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 |
Sanofi
SNY
|
+$1.21B |
| 2 |
Cigna
CI
|
+$734M |
| 3 |
Gilead Sciences
GILD
|
+$583M |
| 4 |
Novartis
NVS
|
+$433M |
| 5 |
Teck Resources
TECK
|
+$336M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Johnson Controls International
JCI
|
+$266M |
| 2 |
HP
HPQ
|
+$189M |
| 3 |
Capital One
COF
|
+$181M |
| 4 |
Wells Fargo
WFC
|
+$178M |
| 5 |
APA Corp
APA
|
+$163M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.43% |
| 2 | Technology | 17.73% |
| 3 | Healthcare | 16.49% |
| 4 | Communication Services | 15.93% |
| 5 | Energy | 8.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Incyte
INCY
$25.9B
| $1.13B | 0.74% |
16,476,436
+2,878,900
| +21% | +$219M |
|
52
Carrier Global
CARR
$48.5B
| $1.13B | 0.73% |
21,742,442
-2,358,220
| -10% | -$127M |
|
53
Suncor Energy
SU
$77.7B
| $1.13B | 0.73% |
54,245,354
-2,051,600
| -4% | -$41M |
|
54
Nutrien
NTR
$34.9B
| $1.02B | 0.67% |
15,761,859
-236,500
| -1% | -$14.5M |
|
55
Alnylam Pharmaceuticals
ALNY
$31.7B
| $1.01B | 0.66% |
5,372,100
-41,901
| -0.8% | -$7.86M |
|
56
Baidu
BIDU
$32.9B
| $967M | 0.63% |
6,288,351
+1,590,500
| +34% | +$261M |
|
|
HES
57
DELISTED
Hess
HES
| $911M | 0.59% |
11,660,136
-342,139
| -3% | -$25.2M |
|
58
Truist Financial
TFC
$61.4B
| $883M | 0.58% |
15,053,817
+335,378
| +2% | +$18.7M |
|
59
Ovintiv
OVV
$18B
| $739M | 0.48% |
22,472,460
-1,039,677
| -4% | -$28.7M |
|
60
JD.com
JD
$38.5B
| $701M | 0.46% |
9,709,849
+3,623,200
| +60% | +$267M |
|
61
Televisa
TV
$1.45B
| $696M | 0.45% |
63,401,320
-300,000
| -0.5% | -$3.86M |
|
62
Credicorp
BAP
$29.6B
| $598M | 0.39% |
5,391,446
+2,028,450
| +60% | +$221M |
|
|
63
Teck Resources
TECK
$34.6B
| $580M | 0.38% |
23,269,340
+14,687,100
| +171% | +$336M |
|
64
Medtronic
MDT
$115B
| $579M | 0.38% |
4,622,419
-440,243
| -9% | -$57M |
|
65
Aegon
AEG
$13.6B
| $570M | 0.37% |
117,112,924
-429,306
| -0.4% | -$1.86M |
|
|
QVCGA
66
DELISTED
QVC Group Inc Series A
QVCGA
| $528M | 0.34% |
1,036,714
-5,188
| -0.5% | -$2.92M |
|
|
GAP
67
The Gap Inc
GAP
$7.48B
| $525M | 0.34% |
23,109,478
-361,384
| -2% | -$9.98M |
|
68
Fox Class B
FOX
$25.4B
| $486M | 0.32% |
13,097,013
-61,128
| -0.5% | -$2.1M |
|
69
Liberty Global Class C
LBTYK
$3.51B
| $480M | 0.31% |
16,283,409
-1,500,359
| -8% | -$41.7M |
|
70
TC Energy
TRP
$64.6B
| $474M | 0.31% |
9,859,000
| – | – |
|
71
Otis Worldwide
OTIS
$27.2B
| $471M | 0.31% |
5,726,048
-514,457
| -8% | -$45.2M |
|
72
Brighthouse Financial
BHF
$3.11B
| $431M | 0.28% |
9,529,394
-73,771
| -0.8% | -$3.33M |
|
73
Linde
LIN
$224B
| $386M | 0.25% |
1,299,735
| – | – |
|
74
Lincoln National
LNC
$8.33B
| $363M | 0.24% |
5,282,407
+73,500
| +1% | +$4.8M |
|
|
75
APA Corp
APA
$14.8B
| $337M | 0.22% |
15,734,009
-8,543,518
| -35% | -$163M |
|
Similar funds
Dodge & Cox's Q3 2021 Portfolio in Review
As of Q3 2021, Dodge & Cox held 195 positions worth $154B, up 0.42% from $153B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q3 2021: portfolio turnover was 3.6%. Dodge & Cox opened 5 new positions and exited 2, leaving the 195-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q3 2021 buy was Elanco Animal Health: 3,639,124 shares worth $116M.
- Dodge & Cox added most to Sanofi in Q3 2021, an estimated $1.21B increase.
- Dodge & Cox's biggest Q3 2021 reduction was Johnson Controls International, cutting an estimated $266M.
- Dodge & Cox fully exited Maxim Integrated Products in Q3 2021, selling an estimated $8.29M.
- Dodge & Cox's ten largest holdings make up 32% of its $154B portfolio in Q3 2021.
- Dodge & Cox opened 5 new positions and closed 2 in Q3 2021.
- Dodge & Cox's portfolio value rose 0.42% quarter-over-quarter to $154B.
Based on Dodge & Cox's 13F filing for Q3 2021, filed 15 Nov 2021.