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 |
Norfolk Southern
NSC
|
+$914M |
| 2 |
Truist Financial
TFC
|
+$310M |
| 3 |
Baker Hughes
BKR
|
+$286M |
| 4 |
CVS Health
CVS
|
+$243M |
| 5 |
Alibaba
BABA
|
+$172M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$1.03B |
| 2 |
Meta Platforms (Facebook)
META
|
+$658M |
| 3 |
Molson Coors Class B
TAP
|
+$616M |
| 4 |
FedEx
FDX
|
+$465M |
| 5 |
Novartis
NVS
|
+$391M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.67% |
| 2 | Healthcare | 18.6% |
| 3 | Technology | 17.71% |
| 4 | Communication Services | 12.88% |
| 5 | Industrials | 10.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
51
Molson Coors Class B
TAP
$7.11B
| $1.2B | 0.8% |
18,153,474
-9,966,580
| -35% | -$616M |
2018 Q2
20 quarters
|
|
52
Ovintiv
OVV
$18.1B
| $1.12B | 0.75% |
29,360,276
+2,344,256
| +9% | +$84.7M |
2019 Q3
15 quarters
|
|
|
53
CVS Health
CVS
$112B
| $1.11B | 0.74% |
16,024,422
+3,417,573
| +27% | +$243M |
2018 Q3
19 quarters
|
|
54
DELISTED
Juniper Networks
JNPR
| $1.1B | 0.73% |
34,983,530
-150,722
| -0.4% | -$4.65M |
2014 Q4
34 quarters
|
|
55
Bristol-Myers Squibb
BMY
$117B
| $1.05B | 0.7% |
16,404,346
-64,836
| -0.4% | -$4.35M |
2013 Q2
40 quarters
|
|
56
Coherent
COHR
$56.1B
| $1.02B | 0.68% |
19,921,620
+578,925
| +3% | +$21.5M |
2021 Q4
6 quarters
|
|
|
57
Norfolk Southern
NSC
$71.6B
| $976M | 0.65% |
4,306,139
+4,302,589
| +121,200% | +$914M |
2013 Q2
40 quarters
|
|
58
Hewlett Packard
HPE
$92.9B
| $929M | 0.62% |
55,283,423
-2,193,852
| -4% | -$33.5M |
2015 Q4
30 quarters
|
|
59
Haleon
HLN
$41.7B
| $927M | 0.62% |
110,626,894
-1,428,711
| -1% | -$12.2M |
2022 Q3
3 quarters
|
|
|
60
Truist Financial
TFC
$57B
| $922M | 0.62% |
30,391,734
+9,980,937
| +49% | +$310M |
2013 Q2
40 quarters
|
|
61
Dell
DELL
$364B
| $896M | 0.6% |
16,563,958
-1,908,993
| -10% | -$87.8M |
2016 Q3
27 quarters
|
|
62
Elanco Animal Health
ELAN
$11.3B
| $851M | 0.57% |
84,621,350
-152,725
| -0.2% | -$1.42M |
2021 Q3
7 quarters
|
|
63
Teck Resources
TECK
$33.2B
| $832M | 0.56% |
19,765,040
-7,926,000
| -29% | -$341M |
2020 Q2
12 quarters
|
|
64
Celanese
CE
$4.92B
| $813M | 0.54% |
7,017,687
-60,165
| -0.9% | -$6.52M |
2013 Q2
40 quarters
|
|
65
XP
XP
$16.5B
| $807M | 0.54% |
34,406,121
-1,393,604
| -4% | -$23.6M |
2021 Q4
6 quarters
|
|
66
Dominion Energy
D
$54.8B
| $799M | 0.53% |
15,429,108
+603,475
| +4% | +$32.8M |
2023 Q1
1 quarter
|
|
67
Credicorp
BAP
$30.4B
| $797M | 0.53% |
5,400,431
-140,131
| -3% | -$19.2M |
2020 Q3
11 quarters
|
|
68
Carrier Global
CARR
$46B
| $729M | 0.49% |
14,663,181
-230,000
| -2% | -$10.1M |
2020 Q2
12 quarters
|
|
69
Alnylam Pharmaceuticals
ALNY
$30.7B
| $720M | 0.48% |
3,789,525
-105,010
| -3% | -$20.8M |
2016 Q2
28 quarters
|
|
70
Zimmer Biomet
ZBH
$17.5B
| $708M | 0.47% |
4,864,500
-57,250
| -1% | -$7.78M |
2022 Q1
5 quarters
|
|
71
Nutrien
NTR
$32.3B
| $683M | 0.46% |
11,572,059
+38,700
| +0.3% | +$2.46M |
2018 Q1
21 quarters
|
|
72
Aegon
AEG
$12.3B
| $639M | 0.43% |
126,016,146
+207,351
| +0.2% | +$950K |
2013 Q2
40 quarters
|
|
73
Medtronic
MDT
$117B
| $619M | 0.41% |
7,031,090
-152,800
| -2% | -$13.2M |
2013 Q2
40 quarters
|
|
74
JD.com
JD
$36.3B
| $554M | 0.37% |
16,237,049
+2,015,100
| +14% | +$73.3M |
2015 Q4
30 quarters
|
|
75
Occidental Petroleum Corp Warrants
OXY.WS
$37B
| $534M | 0.36% |
14,298,818
-20,561
| -0.1% | -$786K |
2020 Q3
11 quarters
|
|
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Dodge & Cox's Q2 2023 Portfolio in Review
As of Q2 2023, Dodge & Cox held 204 positions worth $150B, up 2.1% from $147B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2023 filing shows 1 new, 33 increased, 111 reduced and 13 closed positions. Its largest new stake was CarMax: 2,550 shares worth $213K. The largest sale was GE Aerospace, an estimated $1.03B.
By sector, the portfolio is most concentrated in Financials at 21% of assets, up from 20% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q2 2023 buy was CarMax: 2,550 shares worth $213K.
- Dodge & Cox added most to Norfolk Southern in Q2 2023, an estimated $914M increase.
- Dodge & Cox's biggest Q2 2023 reduction was GE Aerospace, cutting an estimated $1.03B.
- Dodge & Cox fully exited NVIDIA in Q2 2023, selling an estimated $33M.
- Dodge & Cox's ten largest holdings make up 30% of its $150B portfolio in Q2 2023.
- Dodge & Cox opened 1 new position and closed 13 in Q2 2023.
- Dodge & Cox's portfolio value rose 2.1% quarter-over-quarter to $150B.
Based on Dodge & Cox's 13F filing for Q2 2023, filed 14 Aug 2023.