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 |
International Flavors & Fragrances
IFF
|
+$1.12B |
| 2 |
Avantor
AVTR
|
+$981M |
| 3 |
RTX Corp
RTX
|
+$764M |
| 4 |
Zimmer Biomet
ZBH
|
+$742M |
| 5 |
Baxter International
BAX
|
+$620M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VMW
VMware, Inc
VMW
|
+$3.29B |
| 2 |
UBS Group
UBS
|
+$1.17B |
| 3 |
Dell
DELL
|
+$758M |
| 4 |
GE Aerospace
GE
|
+$634M |
| 5 |
Occidental Petroleum
OXY
|
+$577M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.64% |
| 2 | Healthcare | 20.84% |
| 3 | Technology | 13.51% |
| 4 | Communication Services | 11.87% |
| 5 | Industrials | 10.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
51
International Flavors & Fragrances
IFF
$22.2B
| $1.25B | 0.79% |
+15,440,725
| New | +$1.12B |
|
52
Cisco
CSCO
$442B
| $1.22B | 0.77% |
24,091,212
-4,687,904
| -16% | -$240M |
|
53
Dominion Energy
D
$58.5B
| $1.07B | 0.68% |
22,800,383
+6,472,100
| +40% | +$289M |
|
54
HP
HPQ
$26.7B
| $1.07B | 0.68% |
35,413,307
-370,775
| -1% | -$10.4M |
|
55
Celanese
CE
$4.92B
| $1.06B | 0.68% |
6,849,327
-105,910
| -2% | -$13.8M |
|
|
56
Baxter International
BAX
$13.4B
| $1.06B | 0.67% |
27,381,465
+17,533,024
| +178% | +$620M |
|
|
JNPR
57
DELISTED
Juniper Networks
JNPR
| $1.02B | 0.65% |
34,469,105
-243,875
| -0.7% | -$6.7M |
|
58
Incyte
INCY
$25.9B
| $1.01B | 0.64% |
16,090,421
-325,690
| -2% | -$18.4M |
|
59
Ovintiv
OVV
$18B
| $1.01B | 0.64% |
22,955,251
-5,351,825
| -19% | -$244M |
|
60
Honda
HMC
$40.7B
| $978M | 0.62% |
31,649,060
-9,675,740
| -23% | -$305M |
|
61
Hewlett Packard
HPE
$72B
| $920M | 0.58% |
54,182,673
-568,300
| -1% | -$9.26M |
|
62
Haleon
HLN
$44.2B
| $911M | 0.58% |
110,663,098
+1,265,239
| +1% | +$10.4M |
|
63
Molson Coors Class B
TAP
$7.77B
| $897M | 0.57% |
14,652,014
-36,650
| -0.2% | -$2.2M |
|
64
Fox Class A
FOXA
$28.3B
| $861M | 0.55% |
29,014,647
-1,027,233
| -3% | -$31.1M |
|
65
Bristol-Myers Squibb
BMY
$137B
| $831M | 0.53% |
16,200,284
-32,824
| -0.2% | -$1.72M |
|
66
Credicorp
BAP
$29.6B
| $829M | 0.53% |
5,530,980
+105,818
| +2% | +$13.7M |
|
67
Carrier Global
CARR
$48.5B
| $829M | 0.53% |
14,424,756
-81,200
| -0.6% | -$4.3M |
|
68
Coherent
COHR
$57.8B
| $816M | 0.52% |
18,735,408
+7,619
| +0% | +$275K |
|
69
XP
XP
$8.97B
| $788M | 0.5% |
30,228,845
-51,600
| -0.2% | -$1.18M |
|
|
GAP
70
The Gap Inc
GAP
$7.48B
| $776M | 0.49% |
37,090,678
-247,700
| -0.7% | -$3.99M |
|
71
Teck Resources
TECK
$34.6B
| $774M | 0.49% |
18,313,640
-197,600
| -1% | -$7.59M |
|
72
Aegon
AEG
$13.6B
| $720M | 0.46% |
124,975,717
-560,100
| -0.4% | -$2.91M |
|
73
Alnylam Pharmaceuticals
ALNY
$31.7B
| $703M | 0.45% |
3,674,310
-72,845
| -2% | -$12.4M |
|
74
Nutrien
NTR
$34.9B
| $645M | 0.41% |
11,450,959
-99,400
| -0.9% | -$5.62M |
|
75
JD.com
JD
$38.5B
| $634M | 0.4% |
21,944,549
+3,482,900
| +19% | +$94.4M |
|
Similar funds
Dodge & Cox's Q4 2023 Portfolio in Review
As of Q4 2023, Dodge & Cox held 199 positions worth $158B, up 6.2% from $148B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q4 2023: portfolio turnover was 4.5%. Dodge & Cox opened 7 new positions and exited 2, leaving the 199-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 21% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q4 2023 buy was International Flavors & Fragrances: 15,440,725 shares worth $1.25B.
- Dodge & Cox added most to Avantor in Q4 2023, an estimated $981M increase.
- Dodge & Cox's biggest Q4 2023 reduction was UBS Group, cutting an estimated $1.17B.
- Dodge & Cox fully exited VMware, Inc in Q4 2023, selling an estimated $3.29B.
- Dodge & Cox's ten largest holdings make up 29% of its $158B portfolio in Q4 2023.
- Dodge & Cox opened 7 new positions and closed 2 in Q4 2023.
- Dodge & Cox's portfolio value rose 6.2% quarter-over-quarter to $158B.
Based on Dodge & Cox's 13F filing for Q4 2023, filed 15 Feb 2024.