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 |
GE Aerospace
GE
|
+$1.44B |
| 2 |
PayPal
PYPL
|
+$664M |
| 3 |
Fidelity National Information Services
FIS
|
+$620M |
| 4 |
Elanco Animal Health
ELAN
|
+$488M |
| 5 |
Charles Schwab
SCHW
|
+$469M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Sanofi
SNY
|
+$797M |
| 2 |
HP
HPQ
|
+$688M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$659M |
| 4 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$548M |
| 5 |
GSK
GSK
|
+$508M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.19% |
| 2 | Healthcare | 18.97% |
| 3 | Technology | 16.22% |
| 4 | Communication Services | 14.67% |
| 5 | Energy | 9.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
101
Fresenius Medical Care
FMS
$11.2B
| $31.8M | 0.02% |
1,275,400
| – | – |
2022 Q1
1 quarter
|
|
102
Eli Lilly
LLY
$1.04T
| $23.1M | 0.02% |
71,181
-1,532
| -2% | -$460K |
2013 Q2
36 quarters
|
|
103
Travelers Companies
TRV
$77.9B
| $21.1M | 0.01% |
124,825
-1,260
| -1% | -$219K |
2013 Q2
36 quarters
|
|
104
Target
TGT
$69B
| $18.9M | 0.01% |
133,989
-2,961
| -2% | -$568K |
2013 Q2
36 quarters
|
|
105
Merck
MRK
$350B
| $17.6M | 0.01% |
192,831
-7,200
| -4% | -$638K |
2013 Q2
36 quarters
|
|
106
Thermo Fisher Scientific
TMO
$245B
| $17.2M | 0.01% |
31,604
| – | – |
2013 Q2
36 quarters
|
|
107
Procter & Gamble
PG
$355B
| $14.5M | 0.01% |
100,650
-2,425
| -2% | -$364K |
2013 Q2
36 quarters
|
|
108
Halliburton
HAL
$27.3B
| $14.1M | 0.01% |
448,701
-138,175
| -24% | -$5.15M |
2013 Q2
36 quarters
|
|
109
DELISTED
Hess
HES
| $10.6M | 0.01% |
100,010
-16,350
| -14% | -$1.85M |
2019 Q2
12 quarters
|
|
110
Walmart Inc
WMT
$891B
| $10.4M | 0.01% |
256,395
-2,673
| -1% | -$123K |
2013 Q2
36 quarters
|
|
111
APA Corp
APA
$16.8B
| $10.1M | 0.01% |
289,673
-90,710
| -24% | -$3.86M |
2013 Q2
36 quarters
|
|
112
Adobe
ADBE
$92B
| $9.78M | 0.01% |
26,706
-300
| -1% | -$122K |
2013 Q2
36 quarters
|
|
113
Home Depot
HD
$293B
| $8.2M | 0.01% |
29,906
-170
| -0.6% | -$50.2K |
2013 Q2
36 quarters
|
|
114
Pfizer
PFE
$162B
| $7.65M | 0.01% |
145,885
| – | – |
2013 Q2
36 quarters
|
|
115
ExxonMobil
XOM
$716B
| $7.32M | 0.01% |
85,436
-1,886
| -2% | -$170K |
2013 Q2
36 quarters
|
|
116
Analog Devices
ADI
$201B
| $6.13M | ﹤0.01% |
41,985
-377
| -0.9% | -$59.4K |
2021 Q3
3 quarters
|
|
117
Apple
AAPL
$4.98T
| $5.63M | ﹤0.01% |
41,156
| – | – |
2013 Q2
36 quarters
|
|
118
Caterpillar
CAT
$355B
| $5.62M | ﹤0.01% |
31,437
-70
| -0.2% | -$14.8K |
2013 Q2
36 quarters
|
|
119
IBM
IBM
$217B
| $5.49M | ﹤0.01% |
38,914
-1,650
| -4% | -$223K |
2013 Q2
36 quarters
|
|
120
Synopsys
SNPS
$94.8B
| $4.7M | ﹤0.01% |
15,484
-100
| -0.6% | -$30.2K |
2013 Q2
36 quarters
|
|
121
Danaher
DHR
$157B
| $4.6M | ﹤0.01% |
20,464
| – | – |
2014 Q3
31 quarters
|
|
122
Boston Scientific
BSX
$62.8B
| $4.49M | ﹤0.01% |
120,590
| – | – |
2013 Q2
36 quarters
|
|
123
Johnson & Johnson
JNJ
$599B
| $4.43M | ﹤0.01% |
24,970
-401
| -2% | -$71.4K |
2013 Q2
36 quarters
|
|
124
Vulcan Materials
VMC
$31.6B
| $4.1M | ﹤0.01% |
28,850
-1,000
| -3% | -$165K |
2013 Q2
36 quarters
|
|
125
Amgen
AMGN
$223B
| $4.02M | ﹤0.01% |
16,507
-100
| -0.6% | -$24.5K |
2013 Q2
36 quarters
|
|
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Dodge & Cox's Q2 2022 Portfolio in Review
As of Q2 2022, Dodge & Cox held 219 positions worth $144B, down 12% from $165B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2022 filing shows 22 new, 48 increased, 96 reduced and 8 closed positions. Its largest new stake was Fidelity National Information Services: 6,245,114 shares worth $572M. The largest sale was Sanofi, an estimated $797M.
By sector, the portfolio is most concentrated in Financials at 22% of assets, down from 23% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q2 2022 buy was Fidelity National Information Services: 6,245,114 shares worth $572M.
- Dodge & Cox added most to GE Aerospace in Q2 2022, an estimated $1.44B increase.
- Dodge & Cox's biggest Q2 2022 reduction was Sanofi, cutting an estimated $797M.
- Dodge & Cox fully exited iShares Russell 1000 Value ETF in Q2 2022, selling an estimated $8.35M.
- Dodge & Cox's ten largest holdings make up 30% of its $144B portfolio in Q2 2022.
- Dodge & Cox opened 22 new positions and closed 8 in Q2 2022.
- Dodge & Cox's portfolio value fell 12% quarter-over-quarter to $144B.
Based on Dodge & Cox's 13F filing for Q2 2022, filed 12 Aug 2022.