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 |
Fidelity National Information Services
FIS
|
+$1.16B |
| 2 |
Charter Communications
CHTR
|
+$614M |
| 3 |
Amazon
AMZN
|
+$563M |
| 4 |
Elanco Animal Health
ELAN
|
+$396M |
| 5 |
Sanofi
SNY
|
+$375M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLB Ltd
SLB
|
+$1.08B |
| 2 |
ConocoPhillips
COP
|
+$737M |
| 3 |
T-Mobile US
TMUS
|
+$615M |
| 4 |
Microchip Technology
MCHP
|
+$533M |
| 5 |
Goldman Sachs
GS
|
+$431M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.41% |
| 2 | Healthcare | 19.23% |
| 3 | Technology | 16.26% |
| 4 | Communication Services | 12.06% |
| 5 | Industrials | 10.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Ovintiv
OVV
$18B
| $1.1B | 0.75% |
21,654,776
-489,900
| -2% | -$25.6M |
|
52
Alnylam Pharmaceuticals
ALNY
$31.7B
| $1.09B | 0.75% |
4,590,782
-298,515
| -6% | -$63.7M |
|
|
53
Elanco Animal Health
ELAN
$12.2B
| $1.04B | 0.71% |
84,775,075
+31,773,735
| +60% | +$396M |
|
54
Teck Resources
TECK
$34.6B
| $1.02B | 0.7% |
27,074,340
+359,009
| +1% | +$12.4M |
|
55
Honda
HMC
$40.7B
| $1.01B | 0.7% |
44,339,820
-1,153,750
| -3% | -$26.7M |
|
56
Hewlett Packard
HPE
$72B
| $968M | 0.66% |
60,642,668
-3,771,704
| -6% | -$55.6M |
|
57
Baker Hughes
BKR
$61.7B
| $916M | 0.63% |
31,006,837
+7,092,483
| +30% | +$196M |
|
58
Alphabet (Google) Class A
GOOGL
$4.17T
| $835M | 0.57% |
9,460,075
+3,462,405
| +58% | +$329M |
|
59
Truist Financial
TFC
$61.4B
| $809M | 0.55% |
18,796,578
-609,643
| -3% | -$26.7M |
|
60
JD.com
JD
$38.5B
| $788M | 0.54% |
14,033,849
-1,281,600
| -8% | -$64.5M |
|
61
Nutrien
NTR
$34.9B
| $785M | 0.54% |
10,744,059
+402,200
| +4% | +$31.8M |
|
62
Dell
DELL
$305B
| $773M | 0.53% |
19,217,959
-544,880
| -3% | -$21.5M |
|
63
Haleon
HLN
$44.2B
| $772M | 0.53% |
96,509,973
+23,144,401
| +32% | +$157M |
|
64
Celanese
CE
$4.92B
| $727M | 0.5% |
7,109,524
-315,120
| -4% | -$31.3M |
|
65
Baidu
BIDU
$32.9B
| $725M | 0.5% |
6,337,655
-405,400
| -6% | -$41.4M |
|
66
Credicorp
BAP
$29.6B
| $692M | 0.47% |
5,104,662
-57,100
| -1% | -$8.09M |
|
67
Carrier Global
CARR
$48.5B
| $676M | 0.46% |
16,384,156
-1,339,025
| -8% | -$54.3M |
|
68
Coherent
COHR
$57.8B
| $669M | 0.46% |
19,056,449
+2,010,932
| +12% | +$69.9M |
|
69
NetEase
NTES
$78.6B
| $639M | 0.44% |
8,796,458
+2,168,958
| +33% | +$148M |
|
70
Aegon
AEG
$13.6B
| $636M | 0.44% |
126,111,395
-2,717,402
| -2% | -$12.6M |
|
71
Zimmer Biomet
ZBH
$19B
| $631M | 0.43% |
4,947,450
-407,050
| -8% | -$47.2M |
|
72
American Express
AXP
$226B
| $631M | 0.43% |
4,267,811
-1,671,778
| -28% | -$248M |
|
73
Occidental Petroleum Corp Warrants
OXY.WS
$35B
| $594M | 0.41% |
14,398,638
-108,025
| -0.7% | -$4.99M |
|
|
DISH
74
DELISTED
DISH Network Corp.
DISH
| $552M | 0.38% |
39,292,866
-71,300
| -0.2% | -$1.05M |
|
75
PayPal
PYPL
$52.6B
| $536M | 0.37% |
7,525,650
-119,525
| -2% | -$9.57M |
|
Similar funds
Dodge & Cox's Q4 2022 Portfolio in Review
As of Q4 2022, Dodge & Cox held 194 positions worth $146B, up 10% from $132B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q4 2022: portfolio turnover was 4.6%. Dodge & Cox opened 3 new positions and exited 6, leaving the 194-position portfolio largely intact.
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 Q4 2022 buy was Trip.com Group: 20,900 shares worth $719K.
- Dodge & Cox added most to Fidelity National Information Services in Q4 2022, an estimated $1.16B increase.
- Dodge & Cox's biggest Q4 2022 reduction was SLB Ltd, cutting an estimated $1.08B.
- Dodge & Cox fully exited Marsh in Q4 2022, selling an estimated $427K.
- Dodge & Cox's ten largest holdings make up 30% of its $146B portfolio in Q4 2022.
- Dodge & Cox opened 3 new positions and closed 6 in Q4 2022.
- Dodge & Cox's portfolio value rose 10% quarter-over-quarter to $146B.
Based on Dodge & Cox's 13F filing for Q4 2022, filed 14 Feb 2023.