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 |
Regeneron Pharmaceuticals
REGN
|
+$1.24B |
| 2 |
Meta Platforms (Facebook)
META
|
+$990M |
| 3 |
GE Aerospace
GE
|
+$981M |
| 4 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$829M |
| 5 |
UBS Group
UBS
|
+$778M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$1.17B |
| 2 |
SLB Ltd
SLB
|
+$1.01B |
| 3 |
HP
HPQ
|
+$975M |
| 4 |
Hess
HES
|
+$906M |
| 5 |
Dell
DELL
|
+$631M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.3% |
| 2 | Healthcare | 17.99% |
| 3 | Technology | 16.88% |
| 4 | Communication Services | 15.05% |
| 5 | Energy | 9.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
26
Williams Companies
WMB
$89.7B
| $2.36B | 1.44% |
70,779,351
-644,515
| -0.9% | -$19.7M |
2020 Q2
7 quarters
|
|
|
27
Meta Platforms (Facebook)
META
$1.9T
| $2.36B | 1.43% |
10,617,984
+3,962,660
| +60% | +$990M |
2020 Q2
7 quarters
|
|
28
TE Connectivity
TEL
$63.1B
| $2.23B | 1.36% |
17,059,944
-66,010
| -0.4% | -$9.44M |
2013 Q2
35 quarters
|
|
29
T-Mobile US
TMUS
$164B
| $2.22B | 1.35% |
17,285,121
+821,862
| +5% | +$97.9M |
2020 Q2
7 quarters
|
|
30
Gilead Sciences
GILD
$186B
| $2.2B | 1.34% |
37,026,630
-148,147
| -0.4% | -$9.47M |
2014 Q3
30 quarters
|
|
31
UnitedHealth
UNH
$338B
| $2.17B | 1.32% |
4,246,215
-28,490
| -0.7% | -$13.7M |
2013 Q2
35 quarters
|
|
32
ConocoPhillips
COP
$164B
| $2.11B | 1.28% |
21,080,908
-148,500
| -0.7% | -$13.7M |
2013 Q2
35 quarters
|
|
33
Booking.com
BKNG
$119B
| $2.04B | 1.24% |
21,678,225
+967,675
| +5% | +$90.4M |
2015 Q2
27 quarters
|
|
34
Bristol-Myers Squibb
BMY
$117B
| $1.97B | 1.2% |
27,003,359
-352,073
| -1% | -$23.6M |
2013 Q2
35 quarters
|
|
35
State Street
STT
$48B
| $1.94B | 1.18% |
22,246,449
-110,050
| -0.5% | -$10.2M |
2013 Q2
35 quarters
|
|
36
Fox Class A
FOXA
$26.3B
| $1.87B | 1.13% |
47,302,575
-468,007
| -1% | -$19M |
2019 Q1
12 quarters
|
|
|
37
Bank of America
BAC
$381B
| $1.77B | 1.08% |
42,922,989
-25,978,501
| -38% | -$1.17B |
2013 Q2
35 quarters
|
|
38
Hewlett Packard
HPE
$93.8B
| $1.74B | 1.06% |
104,077,474
-1,882,435
| -2% | -$31.6M |
2015 Q4
25 quarters
|
|
39
Molson Coors Class B
TAP
$6.99B
| $1.61B | 0.98% |
30,246,969
-368,841
| -1% | -$18.6M |
2018 Q2
15 quarters
|
|
40
DELISTED
Juniper Networks
JNPR
| $1.6B | 0.97% |
43,056,326
-1,378,090
| -3% | -$47.4M |
2014 Q4
29 quarters
|
|
41
American Express
AXP
$211B
| $1.58B | 0.96% |
8,438,773
-258,968
| -3% | -$46.8M |
2013 Q2
35 quarters
|
|
|
42
Regeneron Pharmaceuticals
REGN
$78.8B
| $1.56B | 0.95% |
2,237,063
+1,957,941
| +701% | +$1.24B |
2021 Q4
1 quarter
|
|
43
Incyte
INCY
$22.8B
| $1.43B | 0.87% |
18,060,290
+1,402,704
| +8% | +$102M |
2018 Q4
13 quarters
|
|
44
CVS Health
CVS
$111B
| $1.42B | 0.87% |
14,070,282
-543,390
| -4% | -$57.1M |
2018 Q3
14 quarters
|
|
45
Suncor Energy
SU
$85.9B
| $1.37B | 0.83% |
42,154,154
-12,950,800
| -24% | -$384M |
2016 Q3
22 quarters
|
|
46
Honda
HMC
$42.4B
| $1.34B | 0.81% |
47,377,953
+2,252,358
| +5% | +$66.2M |
2021 Q1
4 quarters
|
|
47
Alibaba
BABA
$274B
| $1.3B | 0.79% |
11,920,270
+3,020,800
| +34% | +$348M |
2018 Q4
13 quarters
|
|
|
48
SLB Ltd
SLB
$72.3B
| $1.27B | 0.77% |
30,629,935
-25,797,515
| -46% | -$1.01B |
2013 Q2
35 quarters
|
|
49
AB InBev
BUD
$153B
| $1.26B | 0.77% |
20,973,132
+5,932,975
| +39% | +$366M |
2021 Q4
1 quarter
|
|
|
DISH
50
DELISTED
DISH Network Corp.
DISH
| $1.21B | 0.74% |
38,343,264
+75,176
| +0.2% | +$2.38M |
2013 Q2
35 quarters
|
|
Similar funds
Dodge & Cox's Q1 2022 Portfolio in Review
As of Q1 2022, Dodge & Cox held 203 positions worth $165B, up 1.9% from $161B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q1 2022 filing shows 6 new, 43 increased, 102 reduced and 6 closed positions. Its largest new stake was iShares iBoxx $ Investment Grade Corporate Bond ETF: 6,648,493 shares worth $804M. The largest sale was Bank of America, an estimated $1.17B.
By sector, the portfolio is most concentrated in Financials at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q1 2022 buy was iShares iBoxx $ Investment Grade Corporate Bond ETF: 6,648,493 shares worth $804M.
- Dodge & Cox added most to Regeneron Pharmaceuticals in Q1 2022, an estimated $1.24B increase.
- Dodge & Cox's biggest Q1 2022 reduction was Bank of America, cutting an estimated $1.17B.
- Dodge & Cox fully exited Royal Dutch Shell PLC ADS Class A in Q1 2022, selling an estimated $3.24M.
- Dodge & Cox's ten largest holdings make up 30% of its $165B portfolio in Q1 2022.
- Dodge & Cox opened 6 new positions and closed 6 in Q1 2022.
- Dodge & Cox's portfolio value rose 1.9% quarter-over-quarter to $165B.
Based on Dodge & Cox's 13F filing for Q1 2022, filed 13 May 2022.