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 |
CVS Health
CVS
|
+$758M |
| 2 |
Bank of America
BAC
|
+$722M |
| 3 |
Truist Financial
TFC
|
+$697M |
| 4 |
VF Corp
VFC
|
+$611M |
| 5 |
Fidelity National Information Services
FIS
|
+$512M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VMW
VMware, Inc
VMW
|
+$1.01B |
| 2 |
Capital One
COF
|
+$675M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$635M |
| 4 |
Cisco
CSCO
|
+$610M |
| 5 |
UBS Group
UBS
|
+$431M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.65% |
| 2 | Healthcare | 19.58% |
| 3 | Technology | 15.74% |
| 4 | Communication Services | 12.93% |
| 5 | Industrials | 9.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
GE HealthCare
GEHC
$32.7B
| $1.17B | 0.79% |
17,132,992
-172,432
| -1% | -$12.5M |
|
|
JNPR
52
DELISTED
Juniper Networks
JNPR
| $965M | 0.65% |
34,712,980
-270,550
| -0.8% | -$7.79M |
|
53
Hewlett Packard
HPE
$72B
| $951M | 0.64% |
54,750,973
-532,450
| -1% | -$9.16M |
|
54
Incyte
INCY
$25.9B
| $948M | 0.64% |
16,416,111
-2,861,849
| -15% | -$180M |
|
55
Elanco Animal Health
ELAN
$12.2B
| $946M | 0.64% |
84,203,300
-418,050
| -0.5% | -$4.85M |
|
56
Bristol-Myers Squibb
BMY
$137B
| $942M | 0.63% |
16,233,108
-171,238
| -1% | -$10.5M |
|
57
Fox Class A
FOXA
$28.3B
| $937M | 0.63% |
30,041,880
-8,657,381
| -22% | -$284M |
|
58
Molson Coors Class B
TAP
$7.77B
| $934M | 0.63% |
14,688,664
-3,464,810
| -19% | -$225M |
|
59
HP
HPQ
$26.7B
| $920M | 0.62% |
35,784,082
-3,725,016
| -9% | -$114M |
|
60
Haleon
HLN
$44.2B
| $911M | 0.61% |
109,397,859
-1,229,035
| -1% | -$10.2M |
|
61
Celanese
CE
$4.92B
| $873M | 0.59% |
6,955,237
-62,450
| -0.9% | -$7.68M |
|
62
Carrier Global
CARR
$48.5B
| $801M | 0.54% |
14,505,956
-157,225
| -1% | -$8.65M |
|
63
Teck Resources
TECK
$34.6B
| $798M | 0.54% |
18,511,240
-1,253,800
| -6% | -$52M |
|
64
Dell
DELL
$305B
| $756M | 0.51% |
10,974,166
-5,589,792
| -34% | -$333M |
|
65
Dominion Energy
D
$58.5B
| $729M | 0.49% |
16,328,283
+899,175
| +6% | +$44.6M |
|
66
Nutrien
NTR
$34.9B
| $713M | 0.48% |
11,550,359
-21,700
| -0.2% | -$1.37M |
|
67
XP
XP
$8.97B
| $698M | 0.47% |
30,280,445
-4,125,676
| -12% | -$103M |
|
68
Credicorp
BAP
$29.6B
| $694M | 0.47% |
5,425,162
+24,731
| +0.5% | +$3.59M |
|
69
Alnylam Pharmaceuticals
ALNY
$31.7B
| $664M | 0.45% |
3,747,155
-42,370
| -1% | -$8.08M |
|
70
Occidental Petroleum Corp Warrants
OXY.WS
$35B
| $618M | 0.42% |
14,295,756
-3,062
| -0% | -$125K |
|
71
Coherent
COHR
$57.8B
| $611M | 0.41% |
18,727,789
-1,193,831
| -6% | -$49M |
|
72
Aegon
AEG
$13.6B
| $603M | 0.41% |
125,535,817
-480,329
| -0.4% | -$2.47M |
|
|
73
VF Corp
VFC
$5.36B
| $567M | 0.38% |
+32,115,750
| New | +$611M |
|
74
Zimmer Biomet
ZBH
$19B
| $542M | 0.37% |
4,826,725
-37,775
| -0.8% | -$4.8M |
|
75
Medtronic
MDT
$115B
| $538M | 0.36% |
6,864,405
-166,685
| -2% | -$14M |
|
Similar funds
Dodge & Cox's Q3 2023 Portfolio in Review
As of Q3 2023, Dodge & Cox held 195 positions worth $148B, down 0.97% from $150B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q3 2023: portfolio turnover was 3.6%. Dodge & Cox opened 4 new positions and exited 3, leaving the 195-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 21% of assets, down from 21% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2023 buy was VF Corp: 32,115,750 shares worth $567M.
- Dodge & Cox added most to CVS Health in Q3 2023, an estimated $758M increase.
- Dodge & Cox's biggest Q3 2023 reduction was VMware, Inc, cutting an estimated $1.01B.
- Dodge & Cox fully exited iShares Russell 1000 Value ETF in Q3 2023, selling an estimated $2.53M.
- Dodge & Cox's ten largest holdings make up 29% of its $148B portfolio in Q3 2023.
- Dodge & Cox opened 4 new positions and closed 3 in Q3 2023.
- Dodge & Cox's portfolio value fell 0.97% quarter-over-quarter to $148B.
Based on Dodge & Cox's 13F filing for Q3 2023, filed 14 Nov 2023.