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 |
Norfolk Southern
NSC
|
+$914M |
| 2 |
Truist Financial
TFC
|
+$310M |
| 3 |
Baker Hughes
BKR
|
+$286M |
| 4 |
CVS Health
CVS
|
+$243M |
| 5 |
Alibaba
BABA
|
+$172M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$1.03B |
| 2 |
Meta Platforms (Facebook)
META
|
+$658M |
| 3 |
Molson Coors Class B
TAP
|
+$616M |
| 4 |
FedEx
FDX
|
+$465M |
| 5 |
Novartis
NVS
|
+$391M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.67% |
| 2 | Healthcare | 18.6% |
| 3 | Technology | 17.71% |
| 4 | Communication Services | 12.88% |
| 5 | Industrials | 10.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Chevron
CVX
$392B
| $30.1M | 0.02% |
191,592
-7,175
| -4% | -$1.15M |
|
102
Eli Lilly
LLY
$1.05T
| $28M | 0.02% |
59,645
-1,917
| -3% | -$804K |
|
103
Travelers Companies
TRV
$77B
| $20.1M | 0.01% |
115,520
-2,100
| -2% | -$370K |
|
104
Merck
MRK
$369B
| $19.7M | 0.01% |
170,445
-2,761
| -2% | -$313K |
|
105
Target
TGT
$75.4B
| $16.5M | 0.01% |
124,974
-3,113
| -2% | -$462K |
|
106
Procter & Gamble
PG
$333B
| $14.9M | 0.01% |
98,238
-500
| -0.5% | -$75.4K |
|
107
Thermo Fisher Scientific
TMO
$233B
| $14.3M | 0.01% |
27,423
-2,084
| -7% | -$1.12M |
|
108
AstraZeneca
AZN
$255B
| $14.1M | 0.01% |
98,288
-13,425
| -12% | -$1.98M |
|
109
Walmart Inc
WMT
$817B
| $11.5M | 0.01% |
218,550
-7,665
| -3% | -$387K |
|
110
Adobe
ADBE
$115B
| $10.9M | 0.01% |
22,221
-200
| -0.9% | -$80.6K |
|
111
ExxonMobil
XOM
$643B
| $8.68M | 0.01% |
80,935
-708
| -0.9% | -$77.2K |
|
112
Home Depot
HD
$328B
| $7.9M | 0.01% |
25,417
-950
| -4% | -$281K |
|
|
HES
113
DELISTED
Hess
HES
| $7.64M | 0.01% |
56,232
-4,550
| -7% | -$623K |
|
114
Caterpillar
CAT
$376B
| $7.38M | ﹤0.01% |
29,999
| – | – |
|
115
Analog Devices
ADI
$181B
| $6.93M | ﹤0.01% |
35,590
-1,725
| -5% | -$319K |
|
116
Halliburton
HAL
$29.6B
| $6.29M | ﹤0.01% |
190,750
-59,401
| -24% | -$1.88M |
|
117
Synopsys
SNPS
$89.1B
| $5.68M | ﹤0.01% |
13,050
-300
| -2% | -$121K |
|
118
Vulcan Materials
VMC
$35.5B
| $5.68M | ﹤0.01% |
25,200
-150
| -0.6% | -$28.8K |
|
119
Boston Scientific
BSX
$67.6B
| $5.35M | ﹤0.01% |
98,880
-6,710
| -6% | -$350K |
|
120
Deere & Co
DE
$168B
| $5.01M | ﹤0.01% |
12,361
-50
| -0.4% | -$19.1K |
|
121
Apple
AAPL
$4.59T
| $4.78M | ﹤0.01% |
24,656
| – | – |
|
122
IBM
IBM
$225B
| $4.71M | ﹤0.01% |
35,185
-175
| -0.5% | -$22.6K |
|
123
Pfizer
PFE
$160B
| $4.51M | ﹤0.01% |
122,985
-500
| -0.4% | -$19.5K |
|
124
Berkshire Hathaway Class B
BRK.B
$1.08T
| $4.37M | ﹤0.01% |
12,820
| – | – |
|
125
Danaher
DHR
$152B
| $4.06M | ﹤0.01% |
19,091
| – | – |
|
Similar funds
Dodge & Cox's Q2 2023 Portfolio in Review
As of Q2 2023, Dodge & Cox held 204 positions worth $150B, up 2.1% from $147B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2023 filing shows 1 new, 33 increased, 111 reduced and 13 closed positions. Its largest new stake was CarMax: 2,550 shares worth $213K. The largest sale was GE Aerospace, an estimated $1.03B.
By sector, the portfolio is most concentrated in Financials at 21% of assets, up from 20% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q2 2023 buy was CarMax: 2,550 shares worth $213K.
- Dodge & Cox added most to Norfolk Southern in Q2 2023, an estimated $914M increase.
- Dodge & Cox's biggest Q2 2023 reduction was GE Aerospace, cutting an estimated $1.03B.
- Dodge & Cox fully exited NVIDIA in Q2 2023, selling an estimated $33M.
- Dodge & Cox's ten largest holdings make up 30% of its $150B portfolio in Q2 2023.
- Dodge & Cox opened 1 new position and closed 13 in Q2 2023.
- Dodge & Cox's portfolio value rose 2.1% quarter-over-quarter to $150B.
Based on Dodge & Cox's 13F filing for Q2 2023, filed 14 Aug 2023.