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 |
Amazon
AMZN
|
+$1.18B |
| 2 |
LyondellBasell Industries
LYB
|
+$1B |
| 3 |
GE Aerospace
GE
|
+$573M |
| 4 |
Haleon
HLN
|
+$475M |
| 5 |
Fidelity National Information Services
FIS
|
+$335M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$1.28B |
| 2 |
Hewlett Packard
HPE
|
+$532M |
| 3 |
Williams Companies
WMB
|
+$419M |
| 4 |
Cognizant
CTSH
|
+$226M |
| 5 |
Occidental Petroleum
OXY
|
+$220M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.04% |
| 2 | Healthcare | 17.77% |
| 3 | Technology | 16.15% |
| 4 | Communication Services | 12.92% |
| 5 | Energy | 10.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Honda
HMC
$40.7B
| $982M | 0.74% |
45,493,570
-2,011,183
| -4% | -$50.8M |
|
52
Alnylam Pharmaceuticals
ALNY
$31.7B
| $979M | 0.74% |
4,889,297
-369,659
| -7% | -$70.5M |
|
53
SLB Ltd
SLB
$81.6B
| $923M | 0.7% |
25,705,473
-3,533,041
| -12% | -$128M |
|
54
Nutrien
NTR
$34.9B
| $862M | 0.65% |
10,341,859
+315,700
| +3% | +$27.2M |
|
55
Truist Financial
TFC
$61.4B
| $845M | 0.64% |
19,406,221
+300,896
| +2% | +$14.5M |
|
56
Teck Resources
TECK
$34.6B
| $812M | 0.62% |
26,715,331
+3,663,391
| +16% | +$113M |
|
57
American Express
AXP
$226B
| $801M | 0.61% |
5,939,589
-583,395
| -9% | -$88.3M |
|
58
Baidu
BIDU
$32.9B
| $792M | 0.6% |
6,743,055
+153,610
| +2% | +$21M |
|
|
59
Hewlett Packard
HPE
$72B
| $772M | 0.58% |
64,414,372
-39,135,577
| -38% | -$532M |
|
60
JD.com
JD
$38.5B
| $770M | 0.58% |
15,315,449
+96,400
| +0.6% | +$5.71M |
|
|
61
Fidelity National Information Services
FIS
$20.9B
| $744M | 0.56% |
9,843,805
+3,598,691
| +58% | +$335M |
|
62
Dell
DELL
$305B
| $675M | 0.51% |
19,762,839
-933,942
| -5% | -$39.3M |
|
63
Celanese
CE
$4.92B
| $671M | 0.51% |
7,424,644
+276,225
| +4% | +$30.3M |
|
64
PayPal
PYPL
$52.6B
| $658M | 0.5% |
7,645,175
-41,125
| -0.5% | -$3.65M |
|
65
Elanco Animal Health
ELAN
$12.2B
| $658M | 0.5% |
53,001,340
+3,795,150
| +8% | +$66.3M |
|
66
Credicorp
BAP
$29.6B
| $634M | 0.48% |
5,161,762
+128,300
| +3% | +$16.4M |
|
67
Carrier Global
CARR
$48.5B
| $630M | 0.48% |
17,723,181
-704,315
| -4% | -$27.7M |
|
68
Coherent
COHR
$57.8B
| $594M | 0.45% |
17,045,517
+5,904,216
| +53% | +$283M |
|
|
69
Occidental Petroleum Corp Warrants
OXY.WS
$35B
| $575M | 0.44% |
14,506,663
-304,562
| -2% | -$12.8M |
|
70
Alphabet (Google) Class A
GOOGL
$4.17T
| $574M | 0.43% |
5,997,670
-53,310
| -0.9% | -$5.91M |
|
71
XP
XP
$8.97B
| $568M | 0.43% |
29,866,731
+978,546
| +3% | +$19.4M |
|
72
Zimmer Biomet
ZBH
$19B
| $560M | 0.42% |
5,354,500
-56,100
| -1% | -$6.16M |
|
|
DISH
73
DELISTED
DISH Network Corp.
DISH
| $544M | 0.41% |
39,364,166
-359,380
| -0.9% | -$6.35M |
|
74
Aegon
AEG
$13.6B
| $510M | 0.39% |
128,828,797
-1,949,552
| -1% | -$8.49M |
|
75
Baker Hughes
BKR
$61.7B
| $501M | 0.38% |
23,914,354
+362,044
| +2% | +$9.06M |
|
Similar funds
Dodge & Cox's Q3 2022 Portfolio in Review
As of Q3 2022, Dodge & Cox held 215 positions worth $132B, down 8.6% from $144B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q3 2022 filing shows 4 new, 31 increased, 110 reduced and 24 closed positions. Its largest new stake was Haleon: 73,365,572 shares worth $447M. The largest sale was Cigna, an estimated $1.28B.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 22% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2022 buy was Haleon: 73,365,572 shares worth $447M.
- Dodge & Cox added most to Amazon in Q3 2022, an estimated $1.18B increase.
- Dodge & Cox's biggest Q3 2022 reduction was Cigna, cutting an estimated $1.28B.
- Dodge & Cox fully exited iShares iBoxx $ Investment Grade Corporate Bond ETF in Q3 2022, selling an estimated $198M.
- Dodge & Cox's ten largest holdings make up 30% of its $132B portfolio in Q3 2022.
- Dodge & Cox opened 4 new positions and closed 24 in Q3 2022.
- Dodge & Cox's portfolio value fell 8.6% quarter-over-quarter to $132B.
Based on Dodge & Cox's 13F filing for Q3 2022, filed 10 Nov 2022.