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 | |
|---|---|---|---|---|---|---|
|
RDS.A
126
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $2.51M | ﹤0.01% |
99,714
-18,644
| -16% | -$564K |
|
127
3M
MMM
$89B
| $2.47M | ﹤0.01% |
18,420
| – | – |
|
128
Amazon
AMZN
$2.5T
| $2.37M | ﹤0.01% |
15,060
-1,140
| -7% | -$180K |
|
129
Diageo
DEO
$46.2B
| $2.31M | ﹤0.01% |
16,811
| – | – |
|
130
GE Aerospace
GE
$367B
| $2.3M | ﹤0.01% |
74,132
-1,585
| -2% | -$51.5K |
|
|
CS
131
DELISTED
Credit Suisse Group
CS
| $2.23M | ﹤0.01% |
223,868
-28,808
| -11% | -$309K |
|
132
S&P Global
SPGI
$126B
| $2.2M | ﹤0.01% |
6,090
| – | – |
|
133
PNC Financial Services
PNC
$100B
| $2.05M | ﹤0.01% |
18,680
| – | – |
|
134
NextEra Energy
NEE
$187B
| $1.9M | ﹤0.01% |
27,368
-260
| -0.9% | -$17.9K |
|
135
Dow Inc
DOW
$21.6B
| $1.79M | ﹤0.01% |
38,117
-2,804
| -7% | -$126K |
|
136
NetApp
NTAP
$32.9B
| $1.77M | ﹤0.01% |
40,400
-4,400
| -10% | -$192K |
|
137
America Movil
AMX
$78.1B
| $1.6M | ﹤0.01% |
128,200
| – | – |
|
138
Berkshire Hathaway Class A
BRK.A
$1.07T
| $1.6M | ﹤0.01% |
5
| – | – |
|
139
Motorola Solutions
MSI
$69.4B
| $1.41M | ﹤0.01% |
8,982
-135
| -1% | -$19.7K |
|
140
Honeywell
HON
$77.1B
| $1.4M | ﹤0.01% |
9,051
| – | – |
|
141
Coca-Cola
KO
$354B
| $1.4M | ﹤0.01% |
28,440
-420
| -1% | -$20.2K |
|
142
Philip Morris
PM
$301B
| $1.4M | ﹤0.01% |
18,713
| – | – |
|
143
Genuine Parts
GPC
$17.1B
| $1.36M | ﹤0.01% |
14,262
-1,195
| -8% | -$111K |
|
144
AbbVie
ABBV
$458B
| $1.35M | ﹤0.01% |
15,402
-360
| -2% | -$33.9K |
|
145
Visa
V
$677B
| $1.1M | ﹤0.01% |
5,500
-635
| -10% | -$127K |
|
146
Becton Dickinson
BDX
$43.1B
| $1.08M | ﹤0.01% |
4,777
| – | – |
|
147
Colgate-Palmolive
CL
$72.6B
| $1.08M | ﹤0.01% |
14,000
| – | – |
|
148
Corteva
CTVA
$59.7B
| $1.03M | ﹤0.01% |
35,806
-3,237
| -8% | -$91.1K |
|
149
PepsiCo
PEP
$186B
| $1.02M | ﹤0.01% |
7,335
-100
| -1% | -$13.6K |
|
150
Air Products & Chemicals
APD
$66.3B
| $975K | ﹤0.01% |
3,275
-130
| -4% | -$37.4K |
|
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.