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 |
FedEx
FDX
|
+$345M |
| 2 |
BioMarin Pharmaceuticals
BMRN
|
+$332M |
| 3 |
UnitedHealth
UNH
|
+$269M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$209M |
| 5 |
Baidu
BIDU
|
+$193M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$930M |
| 2 |
AstraZeneca
AZN
|
+$512M |
| 3 |
Johnson Controls International
JCI
|
+$400M |
| 4 |
Capital One
COF
|
+$188M |
| 5 |
TE Connectivity
TEL
|
+$164M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.14% |
| 2 | Healthcare | 18.68% |
| 3 | Technology | 14.92% |
| 4 | Communication Services | 14.23% |
| 5 | Energy | 11.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SCHW
1
Charles Schwab
SCHW
$187B
| $4.58B | 3.51% |
96,385,839
+4,741,229
| +5% | +$209M |
|
2
Wells Fargo
WFC
$257B
| $4.55B | 3.48% |
84,622,418
-659,844
| -0.8% | -$34.6M |
|
|
3
Capital One
COF
$133B
| $4.17B | 3.19% |
40,491,327
-1,954,875
| -5% | -$188M |
|
4
Alphabet (Google) Class C
GOOG
$4.13T
| $4.12B | 3.15% |
61,624,860
-702,780
| -1% | -$45.3M |
|
5
Charter Communications
CHTR
$17.7B
| $4.12B | 3.15% |
8,490,342
-316,869
| -4% | -$146M |
|
6
Microsoft
MSFT
$3.75T
| $4.04B | 3.09% |
25,589,923
-287,846
| -1% | -$42.3M |
|
7
Bank of America
BAC
$428B
| $4.01B | 3.07% |
113,787,247
-2,456,670
| -2% | -$79.4M |
|
|
8
FedEx
FDX
$78.4B
| $3.93B | 3.01% |
25,991,484
+2,240,214
| +9% | +$345M |
|
9
Comcast
CMCSA
$93.7B
| $3.8B | 2.91% |
84,596,475
-949,527
| -1% | -$42.3M |
|
10
Occidental Petroleum
OXY
$59.1B
| $3.64B | 2.78% |
88,236,727
-915,119
| -1% | -$36.7M |
|
11
Cigna
CI
$73.4B
| $3.52B | 2.69% |
17,203,620
-173,402
| -1% | -$31.8M |
|
|
12
Johnson Controls International
JCI
$86.1B
| $3.51B | 2.68% |
86,117,229
-9,472,672
| -10% | -$400M |
|
13
Bristol-Myers Squibb
BMY
$137B
| $3.23B | 2.47% |
50,268,777
-183,900
| -0.4% | -$10.5M |
|
14
Sanofi
SNY
$107B
| $2.96B | 2.27% |
59,054,293
-1,813,701
| -3% | -$85M |
|
15
Booking.com
BKNG
$152B
| $2.93B | 2.24% |
35,625,125
-489,675
| -1% | -$38.4M |
|
|
16
TE Connectivity
TEL
$58.8B
| $2.78B | 2.13% |
29,033,403
-1,768,434
| -6% | -$164M |
|
17
Goldman Sachs
GS
$303B
| $2.64B | 2.02% |
11,476,881
-300,015
| -3% | -$65.1M |
|
18
Microchip Technology
MCHP
$41B
| $2.62B | 2.01% |
50,072,292
-827,400
| -2% | -$40M |
|
19
RTX Corp
RTX
$286B
| $2.54B | 1.94% |
26,940,705
-113,940
| -0.4% | -$10.3M |
|
20
HP
HPQ
$26.7B
| $2.44B | 1.87% |
118,723,571
-238,000
| -0.2% | -$4.51M |
|
|
21
UnitedHealth
UNH
$355B
| $2.43B | 1.86% |
8,281,222
+1,029,093
| +14% | +$269M |
|
22
Novartis
NVS
$294B
| $2.39B | 1.83% |
25,205,581
-1,563,295
| -6% | -$140M |
|
23
MetLife
MET
$61.2B
| $2.37B | 1.81% |
46,452,543
-346,175
| -0.7% | -$16.7M |
|
|
BNY
24
Bank of New York Mellon
BNY
$110B
| $2.34B | 1.79% |
46,398,022
-440,492
| -0.9% | -$21M |
|
25
SLB Ltd
SLB
$81.6B
| $2.33B | 1.78% |
57,985,098
-1,083,882
| -2% | -$38.7M |
|
Similar funds
Dodge & Cox's Q4 2019 Portfolio in Review
As of Q4 2019, Dodge & Cox held 185 positions worth $131B, up 7.5% from $122B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q4 2019: portfolio turnover was 2.7%. Dodge & Cox opened 4 new positions and exited 1, leaving the 185-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q4 2019 buy was BioMarin Pharmaceuticals: 4,389,515 shares worth $371M.
- Dodge & Cox added most to FedEx in Q4 2019, an estimated $345M increase.
- Dodge & Cox's biggest Q4 2019 reduction was JPMorgan Chase, cutting an estimated $930M.
- Dodge & Cox fully exited SunTrust Banks, Inc. in Q4 2019, selling an estimated $12.2M.
- Dodge & Cox's ten largest holdings make up 31% of its $131B portfolio in Q4 2019.
- Dodge & Cox opened 4 new positions and closed 1 in Q4 2019.
- Dodge & Cox's portfolio value rose 7.5% quarter-over-quarter to $131B.
Based on Dodge & Cox's 13F filing for Q4 2019, filed 13 Feb 2020.