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 |
Regeneron Pharmaceuticals
REGN
|
+$1.24B |
| 2 |
Meta Platforms (Facebook)
META
|
+$990M |
| 3 |
GE Aerospace
GE
|
+$981M |
| 4 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$829M |
| 5 |
UBS Group
UBS
|
+$778M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$1.17B |
| 2 |
SLB Ltd
SLB
|
+$1.01B |
| 3 |
HP
HPQ
|
+$975M |
| 4 |
HES
Hess
HES
|
+$906M |
| 5 |
Dell
DELL
|
+$631M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.3% |
| 2 | Healthcare | 17.99% |
| 3 | Technology | 16.88% |
| 4 | Communication Services | 15.05% |
| 5 | Energy | 9.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Halliburton
HAL
$29.6B
| $22.2M | 0.01% |
586,876
-9,337,734
| -94% | -$302M |
|
102
Eli Lilly
LLY
$1.05T
| $20.8M | 0.01% |
72,713
-8,395
| -10% | -$2.16M |
|
103
Gaming and Leisure Properties
GLPI
$12.3B
| $18.7M | 0.01% |
+397,789
| New | +$17.9M |
|
104
Thermo Fisher Scientific
TMO
$233B
| $18.7M | 0.01% |
31,604
| – | – |
|
105
Merck
MRK
$369B
| $16.4M | 0.01% |
200,031
-14,127
| -7% | -$1.11M |
|
106
Procter & Gamble
PG
$333B
| $15.8M | 0.01% |
103,075
-8,700
| -8% | -$1.36M |
|
107
APA Corp
APA
$14.8B
| $15.7M | 0.01% |
380,383
-229,943
| -38% | -$8.02M |
|
108
Walmart Inc
WMT
$817B
| $12.9M | 0.01% |
259,068
-5,427
| -2% | -$255K |
|
|
HES
109
DELISTED
Hess
HES
| $12.5M | 0.01% |
116,360
-9,556,341
| -99% | -$906M |
|
110
Adobe
ADBE
$115B
| $12.3M | 0.01% |
27,006
-2,570
| -9% | -$1.24M |
|
111
Home Depot
HD
$328B
| $9M | 0.01% |
30,076
-802
| -3% | -$278K |
|
112
iShares Russell 1000 Value ETF
IWD
$84B
| $8.35M | 0.01% |
50,300
+48,300
| +2,415% | +$7.93M |
|
113
Pfizer
PFE
$160B
| $7.55M | ﹤0.01% |
145,885
-8,467
| -5% | -$439K |
|
114
ExxonMobil
XOM
$643B
| $7.21M | ﹤0.01% |
87,322
-38,774
| -31% | -$3.01M |
|
115
Apple
AAPL
$4.59T
| $7.19M | ﹤0.01% |
41,156
| – | – |
|
116
Caterpillar
CAT
$376B
| $7.02M | ﹤0.01% |
31,507
-450
| -1% | -$94.4K |
|
117
Analog Devices
ADI
$181B
| $7M | ﹤0.01% |
42,362
-5,519
| -12% | -$894K |
|
118
Vulcan Materials
VMC
$35.5B
| $5.48M | ﹤0.01% |
29,850
-600
| -2% | -$112K |
|
119
Deere & Co
DE
$168B
| $5.46M | ﹤0.01% |
13,136
| – | – |
|
120
Boston Scientific
BSX
$67.6B
| $5.34M | ﹤0.01% |
120,590
-5,000
| -4% | -$217K |
|
121
Danaher
DHR
$152B
| $5.32M | ﹤0.01% |
20,464
| – | – |
|
122
IBM
IBM
$225B
| $5.27M | ﹤0.01% |
40,564
-3,838
| -9% | -$501K |
|
123
Synopsys
SNPS
$89.1B
| $5.19M | ﹤0.01% |
15,584
-200
| -1% | -$62.4K |
|
124
Corning
GLW
$132B
| $4.87M | ﹤0.01% |
132,002
-3,398
| -3% | -$133K |
|
125
Berkshire Hathaway Class B
BRK.B
$1.08T
| $4.52M | ﹤0.01% |
12,820
| – | – |
|
Similar funds
Dodge & Cox's Q1 2022 Portfolio in Review
As of Q1 2022, Dodge & Cox held 203 positions worth $165B, up 1.9% from $161B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q1 2022 filing shows 6 new, 43 increased, 102 reduced and 6 closed positions. Its largest new stake was iShares iBoxx $ Investment Grade Corporate Bond ETF: 6,648,493 shares worth $804M. The largest sale was Bank of America, an estimated $1.17B.
By sector, the portfolio is most concentrated in Financials at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q1 2022 buy was iShares iBoxx $ Investment Grade Corporate Bond ETF: 6,648,493 shares worth $804M.
- Dodge & Cox added most to Regeneron Pharmaceuticals in Q1 2022, an estimated $1.24B increase.
- Dodge & Cox's biggest Q1 2022 reduction was Bank of America, cutting an estimated $1.17B.
- Dodge & Cox fully exited Royal Dutch Shell PLC ADS Class A in Q1 2022, selling an estimated $3.24M.
- Dodge & Cox's ten largest holdings make up 30% of its $165B portfolio in Q1 2022.
- Dodge & Cox opened 6 new positions and closed 6 in Q1 2022.
- Dodge & Cox's portfolio value rose 1.9% quarter-over-quarter to $165B.
Based on Dodge & Cox's 13F filing for Q1 2022, filed 13 May 2022.