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 |
Meta Platforms (Facebook)
META
|
+$951M |
| 2 |
VMW
VMware, Inc
VMW
|
+$780M |
| 3 |
Williams Companies
WMB
|
+$682M |
| 4 |
Carrier Global
CARR
|
+$673M |
| 5 |
Otis Worldwide
OTIS
|
+$494M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
S
Sprint Corporation
S
|
+$769M |
| 2 |
RTX Corp
RTX
|
+$648M |
| 3 |
AstraZeneca
AZN
|
+$574M |
| 4 |
UnitedHealth
UNH
|
+$506M |
| 5 |
MXIM
Maxim Integrated Products
MXIM
|
+$469M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.21% |
| 2 | Technology | 18.94% |
| 3 | Healthcare | 15.58% |
| 4 | Communication Services | 14.38% |
| 5 | Energy | 10.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CTXS
151
DELISTED
Citrix Systems Inc
CTXS
| $732K | ﹤0.01% |
4,950
-250
| -5% | -$36K |
|
152
General Mills
GIS
$22.2B
| $690K | ﹤0.01% |
11,200
| – | – |
|
153
Mondelez International
MDLZ
$79.2B
| $605K | ﹤0.01% |
11,840
| – | – |
|
154
Parker-Hannifin
PH
$125B
| $597K | ﹤0.01% |
3,256
| – | – |
|
155
Moody's
MCO
$89.1B
| $563K | ﹤0.01% |
2,050
| – | – |
|
156
Blackrock
BLK
$181B
| $552K | ﹤0.01% |
1,015
+265
| +35% | +$134K |
|
157
Kimberly-Clark
KMB
$36.7B
| $546K | ﹤0.01% |
3,863
+95
| +3% | +$13.1K |
|
|
TMUSR
158
DELISTED
T-Mobile US, Inc. Subscription Rights Expiring 7/27/2020
TMUSR
| $546K | ﹤0.01% |
+3,254,282
| New | +$914K |
|
159
Norfolk Southern
NSC
$78.3B
| $535K | ﹤0.01% |
3,050
| – | – |
|
160
Nucor
NUE
$56.9B
| $500K | ﹤0.01% |
12,066
-6,033
| -33% | -$244K |
|
161
DXC Technology
DXC
$1.8B
| $483K | ﹤0.01% |
29,284
-7,277
| -20% | -$116K |
|
162
Rio Tinto
RIO
$168B
| $478K | ﹤0.01% |
8,500
-800
| -9% | -$40.5K |
|
163
Ball Corp
BALL
$16.8B
| $443K | ﹤0.01% |
6,370
| – | – |
|
164
Duke Energy
DUK
$93.5B
| $414K | ﹤0.01% |
5,182
| – | – |
|
165
Ameriprise Financial
AMP
$49.3B
| $405K | ﹤0.01% |
2,702
| – | – |
|
166
CarMax
KMX
$8.87B
| $394K | ﹤0.01% |
4,400
-5,100
| -54% | -$400K |
|
167
Qualcomm
QCOM
$174B
| $374K | ﹤0.01% |
4,100
| – | – |
|
168
Texas Instruments
TXN
$235B
| $374K | ﹤0.01% |
+2,945
| New | +$343K |
|
169
Dominion Energy
D
$57.5B
| $366K | ﹤0.01% |
4,512
| – | – |
|
170
American Tower
AMT
$82B
| $361K | ﹤0.01% |
+1,395
| New | +$345K |
|
171
Allstate
ALL
$65.8B
| $357K | ﹤0.01% |
3,685
| – | – |
|
172
Verizon
VZ
$208B
| $345K | ﹤0.01% |
6,260
+760
| +14% | +$42.8K |
|
173
Lockheed Martin
LMT
$130B
| $343K | ﹤0.01% |
940
+65
| +7% | +$24.6K |
|
174
Elevance Health
ELV
$86.2B
| $331K | ﹤0.01% |
1,260
+60
| +5% | +$16K |
|
175
Citigroup
C
$223B
| $309K | ﹤0.01% |
+6,055
| New | +$287K |
|
Similar funds
Dodge & Cox's Q2 2020 Portfolio in Review
As of Q2 2020, Dodge & Cox held 198 positions worth $109B, up 18% from $92.4B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2020 filing shows 21 new, 46 increased, 98 reduced and 6 closed positions. Its largest new stake was Meta Platforms (Facebook): 4,555,170 shares worth $1.03B. The largest sale was Sprint Corporation, an estimated $769M.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 24% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q2 2020 buy was Meta Platforms (Facebook): 4,555,170 shares worth $1.03B.
- Dodge & Cox added most to VMware, Inc in Q2 2020, an estimated $780M increase.
- Dodge & Cox's biggest Q2 2020 reduction was RTX Corp, cutting an estimated $648M.
- Dodge & Cox fully exited Sprint Corporation in Q2 2020, selling an estimated $769M.
- Dodge & Cox's ten largest holdings make up 30% of its $109B portfolio in Q2 2020.
- Dodge & Cox opened 21 new positions and closed 6 in Q2 2020.
- Dodge & Cox's portfolio value rose 18% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q2 2020, filed 13 Aug 2020.