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 |
Humana
HUM
|
+$1.45B |
| 2 |
CVS Health
CVS
|
+$1.29B |
| 3 |
Norfolk Southern
NSC
|
+$619M |
| 4 |
Johnson Controls International
JCI
|
+$359M |
| 5 |
Coupang
CPNG
|
+$263M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$1.47B |
| 2 |
Wells Fargo
WFC
|
+$1.35B |
| 3 |
GE Aerospace
GE
|
+$944M |
| 4 |
Hewlett Packard
HPE
|
+$880M |
| 5 |
Microchip Technology
MCHP
|
+$738M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.14% |
| 2 | Financials | 20.84% |
| 3 | Technology | 12.56% |
| 4 | Communication Services | 12.34% |
| 5 | Industrials | 11.85% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
TE Connectivity
TEL
$58.8B
| $2.37B | 1.42% |
15,766,921
-47,602
| -0.3% | -$6.98M |
|
|
27
Norfolk Southern
NSC
$78.1B
| $2.32B | 1.39% |
10,794,867
+2,669,800
| +33% | +$619M |
|
|
28
GE Aerospace
GE
$356B
| $2.28B | 1.37% |
14,312,511
-5,910,685
| -29% | -$944M |
|
29
Gilead Sciences
GILD
$185B
| $2.27B | 1.36% |
33,122,337
-45,150
| -0.1% | -$3.01M |
|
30
Alphabet (Google) Class A
GOOGL
$4.17T
| $2.22B | 1.33% |
12,202,672
-48,246
| -0.4% | -$8.13M |
|
31
UBS Group
UBS
$166B
| $2.16B | 1.29% |
73,442,242
-1,980,700
| -3% | -$58.9M |
|
32
Truist Financial
TFC
$61.4B
| $2.01B | 1.2% |
51,665,856
-275,354
| -0.5% | -$10.4M |
|
33
UnitedHealth
UNH
$355B
| $2B | 1.2% |
3,921,445
-24,560
| -0.6% | -$12M |
|
34
Meta Platforms (Facebook)
META
$1.45T
| $1.93B | 1.16% |
3,829,095
-2,849
| -0.1% | -$1.38M |
|
35
AB InBev
BUD
$156B
| $1.83B | 1.1% |
31,470,885
-237,848
| -0.8% | -$14.6M |
|
36
Zimmer Biomet
ZBH
$19B
| $1.82B | 1.09% |
16,745,630
+326,360
| +2% | +$38.5M |
|
37
T-Mobile US
TMUS
$191B
| $1.73B | 1.04% |
9,827,889
-1,213,765
| -11% | -$204M |
|
38
Baker Hughes
BKR
$61.7B
| $1.62B | 0.97% |
46,058,888
-106,136
| -0.2% | -$3.48M |
|
|
39
Humana
HUM
$47.1B
| $1.61B | 0.97% |
+4,308,536
| New | +$1.45B |
|
40
Williams Companies
WMB
$90.7B
| $1.6B | 0.96% |
37,547,551
-237,475
| -0.6% | -$9.53M |
|
41
LyondellBasell Industries
LYB
$20.4B
| $1.55B | 0.93% |
16,158,867
-68,885
| -0.4% | -$6.83M |
|
42
Haleon
HLN
$44.2B
| $1.49B | 0.89% |
180,170,635
+3,217,384
| +2% | +$26.9M |
|
43
Avantor
AVTR
$9.88B
| $1.39B | 0.83% |
65,364,190
+1,683,884
| +3% | +$40.5M |
|
44
ConocoPhillips
COP
$156B
| $1.31B | 0.79% |
11,475,600
-122,467
| -1% | -$14.9M |
|
45
Novartis
NVS
$294B
| $1.3B | 0.78% |
12,236,526
-117,459
| -1% | -$11.8M |
|
46
GE HealthCare
GEHC
$32.7B
| $1.3B | 0.78% |
16,713,150
-100,634
| -0.6% | -$8.21M |
|
47
Alibaba
BABA
$289B
| $1.3B | 0.78% |
18,034,070
-40,200
| -0.2% | -$3.08M |
|
48
Cognizant
CTSH
$28.7B
| $1.26B | 0.75% |
18,458,724
-39,775
| -0.2% | -$2.7M |
|
|
JNPR
49
DELISTED
Juniper Networks
JNPR
| $1.25B | 0.75% |
34,212,790
-46,725
| -0.1% | -$1.66M |
|
50
HP
HPQ
$26.7B
| $1.23B | 0.74% |
35,098,525
-252,086
| -0.7% | -$8M |
|
Similar funds
Dodge & Cox's Q2 2024 Portfolio in Review
As of Q2 2024, Dodge & Cox held 205 positions worth $167B, down 3.3% from $172B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q2 2024: portfolio turnover was 4.4%. Dodge & Cox opened 6 new positions and exited 3, leaving the 205-position portfolio largely intact.
By sector, the portfolio is most concentrated in Healthcare at 21% of assets, down from 21% a quarter earlier, followed by Financials and Technology.
- Dodge & Cox's largest Q2 2024 buy was Humana: 4,308,536 shares worth $1.61B.
- Dodge & Cox added most to CVS Health in Q2 2024, an estimated $1.29B increase.
- Dodge & Cox's biggest Q2 2024 reduction was Cigna, cutting an estimated $1.47B.
- Dodge & Cox fully exited Ovintiv in Q2 2024, selling an estimated $450M.
- Dodge & Cox's ten largest holdings make up 30% of its $167B portfolio in Q2 2024.
- Dodge & Cox opened 6 new positions and closed 3 in Q2 2024.
- Dodge & Cox's portfolio value fell 3.3% quarter-over-quarter to $167B.
Based on Dodge & Cox's 13F filing for Q2 2024, filed 13 Aug 2024.