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 | |
|---|---|---|---|---|---|---|
126
NetApp
NTAP
$32.9B
| $2.61M | ﹤0.01% |
35,900
-4,400
| -11% | -$296K |
|
127
PNC Financial Services
PNC
$100B
| $2.6M | ﹤0.01% |
14,850
-1,250
| -8% | -$206K |
|
128
AT&T
T
$165B
| $2.4M | ﹤0.01% |
104,784
-33,852
| -24% | -$748K |
|
129
Abbott
ABT
$180B
| $2.37M | ﹤0.01% |
19,747
-967
| -5% | -$115K |
|
130
S&P Global
SPGI
$126B
| $2.15M | ﹤0.01% |
6,090
| – | – |
|
131
Ericsson
ERIC
$30.7B
| $1.95M | ﹤0.01% |
147,850
-43,600
| -23% | -$555K |
|
132
Berkshire Hathaway Class A
BRK.A
$1.07T
| $1.93M | ﹤0.01% |
5
| – | – |
|
133
Dow Inc
DOW
$21.6B
| $1.92M | ﹤0.01% |
30,007
-7,990
| -21% | -$478K |
|
134
Amazon
AMZN
$2.5T
| $1.87M | ﹤0.01% |
12,060
| – | – |
|
135
Honeywell
HON
$77.1B
| $1.81M | ﹤0.01% |
8,839
-212
| -2% | -$41.4K |
|
136
America Movil
AMX
$78.1B
| $1.74M | ﹤0.01% |
128,200
| – | – |
|
137
NextEra Energy
NEE
$187B
| $1.74M | ﹤0.01% |
23,000
-1,200
| -5% | -$93.7K |
|
138
AbbVie
ABBV
$458B
| $1.67M | ﹤0.01% |
15,402
| – | – |
|
139
Philip Morris
PM
$301B
| $1.64M | ﹤0.01% |
18,513
-200
| -1% | -$17K |
|
140
Corteva
CTVA
$59.7B
| $1.62M | ﹤0.01% |
34,814
-592
| -2% | -$26.2K |
|
141
Motorola Solutions
MSI
$69.4B
| $1.62M | ﹤0.01% |
8,627
| – | – |
|
142
Genuine Parts
GPC
$17.1B
| $1.47M | ﹤0.01% |
12,700
-1,562
| -11% | -$166K |
|
143
Coca-Cola
KO
$354B
| $1.35M | ﹤0.01% |
25,640
| – | – |
|
144
Altria Group
MO
$122B
| $1.2M | ﹤0.01% |
23,500
-300
| -1% | -$13.4K |
|
145
State Street SPDR S&P 500 ETF Trust
SPY
$778B
| $1.19M | ﹤0.01% |
+3,000
| New | +$1.16M |
|
146
Visa
V
$677B
| $1.12M | ﹤0.01% |
5,300
| – | – |
|
147
Colgate-Palmolive
CL
$72.6B
| $1.1M | ﹤0.01% |
14,000
| – | – |
|
148
Becton Dickinson
BDX
$43.1B
| $1.06M | ﹤0.01% |
4,490
-205
| -4% | -$50.1K |
|
149
Parker-Hannifin
PH
$125B
| $1.03M | ﹤0.01% |
3,256
| – | – |
|
|
CS
150
DELISTED
Credit Suisse Group
CS
| $1.01M | ﹤0.01% |
95,051
-56,828
| -37% | -$770K |
|
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.