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 |
Fidelity National Information Services
FIS
|
+$1.16B |
| 2 |
Charter Communications
CHTR
|
+$614M |
| 3 |
Amazon
AMZN
|
+$563M |
| 4 |
Elanco Animal Health
ELAN
|
+$396M |
| 5 |
Sanofi
SNY
|
+$375M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLB Ltd
SLB
|
+$1.08B |
| 2 |
ConocoPhillips
COP
|
+$737M |
| 3 |
T-Mobile US
TMUS
|
+$615M |
| 4 |
Microchip Technology
MCHP
|
+$533M |
| 5 |
Goldman Sachs
GS
|
+$431M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.41% |
| 2 | Healthcare | 19.23% |
| 3 | Technology | 16.26% |
| 4 | Communication Services | 12.06% |
| 5 | Industrials | 10.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
TE Connectivity
TEL
$58.8B
| $1.87B | 1.28% |
16,247,285
-663,809
| -4% | -$78.8M |
|
|
27
Fidelity National Information Services
FIS
$20.9B
| $1.78B | 1.22% |
26,220,615
+16,376,810
| +166% | +$1.16B |
|
|
28
ConocoPhillips
COP
$156B
| $1.72B | 1.18% |
14,539,482
-6,060,740
| -29% | -$737M |
|
29
State Street
STT
$53.1B
| $1.7B | 1.17% |
21,943,754
-109,675
| -0.5% | -$8.08M |
|
30
Booking.com
BKNG
$152B
| $1.68B | 1.15% |
20,807,350
-489,500
| -2% | -$37.2M |
|
|
31
Microchip Technology
MCHP
$41B
| $1.64B | 1.13% |
23,368,666
-7,734,395
| -25% | -$533M |
|
|
32
T-Mobile US
TMUS
$191B
| $1.62B | 1.11% |
11,590,334
-4,282,822
| -27% | -$615M |
|
33
Regeneron Pharmaceuticals
REGN
$83.2B
| $1.6B | 1.1% |
2,223,059
-63,450
| -3% | -$46.8M |
|
34
Incyte
INCY
$25.9B
| $1.56B | 1.07% |
19,362,935
-430,465
| -2% | -$32.9M |
|
35
AB InBev
BUD
$156B
| $1.52B | 1.04% |
25,339,671
-34,075
| -0.1% | -$1.83M |
|
36
BioMarin Pharmaceuticals
BMRN
$12.6B
| $1.49B | 1.02% |
14,383,663
-390,300
| -3% | -$36.6M |
|
37
HP
HPQ
$26.7B
| $1.41B | 0.97% |
52,451,225
-1,987,754
| -4% | -$55M |
|
38
Meta Platforms (Facebook)
META
$1.45T
| $1.4B | 0.96% |
11,674,190
-91,331
| -0.8% | -$10.7M |
|
39
Bank of America
BAC
$428B
| $1.4B | 0.96% |
42,371,589
-2,214,200
| -5% | -$76.3M |
|
40
Molson Coors Class B
TAP
$7.77B
| $1.4B | 0.96% |
27,087,904
-711,232
| -3% | -$36.5M |
|
41
LyondellBasell Industries
LYB
$20.4B
| $1.38B | 0.94% |
16,568,492
+2,130,359
| +15% | +$175M |
|
42
Suncor Energy
SU
$77.7B
| $1.33B | 0.91% |
41,867,454
-304,400
| -0.7% | -$10M |
|
43
Williams Companies
WMB
$90.7B
| $1.29B | 0.89% |
39,357,265
-10,373,231
| -21% | -$338M |
|
|
44
Amazon
AMZN
$2.76T
| $1.27B | 0.87% |
15,060,500
+5,695,545
| +61% | +$563M |
|
45
Alibaba
BABA
$289B
| $1.23B | 0.84% |
13,979,070
-195,200
| -1% | -$15.4M |
|
46
Fox Class A
FOXA
$28.3B
| $1.22B | 0.83% |
40,067,365
-2,426,147
| -6% | -$74M |
|
47
Bristol-Myers Squibb
BMY
$137B
| $1.19B | 0.82% |
16,544,344
-231,218
| -1% | -$17.4M |
|
48
CVS Health
CVS
$119B
| $1.17B | 0.81% |
12,600,887
-871,885
| -6% | -$84.1M |
|
49
Cognizant
CTSH
$28.7B
| $1.16B | 0.8% |
20,343,757
-3,762,089
| -16% | -$221M |
|
|
JNPR
50
DELISTED
Juniper Networks
JNPR
| $1.14B | 0.78% |
35,532,252
-3,318,506
| -9% | -$100M |
|
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Dodge & Cox's Q4 2022 Portfolio in Review
As of Q4 2022, Dodge & Cox held 194 positions worth $146B, up 10% from $132B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q4 2022: portfolio turnover was 4.6%. Dodge & Cox opened 3 new positions and exited 6, leaving the 194-position portfolio largely intact.
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 Q4 2022 buy was Trip.com Group: 20,900 shares worth $719K.
- Dodge & Cox added most to Fidelity National Information Services in Q4 2022, an estimated $1.16B increase.
- Dodge & Cox's biggest Q4 2022 reduction was SLB Ltd, cutting an estimated $1.08B.
- Dodge & Cox fully exited Marsh in Q4 2022, selling an estimated $427K.
- Dodge & Cox's ten largest holdings make up 30% of its $146B portfolio in Q4 2022.
- Dodge & Cox opened 3 new positions and closed 6 in Q4 2022.
- Dodge & Cox's portfolio value rose 10% quarter-over-quarter to $146B.
Based on Dodge & Cox's 13F filing for Q4 2022, filed 14 Feb 2023.