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
|
+$1.21B |
| 2 |
Cigna
CI
|
+$734M |
| 3 |
Gilead Sciences
GILD
|
+$583M |
| 4 |
Novartis
NVS
|
+$433M |
| 5 |
Teck Resources
TECK
|
+$336M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Johnson Controls International
JCI
|
+$266M |
| 2 |
HP
HPQ
|
+$189M |
| 3 |
Capital One
COF
|
+$181M |
| 4 |
Wells Fargo
WFC
|
+$178M |
| 5 |
APA Corp
APA
|
+$163M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.43% |
| 2 | Technology | 17.73% |
| 3 | Healthcare | 16.49% |
| 4 | Communication Services | 15.93% |
| 5 | Energy | 8.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
Novartis
NVS
$294B
| $2.39B | 1.56% |
29,265,900
+4,812,635
| +20% | +$433M |
|
27
Cognizant
CTSH
$28.7B
| $2.21B | 1.44% |
29,722,173
+363,049
| +1% | +$26.8M |
|
28
Booking.com
BKNG
$152B
| $2.04B | 1.33% |
21,534,525
-897,900
| -4% | -$80.6M |
|
29
American Express
AXP
$226B
| $2.04B | 1.33% |
12,198,313
-464,621
| -4% | -$77.7M |
|
30
State Street
STT
$53.1B
| $1.94B | 1.27% |
22,937,774
+1,826,525
| +9% | +$159M |
|
31
Fox Class A
FOXA
$28.3B
| $1.94B | 1.26% |
48,411,769
-310,131
| -0.6% | -$11.4M |
|
32
Williams Companies
WMB
$90.7B
| $1.93B | 1.25% |
74,226,792
+1,002,298
| +1% | +$25.2M |
|
33
SLB Ltd
SLB
$81.6B
| $1.8B | 1.17% |
60,576,824
-1,802,100
| -3% | -$51.6M |
|
34
UnitedHealth
UNH
$355B
| $1.72B | 1.12% |
4,410,525
-124,105
| -3% | -$51.4M |
|
35
Bristol-Myers Squibb
BMY
$137B
| $1.69B | 1.1% |
28,517,357
+43,699
| +0.2% | +$2.88M |
|
|
DISH
36
DELISTED
DISH Network Corp.
DISH
| $1.65B | 1.08% |
37,981,487
+2,173,449
| +6% | +$92.5M |
|
37
Hewlett Packard
HPE
$72B
| $1.64B | 1.07% |
114,912,792
+376,000
| +0.3% | +$5.43M |
|
38
T-Mobile US
TMUS
$191B
| $1.63B | 1.06% |
12,761,585
+1,437,072
| +13% | +$200M |
|
39
UBS Group
UBS
$166B
| $1.6B | 1.04% |
100,194,242
+10,629,700
| +12% | +$172M |
|
40
ConocoPhillips
COP
$156B
| $1.51B | 0.99% |
22,349,446
-44,510
| -0.2% | -$2.57M |
|
41
Molson Coors Class B
TAP
$7.77B
| $1.45B | 0.94% |
31,224,608
-182,700
| -0.6% | -$8.93M |
|
42
Honda
HMC
$40.7B
| $1.35B | 0.88% |
44,084,528
+2,622,500
| +6% | +$82.5M |
|
43
CVS Health
CVS
$119B
| $1.3B | 0.85% |
15,290,222
-432,852
| -3% | -$36.3M |
|
44
Meta Platforms (Facebook)
META
$1.45T
| $1.26B | 0.82% |
3,723,430
-11,985
| -0.3% | -$4.32M |
|
|
JNPR
45
DELISTED
Juniper Networks
JNPR
| $1.26B | 0.82% |
45,877,993
-810,800
| -2% | -$22.8M |
|
46
Baker Hughes
BKR
$61.7B
| $1.25B | 0.81% |
50,481,074
-627,632
| -1% | -$14M |
|
|
VMW
47
DELISTED
VMware, Inc
VMW
| $1.23B | 0.8% |
8,304,400
+1,123,575
| +16% | +$170M |
|
48
Alibaba
BABA
$289B
| $1.18B | 0.77% |
8,001,070
+1,764,900
| +28% | +$321M |
|
49
Celanese
CE
$4.92B
| $1.17B | 0.76% |
7,745,982
-155,635
| -2% | -$24M |
|
50
BioMarin Pharmaceuticals
BMRN
$12.6B
| $1.15B | 0.75% |
14,818,582
+716,485
| +5% | +$56.5M |
|
Similar funds
Dodge & Cox's Q3 2021 Portfolio in Review
As of Q3 2021, Dodge & Cox held 195 positions worth $154B, up 0.42% from $153B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q3 2021: portfolio turnover was 3.6%. Dodge & Cox opened 5 new positions and exited 2, leaving the 195-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q3 2021 buy was Elanco Animal Health: 3,639,124 shares worth $116M.
- Dodge & Cox added most to Sanofi in Q3 2021, an estimated $1.21B increase.
- Dodge & Cox's biggest Q3 2021 reduction was Johnson Controls International, cutting an estimated $266M.
- Dodge & Cox fully exited Maxim Integrated Products in Q3 2021, selling an estimated $8.29M.
- Dodge & Cox's ten largest holdings make up 32% of its $154B portfolio in Q3 2021.
- Dodge & Cox opened 5 new positions and closed 2 in Q3 2021.
- Dodge & Cox's portfolio value rose 0.42% quarter-over-quarter to $154B.
Based on Dodge & Cox's 13F filing for Q3 2021, filed 15 Nov 2021.