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 |
Wells Fargo
WFC
|
+$681M |
| 2 |
RTX Corp
RTX
|
+$637M |
| 3 |
BioMarin Pharmaceuticals
BMRN
|
+$415M |
| 4 |
BNY
Bank of New York Mellon
BNY
|
+$288M |
| 5 |
Williams Companies
WMB
|
+$261M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$1.92B |
| 2 |
Microsoft
MSFT
|
+$532M |
| 3 |
Goldman Sachs
GS
|
+$476M |
| 4 |
Microchip Technology
MCHP
|
+$443M |
| 5 |
Booking.com
BKNG
|
+$410M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.97% |
| 2 | Technology | 18.56% |
| 3 | Healthcare | 15.26% |
| 4 | Communication Services | 15% |
| 5 | Industrials | 10.52% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
Equinix
EQIX
$107B
| $293K | ﹤0.01% |
385
| – | – |
|
177
Unilever
UL
$131B
| $278K | ﹤0.01% |
4,000
-178
| -4% | -$11.9K |
|
178
Baxter International
BAX
$11.6B
| $272K | ﹤0.01% |
3,382
| – | – |
|
179
PPG Industries
PPG
$25.9B
| $269K | ﹤0.01% |
2,200
| – | – |
|
180
Fortive
FTV
$19B
| $232K | ﹤0.01% |
4,837
| – | – |
|
181
DXC Technology
DXC
$1.63B
| $224K | ﹤0.01% |
12,552
-16,732
| -57% | -$305K |
|
182
Phillips 66
PSX
$82.9B
| $218K | ﹤0.01% |
4,200
| – | – |
|
183
Stryker
SYK
$127B
| $200K | ﹤0.01% |
+960
| New | +$187K |
|
184
Blackstone
BX
$104B
| – | – |
-4,420
| Closed | -$250K |
|
185
Citigroup
C
$222B
| – | – |
-6,055
| Closed | -$309K |
|
186
Chubb
CB
$140B
| – | – |
-1,697
| Closed | -$215K |
|
187
Cogent Communications
CCOI
$594M
| – | – |
-2,990
| Closed | -$231K |
|
188
Salesforce
CRM
$134B
| – | – |
-1,225
| Closed | -$229K |
|
189
Fidelity National Information Services
FIS
$21.5B
| – | – |
-2,225
| Closed | -$298K |
|
190
Intel
INTC
$466B
| – | – |
-4,625
| Closed | -$277K |
|
191
IQVIA
IQV
$34.7B
| – | – |
-1,775
| Closed | -$252K |
|
192
Kimberly-Clark
KMB
$36.4B
| – | – |
-3,863
| Closed | -$546K |
|
193
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$34.7B
| – | – |
-1,446,276
| Closed | -$195M |
|
194
Nike
NKE
$61.9B
| – | – |
-2,680
| Closed | -$263K |
|
195
Texas Instruments
TXN
$255B
| – | – |
-2,945
| Closed | -$374K |
|
|
TMUSR
196
DELISTED
T-Mobile US, Inc. Subscription Rights Expiring 7/27/2020
TMUSR
| – | – |
-3,254,282
| Closed | -$546K |
|
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Dodge & Cox's Q3 2020 Portfolio in Review
As of Q3 2020, Dodge & Cox held 196 positions worth $109B, up 0.5% from $109B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $3.73B in Q3 2020, closing 13 positions and reducing 112 holdings. Its most notable exit was iShares iBoxx $ Investment Grade Corporate Bond ETF, an estimated $195M position sold in full.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 24% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Dodge & Cox opened a new position in Credicorp worth $189M.
- Dodge & Cox's largest Q3 2020 buy was Credicorp: 1,524,224 shares worth $189M.
- Dodge & Cox added most to Wells Fargo in Q3 2020, an estimated $681M increase.
- Dodge & Cox's biggest Q3 2020 reduction was FedEx, cutting an estimated $1.92B.
- Dodge & Cox fully exited iShares iBoxx $ Investment Grade Corporate Bond ETF in Q3 2020, selling an estimated $195M.
- Dodge & Cox's ten largest holdings make up 32% of its $109B portfolio in Q3 2020.
- Dodge & Cox opened 4 new positions and closed 13 in Q3 2020.
- Dodge & Cox's portfolio value rose 0.5% quarter-over-quarter to $109B.
Based on Dodge & Cox's 13F filing for Q3 2020, filed 13 Nov 2020.