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 |
Humana
HUM
|
+$1.45B |
| 2 |
CVS Health
CVS
|
+$1.29B |
| 3 |
Norfolk Southern
NSC
|
+$619M |
| 4 |
Johnson Controls International
JCI
|
+$359M |
| 5 |
Coupang
CPNG
|
+$263M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$1.47B |
| 2 |
Wells Fargo
WFC
|
+$1.35B |
| 3 |
GE Aerospace
GE
|
+$944M |
| 4 |
Hewlett Packard
HPE
|
+$880M |
| 5 |
Microchip Technology
MCHP
|
+$738M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.14% |
| 2 | Financials | 20.84% |
| 3 | Technology | 12.56% |
| 4 | Communication Services | 12.34% |
| 5 | Industrials | 11.85% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Elanco Animal Health
ELAN
$12.2B
| $1.21B | 0.72% |
83,583,150
-265,700
| -0.3% | -$4.25M |
|
52
Suncor Energy
SU
$77.7B
| $1.15B | 0.69% |
30,255,854
-9,763,000
| -24% | -$377M |
|
53
BioMarin Pharmaceuticals
BMRN
$12.6B
| $1.15B | 0.69% |
13,930,493
-62,450
| -0.4% | -$5.2M |
|
54
Cisco
CSCO
$442B
| $1.14B | 0.68% |
23,912,097
-57,212
| -0.2% | -$2.72M |
|
55
Dominion Energy
D
$58.5B
| $1.12B | 0.67% |
22,812,448
-53,250
| -0.2% | -$2.71M |
|
56
American Electric Power
AEP
$66.8B
| $1.04B | 0.62% |
11,831,805
+467,500
| +4% | +$40.9M |
|
57
Coherent
COHR
$57.8B
| $1.02B | 0.61% |
14,013,619
-1,084,769
| -7% | -$65.2M |
|
58
Fox Class A
FOXA
$28.3B
| $983M | 0.59% |
28,594,326
-290,450
| -1% | -$9.48M |
|
59
State Street
STT
$53.1B
| $956M | 0.57% |
12,914,714
-6,131,885
| -32% | -$457M |
|
60
Incyte
INCY
$25.9B
| $926M | 0.56% |
15,279,343
-136,700
| -0.9% | -$7.74M |
|
61
Baxter International
BAX
$13.4B
| $921M | 0.55% |
27,522,745
+20,850
| +0.1% | +$768K |
|
62
Alnylam Pharmaceuticals
ALNY
$31.7B
| $919M | 0.55% |
3,780,185
-31,295
| -0.8% | -$4.94M |
|
63
Celanese
CE
$4.92B
| $918M | 0.55% |
6,808,019
-18,633
| -0.3% | -$2.85M |
|
64
Carrier Global
CARR
$48.5B
| $906M | 0.54% |
14,367,024
-14,677
| -0.1% | -$901K |
|
65
Credicorp
BAP
$29.6B
| $883M | 0.53% |
5,474,280
-43,800
| -0.8% | -$7.25M |
|
66
Molson Coors Class B
TAP
$7.77B
| $741M | 0.44% |
14,574,964
+60,225
| +0.4% | +$3.48M |
|
67
Aegon
AEG
$13.6B
| $724M | 0.43% |
118,143,251
-7,126,766
| -6% | -$45M |
|
68
Honda
HMC
$40.7B
| $714M | 0.43% |
22,135,475
-108,900
| -0.5% | -$3.68M |
|
|
GAP
69
The Gap Inc
GAP
$7.48B
| $692M | 0.42% |
28,971,846
-7,161,582
| -20% | -$167M |
|
70
Sun Communities
SUI
$15B
| $671M | 0.4% |
5,576,740
+158,125
| +3% | +$18.8M |
|
71
Bristol-Myers Squibb
BMY
$137B
| $655M | 0.39% |
15,766,898
-500,143
| -3% | -$22.4M |
|
72
Nutrien
NTR
$34.9B
| $621M | 0.37% |
12,199,059
-56,400
| -0.5% | -$3.09M |
|
73
XP
XP
$8.97B
| $604M | 0.36% |
34,352,845
+4,667,800
| +16% | +$96.4M |
|
74
Occidental Petroleum Corp Warrants
OXY.WS
$35B
| $587M | 0.35% |
14,270,270
-3,300
| -0% | -$139K |
|
75
Linde
LIN
$224B
| $582M | 0.35% |
1,326,990
| – | – |
|
Similar funds
Dodge & Cox's Q2 2024 Portfolio in Review
As of Q2 2024, Dodge & Cox held 205 positions worth $167B, down 3.3% from $172B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q2 2024: portfolio turnover was 4.4%. Dodge & Cox opened 6 new positions and exited 3, leaving the 205-position portfolio largely intact.
By sector, the portfolio is most concentrated in Healthcare at 21% of assets, down from 21% a quarter earlier, followed by Financials and Technology.
- Dodge & Cox's largest Q2 2024 buy was Humana: 4,308,536 shares worth $1.61B.
- Dodge & Cox added most to CVS Health in Q2 2024, an estimated $1.29B increase.
- Dodge & Cox's biggest Q2 2024 reduction was Cigna, cutting an estimated $1.47B.
- Dodge & Cox fully exited Ovintiv in Q2 2024, selling an estimated $450M.
- Dodge & Cox's ten largest holdings make up 30% of its $167B portfolio in Q2 2024.
- Dodge & Cox opened 6 new positions and closed 3 in Q2 2024.
- Dodge & Cox's portfolio value fell 3.3% quarter-over-quarter to $167B.
Based on Dodge & Cox's 13F filing for Q2 2024, filed 13 Aug 2024.