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 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
151
PepsiCo
PEP
$176B
| $703K | ﹤0.01% |
5,145
| – | – |
2013 Q2
26 quarters
|
|
152
Visa
V
$735B
| $676K | ﹤0.01% |
3,600
| – | – |
2014 Q3
21 quarters
|
|
153
Parker-Hannifin
PH
$121B
| $670K | ﹤0.01% |
3,256
| – | – |
2013 Q2
26 quarters
|
|
154
Mondelez International
MDLZ
$79.9B
| $652K | ﹤0.01% |
11,840
| – | – |
2013 Q2
26 quarters
|
|
|
CTXS
155
DELISTED
Citrix Systems Inc
CTXS
| $610K | ﹤0.01% |
5,500
| – | – |
2013 Q2
26 quarters
|
|
156
General Mills
GIS
$17.2B
| $600K | ﹤0.01% |
11,200
| – | – |
2013 Q2
26 quarters
|
|
157
Norfolk Southern
NSC
$72.7B
| $592K | ﹤0.01% |
3,050
| – | – |
2013 Q2
26 quarters
|
|
158
Chubb
CB
$135B
| $579K | ﹤0.01% |
3,722
| – | – |
2016 Q1
15 quarters
|
|
159
Phillips 66
PSX
$119B
| $569K | ﹤0.01% |
5,105
| – | – |
2013 Q2
26 quarters
|
|
160
Rio Tinto
RIO
$148B
| $552K | ﹤0.01% |
9,300
| – | – |
2013 Q2
26 quarters
|
|
161
Kimberly-Clark
KMB
$33.1B
| $531K | ﹤0.01% |
3,860
| – | – |
2013 Q2
26 quarters
|
|
162
Ameriprise Financial
AMP
$43.8B
| $490K | ﹤0.01% |
2,942
| – | – |
2013 Q2
26 quarters
|
|
163
Moody's
MCO
$80.1B
| $487K | ﹤0.01% |
2,050
| – | – |
2013 Q2
26 quarters
|
|
164
Duke Energy
DUK
$93.3B
| $473K | ﹤0.01% |
5,182
-125
| -2% | -$11.5K |
2013 Q2
26 quarters
|
|
165
American Tower
AMT
$83.6B
| $419K | ﹤0.01% |
1,825
| – | – |
2018 Q3
5 quarters
|
|
166
Allstate
ALL
$59.7B
| $414K | ﹤0.01% |
3,685
| – | – |
2013 Q2
26 quarters
|
|
167
Blackrock
BLK
$166B
| $377K | ﹤0.01% |
750
| – | – |
2018 Q3
5 quarters
|
|
168
Dominion Energy
D
$55.2B
| $374K | ﹤0.01% |
4,512
| – | – |
2013 Q2
26 quarters
|
|
169
Elevance Health
ELV
$92.8B
| $362K | ﹤0.01% |
1,200
| – | – |
2013 Q2
26 quarters
|
|
170
Qualcomm
QCOM
$184B
| $362K | ﹤0.01% |
4,100
| – | – |
2014 Q3
21 quarters
|
|
171
Lockheed Martin
LMT
$121B
| $341K | ﹤0.01% |
875
| – | – |
2018 Q3
5 quarters
|
|
172
Verizon
VZ
$185B
| $338K | ﹤0.01% |
5,500
| – | – |
2013 Q2
26 quarters
|
|
173
Marsh
MRSH
$85.1B
| $319K | ﹤0.01% |
2,860
| – | – |
2014 Q3
21 quarters
|
|
174
Boeing
BA
$146B
| $317K | ﹤0.01% |
974
| – | – |
2018 Q3
5 quarters
|
|
175
Automatic Data Processing
ADP
$111B
| $307K | ﹤0.01% |
1,800
| – | – |
2016 Q4
12 quarters
|
|
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.