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 |
Air Products & Chemicals
APD
|
+$1.8B |
| 2 |
Baxter International
BAX
|
+$627M |
| 3 |
SBA Communications
SBAC
|
+$360M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$250M |
| 5 |
Humana
HUM
|
+$223M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Truist Financial
TFC
|
+$1.09B |
| 2 |
JNPR
Juniper Networks
JNPR
|
+$790M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$766M |
| 4 |
BNY
Bank of New York Mellon
BNY
|
+$411M |
| 5 |
Wells Fargo
WFC
|
+$301M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 22.27% |
| 2 | Financials | 19.03% |
| 3 | Industrials | 12.6% |
| 4 | Technology | 12% |
| 5 | Communication Services | 11.73% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Goldman Sachs
GS
$303B
| $2.66B | 1.51% |
5,380,092
-43,440
| -0.8% | -$21.2M |
|
27
Regeneron Pharmaceuticals
REGN
$83.2B
| $2.43B | 1.37% |
2,311,935
-3,751
| -0.2% | -$4.17M |
|
28
TE Connectivity
TEL
$58.8B
| $2.41B | 1.37% |
15,990,186
+223,265
| +1% | +$33.4M |
|
29
UnitedHealth
UNH
$355B
| $2.28B | 1.29% |
3,902,210
-19,235
| -0.5% | -$10.9M |
|
30
UBS Group
UBS
$166B
| $2.26B | 1.28% |
73,371,442
-70,800
| -0.1% | -$2.13M |
|
31
Meta Platforms (Facebook)
META
$1.45T
| $2.18B | 1.23% |
3,812,714
-16,381
| -0.4% | -$8.43M |
|
32
Bank of America
BAC
$428B
| $2.11B | 1.19% |
53,207,803
-7,408,350
| -12% | -$297M |
|
33
AB InBev
BUD
$156B
| $2.08B | 1.17% |
31,325,890
-144,995
| -0.5% | -$8.94M |
|
|
34
Alphabet (Google) Class A
GOOGL
$4.17T
| $1.99B | 1.12% |
11,988,817
-213,855
| -2% | -$35.9M |
|
35
T-Mobile US
TMUS
$191B
| $1.98B | 1.12% |
9,571,049
-256,840
| -3% | -$49.2M |
|
|
36
Air Products & Chemicals
APD
$68B
| $1.96B | 1.11% |
6,598,194
+6,595,294
| +227,424% | +$1.8B |
|
37
Alibaba
BABA
$289B
| $1.92B | 1.09% |
18,086,570
+52,500
| +0.3% | +$4.3M |
|
38
Haleon
HLN
$44.2B
| $1.9B | 1.07% |
179,172,383
-998,252
| -0.6% | -$9.65M |
|
39
Zimmer Biomet
ZBH
$19B
| $1.84B | 1.04% |
17,073,791
+328,161
| +2% | +$35.8M |
|
40
Avantor
AVTR
$9.88B
| $1.77B | 1% |
68,418,097
+3,053,907
| +5% | +$75M |
|
41
Williams Companies
WMB
$90.7B
| $1.7B | 0.96% |
37,271,626
-275,925
| -0.7% | -$12.1M |
|
|
42
Baxter International
BAX
$13.4B
| $1.69B | 0.96% |
44,598,194
+17,075,449
| +62% | +$627M |
|
43
Baker Hughes
BKR
$61.7B
| $1.66B | 0.94% |
45,830,238
-228,650
| -0.5% | -$8.04M |
|
44
GE HealthCare
GEHC
$32.7B
| $1.56B | 0.88% |
16,663,641
-49,509
| -0.3% | -$4.16M |
|
|
45
Humana
HUM
$47.1B
| $1.56B | 0.88% |
4,933,995
+625,459
| +15% | +$223M |
|
46
LyondellBasell Industries
LYB
$20.4B
| $1.55B | 0.87% |
16,114,467
-44,400
| -0.3% | -$4.26M |
|
47
Cognizant
CTSH
$28.7B
| $1.42B | 0.8% |
18,349,574
-109,150
| -0.6% | -$8.13M |
|
48
Novartis
NVS
$294B
| $1.41B | 0.8% |
12,221,876
-14,650
| -0.1% | -$1.66M |
|
49
Dominion Energy
D
$58.5B
| $1.31B | 0.74% |
22,687,873
-124,575
| -0.5% | -$6.81M |
|
50
Cisco
CSCO
$442B
| $1.27B | 0.72% |
23,821,547
-90,550
| -0.4% | -$4.4M |
|
Similar funds
Dodge & Cox's Q3 2024 Portfolio in Review
As of Q3 2024, Dodge & Cox held 206 positions worth $177B, up 6.1% from $167B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Trading was light in Q3 2024: portfolio turnover was 2.4%. Dodge & Cox opened 4 new positions and exited 1, leaving the 206-position portfolio largely intact.
By sector, the portfolio is most concentrated in Healthcare at 22% of assets, up from 21% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q3 2024 buy was SBA Communications: 1,623,515 shares worth $391M.
- Dodge & Cox added most to Air Products & Chemicals in Q3 2024, an estimated $1.8B increase.
- Dodge & Cox's biggest Q3 2024 reduction was Truist Financial, cutting an estimated $1.09B.
- Dodge & Cox fully exited Alpha and Omega Semiconductor in Q3 2024, selling an estimated $1.89M.
- Dodge & Cox's ten largest holdings make up 28% of its $177B portfolio in Q3 2024.
- Dodge & Cox opened 4 new positions and closed 1 in Q3 2024.
- Dodge & Cox's portfolio value rose 6.1% quarter-over-quarter to $177B.
Based on Dodge & Cox's 13F filing for Q3 2024, filed 13 Nov 2024.