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 |
Fidelity National Information Services
FIS
|
+$1.16B |
| 2 |
Charter Communications
CHTR
|
+$614M |
| 3 |
Amazon
AMZN
|
+$563M |
| 4 |
Elanco Animal Health
ELAN
|
+$396M |
| 5 |
Sanofi
SNY
|
+$375M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLB Ltd
SLB
|
+$1.08B |
| 2 |
ConocoPhillips
COP
|
+$737M |
| 3 |
T-Mobile US
TMUS
|
+$615M |
| 4 |
Microchip Technology
MCHP
|
+$533M |
| 5 |
Goldman Sachs
GS
|
+$431M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.41% |
| 2 | Healthcare | 19.23% |
| 3 | Technology | 16.26% |
| 4 | Communication Services | 12.06% |
| 5 | Industrials | 10.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Brighthouse Financial
BHF
$3.11B
| $466M | 0.32% |
9,095,683
-98,811
| -1% | -$5.17M |
|
77
XP
XP
$8.97B
| $457M | 0.31% |
29,769,631
-97,100
| -0.3% | -$1.7M |
|
78
Linde
LIN
$224B
| $443M | 0.3% |
1,355,190
| – | – |
|
|
GAP
79
The Gap Inc
GAP
$7.48B
| $428M | 0.29% |
37,980,426
-287,700
| -0.8% | -$3.44M |
|
80
TC Energy
TRP
$64.6B
| $410M | 0.28% |
10,296,000
| – | – |
|
81
Otis Worldwide
OTIS
$27.2B
| $409M | 0.28% |
5,223,222
-33,400
| -0.6% | -$2.47M |
|
82
Fox Class B
FOX
$25.4B
| $335M | 0.23% |
11,787,394
-662,813
| -5% | -$19M |
|
83
Gaming and Leisure Properties
GLPI
$12.3B
| $329M | 0.23% |
6,315,711
+11,672
| +0.2% | +$582K |
|
84
Medtronic
MDT
$115B
| $318M | 0.22% |
4,095,059
-119,562
| -3% | -$9.69M |
|
85
Televisa
TV
$1.45B
| $296M | 0.2% |
64,848,920
-150,000
| -0.2% | -$778K |
|
|
86
SLB Ltd
SLB
$81.6B
| $212M | 0.15% |
3,972,203
-21,733,270
| -85% | -$1.08B |
|
|
MFGP
87
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $211M | 0.14% |
33,422,617
-360,618
| -1% | -$2.19M |
|
88
News Corp Class A
NWSA
$16.8B
| $196M | 0.13% |
10,750,573
-129,650
| -1% | -$2.25M |
|
89
Liberty Global Class C
LBTYK
$3.51B
| $174M | 0.12% |
8,961,768
| – | – |
|
90
Jackson Financial
JXN
$9.04B
| $142M | 0.1% |
4,081,506
-86,100
| -2% | -$2.99M |
|
91
Lincoln National
LNC
$8.33B
| $132M | 0.09% |
4,310,762
+20,250
| +0.5% | +$804K |
|
92
Liberty Global Class A
LBTYA
$3.6B
| $92.3M | 0.06% |
4,875,669
| – | – |
|
|
QVCGA
93
DELISTED
QVC Group Inc Series A
QVCGA
| $78.3M | 0.05% |
960,520
-26,574
| -3% | -$2.71M |
|
94
Itaú Unibanco
ITUB
$83B
| $72M | 0.05% |
17,307,827
-10,055,828
| -37% | -$45.7M |
|
95
Fresenius Medical Care
FMS
$12.4B
| $57.3M | 0.04% |
3,504,200
+2,228,800
| +175% | +$33M |
|
96
Union Pacific
UNP
$183B
| $57M | 0.04% |
275,450
-7,572
| -3% | -$1.55M |
|
97
JPMorgan Chase
JPM
$942B
| $55.5M | 0.04% |
414,000
-38,360
| -8% | -$4.86M |
|
98
Cadence Design Systems
CDNS
$95.7B
| $47.8M | 0.03% |
297,377
-1,703
| -0.6% | -$272K |
|
99
ICICI Bank
IBN
$107B
| $43.4M | 0.03% |
1,983,400
-849,600
| -30% | -$18.9M |
|
100
Chevron
CVX
$392B
| $36.3M | 0.02% |
202,282
-18,226
| -8% | -$3.18M |
|
Similar funds
Dodge & Cox's Q4 2022 Portfolio in Review
As of Q4 2022, Dodge & Cox held 194 positions worth $146B, up 10% from $132B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q4 2022: portfolio turnover was 4.6%. Dodge & Cox opened 3 new positions and exited 6, leaving the 194-position portfolio largely intact.
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 Q4 2022 buy was Trip.com Group: 20,900 shares worth $719K.
- Dodge & Cox added most to Fidelity National Information Services in Q4 2022, an estimated $1.16B increase.
- Dodge & Cox's biggest Q4 2022 reduction was SLB Ltd, cutting an estimated $1.08B.
- Dodge & Cox fully exited Marsh in Q4 2022, selling an estimated $427K.
- Dodge & Cox's ten largest holdings make up 30% of its $146B portfolio in Q4 2022.
- Dodge & Cox opened 3 new positions and closed 6 in Q4 2022.
- Dodge & Cox's portfolio value rose 10% quarter-over-quarter to $146B.
Based on Dodge & Cox's 13F filing for Q4 2022, filed 14 Feb 2023.