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 |
Sanofi
SNY
|
+$1.4B |
| 2 |
ConocoPhillips
COP
|
+$1.18B |
| 3 |
FISV
Fiserv Inc
FISV
|
+$924M |
| 4 |
GSK
GSK
|
+$908M |
| 5 |
Alibaba
BABA
|
+$681M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$1.58B |
| 2 |
CXO
CONCHO RESOURCES INC.
CXO
|
+$1.05B |
| 3 |
Bank of America
BAC
|
+$1.03B |
| 4 |
Capital One
COF
|
+$889M |
| 5 |
HP
HPQ
|
+$673M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.36% |
| 2 | Technology | 18.58% |
| 3 | Healthcare | 14.71% |
| 4 | Communication Services | 14.08% |
| 5 | Energy | 9.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
Lockheed Martin
LMT
$134B
| $309K | ﹤0.01% |
835
-40
| -5% | -$13.7K |
|
177
Zoetis
ZTS
$31.6B
| $307K | ﹤0.01% |
1,950
| – | – |
|
178
Phillips 66
PSX
$82.9B
| $294K | ﹤0.01% |
3,600
-550
| -13% | -$43.2K |
|
179
Baxter International
BAX
$11.6B
| $285K | ﹤0.01% |
3,382
| – | – |
|
180
Lowe's Companies
LOW
$116B
| $285K | ﹤0.01% |
+1,500
| New | +$257K |
|
181
Equinix
EQIX
$107B
| $262K | ﹤0.01% |
385
| – | – |
|
182
Stryker
SYK
$127B
| $234K | ﹤0.01% |
960
| – | – |
|
183
Automatic Data Processing
ADP
$100B
| $222K | ﹤0.01% |
+1,179
| New | +$205K |
|
184
Chubb
CB
$140B
| $213K | ﹤0.01% |
1,347
-80
| -6% | -$12.9K |
|
185
Viatris
VTRS
$20.1B
| $194K | ﹤0.01% |
13,918
-11,055
| -44% | -$180K |
|
186
New Oriental
EDU
$7.84B
| $190K | ﹤0.01% |
+1,360
| New | +$238K |
|
187
NOV
NOV
$7.45B
| – | – |
-16,466,332
| Closed | -$226M |
|
|
CXO
188
DELISTED
CONCHO RESOURCES INC.
CXO
| – | – |
-18,060,851
| Closed | -$1.05B |
|
Similar funds
Dodge & Cox's Q1 2021 Portfolio in Review
As of Q1 2021, Dodge & Cox held 188 positions worth $140B, up 11% from $126B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox withdrew a net $5.19B in Q1 2021, closing 2 positions and reducing 114 holdings. Its most notable exit was CONCHO RESOURCES INC., an estimated $1.05B position sold in full.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 27% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Dodge & Cox opened a new position in Honda worth $348M.
- Dodge & Cox's largest Q1 2021 buy was Honda: 11,515,024 shares worth $348M.
- Dodge & Cox added most to Sanofi in Q1 2021, an estimated $1.4B increase.
- Dodge & Cox's biggest Q1 2021 reduction was JPMorgan Chase, cutting an estimated $1.58B.
- Dodge & Cox fully exited CONCHO RESOURCES INC. in Q1 2021, selling an estimated $1.05B.
- Dodge & Cox's ten largest holdings make up 32% of its $140B portfolio in Q1 2021.
- Dodge & Cox opened 6 new positions and closed 2 in Q1 2021.
- Dodge & Cox's portfolio value rose 11% quarter-over-quarter to $140B.
Based on Dodge & Cox's 13F filing for Q1 2021, filed 14 May 2021.