ﹤0.01% |
18,262
-100
| -0.5% | -$10.3K |
|
129
eBay
EBAY
$47B
| $1.92M | ﹤0.01% |
53,231
| – | – |
|
130
Alcon
ALC
$34.7B
| $1.9M | ﹤0.01% |
33,545
-12,016
| -26% | -$688K |
|
131
NextEra Energy
NEE
$170B
| $1.73M | ﹤0.01% |
28,568
| – | – |
|
132
Berkshire Hathaway Class A
BRK.A
$1.08T
| $1.7M | ﹤0.01% |
5
| – | – |
|
133
Motorola Solutions
MSI
$80.3B
| $1.66M | ﹤0.01% |
10,282
-10,057
| -49% | -$1.66M |
|
134
Philip Morris
PM
$299B
| $1.61M | ﹤0.01% |
18,913
| – | – |
|
135
Coca-Cola
KO
$386B
| $1.57M | ﹤0.01% |
28,440
| – | – |
|
136
S&P Global
SPGI
$130B
| $1.56M | ﹤0.01% |
5,700
-2,500
| -30% | -$650K |
|
137
Honeywell
HON
$68.4B
| $1.51M | ﹤0.01% |
9,051
-106
| -1% | -$17.3K |
|
138
AbbVie
ABBV
$453B
| $1.5M | ﹤0.01% |
17,002
-14,000
| -45% | -$1.16M |
|
139
Corteva
CTVA
$55.4B
| $1.49M | ﹤0.01% |
50,343
-8,488
| -14% | -$225K |
|
140
ConocoPhillips
COP
$157B
| $1.46M | ﹤0.01% |
22,445
| – | – |
|
141
Becton Dickinson
BDX
$51.8B
| $1.46M | ﹤0.01% |
5,494
| – | – |
|
142
Altria Group
MO
$114B
| $1.19M | ﹤0.01% |
23,800
| – | – |
|
143
CarMax
KMX
$8.87B
| $1.18M | ﹤0.01% |
13,400
| – | – |
|
144
PPG Industries
PPG
$25.2B
| $1.07M | ﹤0.01% |
8,000
-6,000
| -43% | -$760K |
|
145
Philips
PHG
$26.1B
| $1.06M | ﹤0.01% |
27,300
| – | – |
|
146
iShares Core MSCI Emerging Markets ETF
IEMG
$160B
| $1.02M | ﹤0.01% |
+18,900
| New | +$974K |
|
147
Amazon
AMZN
$2.86T
| $979K | ﹤0.01% |
10,600
| – | – |
|
148
Colgate-Palmolive
CL
$72.3B
| $964K | ﹤0.01% |
14,000
| – | – |
|
149
Ball Corp
BALL
$16.8B
| $813K | ﹤0.01% |
12,570
-2,500
| -17% | -$169K |
|
150
Air Products & Chemicals
APD
$68.2B
| $775K | ﹤0.01% |
3,300
| – | – |
|
Similar funds
Dodge & Cox's Q4 2019 Portfolio in Review
As of Q4 2019, Dodge & Cox held 185 positions worth $131B, up 7.5% from $122B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q4 2019: portfolio turnover was 2.7%. Dodge & Cox opened 4 new positions and exited 1, leaving the 185-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q4 2019 buy was BioMarin Pharmaceuticals: 4,389,515 shares worth $371M.
- Dodge & Cox added most to FedEx in Q4 2019, an estimated $345M increase.
- Dodge & Cox's biggest Q4 2019 reduction was JPMorgan Chase, cutting an estimated $930M.
- Dodge & Cox fully exited SunTrust Banks, Inc. in Q4 2019, selling an estimated $12.2M.
- Dodge & Cox's ten largest holdings make up 31% of its $131B portfolio in Q4 2019.
- Dodge & Cox opened 4 new positions and closed 1 in Q4 2019.
- Dodge & Cox's portfolio value rose 7.5% quarter-over-quarter to $131B.
Based on Dodge & Cox's 13F filing for Q4 2019, filed 13 Feb 2020.