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 | |
|---|---|---|---|---|---|---|
1
Capital One
COF
$124B
| $4.95B | 3.92% |
50,103,507
-394,740
| -0.8% | -$33.6M |
|
|
SCHW
2
Charles Schwab
SCHW
$175B
| $4.51B | 3.57% |
85,027,078
-10,635,391
| -11% | -$481M |
|
|
3
Wells Fargo
WFC
$262B
| $4.48B | 3.54% |
148,429,020
+17,452,785
| +13% | +$452M |
|
4
Comcast
CMCSA
$84B
| $4.2B | 3.32% |
80,140,711
-3,403,033
| -4% | -$163M |
|
5
Alphabet (Google) Class C
GOOG
$4.17T
| $4.02B | 3.18% |
45,850,540
-5,387,380
| -11% | -$455M |
|
6
Johnson Controls International
JCI
$86.9B
| $3.8B | 3.01% |
81,664,782
-6,916,195
| -8% | -$307M |
|
7
HP
HPQ
$23B
| $3.68B | 2.91% |
149,699,491
-17,623,704
| -11% | -$370M |
|
|
8
FedEx
FDX
$75.9B
| $3.56B | 2.82% |
13,724,137
-3,840,587
| -22% | -$1.06B |
|
9
Cigna
CI
$75.4B
| $3.37B | 2.66% |
16,166,923
+588,589
| +4% | +$115M |
|
|
10
Bank of America
BAC
$432B
| $3.31B | 2.62% |
109,130,094
-19,889,743
| -15% | -$533M |
|
11
Charter Communications
CHTR
$15.9B
| $3.17B | 2.51% |
4,794,701
-394,822
| -8% | -$251M |
|
12
MetLife
MET
$60B
| $3.11B | 2.46% |
66,215,913
-528,019
| -0.8% | -$22.9M |
|
13
Microsoft
MSFT
$2.9T
| $3.08B | 2.43% |
13,830,801
-1,480,134
| -10% | -$318M |
|
|
14
TE Connectivity
TEL
$58.5B
| $2.82B | 2.23% |
23,312,540
-7,270,952
| -24% | -$801M |
|
|
15
RTX Corp
RTX
$262B
| $2.8B | 2.21% |
39,109,917
+8,787,122
| +29% | +$578M |
|
16
Dell
DELL
$285B
| $2.73B | 2.16% |
73,608,017
+5,072,299
| +7% | +$177M |
|
|
BNY
17
Bank of New York Mellon
BNY
$109B
| $2.61B | 2.06% |
61,388,437
-670,142
| -1% | -$25.7M |
|
18
Booking.com
BKNG
$138B
| $2.58B | 2.04% |
28,976,675
-2,033,800
| -7% | -$157M |
|
19
Microchip Technology
MCHP
$46.2B
| $2.52B | 2% |
36,562,968
-4,940,858
| -12% | -$308M |
|
20
Goldman Sachs
GS
$324B
| $2.36B | 1.86% |
8,937,447
-620,988
| -6% | -$138M |
|
|
21
GSK
GSK
$102B
| $2.32B | 1.83% |
50,348,606
+14,348,081
| +40% | +$659M |
|
22
Occidental Petroleum
OXY
$57.2B
| $2.08B | 1.65% |
120,216,247
-1,092,769
| -0.9% | -$15M |
|
23
Novartis
NVS
$291B
| $2.04B | 1.61% |
21,615,801
-175,374
| -0.8% | -$15.3M |
|
24
Sanofi
SNY
$105B
| $1.94B | 1.54% |
40,004,409
+631,476
| +2% | +$31.1M |
|
25
Hewlett Packard
HPE
$63.7B
| $1.88B | 1.49% |
158,656,219
+1,594,162
| +1% | +$16.7M |
|
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.