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 |
Amazon
AMZN
|
+$1.18B |
| 2 |
LyondellBasell Industries
LYB
|
+$1B |
| 3 |
GE Aerospace
GE
|
+$573M |
| 4 |
Haleon
HLN
|
+$475M |
| 5 |
Fidelity National Information Services
FIS
|
+$335M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$1.28B |
| 2 |
Hewlett Packard
HPE
|
+$532M |
| 3 |
Williams Companies
WMB
|
+$419M |
| 4 |
Cognizant
CTSH
|
+$226M |
| 5 |
Occidental Petroleum
OXY
|
+$220M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.04% |
| 2 | Healthcare | 17.77% |
| 3 | Technology | 16.15% |
| 4 | Communication Services | 12.92% |
| 5 | Energy | 10.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Chevron
CVX
$396B
| $31.7M | 0.02% |
220,508
-6,046
| -3% | -$922K |
|
102
Eli Lilly
LLY
$1.04T
| $22.5M | 0.02% |
69,694
-1,487
| -2% | -$471K |
|
103
AstraZeneca
AZN
$250B
| $21.2M | 0.02% |
193,183
-58,062
| -23% | -$7.37M |
|
104
Target
TGT
$74.2B
| $19.6M | 0.01% |
132,317
-1,672
| -1% | -$268K |
|
105
Travelers Companies
TRV
$76.9B
| $18.7M | 0.01% |
121,775
-3,050
| -2% | -$496K |
|
106
Fresenius Medical Care
FMS
$12.3B
| $17.9M | 0.01% |
1,275,400
| – | – |
|
107
Merck
MRK
$364B
| $16.3M | 0.01% |
189,331
-3,500
| -2% | -$312K |
|
108
Thermo Fisher Scientific
TMO
$230B
| $15.7M | 0.01% |
31,029
-575
| -2% | -$322K |
|
109
Procter & Gamble
PG
$333B
| $12.6M | 0.01% |
100,000
-650
| -0.6% | -$92.3K |
|
110
Walmart Inc
WMT
$819B
| $11M | 0.01% |
255,570
-825
| -0.3% | -$36.1K |
|
111
Halliburton
HAL
$30.1B
| $9.39M | 0.01% |
381,301
-67,400
| -15% | -$1.93M |
|
|
HES
112
DELISTED
Hess
HES
| $9.32M | 0.01% |
85,560
-14,450
| -14% | -$1.6M |
|
113
APA Corp
APA
$14.9B
| $8.39M | 0.01% |
245,473
-44,200
| -15% | -$1.58M |
|
114
Home Depot
HD
$328B
| $8.05M | 0.01% |
29,173
-733
| -2% | -$216K |
|
115
ExxonMobil
XOM
$643B
| $7.36M | 0.01% |
84,260
-1,176
| -1% | -$107K |
|
116
Adobe
ADBE
$116B
| $7.17M | 0.01% |
26,046
-660
| -2% | -$250K |
|
117
Pfizer
PFE
$159B
| $6.22M | ﹤0.01% |
142,186
-3,699
| -3% | -$180K |
|
118
Analog Devices
ADI
$175B
| $5.73M | ﹤0.01% |
41,141
-844
| -2% | -$133K |
|
119
Apple
AAPL
$4.68T
| $5.69M | ﹤0.01% |
41,156
| – | – |
|
120
Caterpillar
CAT
$369B
| $5.16M | ﹤0.01% |
31,437
| – | – |
|
121
Synopsys
SNPS
$85.2B
| $4.73M | ﹤0.01% |
15,484
| – | – |
|
122
Danaher
DHR
$152B
| $4.69M | ﹤0.01% |
20,464
| – | – |
|
123
IBM
IBM
$222B
| $4.52M | ﹤0.01% |
38,014
-900
| -2% | -$118K |
|
124
Boston Scientific
BSX
$67.5B
| $4.48M | ﹤0.01% |
115,590
-5,000
| -4% | -$201K |
|
125
Vulcan Materials
VMC
$35.4B
| $4.34M | ﹤0.01% |
27,500
-1,350
| -5% | -$219K |
|
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Dodge & Cox's Q3 2022 Portfolio in Review
As of Q3 2022, Dodge & Cox held 215 positions worth $132B, down 8.6% from $144B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q3 2022 filing shows 4 new, 31 increased, 110 reduced and 24 closed positions. Its largest new stake was Haleon: 73,365,572 shares worth $447M. The largest sale was Cigna, an estimated $1.28B.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 22% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2022 buy was Haleon: 73,365,572 shares worth $447M.
- Dodge & Cox added most to Amazon in Q3 2022, an estimated $1.18B increase.
- Dodge & Cox's biggest Q3 2022 reduction was Cigna, cutting an estimated $1.28B.
- Dodge & Cox fully exited iShares iBoxx $ Investment Grade Corporate Bond ETF in Q3 2022, selling an estimated $198M.
- Dodge & Cox's ten largest holdings make up 30% of its $132B portfolio in Q3 2022.
- Dodge & Cox opened 4 new positions and closed 24 in Q3 2022.
- Dodge & Cox's portfolio value fell 8.6% quarter-over-quarter to $132B.
Based on Dodge & Cox's 13F filing for Q3 2022, filed 10 Nov 2022.