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 |
CVS Health
CVS
|
+$758M |
| 2 |
Bank of America
BAC
|
+$722M |
| 3 |
Truist Financial
TFC
|
+$697M |
| 4 |
VF Corp
VFC
|
+$611M |
| 5 |
Fidelity National Information Services
FIS
|
+$512M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VMW
VMware, Inc
VMW
|
+$1.01B |
| 2 |
Capital One
COF
|
+$675M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$635M |
| 4 |
Cisco
CSCO
|
+$610M |
| 5 |
UBS Group
UBS
|
+$431M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.65% |
| 2 | Healthcare | 19.58% |
| 3 | Technology | 15.74% |
| 4 | Communication Services | 12.93% |
| 5 | Industrials | 9.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
JD.com
JD
$38.5B
| $538M | 0.36% |
18,461,649
+2,224,600
| +14% | +$77.5M |
|
77
Linde
LIN
$224B
| $505M | 0.34% |
1,355,190
| – | – |
|
78
Brighthouse Financial
BHF
$3.11B
| $431M | 0.29% |
8,816,161
-158,338
| -2% | -$7.87M |
|
79
Baidu
BIDU
$32.9B
| $428M | 0.29% |
3,187,015
-500
| -0% | -$70.1K |
|
80
TC Energy
TRP
$64.6B
| $417M | 0.28% |
12,122,400
| – | – |
|
81
Otis Worldwide
OTIS
$27.2B
| $410M | 0.28% |
5,104,597
-68,425
| -1% | -$5.85M |
|
|
GAP
82
The Gap Inc
GAP
$7.48B
| $397M | 0.27% |
37,338,378
-139,850
| -0.4% | -$1.43M |
|
83
Baxter International
BAX
$13.4B
| $372M | 0.25% |
+9,848,441
| New | +$420M |
|
84
Fox Class B
FOX
$25.4B
| $330M | 0.22% |
11,426,920
-310,425
| -3% | -$9.5M |
|
85
Avantor
AVTR
$9.88B
| $280M | 0.19% |
+13,291,904
| New | +$283M |
|
86
Gaming and Leisure Properties
GLPI
$12.3B
| $278M | 0.19% |
6,100,441
-46,678
| -0.8% | -$2.22M |
|
87
NetEase
NTES
$78.6B
| $275M | 0.19% |
2,749,526
-2,328,433
| -46% | -$239M |
|
|
DISH
88
DELISTED
DISH Network Corp.
DISH
| $230M | 0.15% |
39,170,366
-120,200
| -0.3% | -$819K |
|
89
News Corp Class A
NWSA
$16.8B
| $212M | 0.14% |
10,559,744
-49,050
| -0.5% | -$995K |
|
90
Televisa
TV
$1.45B
| $198M | 0.13% |
65,012,920
| – | – |
|
91
Liberty Global Class C
LBTYK
$3.51B
| $166M | 0.11% |
8,961,768
| – | – |
|
92
Jackson Financial
JXN
$9.04B
| $160M | 0.11% |
4,174,306
-2,400
| -0.1% | -$83.9K |
|
93
Lincoln National
LNC
$8.33B
| $106M | 0.07% |
4,276,511
-58,700
| -1% | -$1.54M |
|
94
Itaú Unibanco
ITUB
$83B
| $97.9M | 0.07% |
20,652,556
-315,767
| -2% | -$1.57M |
|
95
Fresenius Medical Care
FMS
$12.4B
| $91M | 0.06% |
4,223,110
| – | – |
|
96
Liberty Global Class A
LBTYA
$3.6B
| $83.1M | 0.06% |
4,855,669
-20,000
| -0.4% | -$361K |
|
97
Cadence Design Systems
CDNS
$95.7B
| $66.2M | 0.04% |
282,565
-3,595
| -1% | -$841K |
|
98
American Express
AXP
$226B
| $66.2M | 0.04% |
443,674
-25,274
| -5% | -$4.13M |
|
99
Union Pacific
UNP
$183B
| $54.2M | 0.04% |
266,114
-2,476
| -0.9% | -$539K |
|
100
SLB Ltd
SLB
$81.6B
| $48.7M | 0.03% |
835,147
-86,250
| -9% | -$5M |
|
Similar funds
Dodge & Cox's Q3 2023 Portfolio in Review
As of Q3 2023, Dodge & Cox held 195 positions worth $148B, down 0.97% from $150B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q3 2023: portfolio turnover was 3.6%. Dodge & Cox opened 4 new positions and exited 3, leaving the 195-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 21% of assets, down from 21% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2023 buy was VF Corp: 32,115,750 shares worth $567M.
- Dodge & Cox added most to CVS Health in Q3 2023, an estimated $758M increase.
- Dodge & Cox's biggest Q3 2023 reduction was VMware, Inc, cutting an estimated $1.01B.
- Dodge & Cox fully exited iShares Russell 1000 Value ETF in Q3 2023, selling an estimated $2.53M.
- Dodge & Cox's ten largest holdings make up 29% of its $148B portfolio in Q3 2023.
- Dodge & Cox opened 4 new positions and closed 3 in Q3 2023.
- Dodge & Cox's portfolio value fell 0.97% quarter-over-quarter to $148B.
Based on Dodge & Cox's 13F filing for Q3 2023, filed 14 Nov 2023.