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 | |
|---|---|---|---|---|---|---|
151
Kimberly-Clark
KMB
$36.4B
| $482K | ﹤0.01% |
3,768
-92
| -2% | -$12.7K |
|
152
DXC Technology
DXC
$1.63B
| $477K | ﹤0.01% |
36,561
-24,111
| -40% | -$638K |
|
153
Norfolk Southern
NSC
$78.8B
| $445K | ﹤0.01% |
3,050
| – | – |
|
154
Moody's
MCO
$81.7B
| $434K | ﹤0.01% |
2,050
| – | – |
|
155
Rio Tinto
RIO
$148B
| $424K | ﹤0.01% |
9,300
| – | – |
|
156
Parker-Hannifin
PH
$125B
| $422K | ﹤0.01% |
3,256
| – | – |
|
157
Duke Energy
DUK
$102B
| $419K | ﹤0.01% |
5,182
| – | – |
|
158
Ball Corp
BALL
$17B
| $412K | ﹤0.01% |
6,370
-6,200
| -49% | -$434K |
|
159
Allstate
ALL
$66.9B
| $338K | ﹤0.01% |
3,685
| – | – |
|
160
Blackrock
BLK
$164B
| $330K | ﹤0.01% |
750
| – | – |
|
161
Dominion Energy
D
$62.5B
| $326K | ﹤0.01% |
4,512
| – | – |
|
162
Lockheed Martin
LMT
$134B
| $297K | ﹤0.01% |
875
| – | – |
|
163
Verizon
VZ
$194B
| $296K | ﹤0.01% |
5,500
| – | – |
|
164
Chubb
CB
$140B
| $284K | ﹤0.01% |
2,540
-1,182
| -32% | -$170K |
|
165
Ameriprise Financial
AMP
$46.8B
| $277K | ﹤0.01% |
2,702
-240
| -8% | -$35.6K |
|
166
Qualcomm
QCOM
$176B
| $277K | ﹤0.01% |
4,100
| – | – |
|
167
Baxter International
BAX
$11.6B
| $275K | ﹤0.01% |
3,382
| – | – |
|
168
Elevance Health
ELV
$81.9B
| $272K | ﹤0.01% |
1,200
| – | – |
|
169
Alcon
ALC
$33.1B
| $247K | ﹤0.01% |
4,857
-28,688
| -86% | -$1.65M |
|
|
MRSH
170
Marsh
MRSH
$86.3B
| $247K | ﹤0.01% |
2,860
| – | – |
|
171
Automatic Data Processing
ADP
$100B
| $246K | ﹤0.01% |
1,800
| – | – |
|
172
Cogent Communications
CCOI
$594M
| $245K | ﹤0.01% |
+2,990
| New | +$226K |
|
173
Equinix
EQIX
$107B
| $240K | ﹤0.01% |
385
| – | – |
|
174
Unilever
UL
$131B
| $238K | ﹤0.01% |
4,178
| – | – |
|
175
Intel
INTC
$466B
| $227K | ﹤0.01% |
4,200
| – | – |
|
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.