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 | |
|---|---|---|---|---|---|---|
|
1
FedEx
FDX
$75.9B
| $4.42B | 4.04% |
17,564,724
-9,605,597
| -35% | -$1.92B |
|
2
Comcast
CMCSA
$84B
| $3.86B | 3.54% |
83,543,744
-116,944
| -0.1% | -$5.08M |
|
3
Alphabet (Google) Class C
GOOG
$4.17T
| $3.76B | 3.45% |
51,237,920
-1,254,440
| -2% | -$95.7M |
|
4
Capital One
COF
$124B
| $3.63B | 3.32% |
50,498,247
+3,024,774
| +6% | +$202M |
|
5
Johnson Controls International
JCI
$86.9B
| $3.62B | 3.31% |
88,580,977
-3,952,015
| -4% | -$155M |
|
|
SCHW
6
Charles Schwab
SCHW
$175B
| $3.47B | 3.17% |
95,662,469
-100,343
| -0.1% | -$3.49M |
|
7
Charter Communications
CHTR
$15.9B
| $3.24B | 2.96% |
5,189,523
-86,820
| -2% | -$51.2M |
|
|
8
Microsoft
MSFT
$2.9T
| $3.22B | 2.95% |
15,310,935
-2,531,124
| -14% | -$532M |
|
9
HP
HPQ
$23B
| $3.18B | 2.91% |
167,323,195
-15,570,911
| -9% | -$284M |
|
10
Bank of America
BAC
$432B
| $3.11B | 2.84% |
129,019,837
-4,038,069
| -3% | -$101M |
|
|
11
Wells Fargo
WFC
$262B
| $3.08B | 2.82% |
130,976,235
+27,618,684
| +27% | +$681M |
|
12
TE Connectivity
TEL
$58.5B
| $2.99B | 2.74% |
30,583,492
-2,420,716
| -7% | -$223M |
|
13
Cigna
CI
$75.4B
| $2.64B | 2.42% |
15,578,334
+1,032,610
| +7% | +$182M |
|
14
MetLife
MET
$60B
| $2.48B | 2.27% |
66,743,932
+405,961
| +0.6% | +$15.4M |
|
15
Dell
DELL
$285B
| $2.35B | 2.15% |
68,535,718
-2,550,582
| -4% | -$79.6M |
|
|
16
Microchip Technology
MCHP
$46.2B
| $2.13B | 1.95% |
41,503,826
-8,517,432
| -17% | -$443M |
|
|
BNY
17
Bank of New York Mellon
BNY
$109B
| $2.13B | 1.95% |
62,058,579
+7,913,555
| +15% | +$288M |
|
|
18
Booking.com
BKNG
$138B
| $2.12B | 1.94% |
31,010,475
-5,842,875
| -16% | -$410M |
|
19
UnitedHealth
UNH
$392B
| $2.04B | 1.87% |
6,552,465
-123,363
| -2% | -$37.9M |
|
20
Sanofi
SNY
$105B
| $1.98B | 1.81% |
39,372,933
-267,403
| -0.7% | -$13.8M |
|
|
21
Goldman Sachs
GS
$324B
| $1.92B | 1.76% |
9,558,435
-2,340,795
| -20% | -$476M |
|
22
Novartis
NVS
$291B
| $1.89B | 1.73% |
21,791,175
+2,437,388
| +13% | +$211M |
|
|
23
RTX Corp
RTX
$262B
| $1.74B | 1.6% |
30,322,795
+10,463,128
| +53% | +$637M |
|
24
GSK
GSK
$102B
| $1.69B | 1.55% |
36,000,525
+2,782,329
| +8% | +$139M |
|
25
Bristol-Myers Squibb
BMY
$124B
| $1.64B | 1.5% |
27,199,986
-1,355,403
| -5% | -$81.6M |
|
Similar funds
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.