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 |
International Flavors & Fragrances
IFF
|
+$1.12B |
| 2 |
Avantor
AVTR
|
+$981M |
| 3 |
RTX Corp
RTX
|
+$764M |
| 4 |
Zimmer Biomet
ZBH
|
+$742M |
| 5 |
Baxter International
BAX
|
+$620M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VMW
VMware, Inc
VMW
|
+$3.29B |
| 2 |
UBS Group
UBS
|
+$1.17B |
| 3 |
Dell
DELL
|
+$758M |
| 4 |
GE Aerospace
GE
|
+$634M |
| 5 |
Occidental Petroleum
OXY
|
+$577M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.64% |
| 2 | Healthcare | 20.84% |
| 3 | Technology | 13.51% |
| 4 | Communication Services | 11.87% |
| 5 | Industrials | 10.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
26
GE Aerospace
GE
$321B
| $2.15B | 1.36% |
21,074,058
-6,847,269
| -25% | -$634M |
2013 Q2
42 quarters
|
|
27
Goldman Sachs
GS
$260B
| $2.11B | 1.34% |
5,482,267
-58,990
| -1% | -$19.7M |
2013 Q2
42 quarters
|
|
28
Regeneron Pharmaceuticals
REGN
$79B
| $2.08B | 1.32% |
2,367,680
-5,318
| -0.2% | -$4.38M |
2021 Q4
8 quarters
|
|
29
AB InBev
BUD
$154B
| $2.05B | 1.3% |
31,717,238
-127,300
| -0.4% | -$7.52M |
2021 Q4
8 quarters
|
|
30
Truist Financial
TFC
$57B
| $1.96B | 1.25% |
53,173,840
+121,890
| +0.2% | +$3.83M |
2013 Q2
42 quarters
|
|
31
Norfolk Southern
NSC
$71.7B
| $1.95B | 1.24% |
8,233,372
+1,810,658
| +28% | +$379M |
2013 Q2
42 quarters
|
|
32
T-Mobile US
TMUS
$164B
| $1.82B | 1.15% |
11,329,368
-35,340
| -0.3% | -$5.23M |
2020 Q2
14 quarters
|
|
33
UnitedHealth
UNH
$338B
| $1.79B | 1.14% |
3,406,192
-40,998
| -1% | -$21.9M |
2013 Q2
42 quarters
|
|
34
Alphabet (Google) Class A
GOOGL
$4.32T
| $1.71B | 1.08% |
12,223,160
-204,875
| -2% | -$27.5M |
2015 Q4
32 quarters
|
|
35
State Street
STT
$48.2B
| $1.58B | 1% |
20,414,894
-226,375
| -1% | -$15.8M |
2013 Q2
42 quarters
|
|
36
Meta Platforms (Facebook)
META
$1.89T
| $1.55B | 0.98% |
4,377,358
-49,255
| -1% | -$16M |
2020 Q2
14 quarters
|
|
37
LyondellBasell Industries
LYB
$19.3B
| $1.54B | 0.98% |
16,210,777
-8,715
| -0.1% | -$815K |
2020 Q2
14 quarters
|
|
38
Microchip Technology
MCHP
$40.1B
| $1.48B | 0.94% |
16,449,259
-854,625
| -5% | -$69.6M |
2018 Q3
21 quarters
|
|
39
Baker Hughes
BKR
$56B
| $1.44B | 0.92% |
42,193,724
-442,050
| -1% | -$15.1M |
2017 Q3
25 quarters
|
|
40
Suncor Energy
SU
$86B
| $1.4B | 0.89% |
43,816,554
-1,062,900
| -2% | -$34.7M |
2016 Q3
29 quarters
|
|
41
Cognizant
CTSH
$27B
| $1.4B | 0.89% |
18,572,637
-894,060
| -5% | -$61.7M |
2019 Q2
18 quarters
|
|
|
42
Avantor
AVTR
$10.5B
| $1.4B | 0.89% |
61,196,331
+47,904,427
| +360% | +$981M |
2023 Q3
1 quarter
|
|
|
43
Zimmer Biomet
ZBH
$17.5B
| $1.4B | 0.89% |
11,474,535
+6,647,810
| +138% | +$742M |
2022 Q1
7 quarters
|
|
44
ConocoPhillips
COP
$164B
| $1.37B | 0.87% |
11,764,273
-1,666,586
| -12% | -$195M |
2013 Q2
42 quarters
|
|
45
BioMarin Pharmaceuticals
BMRN
$10.8B
| $1.35B | 0.86% |
13,994,063
-159,440
| -1% | -$14.1M |
2019 Q4
16 quarters
|
|
46
Alibaba
BABA
$275B
| $1.33B | 0.85% |
17,194,570
+1,103,100
| +7% | +$87.9M |
2018 Q4
20 quarters
|
|
47
Novartis
NVS
$273B
| $1.33B | 0.84% |
13,165,538
-3,098,683
| -19% | -$299M |
2013 Q2
42 quarters
|
|
48
Williams Companies
WMB
$90B
| $1.32B | 0.84% |
37,924,018
-419,039
| -1% | -$14.7M |
2020 Q2
14 quarters
|
|
49
GE HealthCare
GEHC
$30.8B
| $1.31B | 0.83% |
16,979,428
-153,564
| -0.9% | -$10.8M |
2023 Q1
3 quarters
|
|
50
Elanco Animal Health
ELAN
$11.3B
| $1.25B | 0.79% |
83,980,900
-222,400
| -0.3% | -$2.52M |
2021 Q3
9 quarters
|
|
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Dodge & Cox's Q4 2023 Portfolio in Review
As of Q4 2023, Dodge & Cox held 199 positions worth $158B, up 6.2% from $148B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q4 2023: portfolio turnover was 4.5%. Dodge & Cox opened 7 new positions and exited 2, leaving the 199-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 21% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q4 2023 buy was International Flavors & Fragrances: 15,440,725 shares worth $1.25B.
- Dodge & Cox added most to Avantor in Q4 2023, an estimated $981M increase.
- Dodge & Cox's biggest Q4 2023 reduction was UBS Group, cutting an estimated $1.17B.
- Dodge & Cox fully exited VMware, Inc in Q4 2023, selling an estimated $3.29B.
- Dodge & Cox's ten largest holdings make up 29% of its $158B portfolio in Q4 2023.
- Dodge & Cox opened 7 new positions and closed 2 in Q4 2023.
- Dodge & Cox's portfolio value rose 6.2% quarter-over-quarter to $158B.
Based on Dodge & Cox's 13F filing for Q4 2023, filed 15 Feb 2024.