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 |
FISV
Fiserv Inc
FISV
|
+$684M |
| 2 |
GSK
GSK
|
+$659M |
| 3 |
RTX Corp
RTX
|
+$578M |
| 4 |
Wells Fargo
WFC
|
+$452M |
| 5 |
TC Energy
TRP
|
+$365M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$1.06B |
| 2 |
TE Connectivity
TEL
|
+$801M |
| 3 |
AstraZeneca
AZN
|
+$609M |
| 4 |
Bank of America
BAC
|
+$533M |
| 5 |
SCHW
Charles Schwab
SCHW
|
+$481M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.05% |
| 2 | Technology | 18.36% |
| 3 | Communication Services | 14.15% |
| 4 | Healthcare | 14.14% |
| 5 | Industrials | 9.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
ConocoPhillips
COP
$147B
| $970K | ﹤0.01% |
24,245
| – | – |
|
152
Air Products & Chemicals
APD
$66.3B
| $895K | ﹤0.01% |
3,275
| – | – |
|
153
Parker-Hannifin
PH
$125B
| $887K | ﹤0.01% |
3,256
| – | – |
|
154
Norfolk Southern
NSC
$78.8B
| $725K | ﹤0.01% |
3,050
| – | – |
|
155
Mondelez International
MDLZ
$77.7B
| $692K | ﹤0.01% |
11,840
| – | – |
|
156
General Mills
GIS
$19.2B
| $659K | ﹤0.01% |
11,200
| – | – |
|
|
CTXS
157
DELISTED
Citrix Systems Inc
CTXS
| $644K | ﹤0.01% |
4,950
| – | – |
|
158
Nucor
NUE
$56.4B
| $642K | ﹤0.01% |
12,066
| – | – |
|
159
Rio Tinto
RIO
$148B
| $639K | ﹤0.01% |
8,500
| – | – |
|
160
Moody's
MCO
$81.7B
| $595K | ﹤0.01% |
2,050
| – | – |
|
161
Blackrock
BLK
$164B
| $541K | ﹤0.01% |
750
| – | – |
|
162
Qualcomm
QCOM
$176B
| $533K | ﹤0.01% |
3,500
-600
| -15% | -$83.6K |
|
163
Ball Corp
BALL
$17B
| $491K | ﹤0.01% |
5,270
-1,100
| -17% | -$102K |
|
164
Duke Energy
DUK
$102B
| $474K | ﹤0.01% |
5,182
| – | – |
|
165
Viatris
VTRS
$20.1B
| $468K | ﹤0.01% |
+24,973
| New | +$407K |
|
166
Allstate
ALL
$66.9B
| $405K | ﹤0.01% |
3,680
-5
| -0.1% | -$491 |
|
167
Sea Limited
SE
$61.2B
| $388K | ﹤0.01% |
1,950
| – | – |
|
168
CarMax
KMX
$8.27B
| $383K | ﹤0.01% |
4,050
| – | – |
|
169
Ameriprise Financial
AMP
$46.8B
| $355K | ﹤0.01% |
1,827
-875
| -32% | -$157K |
|
170
Elevance Health
ELV
$81.9B
| $353K | ﹤0.01% |
1,100
| – | – |
|
171
Dominion Energy
D
$62.5B
| $339K | ﹤0.01% |
4,512
| – | – |
|
|
MRSH
172
Marsh
MRSH
$86.3B
| $335K | ﹤0.01% |
2,860
| – | – |
|
173
Verizon
VZ
$194B
| $323K | ﹤0.01% |
5,500
| – | – |
|
174
Zoetis
ZTS
$31.6B
| $323K | ﹤0.01% |
1,950
| – | – |
|
175
PPG Industries
PPG
$25.9B
| $317K | ﹤0.01% |
2,200
| – | – |
|
Similar funds
Dodge & Cox's Q4 2020 Portfolio in Review
As of Q4 2020, Dodge & Cox held 186 positions worth $126B, up 16% from $109B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $5.15B in Q4 2020, closing 4 positions and reducing 121 holdings. Its most notable exit was Aptiv, an estimated $11.3M position sold in full.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 25% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Dodge & Cox opened a new position in Fiserv Inc worth $723M.
- Dodge & Cox's largest Q4 2020 buy was Fiserv Inc: 6,349,031 shares worth $723M.
- Dodge & Cox added most to GSK in Q4 2020, an estimated $659M increase.
- Dodge & Cox's biggest Q4 2020 reduction was FedEx, cutting an estimated $1.06B.
- Dodge & Cox fully exited Aptiv in Q4 2020, selling an estimated $11.3M.
- Dodge & Cox's ten largest holdings make up 32% of its $126B portfolio in Q4 2020.
- Dodge & Cox opened 3 new positions and closed 4 in Q4 2020.
- Dodge & Cox's portfolio value rose 16% quarter-over-quarter to $126B.
Based on Dodge & Cox's 13F filing for Q4 2020, filed 11 Feb 2021.