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 |
Wells Fargo
WFC
|
+$681M |
| 2 |
RTX Corp
RTX
|
+$637M |
| 3 |
BioMarin Pharmaceuticals
BMRN
|
+$415M |
| 4 |
BNY
Bank of New York Mellon
BNY
|
+$288M |
| 5 |
Williams Companies
WMB
|
+$261M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$1.92B |
| 2 |
Microsoft
MSFT
|
+$532M |
| 3 |
Goldman Sachs
GS
|
+$476M |
| 4 |
Microchip Technology
MCHP
|
+$443M |
| 5 |
Booking.com
BKNG
|
+$410M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.97% |
| 2 | Technology | 18.56% |
| 3 | Healthcare | 15.26% |
| 4 | Communication Services | 15% |
| 5 | Industrials | 10.52% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Altria Group
MO
$122B
| $920K | ﹤0.01% |
23,800
| – | – |
|
152
ConocoPhillips
COP
$147B
| $796K | ﹤0.01% |
24,245
-2,490
| -9% | -$94.3K |
|
153
General Mills
GIS
$19.2B
| $691K | ﹤0.01% |
11,200
| – | – |
|
|
CTXS
154
DELISTED
Citrix Systems Inc
CTXS
| $682K | ﹤0.01% |
4,950
| – | – |
|
155
Mondelez International
MDLZ
$77.7B
| $680K | ﹤0.01% |
11,840
| – | – |
|
156
Parker-Hannifin
PH
$125B
| $659K | ﹤0.01% |
3,256
| – | – |
|
157
Norfolk Southern
NSC
$78.8B
| $653K | ﹤0.01% |
3,050
| – | – |
|
158
Moody's
MCO
$81.7B
| $594K | ﹤0.01% |
2,050
| – | – |
|
159
Nucor
NUE
$56.4B
| $541K | ﹤0.01% |
12,066
| – | – |
|
160
Ball Corp
BALL
$17B
| $529K | ﹤0.01% |
6,370
| – | – |
|
161
Rio Tinto
RIO
$148B
| $513K | ﹤0.01% |
8,500
| – | – |
|
162
Qualcomm
QCOM
$176B
| $482K | ﹤0.01% |
4,100
| – | – |
|
163
Duke Energy
DUK
$102B
| $459K | ﹤0.01% |
5,182
| – | – |
|
164
Blackrock
BLK
$164B
| $423K | ﹤0.01% |
750
-265
| -26% | -$151K |
|
165
Ameriprise Financial
AMP
$46.8B
| $416K | ﹤0.01% |
2,702
| – | – |
|
166
CarMax
KMX
$8.27B
| $372K | ﹤0.01% |
4,050
-350
| -8% | -$35K |
|
167
Dominion Energy
D
$62.5B
| $356K | ﹤0.01% |
4,512
| – | – |
|
168
Allstate
ALL
$66.9B
| $347K | ﹤0.01% |
3,685
| – | – |
|
169
American Tower
AMT
$77.7B
| $337K | ﹤0.01% |
1,395
| – | – |
|
170
Lockheed Martin
LMT
$134B
| $335K | ﹤0.01% |
875
-65
| -7% | -$24.8K |
|
|
MRSH
171
Marsh
MRSH
$86.3B
| $328K | ﹤0.01% |
2,860
| – | – |
|
172
Verizon
VZ
$194B
| $327K | ﹤0.01% |
5,500
-760
| -12% | -$44.2K |
|
173
Zoetis
ZTS
$31.6B
| $322K | ﹤0.01% |
1,950
| – | – |
|
174
Sea Limited
SE
$61.2B
| $300K | ﹤0.01% |
1,950
| – | – |
|
175
Elevance Health
ELV
$81.9B
| $295K | ﹤0.01% |
1,100
-160
| -13% | -$43.1K |
|
Similar funds
Dodge & Cox's Q3 2020 Portfolio in Review
As of Q3 2020, Dodge & Cox held 196 positions worth $109B, up 0.5% from $109B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $3.73B in Q3 2020, closing 13 positions and reducing 112 holdings. Its most notable exit was iShares iBoxx $ Investment Grade Corporate Bond ETF, an estimated $195M position sold in full.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 24% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Dodge & Cox opened a new position in Credicorp worth $189M.
- Dodge & Cox's largest Q3 2020 buy was Credicorp: 1,524,224 shares worth $189M.
- Dodge & Cox added most to Wells Fargo in Q3 2020, an estimated $681M increase.
- Dodge & Cox's biggest Q3 2020 reduction was FedEx, cutting an estimated $1.92B.
- Dodge & Cox fully exited iShares iBoxx $ Investment Grade Corporate Bond ETF in Q3 2020, selling an estimated $195M.
- Dodge & Cox's ten largest holdings make up 32% of its $109B portfolio in Q3 2020.
- Dodge & Cox opened 4 new positions and closed 13 in Q3 2020.
- Dodge & Cox's portfolio value rose 0.5% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q3 2020, filed 13 Nov 2020.