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 |
Amazon
AMZN
|
+$1.18B |
| 2 |
LyondellBasell Industries
LYB
|
+$1B |
| 3 |
GE Aerospace
GE
|
+$573M |
| 4 |
Haleon
HLN
|
+$475M |
| 5 |
Fidelity National Information Services
FIS
|
+$335M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$1.28B |
| 2 |
Hewlett Packard
HPE
|
+$532M |
| 3 |
Williams Companies
WMB
|
+$419M |
| 4 |
Cognizant
CTSH
|
+$226M |
| 5 |
Occidental Petroleum
OXY
|
+$220M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.04% |
| 2 | Healthcare | 17.77% |
| 3 | Technology | 16.15% |
| 4 | Communication Services | 12.92% |
| 5 | Energy | 10.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
26
TE Connectivity
TEL
$62.5B
| $1.87B | 1.41% |
16,911,094
-177,841
| -1% | -$22.1M |
2013 Q2
37 quarters
|
|
27
Cisco
CSCO
$454B
| $1.85B | 1.4% |
46,304,027
-807,045
| -2% | -$35.8M |
2014 Q3
32 quarters
|
|
28
GSK
GSK
$92.7B
| $1.72B | 1.31% |
58,583,989
-810,189
| -1% | -$30.7M |
2013 Q2
37 quarters
|
|
29
Novartis
NVS
$271B
| $1.6B | 1.21% |
21,048,657
-1,504,112
| -7% | -$125M |
2013 Q2
37 quarters
|
|
30
Meta Platforms (Facebook)
META
$1.94T
| $1.6B | 1.21% |
11,765,521
+28,695
| +0.2% | +$4.65M |
2020 Q2
9 quarters
|
|
31
Regeneron Pharmaceuticals
REGN
$77.5B
| $1.58B | 1.19% |
2,286,509
+21,175
| +0.9% | +$13.3M |
2021 Q4
3 quarters
|
|
|
32
Williams Companies
WMB
$91.2B
| $1.42B | 1.08% |
49,730,496
-12,856,441
| -21% | -$419M |
2020 Q2
9 quarters
|
|
33
Booking.com
BKNG
$118B
| $1.4B | 1.06% |
21,296,850
+42,575
| +0.2% | +$3.2M |
2015 Q2
29 quarters
|
|
|
34
Cognizant
CTSH
$27.6B
| $1.38B | 1.05% |
24,105,846
-3,454,043
| -13% | -$226M |
2019 Q2
13 quarters
|
|
35
HP
HPQ
$27.6B
| $1.36B | 1.03% |
54,438,979
-4,577,062
| -8% | -$141M |
2013 Q2
37 quarters
|
|
36
Bank of America
BAC
$377B
| $1.35B | 1.02% |
44,585,789
+151,200
| +0.3% | +$5.05M |
2013 Q2
37 quarters
|
|
37
State Street
STT
$47.8B
| $1.34B | 1.02% |
22,053,429
-207,175
| -0.9% | -$14.2M |
2013 Q2
37 quarters
|
|
38
Molson Coors Class B
TAP
$7.18B
| $1.33B | 1.01% |
27,799,136
-1,301,775
| -4% | -$70.6M |
2018 Q2
17 quarters
|
|
39
Incyte
INCY
$22B
| $1.32B | 1% |
19,793,400
-274,445
| -1% | -$20.3M |
2018 Q4
15 quarters
|
|
40
Fox Class A
FOXA
$26.4B
| $1.3B | 0.99% |
42,493,512
-3,979,833
| -9% | -$135M |
2019 Q1
14 quarters
|
|
41
CVS Health
CVS
$112B
| $1.28B | 0.97% |
13,472,772
-236,945
| -2% | -$23.5M |
2018 Q3
16 quarters
|
|
42
BioMarin Pharmaceuticals
BMRN
$10.5B
| $1.25B | 0.95% |
14,773,963
-233,100
| -2% | -$20.8M |
2019 Q4
11 quarters
|
|
43
Bristol-Myers Squibb
BMY
$116B
| $1.19B | 0.9% |
16,775,562
-1,577,777
| -9% | -$114M |
2013 Q2
37 quarters
|
|
44
Suncor Energy
SU
$88B
| $1.19B | 0.9% |
42,171,854
+577,400
| +1% | +$18.2M |
2016 Q3
24 quarters
|
|
45
AB InBev
BUD
$155B
| $1.15B | 0.87% |
25,373,746
+1,534,810
| +6% | +$79.5M |
2021 Q4
3 quarters
|
|
46
Alibaba
BABA
$276B
| $1.13B | 0.86% |
14,174,270
+1,840,400
| +15% | +$175M |
2018 Q4
15 quarters
|
|
|
47
LyondellBasell Industries
LYB
$19.4B
| $1.09B | 0.82% |
14,438,133
+11,864,203
| +461% | +$1B |
2020 Q2
9 quarters
|
|
|
48
Amazon
AMZN
$2.79T
| $1.06B | 0.8% |
9,364,955
+9,353,395
| +80,912% | +$1.18B |
2014 Q3
32 quarters
|
|
49
Ovintiv
OVV
$18.4B
| $1.02B | 0.77% |
22,144,676
-103,209
| -0.5% | -$4.93M |
2019 Q3
12 quarters
|
|
50
DELISTED
Juniper Networks
JNPR
| $1.01B | 0.77% |
38,850,758
-1,883,500
| -5% | -$53.1M |
2014 Q4
31 quarters
|
|
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Dodge & Cox's Q3 2022 Portfolio in Review
As of Q3 2022, Dodge & Cox held 215 positions worth $132B, down 8.6% from $144B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q3 2022 filing shows 4 new, 31 increased, 110 reduced and 24 closed positions. Its largest new stake was Haleon: 73,365,572 shares worth $447M. The largest sale was Cigna, an estimated $1.28B.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 22% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2022 buy was Haleon: 73,365,572 shares worth $447M.
- Dodge & Cox added most to Amazon in Q3 2022, an estimated $1.18B increase.
- Dodge & Cox's biggest Q3 2022 reduction was Cigna, cutting an estimated $1.28B.
- Dodge & Cox fully exited iShares iBoxx $ Investment Grade Corporate Bond ETF in Q3 2022, selling an estimated $198M.
- Dodge & Cox's ten largest holdings make up 30% of its $132B portfolio in Q3 2022.
- Dodge & Cox opened 4 new positions and closed 24 in Q3 2022.
- Dodge & Cox's portfolio value fell 8.6% quarter-over-quarter to $132B.
Based on Dodge & Cox's 13F filing for Q3 2022, filed 10 Nov 2022.