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 |
Sanofi
SNY
|
+$1.4B |
| 2 |
ConocoPhillips
COP
|
+$1.18B |
| 3 |
FISV
Fiserv Inc
FISV
|
+$924M |
| 4 |
GSK
GSK
|
+$908M |
| 5 |
Alibaba
BABA
|
+$681M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$1.58B |
| 2 |
CXO
CONCHO RESOURCES INC.
CXO
|
+$1.05B |
| 3 |
Bank of America
BAC
|
+$1.03B |
| 4 |
Capital One
COF
|
+$889M |
| 5 |
HP
HPQ
|
+$673M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.36% |
| 2 | Technology | 18.58% |
| 3 | Healthcare | 14.71% |
| 4 | Communication Services | 14.08% |
| 5 | Energy | 9.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
PepsiCo
PEP
$186B
| $954K | ﹤0.01% |
6,745
-490
| -7% | -$67.2K |
|
152
Air Products & Chemicals
APD
$66.3B
| $921K | ﹤0.01% |
3,275
| – | – |
|
153
Nucor
NUE
$56.4B
| $845K | ﹤0.01% |
10,533
-1,533
| -13% | -$92.9K |
|
154
Mattel
MAT
$4.17B
| $737K | ﹤0.01% |
37,000
-19,300
| -34% | -$373K |
|
|
CTXS
155
DELISTED
Citrix Systems Inc
CTXS
| $695K | ﹤0.01% |
4,950
| – | – |
|
156
Mondelez International
MDLZ
$77.7B
| $693K | ﹤0.01% |
11,840
| – | – |
|
157
General Mills
GIS
$19.2B
| $687K | ﹤0.01% |
11,200
| – | – |
|
158
Norfolk Southern
NSC
$78.8B
| $604K | ﹤0.01% |
2,250
-800
| -26% | -$203K |
|
159
Moody's
MCO
$81.7B
| $601K | ﹤0.01% |
2,013
-37
| -2% | -$10.4K |
|
160
Rio Tinto
RIO
$148B
| $598K | ﹤0.01% |
7,700
-800
| -9% | -$65.6K |
|
161
Blackrock
BLK
$164B
| $565K | ﹤0.01% |
750
| – | – |
|
162
CarMax
KMX
$8.27B
| $537K | ﹤0.01% |
4,050
| – | – |
|
163
Duke Energy
DUK
$102B
| $500K | ﹤0.01% |
5,182
| – | – |
|
164
Cemex
CX
$17.4B
| $466K | ﹤0.01% |
66,900
-32,525,792
| -100% | -$210M |
|
165
Qualcomm
QCOM
$176B
| $464K | ﹤0.01% |
3,500
| – | – |
|
166
Ball Corp
BALL
$17B
| $447K | ﹤0.01% |
5,270
| – | – |
|
|
MRSH
167
Marsh
MRSH
$86.3B
| $437K | ﹤0.01% |
3,588
+728
| +25% | +$83.8K |
|
168
Sea Limited
SE
$61.2B
| $435K | ﹤0.01% |
1,950
| – | – |
|
169
Ameriprise Financial
AMP
$46.8B
| $425K | ﹤0.01% |
1,827
| – | – |
|
170
Allstate
ALL
$66.9B
| $423K | ﹤0.01% |
3,680
| – | – |
|
171
Elevance Health
ELV
$81.9B
| $395K | ﹤0.01% |
1,100
| – | – |
|
172
Dominion Energy
D
$62.5B
| $343K | ﹤0.01% |
4,512
| – | – |
|
173
PPG Industries
PPG
$25.9B
| $331K | ﹤0.01% |
2,200
| – | – |
|
174
Verizon
VZ
$194B
| $320K | ﹤0.01% |
5,500
| – | – |
|
175
American Tower
AMT
$77.7B
| $310K | ﹤0.01% |
1,295
-100
| -7% | -$22.3K |
|
Similar funds
Dodge & Cox's Q1 2021 Portfolio in Review
As of Q1 2021, Dodge & Cox held 188 positions worth $140B, up 11% from $126B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $5.19B in Q1 2021, closing 2 positions and reducing 114 holdings. Its most notable exit was CONCHO RESOURCES INC., an estimated $1.05B position sold in full.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 27% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Dodge & Cox opened a new position in Honda worth $348M.
- Dodge & Cox's largest Q1 2021 buy was Honda: 11,515,024 shares worth $348M.
- Dodge & Cox added most to Sanofi in Q1 2021, an estimated $1.4B increase.
- Dodge & Cox's biggest Q1 2021 reduction was JPMorgan Chase, cutting an estimated $1.58B.
- Dodge & Cox fully exited CONCHO RESOURCES INC. in Q1 2021, selling an estimated $1.05B.
- Dodge & Cox's ten largest holdings make up 32% of its $140B portfolio in Q1 2021.
- Dodge & Cox opened 6 new positions and closed 2 in Q1 2021.
- Dodge & Cox's portfolio value rose 11% quarter-over-quarter to $140B.
Based on Dodge & Cox's 13F filing for Q1 2021, filed 14 May 2021.