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 |
Regeneron Pharmaceuticals
REGN
|
+$1.24B |
| 2 |
Meta Platforms (Facebook)
META
|
+$990M |
| 3 |
GE Aerospace
GE
|
+$981M |
| 4 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$829M |
| 5 |
UBS Group
UBS
|
+$778M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$1.17B |
| 2 |
SLB Ltd
SLB
|
+$1.01B |
| 3 |
HP
HPQ
|
+$975M |
| 4 |
HES
Hess
HES
|
+$906M |
| 5 |
Dell
DELL
|
+$631M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.3% |
| 2 | Healthcare | 17.99% |
| 3 | Technology | 16.88% |
| 4 | Communication Services | 15.05% |
| 5 | Energy | 9.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Brighthouse Financial
BHF
$3.11B
| $485M | 0.29% |
9,378,819
-73,468
| -0.8% | -$3.92M |
|
77
Fox Class B
FOX
$25.4B
| $464M | 0.28% |
12,801,764
-6,550
| -0.1% | -$244K |
|
78
Linde
LIN
$224B
| $438M | 0.27% |
1,360,190
+5,455
| +0.4% | +$1.69M |
|
79
Otis Worldwide
OTIS
$27.2B
| $411M | 0.25% |
5,345,622
-24,275
| -0.5% | -$1.94M |
|
80
Alphabet (Google) Class A
GOOGL
$4.17T
| $306M | 0.19% |
2,201,260
-60,000
| -3% | -$8.15M |
|
81
Liberty Global Class C
LBTYK
$3.51B
| $300M | 0.18% |
11,596,068
+18,903
| +0.2% | +$505K |
|
82
Zimmer Biomet
ZBH
$19B
| $298M | 0.18% |
+2,332,915
| New | +$281M |
|
83
LyondellBasell Industries
LYB
$20.4B
| $281M | 0.17% |
2,736,731
-3,800
| -0.1% | -$379K |
|
84
Lincoln National
LNC
$8.33B
| $279M | 0.17% |
4,269,357
-50,550
| -1% | -$3.45M |
|
85
News Corp Class A
NWSA
$16.8B
| $245M | 0.15% |
11,061,683
-93,250
| -0.8% | -$2.06M |
|
|
QVCGA
86
DELISTED
QVC Group Inc Series A
QVCGA
| $242M | 0.15% |
1,015,866
-13,249
| -1% | -$4.23M |
|
|
MFGP
87
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $181M | 0.11% |
34,206,002
-89,079
| -0.3% | -$491K |
|
88
Itaú Unibanco
ITUB
$83B
| $163M | 0.1% |
32,253,457
+2,726,565
| +9% | +$11.5M |
|
89
Jackson Financial
JXN
$9.04B
| $145M | 0.09% |
3,277,421
-542,073
| -14% | -$22.6M |
|
90
Liberty Global Class A
LBTYA
$3.6B
| $124M | 0.08% |
4,875,669
+5,311
| +0.1% | +$141K |
|
91
ICICI Bank
IBN
$107B
| $106M | 0.06% |
5,603,000
+2,845,000
| +103% | +$56.8M |
|
92
Union Pacific
UNP
$183B
| $79.7M | 0.05% |
291,626
-7,807
| -3% | -$1.97M |
|
93
JPMorgan Chase
JPM
$942B
| $66.2M | 0.04% |
485,496
-39,340
| -7% | -$5.81M |
|
94
Walt Disney
DIS
$184B
| $59.5M | 0.04% |
433,796
-12,858
| -3% | -$1.86M |
|
95
AstraZeneca
AZN
$255B
| $53.5M | 0.03% |
403,413
-5,535
| -1% | -$664K |
|
96
Cadence Design Systems
CDNS
$95.7B
| $50.1M | 0.03% |
304,571
-9,746
| -3% | -$1.5M |
|
97
Fresenius Medical Care
FMS
$12.4B
| $43M | 0.03% |
+1,275,400
| New | +$41.9M |
|
98
Chevron
CVX
$392B
| $38.5M | 0.02% |
236,588
-28,254
| -11% | -$4.05M |
|
99
Target
TGT
$75.4B
| $29.1M | 0.02% |
136,950
-1,775
| -1% | -$384K |
|
100
Travelers Companies
TRV
$77B
| $23M | 0.01% |
126,085
-300
| -0.2% | -$51.4K |
|
Similar funds
Dodge & Cox's Q1 2022 Portfolio in Review
As of Q1 2022, Dodge & Cox held 203 positions worth $165B, up 1.9% from $161B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q1 2022 filing shows 6 new, 43 increased, 102 reduced and 6 closed positions. Its largest new stake was iShares iBoxx $ Investment Grade Corporate Bond ETF: 6,648,493 shares worth $804M. The largest sale was Bank of America, an estimated $1.17B.
By sector, the portfolio is most concentrated in Financials at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q1 2022 buy was iShares iBoxx $ Investment Grade Corporate Bond ETF: 6,648,493 shares worth $804M.
- Dodge & Cox added most to Regeneron Pharmaceuticals in Q1 2022, an estimated $1.24B increase.
- Dodge & Cox's biggest Q1 2022 reduction was Bank of America, cutting an estimated $1.17B.
- Dodge & Cox fully exited Royal Dutch Shell PLC ADS Class A in Q1 2022, selling an estimated $3.24M.
- Dodge & Cox's ten largest holdings make up 30% of its $165B portfolio in Q1 2022.
- Dodge & Cox opened 6 new positions and closed 6 in Q1 2022.
- Dodge & Cox's portfolio value rose 1.9% quarter-over-quarter to $165B.
Based on Dodge & Cox's 13F filing for Q1 2022, filed 13 May 2022.