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 |
Norfolk Southern
NSC
|
+$914M |
| 2 |
Truist Financial
TFC
|
+$310M |
| 3 |
Baker Hughes
BKR
|
+$286M |
| 4 |
CVS Health
CVS
|
+$243M |
| 5 |
Alibaba
BABA
|
+$172M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$1.03B |
| 2 |
Meta Platforms (Facebook)
META
|
+$658M |
| 3 |
Molson Coors Class B
TAP
|
+$616M |
| 4 |
FedEx
FDX
|
+$465M |
| 5 |
Novartis
NVS
|
+$391M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.67% |
| 2 | Healthcare | 18.6% |
| 3 | Technology | 17.71% |
| 4 | Communication Services | 12.88% |
| 5 | Industrials | 10.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
76
Linde
LIN
$225B
| $516M | 0.34% |
1,355,190
| – | – |
2018 Q4
18 quarters
|
|
77
NetEase
NTES
$80.7B
| $491M | 0.33% |
5,077,959
-3,674,310
| -42% | -$332M |
2021 Q2
8 quarters
|
|
78
TC Energy
TRP
$63.2B
| $490M | 0.33% |
12,122,400
+1,802,400
| +17% | +$73.6M |
2020 Q3
11 quarters
|
|
79
Otis Worldwide
OTIS
$25.2B
| $460M | 0.31% |
5,173,022
-36,650
| -0.7% | -$3.09M |
2020 Q2
12 quarters
|
|
80
Baidu
BIDU
$28.7B
| $436M | 0.29% |
3,187,515
+39,300
| +1% | +$5.15M |
2013 Q2
40 quarters
|
|
81
Brighthouse Financial
BHF
$2.81B
| $425M | 0.28% |
8,974,499
-15,469
| -0.2% | -$666K |
2017 Q3
23 quarters
|
|
82
Fox Class B
FOX
$23.8B
| $374M | 0.25% |
11,737,345
+67,667
| +0.6% | +$2.05M |
2019 Q1
17 quarters
|
|
83
The Gap Inc
GAP
$7.96B
| $335M | 0.22% |
37,478,228
-243,898
| -0.6% | -$2.18M |
2018 Q4
18 quarters
|
|
84
Televisa
TV
$1.19B
| $334M | 0.22% |
65,012,920
| – | – |
2013 Q2
40 quarters
|
|
85
Gaming and Leisure Properties
GLPI
$11.2B
| $298M | 0.2% |
6,147,119
-84,560
| -1% | -$4.22M |
2022 Q1
5 quarters
|
|
|
DISH
86
DELISTED
DISH Network Corp.
DISH
| $259M | 0.17% |
39,290,566
-35,900
| -0.1% | -$254K |
2013 Q2
40 quarters
|
|
87
News Corp Class A
NWSA
$15.8B
| $207M | 0.14% |
10,608,794
-68,515
| -0.6% | -$1.24M |
2013 Q3
39 quarters
|
|
88
Liberty Global Class C
LBTYK
$2.86B
| $159M | 0.11% |
8,961,768
| – | – |
2013 Q2
40 quarters
|
|
89
Jackson Financial
JXN
$8.87B
| $128M | 0.09% |
4,176,706
-9,700
| -0.2% | -$312K |
2021 Q3
7 quarters
|
|
90
Lincoln National
LNC
$7.79B
| $112M | 0.07% |
4,335,211
-21,930
| -0.5% | -$481K |
2020 Q1
13 quarters
|
|
91
Itaú Unibanco
ITUB
$111B
| $109M | 0.07% |
20,968,323
+205,299
| +1% | +$970K |
2016 Q3
27 quarters
|
|
92
Fresenius Medical Care
FMS
$11.3B
| $101M | 0.07% |
4,223,110
| – | – |
2022 Q1
5 quarters
|
|
93
Liberty Global Class A
LBTYA
$2.92B
| $82.2M | 0.05% |
4,875,669
| – | – |
2013 Q2
40 quarters
|
|
94
American Express
AXP
$211B
| $81.7M | 0.05% |
468,948
-46,198
| -9% | -$7.45M |
2013 Q2
40 quarters
|
|
95
Cadence Design Systems
CDNS
$96.5B
| $67.1M | 0.04% |
286,160
-9,179
| -3% | -$2M |
2013 Q2
40 quarters
|
|
96
Union Pacific
UNP
$166B
| $55M | 0.04% |
268,590
-3,450
| -1% | -$686K |
2013 Q2
40 quarters
|
|
97
JPMorgan Chase
JPM
$889B
| $50.4M | 0.03% |
346,385
-16,415
| -5% | -$2.26M |
2013 Q2
40 quarters
|
|
98
ICICI Bank
IBN
$101B
| $46.1M | 0.03% |
1,997,600
-83,500
| -4% | -$1.89M |
2016 Q4
26 quarters
|
|
99
SLB Ltd
SLB
$72.5B
| $45.3M | 0.03% |
921,397
-65,026
| -7% | -$3.1M |
2013 Q2
40 quarters
|
|
100
Walt Disney
DIS
$188B
| $32.6M | 0.02% |
364,763
-11,251
| -3% | -$1.07M |
2013 Q2
40 quarters
|
|
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Dodge & Cox's Q2 2023 Portfolio in Review
As of Q2 2023, Dodge & Cox held 204 positions worth $150B, up 2.1% from $147B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2023 filing shows 1 new, 33 increased, 111 reduced and 13 closed positions. Its largest new stake was CarMax: 2,550 shares worth $213K. The largest sale was GE Aerospace, an estimated $1.03B.
By sector, the portfolio is most concentrated in Financials at 21% of assets, up from 20% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q2 2023 buy was CarMax: 2,550 shares worth $213K.
- Dodge & Cox added most to Norfolk Southern in Q2 2023, an estimated $914M increase.
- Dodge & Cox's biggest Q2 2023 reduction was GE Aerospace, cutting an estimated $1.03B.
- Dodge & Cox fully exited NVIDIA in Q2 2023, selling an estimated $33M.
- Dodge & Cox's ten largest holdings make up 30% of its $150B portfolio in Q2 2023.
- Dodge & Cox opened 1 new position and closed 13 in Q2 2023.
- Dodge & Cox's portfolio value rose 2.1% quarter-over-quarter to $150B.
Based on Dodge & Cox's 13F filing for Q2 2023, filed 14 Aug 2023.