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 |
VMW
VMware, Inc
VMW
|
+$2.25B |
| 2 |
FISV
Fiserv Inc
FISV
|
+$1.02B |
| 3 |
Meta Platforms (Facebook)
META
|
+$973M |
| 4 |
AB InBev
BUD
|
+$875M |
| 5 |
FedEx
FDX
|
+$727M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dell
DELL
|
+$2.21B |
| 2 |
Microsoft
MSFT
|
+$716M |
| 3 |
American Express
AXP
|
+$597M |
| 4 |
APA Corp
APA
|
+$401M |
| 5 |
Wells Fargo
WFC
|
+$304M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.36% |
| 2 | Technology | 18.85% |
| 3 | Healthcare | 17.34% |
| 4 | Communication Services | 14.97% |
| 5 | Industrials | 8.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Microchip Technology
MCHP
$41B
| $2.57B | 1.59% |
29,539,169
-2,002,625
| -6% | -$162M |
|
27
Novartis
NVS
$294B
| $2.47B | 1.53% |
28,249,540
-1,016,360
| -3% | -$84.4M |
|
|
28
Meta Platforms (Facebook)
META
$1.45T
| $2.24B | 1.39% |
6,655,324
+2,931,894
| +79% | +$973M |
|
29
UnitedHealth
UNH
$355B
| $2.15B | 1.33% |
4,274,705
-135,820
| -3% | -$61.5M |
|
30
State Street
STT
$53.1B
| $2.08B | 1.29% |
22,356,499
-581,275
| -3% | -$54.8M |
|
31
Booking.com
BKNG
$152B
| $1.99B | 1.23% |
20,710,550
-823,975
| -4% | -$78.1M |
|
32
T-Mobile US
TMUS
$191B
| $1.91B | 1.18% |
16,463,259
+3,701,674
| +29% | +$436M |
|
|
33
Dell
DELL
$305B
| $1.88B | 1.16% |
33,476,762
-39,658,812
| -54% | -$2.21B |
|
34
UBS Group
UBS
$166B
| $1.87B | 1.16% |
104,116,642
+3,922,400
| +4% | +$69.1M |
|
35
Williams Companies
WMB
$90.7B
| $1.86B | 1.15% |
71,423,866
-2,802,926
| -4% | -$77.5M |
|
36
Fox Class A
FOXA
$28.3B
| $1.76B | 1.09% |
47,770,582
-641,187
| -1% | -$25.3M |
|
37
Bristol-Myers Squibb
BMY
$137B
| $1.71B | 1.06% |
27,355,432
-1,161,925
| -4% | -$68.2M |
|
38
SLB Ltd
SLB
$81.6B
| $1.69B | 1.05% |
56,427,450
-4,149,374
| -7% | -$131M |
|
39
Hewlett Packard
HPE
$72B
| $1.67B | 1.04% |
105,959,909
-8,952,883
| -8% | -$135M |
|
|
JNPR
40
DELISTED
Juniper Networks
JNPR
| $1.59B | 0.98% |
44,434,416
-1,443,577
| -3% | -$45.1M |
|
41
ConocoPhillips
COP
$156B
| $1.53B | 0.95% |
21,229,408
-1,120,038
| -5% | -$81.6M |
|
42
CVS Health
CVS
$119B
| $1.51B | 0.93% |
14,613,672
-676,550
| -4% | -$62.5M |
|
|
43
American Express
AXP
$226B
| $1.42B | 0.88% |
8,697,741
-3,500,572
| -29% | -$597M |
|
44
Molson Coors Class B
TAP
$7.77B
| $1.42B | 0.88% |
30,615,810
-608,798
| -2% | -$27.9M |
|
45
Suncor Energy
SU
$77.7B
| $1.38B | 0.85% |
55,104,954
+859,600
| +2% | +$20.9M |
|
46
BioMarin Pharmaceuticals
BMRN
$12.6B
| $1.31B | 0.81% |
14,825,049
+6,467
| +0% | +$534K |
|
47
Honda
HMC
$40.7B
| $1.28B | 0.8% |
45,125,595
+1,041,067
| +2% | +$30.3M |
|
|
DISH
48
DELISTED
DISH Network Corp.
DISH
| $1.24B | 0.77% |
38,268,088
+286,601
| +0.8% | +$10.7M |
|
49
Incyte
INCY
$25.9B
| $1.22B | 0.76% |
16,657,586
+181,150
| +1% | +$12.2M |
|
50
Celanese
CE
$4.92B
| $1.2B | 0.74% |
7,154,913
-591,069
| -8% | -$96.3M |
|
Similar funds
Dodge & Cox's Q4 2021 Portfolio in Review
As of Q4 2021, Dodge & Cox held 199 positions worth $161B, up 5.2% from $154B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q4 2021: portfolio turnover was 4%. Dodge & Cox opened 6 new positions and exited 2, leaving the 199-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q4 2021 buy was AB InBev: 15,040,157 shares worth $911M.
- Dodge & Cox added most to VMware, Inc in Q4 2021, an estimated $2.25B increase.
- Dodge & Cox's biggest Q4 2021 reduction was Dell, cutting an estimated $2.21B.
- Dodge & Cox fully exited America Movil in Q4 2021, selling an estimated $2.87M.
- Dodge & Cox's ten largest holdings make up 31% of its $161B portfolio in Q4 2021.
- Dodge & Cox opened 6 new positions and closed 2 in Q4 2021.
- Dodge & Cox's portfolio value rose 5.2% quarter-over-quarter to $161B.
Based on Dodge & Cox's 13F filing for Q4 2021, filed 14 Feb 2022.