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 |
International Flavors & Fragrances
IFF
|
+$1.12B |
| 2 |
Avantor
AVTR
|
+$981M |
| 3 |
RTX Corp
RTX
|
+$764M |
| 4 |
Zimmer Biomet
ZBH
|
+$742M |
| 5 |
Baxter International
BAX
|
+$620M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VMW
VMware, Inc
VMW
|
+$3.29B |
| 2 |
UBS Group
UBS
|
+$1.17B |
| 3 |
Dell
DELL
|
+$758M |
| 4 |
GE Aerospace
GE
|
+$634M |
| 5 |
Occidental Petroleum
OXY
|
+$577M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.64% |
| 2 | Healthcare | 20.84% |
| 3 | Technology | 13.51% |
| 4 | Communication Services | 11.87% |
| 5 | Industrials | 10.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
76
VF Corp
VFC
$6.28B
| $607M | 0.39% |
32,308,600
+192,850
| +0.6% | +$3.31M |
2023 Q3
1 quarter
|
|
77
Medtronic
MDT
$119B
| $559M | 0.35% |
6,779,865
-84,540
| -1% | -$6.44M |
2013 Q2
42 quarters
|
|
|
78
Occidental Petroleum Corp Warrants
OXY.WS
$37.2B
| $556M | 0.35% |
14,275,070
-20,686
| -0.1% | -$810K |
2020 Q3
13 quarters
|
|
79
Linde
LIN
$226B
| $545M | 0.35% |
1,326,990
-28,200
| -2% | -$11.1M |
2018 Q4
20 quarters
|
|
80
TC Energy
TRP
$63.8B
| $464M | 0.29% |
11,860,400
-262,000
| -2% | -$9.55M |
2020 Q3
13 quarters
|
|
81
Brighthouse Financial
BHF
$2.76B
| $463M | 0.29% |
8,757,834
-58,327
| -0.7% | -$2.9M |
2017 Q3
25 quarters
|
|
82
Otis Worldwide
OTIS
$26.1B
| $450M | 0.29% |
5,026,497
-78,100
| -2% | -$6.49M |
2020 Q2
14 quarters
|
|
83
Baidu
BIDU
$27.9B
| $375M | 0.24% |
3,150,115
-36,900
| -1% | -$4.26M |
2013 Q2
42 quarters
|
|
84
Gaming and Leisure Properties
GLPI
$11.1B
| $316M | 0.2% |
6,402,581
+302,140
| +5% | +$14M |
2022 Q1
7 quarters
|
|
85
Fox Class B
FOX
$23.1B
| $313M | 0.2% |
11,303,523
-123,397
| -1% | -$3.47M |
2019 Q1
19 quarters
|
|
86
News Corp Class A
NWSA
$15.7B
| $257M | 0.16% |
10,477,457
-82,287
| -0.8% | -$1.79M |
2013 Q3
41 quarters
|
|
|
DISH
87
DELISTED
DISH Network Corp.
DISH
| $224M | 0.14% |
38,886,766
-283,600
| -0.7% | -$1.27M |
2013 Q2
42 quarters
|
|
88
Televisa
TV
$1.23B
| $215M | 0.14% |
64,405,090
-607,830
| -0.9% | -$1.72M |
2013 Q2
42 quarters
|
|
89
NetEase
NTES
$79.2B
| $168M | 0.11% |
1,799,026
-950,500
| -35% | -$101M |
2021 Q2
10 quarters
|
|
90
Neurocrine Biosciences
NBIX
$13.7B
| $166M | 0.11% |
1,259,744
+1,046,142
| +490% | +$120M |
2023 Q3
1 quarter
|
|
91
Liberty Global Class C
LBTYK
$2.8B
| $164M | 0.1% |
8,786,768
-175,000
| -2% | -$3.03M |
2013 Q2
42 quarters
|
|
92
Jackson Financial
JXN
$8.76B
| $157M | 0.1% |
3,071,598
-1,102,708
| -26% | -$48.5M |
2021 Q3
9 quarters
|
|
93
Yum China
YUMC
$14.5B
| $134M | 0.09% |
3,165,531
+3,152,269
| +23,769% | +$147M |
2021 Q2
10 quarters
|
|
94
Itaú Unibanco
ITUB
$106B
| $111M | 0.07% |
18,027,055
-2,625,501
| -13% | -$13.9M |
2016 Q3
29 quarters
|
|
95
Fresenius Medical Care
FMS
$11.4B
| $88M | 0.06% |
4,223,110
| – | – |
2022 Q1
7 quarters
|
|
96
Liberty Global Class A
LBTYA
$2.84B
| $84.7M | 0.05% |
4,767,561
-88,108
| -2% | -$1.43M |
2013 Q2
42 quarters
|
|
97
American Express
AXP
$207B
| $81.3M | 0.05% |
434,097
-9,577
| -2% | -$1.54M |
2013 Q2
42 quarters
|
|
98
Cadence Design Systems
CDNS
$90.9B
| $74.9M | 0.05% |
274,851
-7,714
| -3% | -$1.99M |
2013 Q2
42 quarters
|
|
99
Union Pacific
UNP
$168B
| $69.9M | 0.04% |
284,628
+18,514
| +7% | +$4.07M |
2013 Q2
42 quarters
|
|
100
Broadcom
AVGO
$1.66T
| $62.2M | 0.04% |
+557,450
| New | +$52.8M |
2023 Q4
0 quarters
|
|
Similar funds
Dodge & Cox's Q4 2023 Portfolio in Review
As of Q4 2023, Dodge & Cox held 199 positions worth $158B, up 6.2% from $148B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q4 2023: portfolio turnover was 4.5%. Dodge & Cox opened 7 new positions and exited 2, leaving the 199-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 21% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q4 2023 buy was International Flavors & Fragrances: 15,440,725 shares worth $1.25B.
- Dodge & Cox added most to Avantor in Q4 2023, an estimated $981M increase.
- Dodge & Cox's biggest Q4 2023 reduction was UBS Group, cutting an estimated $1.17B.
- Dodge & Cox fully exited VMware, Inc in Q4 2023, selling an estimated $3.29B.
- Dodge & Cox's ten largest holdings make up 29% of its $158B portfolio in Q4 2023.
- Dodge & Cox opened 7 new positions and closed 2 in Q4 2023.
- Dodge & Cox's portfolio value rose 6.2% quarter-over-quarter to $158B.
Based on Dodge & Cox's 13F filing for Q4 2023, filed 15 Feb 2024.