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 |
State Street
STT
|
+$1.1B |
| 2 |
Occidental Petroleum
OXY
|
+$973M |
| 3 |
SLB Ltd
SLB
|
+$953M |
| 4 |
HP
HPQ
|
+$720M |
| 5 |
Bank of America
BAC
|
+$654M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Charter Communications
CHTR
|
+$1.31B |
| 2 |
Eli Lilly
LLY
|
+$1.07B |
| 3 |
Microsoft
MSFT
|
+$915M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$855M |
| 5 |
Sanofi
SNY
|
+$516M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.47% |
| 2 | Healthcare | 19.44% |
| 3 | Technology | 17.53% |
| 4 | Communication Services | 13.51% |
| 5 | Industrials | 8.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
eBay
EBAY
$48.6B
| $1.55M | ﹤0.01% |
51,731
-1,500
| -3% | -$52.2K |
|
127
America Movil
AMX
$78.1B
| $1.51M | ﹤0.01% |
128,200
-127,200
| -50% | -$1.99M |
|
128
S&P Global
SPGI
$126B
| $1.4M | ﹤0.01% |
5,700
| – | – |
|
129
Philip Morris
PM
$301B
| $1.36M | ﹤0.01% |
18,713
-200
| -1% | -$16.5K |
|
130
Berkshire Hathaway Class A
BRK.A
$1.07T
| $1.36M | ﹤0.01% |
5
| – | – |
|
131
Dow Inc
DOW
$21.6B
| $1.32M | ﹤0.01% |
45,284
-17,069
| -27% | -$726K |
|
132
Coca-Cola
KO
$354B
| $1.26M | ﹤0.01% |
28,440
| – | – |
|
133
AbbVie
ABBV
$458B
| $1.25M | ﹤0.01% |
16,402
-600
| -4% | -$51.1K |
|
134
Becton Dickinson
BDX
$43.1B
| $1.23M | ﹤0.01% |
5,494
| – | – |
|
135
Motorola Solutions
MSI
$69.4B
| $1.21M | ﹤0.01% |
9,082
-1,200
| -12% | -$201K |
|
136
Genuine Parts
GPC
$17.1B
| $1.15M | ﹤0.01% |
17,062
-1,200
| -7% | -$107K |
|
137
Honeywell
HON
$77.1B
| $1.14M | ﹤0.01% |
9,051
| – | – |
|
138
Amazon
AMZN
$2.5T
| $1.03M | ﹤0.01% |
10,600
| – | – |
|
139
Corteva
CTVA
$59.7B
| $938K | ﹤0.01% |
39,909
-10,434
| -21% | -$287K |
|
140
Colgate-Palmolive
CL
$72.6B
| $929K | ﹤0.01% |
14,000
| – | – |
|
141
Altria Group
MO
$122B
| $920K | ﹤0.01% |
23,800
| – | – |
|
|
CTXS
142
DELISTED
Citrix Systems Inc
CTXS
| $736K | ﹤0.01% |
5,200
-300
| -5% | -$35.8K |
|
143
ConocoPhillips
COP
$147B
| $685K | ﹤0.01% |
22,245
-200
| -0.9% | -$10.2K |
|
144
Air Products & Chemicals
APD
$66.3B
| $654K | ﹤0.01% |
3,275
-25
| -0.8% | -$5.7K |
|
145
Nucor
NUE
$56.4B
| $652K | ﹤0.01% |
18,099
-20,001
| -52% | -$888K |
|
146
PepsiCo
PEP
$186B
| $618K | ﹤0.01% |
5,145
| – | – |
|
147
Mondelez International
MDLZ
$77.7B
| $593K | ﹤0.01% |
11,840
| – | – |
|
148
General Mills
GIS
$19.2B
| $591K | ﹤0.01% |
11,200
| – | – |
|
149
Visa
V
$677B
| $580K | ﹤0.01% |
3,600
| – | – |
|
150
CarMax
KMX
$8.27B
| $511K | ﹤0.01% |
9,500
-3,900
| -29% | -$330K |
|
Similar funds
Dodge & Cox's Q1 2020 Portfolio in Review
As of Q1 2020, Dodge & Cox held 187 positions worth $92.4B, down 29% from $131B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox deployed $4.38B of net new capital in Q1 2020, opening 3 new positions and adding to 53 existing holdings. Its largest new stake was iShares iBoxx $ Investment Grade Corporate Bond ETF: 2,431,480 shares worth $300M.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Healthcare and Technology.
On the sell side, the largest reduction was Charter Communications, an estimated $1.31B trimmed.
- Dodge & Cox's largest Q1 2020 buy was iShares iBoxx $ Investment Grade Corporate Bond ETF: 2,431,480 shares worth $300M.
- Dodge & Cox added most to State Street in Q1 2020, an estimated $1.1B increase.
- Dodge & Cox's biggest Q1 2020 reduction was Charter Communications, cutting an estimated $1.31B.
- Dodge & Cox fully exited Zayo Group Holdings, Inc. in Q1 2020, selling an estimated $10.4M.
- Dodge & Cox's ten largest holdings make up 32% of its $92.4B portfolio in Q1 2020.
- Dodge & Cox opened 3 new positions and closed 10 in Q1 2020.
- Dodge & Cox's portfolio value fell 29% quarter-over-quarter to $92.4B.
Based on Dodge & Cox's 13F filing for Q1 2020, filed 14 May 2020.