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 |
Meta Platforms (Facebook)
META
|
+$951M |
| 2 |
VMW
VMware, Inc
VMW
|
+$780M |
| 3 |
Williams Companies
WMB
|
+$682M |
| 4 |
Carrier Global
CARR
|
+$673M |
| 5 |
Otis Worldwide
OTIS
|
+$494M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Sprint Corporation
S
|
+$769M |
| 2 |
RTX Corp
RTX
|
+$648M |
| 3 |
AstraZeneca
AZN
|
+$574M |
| 4 |
UnitedHealth
UNH
|
+$506M |
| 5 |
MXIM
Maxim Integrated Products
MXIM
|
+$469M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.21% |
| 2 | Technology | 18.94% |
| 3 | Healthcare | 15.58% |
| 4 | Communication Services | 14.38% |
| 5 | Energy | 10.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
176
Marsh
MRSH
$84B
| $307K | ﹤0.01% |
2,860
| – | – |
2014 Q3
23 quarters
|
|
177
Phillips 66
PSX
$112B
| $302K | ﹤0.01% |
4,200
| – | – |
2013 Q2
28 quarters
|
|
178
Fidelity National Information Services
FIS
$17.5B
| $298K | ﹤0.01% |
+2,225
| New | +$292K |
2020 Q2
0 quarters
|
|
179
Baxter International
BAX
$12.7B
| $291K | ﹤0.01% |
3,382
| – | – |
2017 Q2
12 quarters
|
|
180
Intel
INTC
$533B
| $277K | ﹤0.01% |
4,625
+425
| +10% | +$25.4K |
2018 Q3
7 quarters
|
|
181
Equinix
EQIX
$101B
| $270K | ﹤0.01% |
385
| – | – |
2019 Q3
3 quarters
|
|
182
Zoetis
ZTS
$31B
| $267K | ﹤0.01% |
+1,950
| New | +$255K |
2020 Q2
0 quarters
|
|
183
Nike
NKE
$51.9B
| $263K | ﹤0.01% |
+2,680
| New | +$247K |
2020 Q2
0 quarters
|
|
184
Unilever
UL
$135B
| $258K | ﹤0.01% |
4,178
| – | – |
2013 Q2
28 quarters
|
|
185
IQVIA
IQV
$43B
| $252K | ﹤0.01% |
+1,775
| New | +$241K |
2020 Q2
0 quarters
|
|
186
Blackstone
BX
$85.9B
| $250K | ﹤0.01% |
+4,420
| New | +$233K |
2020 Q2
0 quarters
|
|
187
PPG Industries
PPG
$23.2B
| $233K | ﹤0.01% |
+2,200
| New | +$212K |
2020 Q2
0 quarters
|
|
188
Cogent Communications
CCOI
$425M
| $231K | ﹤0.01% |
2,990
| – | – |
2020 Q1
1 quarter
|
|
189
Salesforce
CRM
$193B
| $229K | ﹤0.01% |
+1,225
| New | +$206K |
2020 Q2
0 quarters
|
|
190
Chubb
CB
$133B
| $215K | ﹤0.01% |
1,697
-843
| -33% | -$97.7K |
2016 Q1
17 quarters
|
|
191
Sea Limited
SE
$58.4B
| $209K | ﹤0.01% |
+1,950
| New | +$141K |
2020 Q2
0 quarters
|
|
192
Fortive
FTV
$17.5B
| $206K | ﹤0.01% |
+4,837
| New | +$189K |
2020 Q2
0 quarters
|
|
193
Automatic Data Processing
ADP
$108B
| – | – |
-1,800
| Closed | -$246K | – |
|
194
Alcon
ALC
$30.9B
| – | – |
-4,857
| Closed | -$247K | – |
|
195
Harley-Davidson
HOG
$2.82B
| – | – |
-10,068,831
| Closed | -$191M | – |
|
196
Petrobras Class A
PBR.A
$145B
| – | – |
-2,265,907
| Closed | -$12.2M | – |
|
197
DELISTED
Walgreens Boots Alliance
WBA
| – | – |
-4,669
| Closed | -$214K | – |
|
|
198
DELISTED
Sprint Corporation
S
| – | – |
-89,227,648
| Closed | -$769M | – |
|
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Dodge & Cox's Q2 2020 Portfolio in Review
As of Q2 2020, Dodge & Cox held 198 positions worth $109B, up 18% from $92.4B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2020 filing shows 21 new, 46 increased, 98 reduced and 6 closed positions. Its largest new stake was Meta Platforms (Facebook): 4,555,170 shares worth $1.03B. The largest sale was Sprint Corporation, an estimated $769M.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 24% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q2 2020 buy was Meta Platforms (Facebook): 4,555,170 shares worth $1.03B.
- Dodge & Cox added most to VMware, Inc in Q2 2020, an estimated $780M increase.
- Dodge & Cox's biggest Q2 2020 reduction was RTX Corp, cutting an estimated $648M.
- Dodge & Cox fully exited Sprint Corporation in Q2 2020, selling an estimated $769M.
- Dodge & Cox's ten largest holdings make up 30% of its $109B portfolio in Q2 2020.
- Dodge & Cox opened 21 new positions and closed 6 in Q2 2020.
- Dodge & Cox's portfolio value rose 18% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q2 2020, filed 13 Aug 2020.