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 |
International Flavors & Fragrances
IFF
|
+$1.12B |
| 2 |
Avantor
AVTR
|
+$981M |
| 3 |
RTX Corp
RTX
|
+$764M |
| 4 |
Zimmer Biomet
ZBH
|
+$742M |
| 5 |
Baxter International
BAX
|
+$620M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VMW
VMware, Inc
VMW
|
+$3.29B |
| 2 |
UBS Group
UBS
|
+$1.17B |
| 3 |
Dell
DELL
|
+$758M |
| 4 |
GE Aerospace
GE
|
+$634M |
| 5 |
Occidental Petroleum
OXY
|
+$577M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.64% |
| 2 | Healthcare | 20.84% |
| 3 | Technology | 13.51% |
| 4 | Communication Services | 11.87% |
| 5 | Industrials | 10.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
101
JPMorgan Chase
JPM
$889B
| $55.4M | 0.04% |
325,535
-4,975
| -2% | -$754K |
2013 Q2
42 quarters
|
|
102
SLB Ltd
SLB
$72.4B
| $40.8M | 0.03% |
784,397
-50,750
| -6% | -$2.76M |
2013 Q2
42 quarters
|
|
103
HDFC Bank
HDB
$116B
| $37.7M | 0.02% |
+1,122,938
| New | +$33.9M |
2023 Q4
0 quarters
|
|
104
Eli Lilly
LLY
$1.05T
| $31.5M | 0.02% |
54,029
-961
| -2% | -$561K |
2013 Q2
42 quarters
|
|
105
Walt Disney
DIS
$187B
| $28.7M | 0.02% |
317,734
-20,694
| -6% | -$1.82M |
2013 Q2
42 quarters
|
|
106
Chevron
CVX
$422B
| $28M | 0.02% |
188,025
-3,013
| -2% | -$456K |
2013 Q2
42 quarters
|
|
107
ICICI Bank
IBN
$101B
| $23.9M | 0.02% |
1,002,500
-797,800
| -44% | -$18.4M |
2016 Q4
28 quarters
|
|
108
Travelers Companies
TRV
$77.5B
| $21.7M | 0.01% |
113,770
-50
| -0% | -$8.66K |
2013 Q2
42 quarters
|
|
|
109
Dell
DELL
$367B
| $18.7M | 0.01% |
243,897
-10,730,269
| -98% | -$758M |
2016 Q3
29 quarters
|
|
110
Merck
MRK
$359B
| $17.5M | 0.01% |
160,945
-2,850
| -2% | -$296K |
2013 Q2
42 quarters
|
|
111
Target
TGT
$69.8B
| $17M | 0.01% |
119,224
-4,300
| -3% | -$525K |
2013 Q2
42 quarters
|
|
112
Thermo Fisher Scientific
TMO
$245B
| $14.4M | 0.01% |
27,173
| – | – |
2013 Q2
42 quarters
|
|
113
Procter & Gamble
PG
$356B
| $14.2M | 0.01% |
97,038
| – | – |
2013 Q2
42 quarters
|
|
114
Adobe
ADBE
$92.7B
| $13.2M | 0.01% |
22,070
-74
| -0.3% | -$42.7K |
2013 Q2
42 quarters
|
|
115
Caterpillar
CAT
$367B
| $12.5M | 0.01% |
42,379
| – | – |
2013 Q2
42 quarters
|
|
116
Walmart Inc
WMT
$897B
| $11M | 0.01% |
209,460
-5,850
| -3% | -$310K |
2013 Q2
42 quarters
|
|
117
AstraZeneca
AZN
$246B
| $10.5M | 0.01% |
77,838
-825
| -1% | -$107K |
2015 Q4
32 quarters
|
|
118
Home Depot
HD
$290B
| $8.77M | 0.01% |
25,317
-50
| -0.2% | -$15.5K |
2013 Q2
42 quarters
|
|
119
ExxonMobil
XOM
$708B
| $8.07M | 0.01% |
80,682
-253
| -0.3% | -$26.6K |
2013 Q2
42 quarters
|
|
120
DELISTED
Hess
HES
| $6.94M | ﹤0.01% |
48,150
-3,182
| -6% | -$466K |
2019 Q2
18 quarters
|
|
121
Analog Devices
ADI
$197B
| $6.87M | ﹤0.01% |
34,585
-239
| -0.7% | -$42.7K |
2021 Q3
9 quarters
|
|
122
TSMC
TSM
$2.3T
| $6.4M | ﹤0.01% |
+61,500
| New | +$5.87M |
2023 Q4
0 quarters
|
|
123
Synopsys
SNPS
$96.3B
| $5.95M | ﹤0.01% |
11,550
-600
| -5% | -$307K |
2013 Q2
42 quarters
|
|
124
Vulcan Materials
VMC
$31.8B
| $5.72M | ﹤0.01% |
25,200
| – | – |
2013 Q2
42 quarters
|
|
125
IBM
IBM
$214B
| $5.72M | ﹤0.01% |
34,970
-215
| -0.6% | -$32.5K |
2013 Q2
42 quarters
|
|
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Dodge & Cox's Q4 2023 Portfolio in Review
As of Q4 2023, Dodge & Cox held 199 positions worth $158B, up 6.2% from $148B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q4 2023: portfolio turnover was 4.5%. Dodge & Cox opened 7 new positions and exited 2, leaving the 199-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 21% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q4 2023 buy was International Flavors & Fragrances: 15,440,725 shares worth $1.25B.
- Dodge & Cox added most to Avantor in Q4 2023, an estimated $981M increase.
- Dodge & Cox's biggest Q4 2023 reduction was UBS Group, cutting an estimated $1.17B.
- Dodge & Cox fully exited VMware, Inc in Q4 2023, selling an estimated $3.29B.
- Dodge & Cox's ten largest holdings make up 29% of its $158B portfolio in Q4 2023.
- Dodge & Cox opened 7 new positions and closed 2 in Q4 2023.
- Dodge & Cox's portfolio value rose 6.2% quarter-over-quarter to $158B.
Based on Dodge & Cox's 13F filing for Q4 2023, filed 15 Feb 2024.