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 |
Charter Communications
CHTR
|
+$1.02B |
| 2 |
International Flavors & Fragrances
IFF
|
+$987M |
| 3 |
American Electric Power
AEP
|
+$924M |
| 4 |
CVS Health
CVS
|
+$810M |
| 5 |
Johnson Controls International
JCI
|
+$707M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microchip Technology
MCHP
|
+$669M |
| 2 |
Ovintiv
OVV
|
+$651M |
| 3 |
Microsoft
MSFT
|
+$539M |
| 4 |
UBS Group
UBS
|
+$500M |
| 5 |
Otis Worldwide
OTIS
|
+$463M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.08% |
| 2 | Healthcare | 21.18% |
| 3 | Technology | 13.05% |
| 4 | Communication Services | 11.27% |
| 5 | Industrials | 11.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
101
Union Pacific
UNP
$166B
| $69.6M | 0.04% |
283,191
-1,437
| -0.5% | -$354K |
2013 Q2
43 quarters
|
|
102
JPMorgan Chase
JPM
$888B
| $64.2M | 0.04% |
320,565
-4,970
| -2% | -$897K |
2013 Q2
43 quarters
|
|
103
SLB Ltd
SLB
$73.5B
| $40.2M | 0.02% |
732,847
-51,550
| -7% | -$2.6M |
2013 Q2
43 quarters
|
|
104
Walt Disney
DIS
$187B
| $38M | 0.02% |
310,878
-6,856
| -2% | -$716K |
2013 Q2
43 quarters
|
|
105
Eli Lilly
LLY
$1.05T
| $36.5M | 0.02% |
46,925
-7,104
| -13% | -$5.06M |
2013 Q2
43 quarters
|
|
106
Chevron
CVX
$425B
| $29.2M | 0.02% |
185,338
-2,687
| -1% | -$405K |
2013 Q2
43 quarters
|
|
107
Travelers Companies
TRV
$77.3B
| $26M | 0.02% |
112,870
-900
| -0.8% | -$192K |
2013 Q2
43 quarters
|
|
108
Merck
MRK
$359B
| $21.2M | 0.01% |
160,495
-450
| -0.3% | -$55.5K |
2013 Q2
43 quarters
|
|
109
Target
TGT
$68.5B
| $20.9M | 0.01% |
117,799
-1,425
| -1% | -$217K |
2013 Q2
43 quarters
|
|
110
Thermo Fisher Scientific
TMO
$244B
| $15.6M | 0.01% |
26,798
-375
| -1% | -$210K |
2013 Q2
43 quarters
|
|
111
Procter & Gamble
PG
$352B
| $15.5M | 0.01% |
95,803
-1,235
| -1% | -$194K |
2013 Q2
43 quarters
|
|
112
Caterpillar
CAT
$370B
| $15.5M | 0.01% |
42,326
-53
| -0.1% | -$16.9K |
2013 Q2
43 quarters
|
|
113
Walmart Inc
WMT
$887B
| $12.4M | 0.01% |
206,860
-2,600
| -1% | -$149K |
2013 Q2
43 quarters
|
|
114
TSMC
TSM
$2.34T
| $11.8M | 0.01% |
86,500
+25,000
| +41% | +$3.11M |
2023 Q4
1 quarter
|
|
115
Adobe
ADBE
$92.5B
| $10.9M | 0.01% |
21,680
-390
| -2% | -$224K |
2013 Q2
43 quarters
|
|
116
AstraZeneca
AZN
$245B
| $10.5M | 0.01% |
77,643
-195
| -0.3% | -$25.8K |
2015 Q4
33 quarters
|
|
117
Home Depot
HD
$288B
| $9.52M | 0.01% |
24,817
-500
| -2% | -$183K |
2013 Q2
43 quarters
|
|
118
ExxonMobil
XOM
$709B
| $9.34M | 0.01% |
80,359
-323
| -0.4% | -$33.8K |
2013 Q2
43 quarters
|
|
119
DELISTED
Hess
HES
| $7.27M | ﹤0.01% |
47,600
-550
| -1% | -$79.9K |
2019 Q2
19 quarters
|
|
120
Dell
DELL
$369B
| $7.25M | ﹤0.01% |
63,550
-180,347
| -74% | -$16.8M |
2016 Q3
30 quarters
|
|
121
Vulcan Materials
VMC
$31.7B
| $6.74M | ﹤0.01% |
24,700
-500
| -2% | -$123K |
2013 Q2
43 quarters
|
|
122
Boston Scientific
BSX
$62B
| $6.65M | ﹤0.01% |
97,095
| – | – |
2013 Q2
43 quarters
|
|
123
Broadcom
AVGO
$1.72T
| $6.57M | ﹤0.01% |
49,580
-507,870
| -91% | -$62.9M |
2023 Q4
1 quarter
|
|
124
IBM
IBM
$214B
| $6.54M | ﹤0.01% |
34,270
-700
| -2% | -$128K |
2013 Q2
43 quarters
|
|
125
Synopsys
SNPS
$96.8B
| $6.54M | ﹤0.01% |
11,450
-100
| -0.9% | -$55K |
2013 Q2
43 quarters
|
|
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Dodge & Cox's Q1 2024 Portfolio in Review
As of Q1 2024, Dodge & Cox held 202 positions worth $172B, up 9.4% from $158B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q1 2024: portfolio turnover was 4%. Dodge & Cox opened 5 new positions and exited 3, leaving the 202-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 22% of assets, down from 23% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q1 2024 buy was American Electric Power: 11,364,305 shares worth $978M.
- Dodge & Cox added most to Charter Communications in Q1 2024, an estimated $1.02B increase.
- Dodge & Cox's biggest Q1 2024 reduction was Microchip Technology, cutting an estimated $669M.
- Dodge & Cox fully exited DISH Network Corp. in Q1 2024, selling an estimated $224M.
- Dodge & Cox's ten largest holdings make up 29% of its $172B portfolio in Q1 2024.
- Dodge & Cox opened 5 new positions and closed 3 in Q1 2024.
- Dodge & Cox's portfolio value rose 9.4% quarter-over-quarter to $172B.
Based on Dodge & Cox's 13F filing for Q1 2024, filed 14 May 2024.