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 |
Sanofi
SNY
|
+$1.21B |
| 2 |
Cigna
CI
|
+$734M |
| 3 |
Gilead Sciences
GILD
|
+$583M |
| 4 |
Novartis
NVS
|
+$433M |
| 5 |
Teck Resources
TECK
|
+$336M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Johnson Controls International
JCI
|
+$266M |
| 2 |
HP
HPQ
|
+$189M |
| 3 |
Capital One
COF
|
+$181M |
| 4 |
Wells Fargo
WFC
|
+$178M |
| 5 |
APA Corp
APA
|
+$163M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.43% |
| 2 | Technology | 17.73% |
| 3 | Healthcare | 16.49% |
| 4 | Communication Services | 15.93% |
| 5 | Energy | 8.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Home Depot
HD
$328B
| $10.5M | 0.01% |
32,056
-2,788
| -8% | -$915K |
|
102
PayPal
PYPL
$52.6B
| $8.37M | 0.01% |
32,150
-3,400
| -10% | -$965K |
|
103
Analog Devices
ADI
$181B
| $8.17M | 0.01% |
+48,761
| New | +$8.18M |
|
104
Caterpillar
CAT
$376B
| $6.79M | ﹤0.01% |
35,379
-3,200
| -8% | -$666K |
|
105
Pfizer
PFE
$160B
| $6.7M | ﹤0.01% |
155,852
-6,069
| -4% | -$269K |
|
106
ExxonMobil
XOM
$643B
| $6.58M | ﹤0.01% |
111,798
-700
| -0.6% | -$39.9K |
|
107
IBM
IBM
$225B
| $6.33M | ﹤0.01% |
47,647
-523
| -1% | -$69.9K |
|
108
Apple
AAPL
$4.59T
| $5.82M | ﹤0.01% |
41,156
| – | – |
|
109
Corning
GLW
$132B
| $5.72M | ﹤0.01% |
156,900
-2,436
| -2% | -$97.3K |
|
110
Boston Scientific
BSX
$67.6B
| $5.64M | ﹤0.01% |
130,090
| – | – |
|
111
Danaher
DHR
$152B
| $5.53M | ﹤0.01% |
20,492
| – | – |
|
112
Vulcan Materials
VMC
$35.5B
| $5.47M | ﹤0.01% |
32,350
-300
| -0.9% | -$53.7K |
|
113
GE Aerospace
GE
$356B
| $5.42M | ﹤0.01% |
84,431
-24,953
| -23% | -$1.6M |
|
114
Synopsys
SNPS
$89.1B
| $4.85M | ﹤0.01% |
16,184
-400
| -2% | -$121K |
|
115
Deere & Co
DE
$168B
| $4.51M | ﹤0.01% |
13,476
-120
| -0.9% | -$43.2K |
|
116
Johnson & Johnson
JNJ
$640B
| $4.14M | ﹤0.01% |
25,666
-190
| -0.7% | -$32.4K |
|
117
Amgen
AMGN
$236B
| $3.6M | ﹤0.01% |
16,907
| – | – |
|
118
Berkshire Hathaway Class B
BRK.B
$1.08T
| $3.5M | ﹤0.01% |
12,820
| – | – |
|
|
RDS.A
119
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $3.44M | ﹤0.01% |
77,098
| – | – |
|
120
US Bancorp
USB
$97.2B
| $3.19M | ﹤0.01% |
53,650
-300
| -0.6% | -$17.1K |
|
121
Diageo
DEO
$51.2B
| $3M | ﹤0.01% |
15,563
-298
| -2% | -$57.7K |
|
122
McDonald's
MCD
$184B
| $2.97M | ﹤0.01% |
12,325
-300
| -2% | -$71.6K |
|
123
eBay
EBAY
$45.5B
| $2.95M | ﹤0.01% |
42,381
-4,000
| -9% | -$287K |
|
124
Cemex
CX
$15.8B
| $2.94M | ﹤0.01% |
409,700
+97,300
| +31% | +$768K |
|
125
America Movil
AMX
$70.4B
| $2.87M | ﹤0.01% |
162,135
-79,025
| -33% | -$1.36M |
|
Similar funds
Dodge & Cox's Q3 2021 Portfolio in Review
As of Q3 2021, Dodge & Cox held 195 positions worth $154B, up 0.42% from $153B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q3 2021: portfolio turnover was 3.6%. Dodge & Cox opened 5 new positions and exited 2, leaving the 195-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q3 2021 buy was Elanco Animal Health: 3,639,124 shares worth $116M.
- Dodge & Cox added most to Sanofi in Q3 2021, an estimated $1.21B increase.
- Dodge & Cox's biggest Q3 2021 reduction was Johnson Controls International, cutting an estimated $266M.
- Dodge & Cox fully exited Maxim Integrated Products in Q3 2021, selling an estimated $8.29M.
- Dodge & Cox's ten largest holdings make up 32% of its $154B portfolio in Q3 2021.
- Dodge & Cox opened 5 new positions and closed 2 in Q3 2021.
- Dodge & Cox's portfolio value rose 0.42% quarter-over-quarter to $154B.
Based on Dodge & Cox's 13F filing for Q3 2021, filed 15 Nov 2021.