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 |
Regeneron Pharmaceuticals
REGN
|
+$1.24B |
| 2 |
Meta Platforms (Facebook)
META
|
+$990M |
| 3 |
GE Aerospace
GE
|
+$981M |
| 4 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$829M |
| 5 |
UBS Group
UBS
|
+$778M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$1.17B |
| 2 |
SLB Ltd
SLB
|
+$1.01B |
| 3 |
HP
HPQ
|
+$975M |
| 4 |
HES
Hess
HES
|
+$906M |
| 5 |
Dell
DELL
|
+$631M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.3% |
| 2 | Healthcare | 17.99% |
| 3 | Technology | 16.88% |
| 4 | Communication Services | 15.05% |
| 5 | Energy | 9.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
BioMarin Pharmaceuticals
BMRN
$12.6B
| $1.16B | 0.7% |
15,034,999
+209,950
| +1% | +$17.6M |
|
52
Ovintiv
OVV
$18B
| $1.12B | 0.68% |
20,622,137
-1,206,600
| -6% | -$52M |
|
|
53
Dell
DELL
$305B
| $1.11B | 0.68% |
22,171,490
-11,305,272
| -34% | -$631M |
|
54
Nutrien
NTR
$34.9B
| $1.03B | 0.63% |
9,905,470
-4,481,289
| -31% | -$371M |
|
55
Celanese
CE
$4.92B
| $1.03B | 0.62% |
7,176,205
+21,292
| +0.3% | +$3.25M |
|
56
Truist Financial
TFC
$61.4B
| $964M | 0.59% |
16,994,992
+647,474
| +4% | +$40M |
|
57
Baker Hughes
BKR
$61.7B
| $954M | 0.58% |
26,202,996
-19,893,115
| -43% | -$604M |
|
58
Baidu
BIDU
$32.9B
| $952M | 0.58% |
7,198,655
+367,300
| +5% | +$55.4M |
|
|
59
GE Aerospace
GE
$356B
| $951M | 0.58% |
16,688,653
+16,450,011
| +6,893% | +$981M |
|
60
Teck Resources
TECK
$34.6B
| $930M | 0.57% |
23,032,740
-1,065,600
| -4% | -$38.1M |
|
61
Alnylam Pharmaceuticals
ALNY
$31.7B
| $894M | 0.54% |
5,475,668
+44,600
| +0.8% | +$6.79M |
|
62
Credicorp
BAP
$29.6B
| $879M | 0.53% |
5,115,077
-441,900
| -8% | -$66.7M |
|
63
Carrier Global
CARR
$48.5B
| $849M | 0.52% |
18,506,790
-1,172,727
| -6% | -$55.2M |
|
|
64
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $804M | 0.49% |
+6,648,493
| New | +$829M |
|
65
JD.com
JD
$38.5B
| $795M | 0.48% |
13,739,049
+2,973,800
| +28% | +$202M |
|
66
Televisa
TV
$1.45B
| $762M | 0.46% |
65,124,220
+372,900
| +0.6% | +$3.87M |
|
67
Elanco Animal Health
ELAN
$12.2B
| $746M | 0.45% |
28,587,703
+6,369,403
| +29% | +$170M |
|
68
Aegon
AEG
$13.6B
| $670M | 0.41% |
132,404,149
+11,466,551
| +9% | +$58M |
|
69
NetEase
NTES
$78.6B
| $594M | 0.36% |
6,624,100
+5,691,800
| +611% | +$542M |
|
70
TC Energy
TRP
$64.6B
| $581M | 0.35% |
10,302,500
+43,500
| +0.4% | +$2.29M |
|
|
GAP
71
The Gap Inc
GAP
$7.48B
| $540M | 0.33% |
38,361,478
+13,870,950
| +57% | +$221M |
|
72
Occidental Petroleum Corp Warrants
OXY.WS
$35B
| $523M | 0.32% |
14,837,774
-250,101
| -2% | -$6.05M |
|
73
Medtronic
MDT
$115B
| $508M | 0.31% |
4,577,406
+73,256
| +2% | +$7.74M |
|
74
XP
XP
$8.97B
| $492M | 0.3% |
16,339,385
+7,160,694
| +78% | +$223M |
|
75
Coherent
COHR
$57.8B
| $487M | 0.3% |
6,722,041
+3,939,952
| +142% | +$268M |
|
Similar funds
Dodge & Cox's Q1 2022 Portfolio in Review
As of Q1 2022, Dodge & Cox held 203 positions worth $165B, up 1.9% from $161B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q1 2022 filing shows 6 new, 43 increased, 102 reduced and 6 closed positions. Its largest new stake was iShares iBoxx $ Investment Grade Corporate Bond ETF: 6,648,493 shares worth $804M. The largest sale was Bank of America, an estimated $1.17B.
By sector, the portfolio is most concentrated in Financials at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q1 2022 buy was iShares iBoxx $ Investment Grade Corporate Bond ETF: 6,648,493 shares worth $804M.
- Dodge & Cox added most to Regeneron Pharmaceuticals in Q1 2022, an estimated $1.24B increase.
- Dodge & Cox's biggest Q1 2022 reduction was Bank of America, cutting an estimated $1.17B.
- Dodge & Cox fully exited Royal Dutch Shell PLC ADS Class A in Q1 2022, selling an estimated $3.24M.
- Dodge & Cox's ten largest holdings make up 30% of its $165B portfolio in Q1 2022.
- Dodge & Cox opened 6 new positions and closed 6 in Q1 2022.
- Dodge & Cox's portfolio value rose 1.9% quarter-over-quarter to $165B.
Based on Dodge & Cox's 13F filing for Q1 2022, filed 13 May 2022.