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 |
Fidelity National Information Services
FIS
|
+$1.16B |
| 2 |
Charter Communications
CHTR
|
+$614M |
| 3 |
Amazon
AMZN
|
+$563M |
| 4 |
Elanco Animal Health
ELAN
|
+$396M |
| 5 |
Sanofi
SNY
|
+$375M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLB Ltd
SLB
|
+$1.08B |
| 2 |
ConocoPhillips
COP
|
+$737M |
| 3 |
T-Mobile US
TMUS
|
+$615M |
| 4 |
Microchip Technology
MCHP
|
+$533M |
| 5 |
Goldman Sachs
GS
|
+$431M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.41% |
| 2 | Healthcare | 19.23% |
| 3 | Technology | 16.26% |
| 4 | Communication Services | 12.06% |
| 5 | Industrials | 10.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Walt Disney
DIS
$184B
| $34.4M | 0.02% |
395,756
-25,365
| -6% | -$2.43M |
|
102
Eli Lilly
LLY
$1.05T
| $23.3M | 0.02% |
63,687
-6,007
| -9% | -$2.13M |
|
103
Travelers Companies
TRV
$77B
| $22.1M | 0.02% |
117,720
-4,055
| -3% | -$729K |
|
104
AstraZeneca
AZN
$255B
| $20.9M | 0.01% |
154,163
-39,020
| -20% | -$4.89M |
|
105
Merck
MRK
$369B
| $19.4M | 0.01% |
175,231
-14,100
| -7% | -$1.44M |
|
106
Target
TGT
$75.4B
| $19.3M | 0.01% |
129,692
-2,625
| -2% | -$412K |
|
107
Thermo Fisher Scientific
TMO
$233B
| $16.1M | 0.01% |
29,199
-1,830
| -6% | -$970K |
|
108
Procter & Gamble
PG
$333B
| $15M | 0.01% |
99,300
-700
| -0.7% | -$98.1K |
|
109
Halliburton
HAL
$29.6B
| $11.5M | 0.01% |
291,201
-90,100
| -24% | -$3.19M |
|
110
Walmart Inc
WMT
$817B
| $10.9M | 0.01% |
231,540
-24,030
| -9% | -$1.14M |
|
|
HES
111
DELISTED
Hess
HES
| $9.8M | 0.01% |
69,132
-16,428
| -19% | -$2.26M |
|
112
ExxonMobil
XOM
$643B
| $9.18M | 0.01% |
83,240
-1,020
| -1% | -$109K |
|
113
Home Depot
HD
$328B
| $8.99M | 0.01% |
28,467
-706
| -2% | -$215K |
|
114
Adobe
ADBE
$115B
| $8.43M | 0.01% |
25,046
-1,000
| -4% | -$320K |
|
115
APA Corp
APA
$14.8B
| $8.38M | 0.01% |
179,450
-66,023
| -27% | -$2.95M |
|
116
Caterpillar
CAT
$376B
| $7.2M | ﹤0.01% |
30,049
-1,388
| -4% | -$302K |
|
117
Pfizer
PFE
$160B
| $6.34M | ﹤0.01% |
123,685
-18,501
| -13% | -$887K |
|
118
Analog Devices
ADI
$181B
| $6.17M | ﹤0.01% |
37,602
-3,539
| -9% | -$552K |
|
119
Deere & Co
DE
$168B
| $5.33M | ﹤0.01% |
12,436
| – | – |
|
120
Boston Scientific
BSX
$67.6B
| $5.22M | ﹤0.01% |
112,890
-2,700
| -2% | -$117K |
|
121
IBM
IBM
$225B
| $5.19M | ﹤0.01% |
36,814
-1,200
| -3% | -$166K |
|
122
Vulcan Materials
VMC
$35.5B
| $4.59M | ﹤0.01% |
26,200
-1,300
| -5% | -$222K |
|
123
Danaher
DHR
$152B
| $4.57M | ﹤0.01% |
19,438
-1,026
| -5% | -$238K |
|
124
Synopsys
SNPS
$89.1B
| $4.38M | ﹤0.01% |
13,730
-1,754
| -11% | -$549K |
|
125
Amgen
AMGN
$236B
| $4.26M | ﹤0.01% |
16,207
| – | – |
|
Similar funds
Dodge & Cox's Q4 2022 Portfolio in Review
As of Q4 2022, Dodge & Cox held 194 positions worth $146B, up 10% from $132B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q4 2022: portfolio turnover was 4.6%. Dodge & Cox opened 3 new positions and exited 6, leaving the 194-position portfolio largely intact.
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 Q4 2022 buy was Trip.com Group: 20,900 shares worth $719K.
- Dodge & Cox added most to Fidelity National Information Services in Q4 2022, an estimated $1.16B increase.
- Dodge & Cox's biggest Q4 2022 reduction was SLB Ltd, cutting an estimated $1.08B.
- Dodge & Cox fully exited Marsh in Q4 2022, selling an estimated $427K.
- Dodge & Cox's ten largest holdings make up 30% of its $146B portfolio in Q4 2022.
- Dodge & Cox opened 3 new positions and closed 6 in Q4 2022.
- Dodge & Cox's portfolio value rose 10% quarter-over-quarter to $146B.
Based on Dodge & Cox's 13F filing for Q4 2022, filed 14 Feb 2023.