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 |
CVS Health
CVS
|
+$758M |
| 2 |
Bank of America
BAC
|
+$722M |
| 3 |
Truist Financial
TFC
|
+$697M |
| 4 |
VF Corp
VFC
|
+$611M |
| 5 |
Fidelity National Information Services
FIS
|
+$512M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VMW
VMware, Inc
VMW
|
+$1.01B |
| 2 |
Capital One
COF
|
+$675M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$635M |
| 4 |
Cisco
CSCO
|
+$610M |
| 5 |
UBS Group
UBS
|
+$431M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.65% |
| 2 | Healthcare | 19.58% |
| 3 | Technology | 15.74% |
| 4 | Communication Services | 12.93% |
| 5 | Industrials | 9.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Regeneron Pharmaceuticals
REGN
$83.2B
| $1.95B | 1.32% |
2,372,998
-21,357
| -0.9% | -$16.8M |
|
|
27
CVS Health
CVS
$119B
| $1.87B | 1.26% |
26,722,982
+10,698,560
| +67% | +$758M |
|
|
28
Bank of America
BAC
$428B
| $1.82B | 1.23% |
66,637,135
+24,411,655
| +58% | +$722M |
|
29
Goldman Sachs
GS
$303B
| $1.79B | 1.21% |
5,541,257
-61,228
| -1% | -$20.5M |
|
30
AB InBev
BUD
$156B
| $1.76B | 1.19% |
31,844,538
+6,558,810
| +26% | +$372M |
|
31
UnitedHealth
UNH
$355B
| $1.74B | 1.17% |
3,447,190
+420
| +0% | +$207K |
|
32
Novartis
NVS
$294B
| $1.66B | 1.12% |
16,264,221
-142,892
| -0.9% | -$14.5M |
|
|
33
Alphabet (Google) Class A
GOOGL
$4.17T
| $1.63B | 1.1% |
12,428,035
-45,875
| -0.4% | -$5.93M |
|
34
ConocoPhillips
COP
$156B
| $1.61B | 1.08% |
13,430,859
-238,742
| -2% | -$27.7M |
|
35
T-Mobile US
TMUS
$191B
| $1.59B | 1.07% |
11,364,708
-142,240
| -1% | -$19.7M |
|
|
36
Cisco
CSCO
$442B
| $1.55B | 1.04% |
28,779,116
-11,305,908
| -28% | -$610M |
|
37
Suncor Energy
SU
$77.7B
| $1.54B | 1.04% |
44,879,454
-150,600
| -0.3% | -$4.83M |
|
38
LyondellBasell Industries
LYB
$20.4B
| $1.54B | 1.04% |
16,219,492
-156,800
| -1% | -$15.1M |
|
|
39
Truist Financial
TFC
$61.4B
| $1.52B | 1.02% |
53,051,950
+22,660,216
| +75% | +$697M |
|
40
Baker Hughes
BKR
$61.7B
| $1.51B | 1.01% |
42,635,774
-1,244,880
| -3% | -$44.1M |
|
41
Alibaba
BABA
$289B
| $1.4B | 0.94% |
16,091,470
+1,493,300
| +10% | +$137M |
|
42
Honda
HMC
$40.7B
| $1.39B | 0.94% |
41,324,800
-2,903,975
| -7% | -$93.4M |
|
43
State Street
STT
$53.1B
| $1.38B | 0.93% |
20,641,269
-1,084,205
| -5% | -$76.5M |
|
44
Microchip Technology
MCHP
$41B
| $1.35B | 0.91% |
17,303,884
-4,451,984
| -20% | -$373M |
|
45
Ovintiv
OVV
$18B
| $1.35B | 0.91% |
28,307,076
-1,053,200
| -4% | -$47.7M |
|
46
Meta Platforms (Facebook)
META
$1.45T
| $1.33B | 0.9% |
4,426,613
-150,881
| -3% | -$45.5M |
|
47
Cognizant
CTSH
$28.7B
| $1.32B | 0.89% |
19,466,697
-174,050
| -0.9% | -$12M |
|
48
Williams Companies
WMB
$90.7B
| $1.29B | 0.87% |
38,343,057
-671,049
| -2% | -$22.9M |
|
49
Norfolk Southern
NSC
$78.1B
| $1.26B | 0.85% |
6,422,714
+2,116,575
| +49% | +$458M |
|
50
BioMarin Pharmaceuticals
BMRN
$12.6B
| $1.25B | 0.84% |
14,153,503
-136,800
| -1% | -$12.2M |
|
Similar funds
Dodge & Cox's Q3 2023 Portfolio in Review
As of Q3 2023, Dodge & Cox held 195 positions worth $148B, down 0.97% from $150B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q3 2023: portfolio turnover was 3.6%. Dodge & Cox opened 4 new positions and exited 3, leaving the 195-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 21% of assets, down from 21% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2023 buy was VF Corp: 32,115,750 shares worth $567M.
- Dodge & Cox added most to CVS Health in Q3 2023, an estimated $758M increase.
- Dodge & Cox's biggest Q3 2023 reduction was VMware, Inc, cutting an estimated $1.01B.
- Dodge & Cox fully exited iShares Russell 1000 Value ETF in Q3 2023, selling an estimated $2.53M.
- Dodge & Cox's ten largest holdings make up 29% of its $148B portfolio in Q3 2023.
- Dodge & Cox opened 4 new positions and closed 3 in Q3 2023.
- Dodge & Cox's portfolio value fell 0.97% quarter-over-quarter to $148B.
Based on Dodge & Cox's 13F filing for Q3 2023, filed 14 Nov 2023.