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 |
GE Aerospace
GE
|
+$1.44B |
| 2 |
PayPal
PYPL
|
+$664M |
| 3 |
Fidelity National Information Services
FIS
|
+$620M |
| 4 |
Elanco Animal Health
ELAN
|
+$488M |
| 5 |
SCHW
Charles Schwab
SCHW
|
+$469M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Sanofi
SNY
|
+$797M |
| 2 |
HP
HPQ
|
+$688M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$659M |
| 4 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$548M |
| 5 |
GSK
GSK
|
+$508M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.19% |
| 2 | Healthcare | 18.97% |
| 3 | Technology | 16.22% |
| 4 | Communication Services | 14.67% |
| 5 | Energy | 9.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
XP
XP
$9.01B
| $519M | 0.36% |
28,888,185
+12,548,800
| +77% | +$289M |
|
77
Medtronic
MDT
$115B
| $412M | 0.29% |
4,594,999
+17,593
| +0.4% | +$1.78M |
|
78
Linde
LIN
$225B
| $389M | 0.27% |
1,355,190
-5,000
| -0.4% | -$1.56M |
|
79
Brighthouse Financial
BHF
$3.13B
| $381M | 0.26% |
9,286,468
-92,351
| -1% | -$4.46M |
|
80
Otis Worldwide
OTIS
$27.3B
| $378M | 0.26% |
5,345,522
-100
| -0% | -$7.37K |
|
81
Fox Class B
FOX
$25.6B
| $376M | 0.26% |
12,674,423
-127,341
| -1% | -$4.14M |
|
|
GAP
82
The Gap Inc
GAP
$9B
| $318M | 0.22% |
38,608,626
+247,148
| +0.6% | +$2.86M |
|
83
Gaming and Leisure Properties
GLPI
$12.4B
| $292M | 0.2% |
6,368,169
+5,970,380
| +1,501% | +$273M |
|
84
Liberty Global Class C
LBTYK
$3.52B
| $252M | 0.17% |
11,409,772
-186,296
| -2% | -$4.54M |
|
85
LyondellBasell Industries
LYB
$20.7B
| $225M | 0.16% |
2,573,930
-162,801
| -6% | -$17M |
|
86
Lincoln National
LNC
$8.39B
| $201M | 0.14% |
4,297,162
+27,805
| +0.7% | +$1.59M |
|
|
87
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $198M | 0.14% |
1,795,988
-4,852,505
| -73% | -$548M |
|
88
News Corp Class A
NWSA
$16.8B
| $172M | 0.12% |
11,048,323
-13,360
| -0.1% | -$246K |
|
|
QVCGA
89
DELISTED
QVC Group Inc Series A
QVCGA
| $143M | 0.1% |
994,022
-21,844
| -2% | -$4.24M |
|
90
Itaú Unibanco
ITUB
$83B
| $122M | 0.08% |
32,319,850
+66,393
| +0.2% | +$295K |
|
|
MFGP
91
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $115M | 0.08% |
34,080,793
-125,209
| -0.4% | -$580K |
|
92
Jackson Financial
JXN
$9.06B
| $111M | 0.08% |
4,154,006
+876,585
| +27% | +$32M |
|
93
Liberty Global Class A
LBTYA
$3.6B
| $103M | 0.07% |
4,875,669
| – | – |
|
94
Union Pacific
UNP
$183B
| $61M | 0.04% |
286,077
-5,549
| -2% | -$1.26M |
|
95
ICICI Bank
IBN
$107B
| $58.7M | 0.04% |
3,307,500
-2,295,500
| -41% | -$42.9M |
|
96
JPMorgan Chase
JPM
$946B
| $52.3M | 0.04% |
464,410
-21,086
| -4% | -$2.61M |
|
97
Cadence Design Systems
CDNS
$94.8B
| $45.6M | 0.03% |
303,920
-651
| -0.2% | -$98.3K |
|
98
Walt Disney
DIS
$185B
| $40.5M | 0.03% |
428,641
-5,155
| -1% | -$572K |
|
99
AstraZeneca
AZN
$253B
| $33.2M | 0.02% |
251,245
-152,168
| -38% | -$20M |
|
100
Chevron
CVX
$394B
| $32.8M | 0.02% |
226,554
-10,034
| -4% | -$1.66M |
|
Similar funds
Dodge & Cox's Q2 2022 Portfolio in Review
As of Q2 2022, Dodge & Cox held 219 positions worth $144B, down 12% from $165B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2022 filing shows 22 new, 48 increased, 96 reduced and 8 closed positions. Its largest new stake was Fidelity National Information Services: 6,245,114 shares worth $572M. The largest sale was Sanofi, an estimated $797M.
By sector, the portfolio is most concentrated in Financials at 22% of assets, down from 23% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q2 2022 buy was Fidelity National Information Services: 6,245,114 shares worth $572M.
- Dodge & Cox added most to GE Aerospace in Q2 2022, an estimated $1.44B increase.
- Dodge & Cox's biggest Q2 2022 reduction was Sanofi, cutting an estimated $797M.
- Dodge & Cox fully exited iShares Russell 1000 Value ETF in Q2 2022, selling an estimated $8.35M.
- Dodge & Cox's ten largest holdings make up 30% of its $144B portfolio in Q2 2022.
- Dodge & Cox opened 22 new positions and closed 8 in Q2 2022.
- Dodge & Cox's portfolio value fell 12% quarter-over-quarter to $144B.
Based on Dodge & Cox's 13F filing for Q2 2022, filed 12 Aug 2022.