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 HealthCare
GEHC
|
+$1.13B |
| 2 |
Dominion Energy
D
|
+$868M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$324M |
| 4 |
Amazon
AMZN
|
+$319M |
| 5 |
Medtronic
MDT
|
+$252M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$1.09B |
| 2 |
Meta Platforms (Facebook)
META
|
+$754M |
| 3 |
American Express
AXP
|
+$623M |
| 4 |
PayPal
PYPL
|
+$575M |
| 5 |
Baidu
BIDU
|
+$452M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 19.93% |
| 2 | Healthcare | 19.3% |
| 3 | Technology | 17.15% |
| 4 | Communication Services | 13.11% |
| 5 | Industrials | 10.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Chevron
CVX
$392B
| $32.4M | 0.02% |
198,767
-3,515
| -2% | -$589K |
|
102
Snowflake
SNOW
$114B
| $26.2M | 0.02% |
+169,760
| New | +$24.9M |
|
103
Target
TGT
$75.4B
| $21.2M | 0.01% |
128,087
-1,605
| -1% | -$264K |
|
104
Eli Lilly
LLY
$1.05T
| $21.1M | 0.01% |
61,562
-2,125
| -3% | -$717K |
|
105
Travelers Companies
TRV
$77B
| $20.2M | 0.01% |
117,620
-100
| -0.1% | -$18.2K |
|
106
Merck
MRK
$369B
| $18.4M | 0.01% |
173,206
-2,025
| -1% | -$219K |
|
107
Thermo Fisher Scientific
TMO
$233B
| $17M | 0.01% |
29,507
+308
| +1% | +$174K |
|
108
AstraZeneca
AZN
$255B
| $15.5M | 0.01% |
111,713
-42,450
| -28% | -$5.71M |
|
109
Procter & Gamble
PG
$333B
| $14.7M | 0.01% |
98,738
-562
| -0.6% | -$80.3K |
|
110
Walmart Inc
WMT
$817B
| $11.1M | 0.01% |
226,215
-5,325
| -2% | -$253K |
|
111
ExxonMobil
XOM
$643B
| $8.95M | 0.01% |
81,643
-1,597
| -2% | -$177K |
|
112
Adobe
ADBE
$115B
| $8.64M | 0.01% |
22,421
-2,625
| -10% | -$933K |
|
|
HES
113
DELISTED
Hess
HES
| $8.04M | 0.01% |
60,782
-8,350
| -12% | -$1.16M |
|
114
Halliburton
HAL
$29.6B
| $7.91M | 0.01% |
250,151
-41,050
| -14% | -$1.52M |
|
115
Home Depot
HD
$328B
| $7.78M | 0.01% |
26,367
-2,100
| -7% | -$644K |
|
116
Analog Devices
ADI
$181B
| $7.36M | 0.01% |
37,315
-287
| -0.8% | -$51.5K |
|
117
Caterpillar
CAT
$376B
| $6.86M | ﹤0.01% |
29,999
-50
| -0.2% | -$12.1K |
|
118
C3.ai
AI
$1.61B
| $6.04M | ﹤0.01% |
+180,000
| New | +$3.69M |
|
119
APA Corp
APA
$14.8B
| $5.57M | ﹤0.01% |
154,380
-25,070
| -14% | -$1.01M |
|
120
Boston Scientific
BSX
$67.6B
| $5.28M | ﹤0.01% |
105,590
-7,300
| -6% | -$344K |
|
121
Synopsys
SNPS
$89.1B
| $5.16M | ﹤0.01% |
13,350
-380
| -3% | -$136K |
|
122
Deere & Co
DE
$168B
| $5.12M | ﹤0.01% |
12,411
-25
| -0.2% | -$10.4K |
|
123
Pfizer
PFE
$160B
| $5.04M | ﹤0.01% |
123,485
-200
| -0.2% | -$8.64K |
|
124
IBM
IBM
$225B
| $4.64M | ﹤0.01% |
35,360
-1,454
| -4% | -$195K |
|
|
125
PayPal
PYPL
$52.6B
| $4.51M | ﹤0.01% |
59,350
-7,466,300
| -99% | -$575M |
|
Similar funds
Dodge & Cox's Q1 2023 Portfolio in Review
As of Q1 2023, Dodge & Cox held 205 positions worth $147B, up 0.64% from $146B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Dodge & Cox's Q1 2023 filing shows 17 new, 44 increased, 108 reduced and 2 closed positions. Its largest new stake was GE HealthCare: 15,810,644 shares worth $1.3B. The largest sale was GE Aerospace, an estimated $1.09B.
By sector, the portfolio is most concentrated in Financials at 20% of assets, down from 23% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q1 2023 buy was GE HealthCare: 15,810,644 shares worth $1.3B.
- Dodge & Cox added most to Alphabet (Google) Class A in Q1 2023, an estimated $324M increase.
- Dodge & Cox's biggest Q1 2023 reduction was GE Aerospace, cutting an estimated $1.09B.
- Dodge & Cox fully exited Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share in Q1 2023, selling an estimated $211M.
- Dodge & Cox's ten largest holdings make up 29% of its $147B portfolio in Q1 2023.
- Dodge & Cox opened 17 new positions and closed 2 in Q1 2023.
- Dodge & Cox's portfolio value rose 0.64% quarter-over-quarter to $147B.
Based on Dodge & Cox's 13F filing for Q1 2023, filed 12 May 2023.