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 HealthCare
GEHC
|
+$1.13B |
| 2 |
Dominion Energy
D
|
+$868M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$324M |
| 4 |
Amazon
AMZN
|
+$319M |
| 5 |
Medtronic
MDT
|
+$252M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$1.09B |
| 2 |
Meta Platforms (Facebook)
META
|
+$754M |
| 3 |
American Express
AXP
|
+$623M |
| 4 |
PayPal
PYPL
|
+$575M |
| 5 |
Baidu
BIDU
|
+$452M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 19.93% |
| 2 | Healthcare | 19.3% |
| 3 | Technology | 17.15% |
| 4 | Communication Services | 13.11% |
| 5 | Industrials | 10.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
76
Baidu
BIDU
$27.9B
| $475M | 0.32% |
3,148,215
-3,189,440
| -50% | -$452M |
2013 Q2
39 quarters
|
|
77
Otis Worldwide
OTIS
$26.3B
| $440M | 0.3% |
5,209,672
-13,550
| -0.3% | -$1.12M |
2020 Q2
11 quarters
|
|
78
XP
XP
$15.5B
| $425M | 0.29% |
35,799,725
+6,030,094
| +20% | +$85.9M |
2021 Q4
5 quarters
|
|
79
TC Energy
TRP
$63.7B
| $402M | 0.27% |
10,320,000
+24,000
| +0.2% | +$977K |
2020 Q3
10 quarters
|
|
80
Brighthouse Financial
BHF
$2.75B
| $397M | 0.27% |
8,989,968
-105,715
| -1% | -$5.55M |
2017 Q3
22 quarters
|
|
81
The Gap Inc
GAP
$7.96B
| $379M | 0.26% |
37,722,126
-258,300
| -0.7% | -$3.15M |
2018 Q4
17 quarters
|
|
|
DISH
82
DELISTED
DISH Network Corp.
DISH
| $367M | 0.25% |
39,326,466
+33,600
| +0.1% | +$424K |
2013 Q2
39 quarters
|
|
83
Fox Class B
FOX
$23.5B
| $365M | 0.25% |
11,669,678
-117,716
| -1% | -$3.69M |
2019 Q1
16 quarters
|
|
84
Televisa
TV
$1.25B
| $344M | 0.23% |
65,012,920
+164,000
| +0.3% | +$880K |
2013 Q2
39 quarters
|
|
85
Gaming and Leisure Properties
GLPI
$11.1B
| $324M | 0.22% |
6,231,679
-84,032
| -1% | -$4.39M |
2022 Q1
4 quarters
|
|
86
News Corp Class A
NWSA
$15.9B
| $184M | 0.13% |
10,677,309
-73,264
| -0.7% | -$1.34M |
2013 Q3
38 quarters
|
|
87
Liberty Global Class C
LBTYK
$2.74B
| $183M | 0.12% |
8,961,768
| – | – |
2013 Q2
39 quarters
|
|
88
Jackson Financial
JXN
$8.81B
| $157M | 0.11% |
4,186,406
+104,900
| +3% | +$4.31M |
2021 Q3
6 quarters
|
|
89
Lincoln National
LNC
$7.7B
| $97.9M | 0.07% |
4,357,141
+46,379
| +1% | +$1.38M |
2020 Q1
12 quarters
|
|
90
Liberty Global Class A
LBTYA
$2.79B
| $95.1M | 0.06% |
4,875,669
| – | – |
2013 Q2
39 quarters
|
|
91
Fresenius Medical Care
FMS
$11.5B
| $89.8M | 0.06% |
4,223,110
+718,910
| +21% | +$13.8M |
2022 Q1
4 quarters
|
|
92
Itaú Unibanco
ITUB
$107B
| $89.2M | 0.06% |
20,763,024
+3,455,197
| +20% | +$14.6M |
2016 Q3
26 quarters
|
|
|
93
American Express
AXP
$207B
| $85M | 0.06% |
515,146
-3,752,665
| -88% | -$623M |
2013 Q2
39 quarters
|
|
94
Cadence Design Systems
CDNS
$90.7B
| $62M | 0.04% |
295,339
-2,038
| -0.7% | -$385K |
2013 Q2
39 quarters
|
|
95
Union Pacific
UNP
$170B
| $54.8M | 0.04% |
272,040
-3,410
| -1% | -$691K |
2013 Q2
39 quarters
|
|
96
SLB Ltd
SLB
$72B
| $48.4M | 0.03% |
986,423
-2,985,780
| -75% | -$159M |
2013 Q2
39 quarters
|
|
97
JPMorgan Chase
JPM
$890B
| $47.3M | 0.03% |
362,800
-51,200
| -12% | -$7.02M |
2013 Q2
39 quarters
|
|
98
ICICI Bank
IBN
$101B
| $44.9M | 0.03% |
2,081,100
+97,700
| +5% | +$2.04M |
2016 Q4
25 quarters
|
|
99
Walt Disney
DIS
$188B
| $37.7M | 0.03% |
376,014
-19,742
| -5% | -$1.99M |
2013 Q2
39 quarters
|
|
100
NVIDIA
NVDA
$5.34T
| $33M | 0.02% |
+1,188,040
| New | +$25.7M |
2023 Q1
0 quarters
|
|
Similar funds
Dodge & Cox's Q1 2023 Portfolio in Review
As of Q1 2023, Dodge & Cox held 205 positions worth $147B, up 0.64% from $146B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Dodge & Cox's Q1 2023 filing shows 17 new, 44 increased, 108 reduced and 2 closed positions. Its largest new stake was GE HealthCare: 15,810,644 shares worth $1.3B. The largest sale was GE Aerospace, an estimated $1.09B.
By sector, the portfolio is most concentrated in Financials at 20% of assets, down from 23% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q1 2023 buy was GE HealthCare: 15,810,644 shares worth $1.3B.
- Dodge & Cox added most to Alphabet (Google) Class A in Q1 2023, an estimated $324M increase.
- Dodge & Cox's biggest Q1 2023 reduction was GE Aerospace, cutting an estimated $1.09B.
- Dodge & Cox fully exited Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share in Q1 2023, selling an estimated $211M.
- Dodge & Cox's ten largest holdings make up 29% of its $147B portfolio in Q1 2023.
- Dodge & Cox opened 17 new positions and closed 2 in Q1 2023.
- Dodge & Cox's portfolio value rose 0.64% quarter-over-quarter to $147B.
Based on Dodge & Cox's 13F filing for Q1 2023, filed 12 May 2023.