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 | |
|---|---|---|---|---|---|---|
1
Wells Fargo
WFC
$262B
| $5.79B | 4.14% |
148,077,325
-351,695
| -0.2% | -$12.5M |
|
|
2
Capital One
COF
$124B
| $5.41B | 3.87% |
42,560,097
-7,543,410
| -15% | -$889M |
|
|
SCHW
3
Charles Schwab
SCHW
$175B
| $5.03B | 3.6% |
77,194,062
-7,833,016
| -9% | -$475M |
|
4
Comcast
CMCSA
$84B
| $4.61B | 3.3% |
85,200,743
+5,060,032
| +6% | +$267M |
|
5
Alphabet (Google) Class C
GOOG
$4.17T
| $4.51B | 3.23% |
43,647,880
-2,202,660
| -5% | -$219M |
|
6
Johnson Controls International
JCI
$86.9B
| $4.33B | 3.1% |
72,593,832
-9,070,950
| -11% | -$499M |
|
|
7
HP
HPQ
$23B
| $3.98B | 2.84% |
125,305,099
-24,394,392
| -16% | -$673M |
|
8
MetLife
MET
$60B
| $3.92B | 2.8% |
64,511,065
-1,704,848
| -3% | -$94.1M |
|
9
FedEx
FDX
$75.9B
| $3.84B | 2.75% |
13,529,644
-194,493
| -1% | -$50.1M |
|
10
Cigna
CI
$75.4B
| $3.63B | 2.6% |
15,032,885
-1,134,038
| -7% | -$253M |
|
11
Charter Communications
CHTR
$15.9B
| $3.49B | 2.5% |
5,661,621
+866,920
| +18% | +$542M |
|
12
Dell
DELL
$285B
| $3.45B | 2.47% |
77,321,933
+3,713,916
| +5% | +$152M |
|
|
13
Sanofi
SNY
$105B
| $3.42B | 2.44% |
69,061,384
+29,056,975
| +73% | +$1.4B |
|
|
14
GSK
GSK
$102B
| $3.14B | 2.24% |
70,357,796
+20,009,190
| +40% | +$908M |
|
15
Occidental Petroleum
OXY
$57.2B
| $3.09B | 2.21% |
115,950,679
-4,265,568
| -4% | -$107M |
|
|
16
Bank of America
BAC
$432B
| $3.06B | 2.19% |
79,209,287
-29,920,807
| -27% | -$1.03B |
|
17
Microsoft
MSFT
$2.9T
| $3.06B | 2.19% |
12,967,246
-863,555
| -6% | -$200M |
|
18
RTX Corp
RTX
$262B
| $3.06B | 2.18% |
39,545,402
+435,485
| +1% | +$31.8M |
|
|
BNY
19
Bank of New York Mellon
BNY
$109B
| $2.91B | 2.08% |
61,497,837
+109,400
| +0.2% | +$4.81M |
|
20
Goldman Sachs
GS
$324B
| $2.64B | 1.89% |
8,063,904
-873,543
| -10% | -$272M |
|
21
TE Connectivity
TEL
$58.5B
| $2.62B | 1.87% |
20,304,587
-3,007,953
| -13% | -$386M |
|
22
Hewlett Packard
HPE
$63.7B
| $2.45B | 1.76% |
155,964,450
-2,691,769
| -2% | -$37.3M |
|
23
Microchip Technology
MCHP
$46.2B
| $2.34B | 1.67% |
30,111,424
-6,451,544
| -18% | -$481M |
|
24
Booking.com
BKNG
$138B
| $2.14B | 1.53% |
22,935,125
-6,041,550
| -21% | -$537M |
|
25
Cisco
CSCO
$442B
| $2.13B | 1.52% |
41,153,133
+2,560,559
| +7% | +$120M |
|
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.