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 | |
|---|---|---|---|---|---|---|
126
3M
MMM
$89B
| $2.47M | ﹤0.01% |
16,929
-1,491
| -8% | -$212K |
|
127
PNC Financial Services
PNC
$100B
| $2.4M | ﹤0.01% |
16,100
-2,580
| -14% | -$330K |
|
128
eBay
EBAY
$48.6B
| $2.37M | ﹤0.01% |
47,181
-1,500
| -3% | -$76.6K |
|
129
Ericsson
ERIC
$30.7B
| $2.29M | ﹤0.01% |
191,450
-44,500
| -19% | -$521K |
|
130
Abbott
ABT
$180B
| $2.27M | ﹤0.01% |
20,714
-2,400
| -10% | -$261K |
|
131
Dow Inc
DOW
$21.6B
| $2.11M | ﹤0.01% |
37,997
-120
| -0.3% | -$6.2K |
|
132
S&P Global
SPGI
$126B
| $2M | ﹤0.01% |
6,090
| – | – |
|
133
Amazon
AMZN
$2.5T
| $1.96M | ﹤0.01% |
12,060
-3,000
| -20% | -$479K |
|
|
CS
134
DELISTED
Credit Suisse Group
CS
| $1.94M | ﹤0.01% |
151,879
-71,989
| -32% | -$834K |
|
135
NextEra Energy
NEE
$187B
| $1.87M | ﹤0.01% |
24,200
-3,168
| -12% | -$237K |
|
136
America Movil
AMX
$78.1B
| $1.86M | ﹤0.01% |
128,200
| – | – |
|
137
Honeywell
HON
$77.1B
| $1.81M | ﹤0.01% |
9,051
| – | – |
|
138
Berkshire Hathaway Class A
BRK.A
$1.07T
| $1.74M | ﹤0.01% |
5
| – | – |
|
139
AbbVie
ABBV
$458B
| $1.65M | ﹤0.01% |
15,402
| – | – |
|
140
Philip Morris
PM
$301B
| $1.55M | ﹤0.01% |
18,713
| – | – |
|
141
Motorola Solutions
MSI
$69.4B
| $1.47M | ﹤0.01% |
8,627
-355
| -4% | -$59.5K |
|
142
Genuine Parts
GPC
$17.1B
| $1.43M | ﹤0.01% |
14,262
| – | – |
|
143
Coca-Cola
KO
$354B
| $1.41M | ﹤0.01% |
25,640
-2,800
| -10% | -$145K |
|
144
Corteva
CTVA
$59.7B
| $1.37M | ﹤0.01% |
35,406
-400
| -1% | -$14.3K |
|
145
Colgate-Palmolive
CL
$72.6B
| $1.2M | ﹤0.01% |
14,000
| – | – |
|
146
Visa
V
$677B
| $1.16M | ﹤0.01% |
5,300
-200
| -4% | -$40.9K |
|
147
Becton Dickinson
BDX
$43.1B
| $1.15M | ﹤0.01% |
4,695
-82
| -2% | -$19.1K |
|
148
PepsiCo
PEP
$186B
| $1.07M | ﹤0.01% |
7,235
-100
| -1% | -$14.2K |
|
149
Mattel
MAT
$4.17B
| $982K | ﹤0.01% |
56,300
-12,579,721
| -100% | -$185M |
|
150
Altria Group
MO
$122B
| $976K | ﹤0.01% |
23,800
| – | – |
|
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.