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 |
Sanofi
SNY
|
+$1.21B |
| 2 |
Cigna
CI
|
+$734M |
| 3 |
Gilead Sciences
GILD
|
+$583M |
| 4 |
Novartis
NVS
|
+$433M |
| 5 |
Teck Resources
TECK
|
+$336M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Johnson Controls International
JCI
|
+$266M |
| 2 |
HP
HPQ
|
+$189M |
| 3 |
Capital One
COF
|
+$181M |
| 4 |
Wells Fargo
WFC
|
+$178M |
| 5 |
APA Corp
APA
|
+$163M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.43% |
| 2 | Technology | 17.73% |
| 3 | Healthcare | 16.49% |
| 4 | Communication Services | 15.93% |
| 5 | Energy | 8.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Alphabet (Google) Class A
GOOGL
$4.17T
| $304M | 0.2% |
2,271,660
-12,000
| -0.5% | -$1.63M |
|
77
News Corp Class A
NWSA
$16.8B
| $277M | 0.18% |
11,769,578
-463,625
| -4% | -$11M |
|
78
Halliburton
HAL
$29.6B
| $243M | 0.16% |
11,230,085
-719,622
| -6% | -$14.7M |
|
79
Liberty Global Class A
LBTYA
$3.6B
| $235M | 0.15% |
7,885,751
| – | – |
|
80
LyondellBasell Industries
LYB
$20.4B
| $196M | 0.13% |
2,091,231
+367,100
| +21% | +$36M |
|
|
MFGP
81
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $187M | 0.12% |
34,367,732
-183,348
| -0.5% | -$1.03M |
|
82
Occidental Petroleum Corp Warrants
OXY.WS
$35B
| $179M | 0.12% |
15,132,994
-71,799
| -0.5% | -$773K |
|
83
Itaú Unibanco
ITUB
$83B
| $127M | 0.08% |
33,076,395
+19,653
| +0.1% | +$80.5K |
|
84
Elanco Animal Health
ELAN
$12.2B
| $116M | 0.08% |
+3,639,124
| New | +$122M |
|
85
Jackson Financial
JXN
$9.04B
| $98.2M | 0.06% |
+3,778,794
| New | +$103M |
|
86
JPMorgan Chase
JPM
$942B
| $90.8M | 0.06% |
554,441
-57,188
| -9% | -$8.97M |
|
87
Walt Disney
DIS
$184B
| $77.3M | 0.05% |
456,792
-9,045
| -2% | -$1.61M |
|
88
Union Pacific
UNP
$183B
| $59.3M | 0.04% |
302,714
-8,312
| -3% | -$1.8M |
|
89
ICICI Bank
IBN
$107B
| $58.5M | 0.04% |
3,101,000
+1,514,000
| +95% | +$28.4M |
|
90
AstraZeneca
AZN
$255B
| $50.7M | 0.03% |
421,933
-15,080
| -3% | -$1.76M |
|
91
Cadence Design Systems
CDNS
$95.7B
| $48M | 0.03% |
316,989
-11,824
| -4% | -$1.8M |
|
92
Target
TGT
$75.4B
| $32.7M | 0.02% |
142,751
-4,421
| -3% | -$1.11M |
|
93
Chevron
CVX
$392B
| $27.6M | 0.02% |
271,592
-3,529
| -1% | -$352K |
|
94
Eli Lilly
LLY
$1.05T
| $19.6M | 0.01% |
84,708
-1,097
| -1% | -$271K |
|
95
Travelers Companies
TRV
$77B
| $19.4M | 0.01% |
127,410
-720
| -0.6% | -$111K |
|
96
Thermo Fisher Scientific
TMO
$233B
| $18.2M | 0.01% |
31,931
| – | – |
|
97
Adobe
ADBE
$115B
| $17.3M | 0.01% |
30,046
-320
| -1% | -$201K |
|
98
Merck
MRK
$369B
| $16.6M | 0.01% |
221,678
-7,350
| -3% | -$559K |
|
99
Procter & Gamble
PG
$333B
| $15.8M | 0.01% |
112,662
-350
| -0.3% | -$49.6K |
|
100
Walmart Inc
WMT
$817B
| $13.1M | 0.01% |
282,945
-9,153
| -3% | -$441K |
|
Similar funds
Dodge & Cox's Q3 2021 Portfolio in Review
As of Q3 2021, Dodge & Cox held 195 positions worth $154B, up 0.42% from $153B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q3 2021: portfolio turnover was 3.6%. Dodge & Cox opened 5 new positions and exited 2, leaving the 195-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q3 2021 buy was Elanco Animal Health: 3,639,124 shares worth $116M.
- Dodge & Cox added most to Sanofi in Q3 2021, an estimated $1.21B increase.
- Dodge & Cox's biggest Q3 2021 reduction was Johnson Controls International, cutting an estimated $266M.
- Dodge & Cox fully exited Maxim Integrated Products in Q3 2021, selling an estimated $8.29M.
- Dodge & Cox's ten largest holdings make up 32% of its $154B portfolio in Q3 2021.
- Dodge & Cox opened 5 new positions and closed 2 in Q3 2021.
- Dodge & Cox's portfolio value rose 0.42% quarter-over-quarter to $154B.
Based on Dodge & Cox's 13F filing for Q3 2021, filed 15 Nov 2021.