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 |
Amazon
AMZN
|
+$1.18B |
| 2 |
LyondellBasell Industries
LYB
|
+$1B |
| 3 |
GE Aerospace
GE
|
+$573M |
| 4 |
Haleon
HLN
|
+$475M |
| 5 |
Fidelity National Information Services
FIS
|
+$335M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$1.28B |
| 2 |
Hewlett Packard
HPE
|
+$532M |
| 3 |
Williams Companies
WMB
|
+$419M |
| 4 |
Cognizant
CTSH
|
+$226M |
| 5 |
Occidental Petroleum
OXY
|
+$220M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.04% |
| 2 | Healthcare | 17.77% |
| 3 | Technology | 16.15% |
| 4 | Communication Services | 12.92% |
| 5 | Energy | 10.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
NetEase
NTES
$78.6B
| $501M | 0.38% |
6,627,500
+36,200
| +0.5% | +$3.19M |
|
|
77
Haleon
HLN
$44.2B
| $447M | 0.34% |
+73,365,572
| New | +$475M |
|
78
TC Energy
TRP
$64.6B
| $415M | 0.31% |
10,296,000
-6,500
| -0.1% | -$322K |
|
79
Brighthouse Financial
BHF
$3.11B
| $399M | 0.3% |
9,194,494
-91,974
| -1% | -$4.19M |
|
80
Linde
LIN
$224B
| $371M | 0.28% |
1,355,190
| – | – |
|
81
Fox Class B
FOX
$25.4B
| $355M | 0.27% |
12,450,207
-224,216
| -2% | -$7.03M |
|
82
Televisa
TV
$1.45B
| $350M | 0.27% |
64,998,920
| – | – |
|
83
Medtronic
MDT
$115B
| $340M | 0.26% |
4,214,621
-380,378
| -8% | -$34.2M |
|
84
Otis Worldwide
OTIS
$27.2B
| $335M | 0.25% |
5,256,622
-88,900
| -2% | -$6.5M |
|
|
GAP
85
The Gap Inc
GAP
$7.48B
| $314M | 0.24% |
38,268,126
-340,500
| -0.9% | -$3.2M |
|
86
Gaming and Leisure Properties
GLPI
$12.3B
| $279M | 0.21% |
6,304,039
-64,130
| -1% | -$3.17M |
|
|
MFGP
87
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $193M | 0.15% |
33,783,235
-297,558
| -0.9% | -$1.29M |
|
88
Lincoln National
LNC
$8.33B
| $188M | 0.14% |
4,290,512
-6,650
| -0.2% | -$320K |
|
89
News Corp Class A
NWSA
$16.8B
| $164M | 0.12% |
10,880,223
-168,100
| -2% | -$2.82M |
|
90
Liberty Global Class C
LBTYK
$3.51B
| $148M | 0.11% |
8,961,768
-2,448,004
| -21% | -$51.9M |
|
91
Itaú Unibanco
ITUB
$83B
| $125M | 0.09% |
27,363,655
-4,956,195
| -15% | -$21.1M |
|
92
Jackson Financial
JXN
$9.04B
| $116M | 0.09% |
4,167,606
+13,600
| +0.3% | +$402K |
|
|
QVCGA
93
DELISTED
QVC Group Inc Series A
QVCGA
| $99.2M | 0.08% |
987,094
-6,928
| -0.7% | -$1M |
|
94
Liberty Global Class A
LBTYA
$3.6B
| $76M | 0.06% |
4,875,669
| – | – |
|
95
ICICI Bank
IBN
$107B
| $59.4M | 0.05% |
2,833,000
-474,500
| -14% | -$10M |
|
96
Union Pacific
UNP
$183B
| $55.1M | 0.04% |
283,022
-3,055
| -1% | -$676K |
|
97
Las Vegas Sands
LVS
$28.7B
| $53.8M | 0.04% |
+1,435,058
| New | +$53.5M |
|
98
Cadence Design Systems
CDNS
$95.7B
| $48.9M | 0.04% |
299,080
-4,840
| -2% | -$832K |
|
99
JPMorgan Chase
JPM
$942B
| $47.3M | 0.04% |
452,360
-12,050
| -3% | -$1.38M |
|
100
Walt Disney
DIS
$184B
| $39.7M | 0.03% |
421,121
-7,520
| -2% | -$805K |
|
Similar funds
Dodge & Cox's Q3 2022 Portfolio in Review
As of Q3 2022, Dodge & Cox held 215 positions worth $132B, down 8.6% from $144B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q3 2022 filing shows 4 new, 31 increased, 110 reduced and 24 closed positions. Its largest new stake was Haleon: 73,365,572 shares worth $447M. The largest sale was Cigna, an estimated $1.28B.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 22% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2022 buy was Haleon: 73,365,572 shares worth $447M.
- Dodge & Cox added most to Amazon in Q3 2022, an estimated $1.18B increase.
- Dodge & Cox's biggest Q3 2022 reduction was Cigna, cutting an estimated $1.28B.
- Dodge & Cox fully exited iShares iBoxx $ Investment Grade Corporate Bond ETF in Q3 2022, selling an estimated $198M.
- Dodge & Cox's ten largest holdings make up 30% of its $132B portfolio in Q3 2022.
- Dodge & Cox opened 4 new positions and closed 24 in Q3 2022.
- Dodge & Cox's portfolio value fell 8.6% quarter-over-quarter to $132B.
Based on Dodge & Cox's 13F filing for Q3 2022, filed 10 Nov 2022.