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 |
FedEx
FDX
|
+$345M |
| 2 |
BioMarin Pharmaceuticals
BMRN
|
+$332M |
| 3 |
UnitedHealth
UNH
|
+$269M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$209M |
| 5 |
Baidu
BIDU
|
+$193M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$930M |
| 2 |
AstraZeneca
AZN
|
+$512M |
| 3 |
Johnson Controls International
JCI
|
+$400M |
| 4 |
Capital One
COF
|
+$188M |
| 5 |
TE Connectivity
TEL
|
+$164M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.14% |
| 2 | Healthcare | 18.68% |
| 3 | Technology | 14.92% |
| 4 | Communication Services | 14.23% |
| 5 | Energy | 11.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
Baxter International
BAX
$13.4B
| $283K | ﹤0.01% |
3,382
| – | – |
|
|
WBA
177
DELISTED
Walgreens Boots Alliance
WBA
| $275K | ﹤0.01% |
4,669
| – | – |
|
|
GLIBA
178
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
| $272K | ﹤0.01% |
3,846
-1,705
| -31% | -$117K |
|
179
Unilever
UL
$139B
| $269K | ﹤0.01% |
4,178
| – | – |
|
180
Intel
INTC
$487B
| $251K | ﹤0.01% |
4,200
| – | – |
|
181
Equinix
EQIX
$106B
| $225K | ﹤0.01% |
385
| – | – |
|
182
Lowe's Companies
LOW
$116B
| $216K | ﹤0.01% |
+1,800
| New | +$206K |
|
183
Morgan Stanley
MS
$337B
| $204K | ﹤0.01% |
+4,000
| New | +$189K |
|
184
Stryker
SYK
$124B
| $202K | ﹤0.01% |
960
| – | – |
|
|
STI
185
DELISTED
SunTrust Banks, Inc.
STI
| – | – |
-177,932
| Closed | -$12.2M |
|
Similar funds
Dodge & Cox's Q4 2019 Portfolio in Review
As of Q4 2019, Dodge & Cox held 185 positions worth $131B, up 7.5% from $122B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q4 2019: portfolio turnover was 2.7%. Dodge & Cox opened 4 new positions and exited 1, leaving the 185-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q4 2019 buy was BioMarin Pharmaceuticals: 4,389,515 shares worth $371M.
- Dodge & Cox added most to FedEx in Q4 2019, an estimated $345M increase.
- Dodge & Cox's biggest Q4 2019 reduction was JPMorgan Chase, cutting an estimated $930M.
- Dodge & Cox fully exited SunTrust Banks, Inc. in Q4 2019, selling an estimated $12.2M.
- Dodge & Cox's ten largest holdings make up 31% of its $131B portfolio in Q4 2019.
- Dodge & Cox opened 4 new positions and closed 1 in Q4 2019.
- Dodge & Cox's portfolio value rose 7.5% quarter-over-quarter to $131B.
Based on Dodge & Cox's 13F filing for Q4 2019, filed 13 Feb 2020.