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 |
GE Aerospace
GE
|
+$1.44B |
| 2 |
PayPal
PYPL
|
+$664M |
| 3 |
Fidelity National Information Services
FIS
|
+$620M |
| 4 |
Elanco Animal Health
ELAN
|
+$488M |
| 5 |
SCHW
Charles Schwab
SCHW
|
+$469M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Sanofi
SNY
|
+$797M |
| 2 |
HP
HPQ
|
+$688M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$659M |
| 4 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$548M |
| 5 |
GSK
GSK
|
+$508M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.19% |
| 2 | Healthcare | 18.97% |
| 3 | Technology | 16.22% |
| 4 | Communication Services | 14.67% |
| 5 | Energy | 9.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Ovintiv
OVV
$18.1B
| $983M | 0.68% |
22,247,885
+1,625,748
| +8% | +$83.8M |
|
52
Baidu
BIDU
$33.1B
| $980M | 0.68% |
6,589,445
-609,210
| -8% | -$80.5M |
|
53
JD.com
JD
$38.5B
| $977M | 0.68% |
15,219,049
+1,480,000
| +11% | +$85.4M |
|
|
54
Elanco Animal Health
ELAN
$12.2B
| $966M | 0.67% |
49,206,190
+20,618,487
| +72% | +$488M |
|
55
Dell
DELL
$303B
| $956M | 0.66% |
20,696,781
-1,474,709
| -7% | -$69.6M |
|
56
Truist Financial
TFC
$62.1B
| $906M | 0.63% |
19,105,325
+2,110,333
| +12% | +$104M |
|
57
American Express
AXP
$227B
| $904M | 0.63% |
6,522,984
-1,915,789
| -23% | -$316M |
|
58
Celanese
CE
$4.96B
| $841M | 0.58% |
7,148,419
-27,786
| -0.4% | -$3.99M |
|
59
Nutrien
NTR
$35.4B
| $799M | 0.55% |
10,026,159
+120,689
| +1% | +$11.7M |
|
60
Alnylam Pharmaceuticals
ALNY
$30.2B
| $767M | 0.53% |
5,258,956
-216,712
| -4% | -$30.7M |
|
|
DISH
61
DELISTED
DISH Network Corp.
DISH
| $712M | 0.49% |
39,723,546
+1,380,282
| +4% | +$33.5M |
|
62
Teck Resources
TECK
$35.1B
| $705M | 0.49% |
23,051,940
+19,200
| +0.1% | +$758K |
|
63
Baker Hughes
BKR
$61.9B
| $680M | 0.47% |
23,552,310
-2,650,686
| -10% | -$89.6M |
|
64
Alphabet (Google) Class A
GOOGL
$4.19T
| $659M | 0.46% |
6,050,980
+3,849,720
| +175% | +$453M |
|
65
Carrier Global
CARR
$48.8B
| $657M | 0.45% |
18,427,496
-79,294
| -0.4% | -$3.11M |
|
66
NetEase
NTES
$78.6B
| $615M | 0.43% |
6,591,300
-32,800
| -0.5% | -$3.12M |
|
67
Credicorp
BAP
$29.9B
| $604M | 0.42% |
5,033,462
-81,615
| -2% | -$11.2M |
|
|
68
Fidelity National Information Services
FIS
$21.1B
| $572M | 0.4% |
+6,245,114
| New | +$620M |
|
69
Zimmer Biomet
ZBH
$19.1B
| $568M | 0.39% |
5,410,600
+3,077,685
| +132% | +$365M |
|
70
Coherent
COHR
$56.4B
| $568M | 0.39% |
11,141,301
+4,419,260
| +66% | +$269M |
|
71
Aegon
AEG
$13.7B
| $559M | 0.39% |
130,778,349
-1,625,800
| -1% | -$8.07M |
|
72
Occidental Petroleum Corp Warrants
OXY.WS
$34.8B
| $548M | 0.38% |
14,811,225
-26,549
| -0.2% | -$1.05M |
|
|
73
PayPal
PYPL
$45.6B
| $537M | 0.37% |
7,686,300
+7,659,350
| +28,421% | +$664M |
|
74
TC Energy
TRP
$64.9B
| $534M | 0.37% |
10,302,500
| – | – |
|
75
Televisa
TV
$1.46B
| $532M | 0.37% |
64,998,920
-125,300
| -0.2% | -$1.18M |
|
Similar funds
Dodge & Cox's Q2 2022 Portfolio in Review
As of Q2 2022, Dodge & Cox held 219 positions worth $144B, down 12% from $165B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2022 filing shows 22 new, 48 increased, 96 reduced and 8 closed positions. Its largest new stake was Fidelity National Information Services: 6,245,114 shares worth $572M. The largest sale was Sanofi, an estimated $797M.
By sector, the portfolio is most concentrated in Financials at 22% of assets, down from 23% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q2 2022 buy was Fidelity National Information Services: 6,245,114 shares worth $572M.
- Dodge & Cox added most to GE Aerospace in Q2 2022, an estimated $1.44B increase.
- Dodge & Cox's biggest Q2 2022 reduction was Sanofi, cutting an estimated $797M.
- Dodge & Cox fully exited iShares Russell 1000 Value ETF in Q2 2022, selling an estimated $8.35M.
- Dodge & Cox's ten largest holdings make up 30% of its $144B portfolio in Q2 2022.
- Dodge & Cox opened 22 new positions and closed 8 in Q2 2022.
- Dodge & Cox's portfolio value fell 12% quarter-over-quarter to $144B.
Based on Dodge & Cox's 13F filing for Q2 2022, filed 12 Aug 2022.