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 |
CVS Health
CVS
|
+$758M |
| 2 |
Bank of America
BAC
|
+$722M |
| 3 |
Truist Financial
TFC
|
+$697M |
| 4 |
VF Corp
VFC
|
+$611M |
| 5 |
Fidelity National Information Services
FIS
|
+$512M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VMW
VMware, Inc
VMW
|
+$1.01B |
| 2 |
Capital One
COF
|
+$675M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$635M |
| 4 |
Cisco
CSCO
|
+$610M |
| 5 |
UBS Group
UBS
|
+$431M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.65% |
| 2 | Healthcare | 19.58% |
| 3 | Technology | 15.74% |
| 4 | Communication Services | 12.93% |
| 5 | Industrials | 9.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
JPMorgan Chase
JPM
$942B
| $47.9M | 0.03% |
330,510
-15,875
| -5% | -$2.38M |
|
102
ICICI Bank
IBN
$107B
| $41.6M | 0.03% |
1,800,300
-197,300
| -10% | -$4.64M |
|
103
Chevron
CVX
$392B
| $32.2M | 0.02% |
191,038
-554
| -0.3% | -$89.5K |
|
104
Eli Lilly
LLY
$1.05T
| $29.5M | 0.02% |
54,990
-4,655
| -8% | -$2.4M |
|
105
Walt Disney
DIS
$184B
| $27.4M | 0.02% |
338,428
-26,335
| -7% | -$2.25M |
|
106
Neurocrine Biosciences
NBIX
$15.8B
| $24M | 0.02% |
+213,602
| New | +$22.5M |
|
107
Travelers Companies
TRV
$77B
| $18.6M | 0.01% |
113,820
-1,700
| -1% | -$284K |
|
108
Merck
MRK
$369B
| $16.9M | 0.01% |
163,795
-6,650
| -4% | -$717K |
|
109
Procter & Gamble
PG
$333B
| $14.2M | 0.01% |
97,038
-1,200
| -1% | -$183K |
|
110
Thermo Fisher Scientific
TMO
$233B
| $13.8M | 0.01% |
27,173
-250
| -0.9% | -$133K |
|
111
Target
TGT
$75.4B
| $13.7M | 0.01% |
123,524
-1,450
| -1% | -$184K |
|
112
Caterpillar
CAT
$376B
| $11.6M | 0.01% |
42,379
+12,380
| +41% | +$3.36M |
|
113
Walmart Inc
WMT
$817B
| $11.5M | 0.01% |
215,310
-3,240
| -1% | -$172K |
|
114
Adobe
ADBE
$115B
| $11.3M | 0.01% |
22,144
-77
| -0.3% | -$40.4K |
|
115
AstraZeneca
AZN
$255B
| $10.7M | 0.01% |
78,663
-19,625
| -20% | -$2.68M |
|
116
ExxonMobil
XOM
$643B
| $9.52M | 0.01% |
80,935
| – | – |
|
|
HES
117
DELISTED
Hess
HES
| $7.85M | 0.01% |
51,332
-4,900
| -9% | -$738K |
|
118
Home Depot
HD
$328B
| $7.66M | 0.01% |
25,367
-50
| -0.2% | -$16.1K |
|
119
Analog Devices
ADI
$181B
| $6.1M | ﹤0.01% |
34,824
-766
| -2% | -$141K |
|
120
Halliburton
HAL
$29.6B
| $5.84M | ﹤0.01% |
144,100
-46,650
| -24% | -$1.83M |
|
121
Synopsys
SNPS
$89.1B
| $5.58M | ﹤0.01% |
12,150
-900
| -7% | -$403K |
|
122
Boston Scientific
BSX
$67.6B
| $5.13M | ﹤0.01% |
97,105
-1,775
| -2% | -$93.1K |
|
123
Vulcan Materials
VMC
$35.5B
| $5.09M | ﹤0.01% |
25,200
| – | – |
|
124
Deere & Co
DE
$168B
| $4.99M | ﹤0.01% |
13,211
+850
| +7% | +$351K |
|
125
IBM
IBM
$225B
| $4.94M | ﹤0.01% |
35,185
| – | – |
|
Similar funds
Dodge & Cox's Q3 2023 Portfolio in Review
As of Q3 2023, Dodge & Cox held 195 positions worth $148B, down 0.97% from $150B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q3 2023: portfolio turnover was 3.6%. Dodge & Cox opened 4 new positions and exited 3, leaving the 195-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 21% of assets, down from 21% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2023 buy was VF Corp: 32,115,750 shares worth $567M.
- Dodge & Cox added most to CVS Health in Q3 2023, an estimated $758M increase.
- Dodge & Cox's biggest Q3 2023 reduction was VMware, Inc, cutting an estimated $1.01B.
- Dodge & Cox fully exited iShares Russell 1000 Value ETF in Q3 2023, selling an estimated $2.53M.
- Dodge & Cox's ten largest holdings make up 29% of its $148B portfolio in Q3 2023.
- Dodge & Cox opened 4 new positions and closed 3 in Q3 2023.
- Dodge & Cox's portfolio value fell 0.97% quarter-over-quarter to $148B.
Based on Dodge & Cox's 13F filing for Q3 2023, filed 14 Nov 2023.