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 |
T-Mobile US
TMUS
|
+$1.27B |
| 2 |
FISV
Fiserv Inc
FISV
|
+$1,000M |
| 3 |
Honda
HMC
|
+$931M |
| 4 |
Incyte
INCY
|
+$774M |
| 5 |
Gilead Sciences
GILD
|
+$701M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Capital One
COF
|
+$1.06B |
| 2 |
Hewlett Packard
HPE
|
+$654M |
| 3 |
APA Corp
APA
|
+$415M |
| 4 |
Johnson Controls International
JCI
|
+$345M |
| 5 |
Goldman Sachs
GS
|
+$279M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.9% |
| 2 | Technology | 17.61% |
| 3 | Communication Services | 15.85% |
| 4 | Healthcare | 15.64% |
| 5 | Energy | 9.52% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Wells Fargo
WFC
$257B
| $6.5B | 4.25% |
143,436,015
-4,641,310
| -3% | -$207M |
|
|
2
Capital One
COF
$133B
| $5.49B | 3.59% |
35,517,841
-7,042,256
| -17% | -$1.06B |
|
|
SCHW
3
Charles Schwab
SCHW
$187B
| $5.47B | 3.58% |
75,123,467
-2,070,595
| -3% | -$147M |
|
4
Alphabet (Google) Class C
GOOG
$4.13T
| $5.37B | 3.51% |
42,817,100
-830,780
| -2% | -$99M |
|
5
Comcast
CMCSA
$93.7B
| $4.79B | 3.13% |
83,984,497
-1,216,246
| -1% | -$68M |
|
|
6
Johnson Controls International
JCI
$86.1B
| $4.62B | 3.02% |
67,248,210
-5,345,622
| -7% | -$345M |
|
7
Charter Communications
CHTR
$17.7B
| $4.12B | 2.69% |
5,708,161
+46,540
| +0.8% | +$31.3M |
|
8
FedEx
FDX
$78.4B
| $3.84B | 2.51% |
12,881,949
-647,695
| -5% | -$192M |
|
9
Dell
DELL
$305B
| $3.74B | 2.45% |
74,016,041
-3,305,892
| -4% | -$166M |
|
10
Sanofi
SNY
$107B
| $3.7B | 2.42% |
70,280,548
+1,219,164
| +2% | +$63.6M |
|
11
MetLife
MET
$61.2B
| $3.68B | 2.41% |
61,528,915
-2,982,150
| -5% | -$189M |
|
12
Occidental Petroleum
OXY
$59.1B
| $3.61B | 2.36% |
115,401,489
-549,190
| -0.5% | -$14.7M |
|
13
HP
HPQ
$26.7B
| $3.57B | 2.33% |
118,233,303
-7,071,796
| -6% | -$226M |
|
14
GSK
GSK
$101B
| $3.51B | 2.3% |
70,567,351
+209,555
| +0.3% | +$10.1M |
|
15
Cigna
CI
$73.4B
| $3.44B | 2.25% |
14,507,511
-525,374
| -3% | -$131M |
|
16
Microsoft
MSFT
$3.75T
| $3.42B | 2.24% |
12,623,453
-343,793
| -3% | -$87.4M |
|
17
RTX Corp
RTX
$286B
| $3.35B | 2.19% |
39,239,202
-306,200
| -0.8% | -$25.8M |
|
|
BNY
18
Bank of New York Mellon
BNY
$110B
| $3.16B | 2.07% |
61,749,322
+251,485
| +0.4% | +$12.6M |
|
19
Bank of America
BAC
$428B
| $3.04B | 1.99% |
73,783,637
-5,425,650
| -7% | -$222M |
|
|
20
Goldman Sachs
GS
$303B
| $2.76B | 1.81% |
7,284,650
-779,254
| -10% | -$279M |
|
21
TE Connectivity
TEL
$58.8B
| $2.54B | 1.66% |
18,795,735
-1,508,852
| -7% | -$202M |
|
22
Cisco
CSCO
$442B
| $2.52B | 1.65% |
47,579,326
+6,426,193
| +16% | +$338M |
|
|
FISV
23
Fiserv Inc
FISV
$28B
| $2.46B | 1.61% |
22,996,049
+8,599,663
| +60% | +$1,000M |
|
24
Novartis
NVS
$294B
| $2.23B | 1.46% |
24,453,265
+2,783,028
| +13% | +$248M |
|
25
Microchip Technology
MCHP
$41B
| $2.18B | 1.43% |
29,110,824
-1,000,600
| -3% | -$76.2M |
|
Similar funds
Dodge & Cox's Q2 2021 Portfolio in Review
As of Q2 2021, Dodge & Cox held 197 positions worth $153B, up 9.3% from $140B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Dodge & Cox's Q2 2021 filing shows 11 new, 39 increased, 108 reduced and 7 closed positions. Its largest new stake was Organon & Co: 22,698 shares worth $686K. The largest sale was Capital One, an estimated $1.06B.
By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 26% a quarter earlier, followed by Technology and Communication Services.
- Dodge & Cox's largest Q2 2021 buy was Organon & Co: 22,698 shares worth $686K.
- Dodge & Cox added most to T-Mobile US in Q2 2021, an estimated $1.27B increase.
- Dodge & Cox's biggest Q2 2021 reduction was Capital One, cutting an estimated $1.06B.
- Dodge & Cox fully exited State Street SPDR S&P 500 ETF Trust in Q2 2021, selling an estimated $1.19M.
- Dodge & Cox's ten largest holdings make up 31% of its $153B portfolio in Q2 2021.
- Dodge & Cox opened 11 new positions and closed 7 in Q2 2021.
- Dodge & Cox's portfolio value rose 9.3% quarter-over-quarter to $153B.
Based on Dodge & Cox's 13F filing for Q2 2021, filed 13 Aug 2021.