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 HealthCare
GEHC
|
+$1.13B |
| 2 |
Dominion Energy
D
|
+$868M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$324M |
| 4 |
Amazon
AMZN
|
+$319M |
| 5 |
Medtronic
MDT
|
+$252M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$1.09B |
| 2 |
Meta Platforms (Facebook)
META
|
+$754M |
| 3 |
American Express
AXP
|
+$623M |
| 4 |
PayPal
PYPL
|
+$575M |
| 5 |
Baidu
BIDU
|
+$452M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 19.93% |
| 2 | Healthcare | 19.3% |
| 3 | Technology | 17.15% |
| 4 | Communication Services | 13.11% |
| 5 | Industrials | 10.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Williams Companies
WMB
$90.7B
| $1.17B | 0.8% |
39,227,254
-130,011
| -0.3% | -$4.02M |
|
52
Bristol-Myers Squibb
BMY
$137B
| $1.14B | 0.78% |
16,469,182
-75,162
| -0.5% | -$5.3M |
|
53
Teck Resources
TECK
$34.6B
| $1.01B | 0.69% |
27,691,040
+616,700
| +2% | +$24.5M |
|
54
Baker Hughes
BKR
$61.7B
| $983M | 0.67% |
34,072,354
+3,065,517
| +10% | +$92.7M |
|
55
Ovintiv
OVV
$18B
| $975M | 0.66% |
27,016,020
+5,361,244
| +25% | +$236M |
|
56
CVS Health
CVS
$119B
| $937M | 0.64% |
12,606,849
+5,962
| +0% | +$500K |
|
57
Hewlett Packard
HPE
$72B
| $916M | 0.62% |
57,477,275
-3,165,393
| -5% | -$49.7M |
|
58
Haleon
HLN
$44.2B
| $912M | 0.62% |
112,055,605
+15,545,632
| +16% | +$124M |
|
59
Nutrien
NTR
$34.9B
| $852M | 0.58% |
11,533,359
+789,300
| +7% | +$60.9M |
|
|
60
Dominion Energy
D
$58.5B
| $829M | 0.56% |
+14,825,633
| New | +$868M |
|
61
Elanco Animal Health
ELAN
$12.2B
| $797M | 0.54% |
84,774,075
-1,000
| -0% | -$11.8K |
|
62
Alnylam Pharmaceuticals
ALNY
$31.7B
| $780M | 0.53% |
3,894,535
-696,247
| -15% | -$146M |
|
63
NetEase
NTES
$78.6B
| $774M | 0.53% |
8,752,269
-44,189
| -0.5% | -$3.81M |
|
64
Celanese
CE
$4.92B
| $771M | 0.53% |
7,077,852
-31,672
| -0.4% | -$3.66M |
|
65
Dell
DELL
$305B
| $743M | 0.51% |
18,472,951
-745,008
| -4% | -$30M |
|
66
Coherent
COHR
$57.8B
| $737M | 0.5% |
19,342,695
+286,246
| +2% | +$11.6M |
|
67
Credicorp
BAP
$29.6B
| $734M | 0.5% |
5,540,562
+435,900
| +9% | +$58.5M |
|
68
Truist Financial
TFC
$61.4B
| $696M | 0.47% |
20,410,797
+1,614,219
| +9% | +$70.5M |
|
69
Carrier Global
CARR
$48.5B
| $681M | 0.46% |
14,893,181
-1,490,975
| -9% | -$66.7M |
|
70
Zimmer Biomet
ZBH
$19B
| $636M | 0.43% |
4,921,750
-25,700
| -0.5% | -$3.23M |
|
71
JD.com
JD
$38.5B
| $624M | 0.43% |
14,221,949
+188,100
| +1% | +$9.71M |
|
72
Occidental Petroleum Corp Warrants
OXY.WS
$35B
| $587M | 0.4% |
14,319,379
-79,259
| -0.6% | -$3.2M |
|
|
73
Medtronic
MDT
$115B
| $579M | 0.39% |
7,183,890
+3,088,831
| +75% | +$252M |
|
74
Aegon
AEG
$13.6B
| $541M | 0.37% |
125,808,795
-302,600
| -0.2% | -$1.53M |
|
75
Linde
LIN
$224B
| $482M | 0.33% |
1,355,190
| – | – |
|
Similar funds
Dodge & Cox's Q1 2023 Portfolio in Review
As of Q1 2023, Dodge & Cox held 205 positions worth $147B, up 0.64% from $146B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Dodge & Cox's Q1 2023 filing shows 17 new, 44 increased, 108 reduced and 2 closed positions. Its largest new stake was GE HealthCare: 15,810,644 shares worth $1.3B. The largest sale was GE Aerospace, an estimated $1.09B.
By sector, the portfolio is most concentrated in Financials at 20% of assets, down from 23% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q1 2023 buy was GE HealthCare: 15,810,644 shares worth $1.3B.
- Dodge & Cox added most to Alphabet (Google) Class A in Q1 2023, an estimated $324M increase.
- Dodge & Cox's biggest Q1 2023 reduction was GE Aerospace, cutting an estimated $1.09B.
- Dodge & Cox fully exited Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share in Q1 2023, selling an estimated $211M.
- Dodge & Cox's ten largest holdings make up 29% of its $147B portfolio in Q1 2023.
- Dodge & Cox opened 17 new positions and closed 2 in Q1 2023.
- Dodge & Cox's portfolio value rose 0.64% quarter-over-quarter to $147B.
Based on Dodge & Cox's 13F filing for Q1 2023, filed 12 May 2023.