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 |
Humana
HUM
|
+$1.45B |
| 2 |
CVS Health
CVS
|
+$1.29B |
| 3 |
Norfolk Southern
NSC
|
+$619M |
| 4 |
Johnson Controls International
JCI
|
+$359M |
| 5 |
Coupang
CPNG
|
+$263M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$1.47B |
| 2 |
Wells Fargo
WFC
|
+$1.35B |
| 3 |
GE Aerospace
GE
|
+$944M |
| 4 |
Hewlett Packard
HPE
|
+$880M |
| 5 |
Microchip Technology
MCHP
|
+$738M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.14% |
| 2 | Financials | 20.84% |
| 3 | Technology | 12.56% |
| 4 | Communication Services | 12.34% |
| 5 | Industrials | 11.85% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
76
JD.com
JD
$36.3B
| $581M | 0.35% |
22,479,249
-1,451,800
| -6% | -$42.6M |
2015 Q4
34 quarters
|
|
77
VF Corp
VFC
$6.26B
| $575M | 0.34% |
42,556,750
+7,126,700
| +20% | +$93.5M |
2023 Q3
3 quarters
|
|
78
Medtronic
MDT
$117B
| $535M | 0.32% |
6,791,555
+2,240
| +0% | +$184K |
2013 Q2
44 quarters
|
|
79
Baidu
BIDU
$28.7B
| $509M | 0.31% |
5,883,215
+2,099,500
| +55% | +$211M |
2013 Q2
44 quarters
|
|
80
Teck Resources
TECK
$33.2B
| $506M | 0.3% |
10,554,840
-5,500
| -0.1% | -$271K |
2020 Q2
16 quarters
|
|
81
TC Energy
TRP
$63.2B
| $450M | 0.27% |
11,860,400
| – | – |
2020 Q3
15 quarters
|
|
82
Fox Class B
FOX
$23.7B
| $364M | 0.22% |
11,366,057
+22,734
| +0.2% | +$687K |
2019 Q1
21 quarters
|
|
83
Yum China
YUMC
$14.4B
| $329M | 0.2% |
10,681,262
+3,961,400
| +59% | +$145M |
2021 Q2
12 quarters
|
|
84
Gaming and Leisure Properties
GLPI
$11.2B
| $295M | 0.18% |
6,524,863
+92,476
| +1% | +$4.08M |
2022 Q1
9 quarters
|
|
85
Brighthouse Financial
BHF
$2.81B
| $290M | 0.17% |
6,688,783
-2,050,513
| -23% | -$94.6M |
2017 Q3
27 quarters
|
|
86
News Corp Class A
NWSA
$15.8B
| $288M | 0.17% |
10,457,182
-9,150
| -0.1% | -$236K |
2013 Q3
43 quarters
|
|
|
87
Coupang
CPNG
$27.4B
| $254M | 0.15% |
+12,114,152
| New | +$263M |
2024 Q2
0 quarters
|
|
88
EchoStar
ECHO
$27.7B
| $242M | 0.15% |
13,564,286
-92,228
| -0.7% | -$1.53M |
2024 Q1
1 quarter
|
|
89
Televisa
TV
$1.19B
| $178M | 0.11% |
64,212,690
| – | – |
2013 Q2
44 quarters
|
|
90
Neurocrine Biosciences
NBIX
$14.4B
| $176M | 0.11% |
1,280,820
+15,576
| +1% | +$2.14M |
2023 Q3
3 quarters
|
|
91
Liberty Global Class C
LBTYK
$2.86B
| $157M | 0.09% |
8,786,768
| – | – |
2013 Q2
44 quarters
|
|
92
HDFC Bank
HDB
$116B
| $152M | 0.09% |
4,728,600
+589,916
| +14% | +$17.3M |
2023 Q4
2 quarters
|
|
93
Flutter Entertainment
FLUT
$13.5B
| $114M | 0.07% |
624,478
| – | – |
2024 Q1
1 quarter
|
|
94
NetEase
NTES
$80.6B
| $103M | 0.06% |
1,080,952
+133,826
| +14% | +$12.7M |
2021 Q2
12 quarters
|
|
95
American Express
AXP
$211B
| $96.4M | 0.06% |
416,269
-12,347
| -3% | -$2.86M |
2013 Q2
44 quarters
|
|
96
Itaú Unibanco
ITUB
$111B
| $88.9M | 0.05% |
17,253,783
-655,440
| -4% | -$3.59M |
2016 Q3
31 quarters
|
|
97
Liberty Global Class A
LBTYA
$2.92B
| $83.1M | 0.05% |
4,767,561
| – | – |
2013 Q2
44 quarters
|
|
98
Fresenius Medical Care
FMS
$11.3B
| $80.6M | 0.05% |
4,223,110
| – | – |
2022 Q1
9 quarters
|
|
99
Cadence Design Systems
CDNS
$97.3B
| $80.4M | 0.05% |
261,118
-3,947
| -1% | -$1.17M |
2013 Q2
44 quarters
|
|
100
Union Pacific
UNP
$167B
| $63.9M | 0.04% |
282,582
-609
| -0.2% | -$143K |
2013 Q2
44 quarters
|
|
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Dodge & Cox's Q2 2024 Portfolio in Review
As of Q2 2024, Dodge & Cox held 205 positions worth $167B, down 3.3% from $172B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q2 2024: portfolio turnover was 4.4%. Dodge & Cox opened 6 new positions and exited 3, leaving the 205-position portfolio largely intact.
By sector, the portfolio is most concentrated in Healthcare at 21% of assets, down from 21% a quarter earlier, followed by Financials and Technology.
- Dodge & Cox's largest Q2 2024 buy was Humana: 4,308,536 shares worth $1.61B.
- Dodge & Cox added most to CVS Health in Q2 2024, an estimated $1.29B increase.
- Dodge & Cox's biggest Q2 2024 reduction was Cigna, cutting an estimated $1.47B.
- Dodge & Cox fully exited Ovintiv in Q2 2024, selling an estimated $450M.
- Dodge & Cox's ten largest holdings make up 30% of its $167B portfolio in Q2 2024.
- Dodge & Cox opened 6 new positions and closed 3 in Q2 2024.
- Dodge & Cox's portfolio value fell 3.3% quarter-over-quarter to $167B.
Based on Dodge & Cox's 13F filing for Q2 2024, filed 13 Aug 2024.