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 |
State Street
STT
|
+$1.1B |
| 2 |
Occidental Petroleum
OXY
|
+$973M |
| 3 |
SLB Ltd
SLB
|
+$953M |
| 4 |
HP
HPQ
|
+$720M |
| 5 |
Bank of America
BAC
|
+$654M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Charter Communications
CHTR
|
+$1.31B |
| 2 |
Eli Lilly
LLY
|
+$1.07B |
| 3 |
Microsoft
MSFT
|
+$915M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$855M |
| 5 |
Sanofi
SNY
|
+$516M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.47% |
| 2 | Healthcare | 19.44% |
| 3 | Technology | 17.53% |
| 4 | Communication Services | 13.51% |
| 5 | Industrials | 8.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Alphabet (Google) Class C
GOOG
$3.87T
| $3.43B | 3.71% |
58,914,080
-2,710,780
| -4% | -$184M |
|
|
SCHW
2
Charles Schwab
SCHW
$179B
| $3.4B | 3.68% |
101,154,103
+4,768,264
| +5% | +$200M |
|
3
FedEx
FDX
$74.9B
| $3.26B | 3.53% |
26,924,012
+932,528
| +4% | +$131M |
|
|
4
Microsoft
MSFT
$2.82T
| $3.16B | 3.42% |
20,027,140
-5,562,783
| -22% | -$915M |
|
|
5
Bank of America
BAC
$428B
| $2.88B | 3.11% |
135,599,162
+21,811,915
| +19% | +$654M |
|
6
Comcast
CMCSA
$82.2B
| $2.85B | 3.08% |
82,760,641
-1,835,834
| -2% | -$77.4M |
|
|
7
HP
HPQ
$22.8B
| $2.68B | 2.9% |
154,328,296
+35,604,725
| +30% | +$720M |
|
8
Cigna
CI
$76.4B
| $2.66B | 2.88% |
15,025,107
-2,178,513
| -13% | -$423M |
|
9
Wells Fargo
WFC
$261B
| $2.6B | 2.82% |
90,719,352
+6,096,934
| +7% | +$259M |
|
|
10
Charter Communications
CHTR
$15.4B
| $2.54B | 2.75% |
5,816,363
-2,673,979
| -31% | -$1.31B |
|
11
Johnson Controls International
JCI
$87.9B
| $2.44B | 2.64% |
90,408,917
+4,291,688
| +5% | +$160M |
|
12
Booking.com
BKNG
$134B
| $2.3B | 2.49% |
42,751,725
+7,126,600
| +20% | +$500M |
|
13
Capital One
COF
$121B
| $2.22B | 2.4% |
44,067,496
+3,576,169
| +9% | +$314M |
|
|
14
Sanofi
SNY
$104B
| $2.11B | 2.28% |
48,263,192
-10,791,101
| -18% | -$516M |
|
15
UnitedHealth
UNH
$384B
| $2.11B | 2.28% |
8,442,314
+161,092
| +2% | +$44.3M |
|
|
16
Bristol-Myers Squibb
BMY
$126B
| $2.02B | 2.19% |
36,277,074
-13,991,703
| -28% | -$855M |
|
17
TE Connectivity
TEL
$57.9B
| $2.02B | 2.18% |
32,028,904
+2,995,501
| +10% | +$256M |
|
18
Goldman Sachs
GS
$317B
| $1.96B | 2.12% |
12,687,088
+1,210,207
| +11% | +$257M |
|
19
Microchip Technology
MCHP
$44.1B
| $1.92B | 2.08% |
56,702,794
+6,630,502
| +13% | +$312M |
|
20
Novartis
NVS
$296B
| $1.89B | 2.05% |
22,941,440
-2,264,141
| -9% | -$202M |
|
21
MetLife
MET
$59.3B
| $1.81B | 1.95% |
59,061,575
+12,609,032
| +27% | +$559M |
|
22
RTX Corp
RTX
$282B
| $1.8B | 1.94% |
30,251,652
+3,310,947
| +12% | +$280M |
|
23
GSK
GSK
$101B
| $1.67B | 1.8% |
35,228,552
-1,882,023
| -5% | -$100M |
|
|
BNY
24
Bank of New York Mellon
BNY
$109B
| $1.61B | 1.74% |
47,893,304
+1,495,282
| +3% | +$62.8M |
|
25
Dell
DELL
$288B
| $1.51B | 1.63% |
75,285,377
+27,658,410
| +58% | +$638M |
|
Similar funds
Dodge & Cox's Q1 2020 Portfolio in Review
As of Q1 2020, Dodge & Cox held 187 positions worth $92.4B, down 29% from $131B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Dodge & Cox deployed $4.38B of net new capital in Q1 2020, opening 3 new positions and adding to 53 existing holdings. Its largest new stake was iShares iBoxx $ Investment Grade Corporate Bond ETF: 2,431,480 shares worth $300M.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Healthcare and Technology.
On the sell side, the largest reduction was Charter Communications, an estimated $1.31B trimmed.
- Dodge & Cox's largest Q1 2020 buy was iShares iBoxx $ Investment Grade Corporate Bond ETF: 2,431,480 shares worth $300M.
- Dodge & Cox added most to State Street in Q1 2020, an estimated $1.1B increase.
- Dodge & Cox's biggest Q1 2020 reduction was Charter Communications, cutting an estimated $1.31B.
- Dodge & Cox fully exited Zayo Group Holdings, Inc. in Q1 2020, selling an estimated $10.4M.
- Dodge & Cox's ten largest holdings make up 32% of its $92.4B portfolio in Q1 2020.
- Dodge & Cox opened 3 new positions and closed 10 in Q1 2020.
- Dodge & Cox's portfolio value fell 29% quarter-over-quarter to $92.4B.
Based on Dodge & Cox's 13F filing for Q1 2020, filed 14 May 2020.