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
|
+$1.41B |
| 2 |
SBA Communications
SBAC
|
+$1.29B |
| 3 |
Avantor
AVTR
|
+$691M |
| 4 |
Celanese
CE
|
+$655M |
| 5 |
Fortive
FTV
|
+$592M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$1.19B |
| 2 |
Truist Financial
TFC
|
+$1.15B |
| 3 |
Wells Fargo
WFC
|
+$1.13B |
| 4 |
Bank of America
BAC
|
+$974M |
| 5 |
Goldman Sachs
GS
|
+$842M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.28% |
| 2 | Financials | 18.77% |
| 3 | Industrials | 12.45% |
| 4 | Technology | 12.31% |
| 5 | Communication Services | 11.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Novartis
NVS
$294B
| $1.19B | 0.69% |
12,214,665
-7,211
| -0.1% | -$769K |
|
52
Sun Communities
SUI
$15B
| $1.18B | 0.69% |
9,606,018
+3,644,853
| +61% | +$467M |
|
53
ConocoPhillips
COP
$156B
| $1.13B | 0.66% |
11,423,586
-7,845
| -0.1% | -$833K |
|
54
HP
HPQ
$26.7B
| $1.1B | 0.64% |
33,745,905
-76,270
| -0.2% | -$2.74M |
|
55
American Electric Power
AEP
$66.8B
| $1.07B | 0.62% |
11,575,220
-5,285
| -0% | -$511K |
|
56
Incyte
INCY
$25.9B
| $1.03B | 0.6% |
14,919,633
-356,460
| -2% | -$25.4M |
|
57
Fox Class A
FOXA
$28.3B
| $1.02B | 0.6% |
21,098,016
-7,357,231
| -26% | -$331M |
|
58
Suncor Energy
SU
$77.7B
| $1.02B | 0.59% |
28,452,054
-958,200
| -3% | -$36.9M |
|
59
Elanco Animal Health
ELAN
$12.2B
| $1.01B | 0.59% |
83,180,666
-134,884
| -0.2% | -$1.76M |
|
60
Credicorp
BAP
$29.6B
| $978M | 0.57% |
5,337,180
-73,700
| -1% | -$13.8M |
|
61
Carrier Global
CARR
$48.5B
| $977M | 0.57% |
14,305,840
-40,659
| -0.3% | -$3.07M |
|
62
Coherent
COHR
$57.8B
| $970M | 0.56% |
10,239,099
-400,275
| -4% | -$40M |
|
63
BioMarin Pharmaceuticals
BMRN
$12.6B
| $969M | 0.56% |
14,746,235
+847,917
| +6% | +$56.8M |
|
|
64
Celanese
CE
$4.92B
| $943M | 0.55% |
13,618,062
+6,818,993
| +100% | +$655M |
|
65
VF Corp
VFC
$5.36B
| $911M | 0.53% |
42,447,650
-65,200
| -0.2% | -$1.33M |
|
66
Bristol-Myers Squibb
BMY
$137B
| $871M | 0.51% |
15,402,468
-225,275
| -1% | -$12.6M |
|
67
Molson Coors Class B
TAP
$7.77B
| $835M | 0.49% |
14,571,189
-48,275
| -0.3% | -$2.82M |
|
68
Alnylam Pharmaceuticals
ALNY
$31.7B
| $833M | 0.48% |
3,540,262
-82,273
| -2% | -$21.6M |
|
69
State Street
STT
$53.1B
| $729M | 0.42% |
7,425,244
-2,030,568
| -21% | -$192M |
|
70
Aegon
AEG
$13.6B
| $694M | 0.4% |
117,764,090
-19,992
| -0% | -$125K |
|
|
GAP
71
The Gap Inc
GAP
$7.48B
| $681M | 0.4% |
28,824,721
-48,625
| -0.2% | -$1.11M |
|
72
Gaming and Leisure Properties
GLPI
$12.3B
| $650M | 0.38% |
13,498,634
+5,797,299
| +75% | +$290M |
|
73
Honda
HMC
$40.7B
| $630M | 0.37% |
22,074,900
-1,475
| -0% | -$41.7K |
|
74
Medtronic
MDT
$115B
| $612M | 0.36% |
7,661,125
+897,635
| +13% | +$77.7M |
|
|
75
Fortive
FTV
$18.1B
| $583M | 0.34% |
+10,323,937
| New | +$592M |
|
Similar funds
Dodge & Cox's Q4 2024 Portfolio in Review
As of Q4 2024, Dodge & Cox held 216 positions worth $172B, down 2.8% from $177B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Dodge & Cox's Q4 2024 filing shows 11 new, 45 increased, 101 reduced and 2 closed positions. Its largest new stake was Fortive: 10,323,937 shares worth $583M. The largest sale was Alphabet (Google) Class C, an estimated $1.19B.
By sector, the portfolio is most concentrated in Healthcare at 21% of assets, down from 22% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q4 2024 buy was Fortive: 10,323,937 shares worth $583M.
- Dodge & Cox added most to Humana in Q4 2024, an estimated $1.41B increase.
- Dodge & Cox's biggest Q4 2024 reduction was Alphabet (Google) Class C, cutting an estimated $1.19B.
- Dodge & Cox fully exited KE Holdings in Q4 2024, selling an estimated $367K.
- Dodge & Cox's ten largest holdings make up 29% of its $172B portfolio in Q4 2024.
- Dodge & Cox opened 11 new positions and closed 2 in Q4 2024.
- Dodge & Cox's portfolio value fell 2.8% quarter-over-quarter to $172B.
Based on Dodge & Cox's 13F filing for Q4 2024, filed 13 Feb 2025.