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 |
State Street
STT
|
+$1.1B |
| 2 |
Occidental Petroleum
OXY
|
+$973M |
| 3 |
SLB Ltd
SLB
|
+$953M |
| 4 |
HP
HPQ
|
+$720M |
| 5 |
Bank of America
BAC
|
+$654M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Charter Communications
CHTR
|
+$1.31B |
| 2 |
Eli Lilly
LLY
|
+$1.07B |
| 3 |
Microsoft
MSFT
|
+$915M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$855M |
| 5 |
Sanofi
SNY
|
+$516M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.47% |
| 2 | Healthcare | 19.44% |
| 3 | Technology | 17.53% |
| 4 | Communication Services | 13.51% |
| 5 | Industrials | 8.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
Phillips 66
PSX
$82.9B
| $225K | ﹤0.01% |
4,200
-905
| -18% | -$73.6K |
|
|
WBA
177
DELISTED
Walgreens Boots Alliance
WBA
| $214K | ﹤0.01% |
4,669
| – | – |
|
178
American Tower
AMT
$77.7B
| – | – |
-1,825
| Closed | -$419K |
|
179
Boeing
BA
$165B
| – | – |
-974
| Closed | -$317K |
|
180
iShares Core MSCI Emerging Markets ETF
IEMG
$149B
| – | – |
-18,900
| Closed | -$1.02M |
|
181
Lowe's Companies
LOW
$116B
| – | – |
-1,800
| Closed | -$216K |
|
182
Morgan Stanley
MS
$337B
| – | – |
-4,000
| Closed | -$204K |
|
183
Philips
PHG
$25.4B
| – | – |
-27,300
| Closed | -$1.06M |
|
184
PPG Industries
PPG
$25.9B
| – | – |
-8,000
| Closed | -$1.07M |
|
185
Stryker
SYK
$127B
| – | – |
-960
| Closed | -$202K |
|
|
GLIBA
186
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
| – | – |
-3,846
| Closed | -$272K |
|
|
ZAYO
187
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| – | – |
-300,225
| Closed | -$10.4M |
|
Similar funds
Dodge & Cox's Q1 2020 Portfolio in Review
As of Q1 2020, Dodge & Cox held 187 positions worth $92.4B, down 29% from $131B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox deployed $4.38B of net new capital in Q1 2020, opening 3 new positions and adding to 53 existing holdings. Its largest new stake was iShares iBoxx $ Investment Grade Corporate Bond ETF: 2,431,480 shares worth $300M.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Healthcare and Technology.
On the sell side, the largest reduction was Charter Communications, an estimated $1.31B trimmed.
- Dodge & Cox's largest Q1 2020 buy was iShares iBoxx $ Investment Grade Corporate Bond ETF: 2,431,480 shares worth $300M.
- Dodge & Cox added most to State Street in Q1 2020, an estimated $1.1B increase.
- Dodge & Cox's biggest Q1 2020 reduction was Charter Communications, cutting an estimated $1.31B.
- Dodge & Cox fully exited Zayo Group Holdings, Inc. in Q1 2020, selling an estimated $10.4M.
- Dodge & Cox's ten largest holdings make up 32% of its $92.4B portfolio in Q1 2020.
- Dodge & Cox opened 3 new positions and closed 10 in Q1 2020.
- Dodge & Cox's portfolio value fell 29% quarter-over-quarter to $92.4B.
Based on Dodge & Cox's 13F filing for Q1 2020, filed 14 May 2020.