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 |
FISV
Fiserv Inc
FISV
|
+$684M |
| 2 |
GSK
GSK
|
+$659M |
| 3 |
RTX Corp
RTX
|
+$578M |
| 4 |
Wells Fargo
WFC
|
+$452M |
| 5 |
TC Energy
TRP
|
+$365M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$1.06B |
| 2 |
TE Connectivity
TEL
|
+$801M |
| 3 |
AstraZeneca
AZN
|
+$609M |
| 4 |
Bank of America
BAC
|
+$533M |
| 5 |
SCHW
Charles Schwab
SCHW
|
+$481M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.05% |
| 2 | Technology | 18.36% |
| 3 | Communication Services | 14.15% |
| 4 | Healthcare | 14.14% |
| 5 | Industrials | 9.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
American Tower
AMT
$77.7B
| $313K | ﹤0.01% |
1,395
| – | – |
|
177
Lockheed Martin
LMT
$134B
| $311K | ﹤0.01% |
875
| – | – |
|
178
Phillips 66
PSX
$82.9B
| $290K | ﹤0.01% |
4,150
-50
| -1% | -$2.94K |
|
179
Equinix
EQIX
$107B
| $275K | ﹤0.01% |
385
| – | – |
|
180
Baxter International
BAX
$11.6B
| $271K | ﹤0.01% |
3,382
| – | – |
|
181
Stryker
SYK
$127B
| $235K | ﹤0.01% |
960
| – | – |
|
182
Chubb
CB
$140B
| $220K | ﹤0.01% |
+1,427
| New | +$200K |
|
183
Aptiv
APTV
$12B
| – | – |
-123,280
| Closed | -$11.3M |
|
184
DXC Technology
DXC
$1.63B
| – | – |
-12,552
| Closed | -$224K |
|
185
Fortive
FTV
$19B
| – | – |
-4,837
| Closed | -$232K |
|
|
UN
186
DELISTED
Unilever NV New York Registry Shares
UN
| – | – |
-44,838
| Closed | -$2.71M |
|
Similar funds
Dodge & Cox's Q4 2020 Portfolio in Review
As of Q4 2020, Dodge & Cox held 186 positions worth $126B, up 16% from $109B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $5.15B in Q4 2020, closing 4 positions and reducing 121 holdings. Its most notable exit was Aptiv, an estimated $11.3M position sold in full.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 25% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Dodge & Cox opened a new position in Fiserv Inc worth $723M.
- Dodge & Cox's largest Q4 2020 buy was Fiserv Inc: 6,349,031 shares worth $723M.
- Dodge & Cox added most to GSK in Q4 2020, an estimated $659M increase.
- Dodge & Cox's biggest Q4 2020 reduction was FedEx, cutting an estimated $1.06B.
- Dodge & Cox fully exited Aptiv in Q4 2020, selling an estimated $11.3M.
- Dodge & Cox's ten largest holdings make up 32% of its $126B portfolio in Q4 2020.
- Dodge & Cox opened 3 new positions and closed 4 in Q4 2020.
- Dodge & Cox's portfolio value rose 16% quarter-over-quarter to $126B.
Based on Dodge & Cox's 13F filing for Q4 2020, filed 11 Feb 2021.