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 |
Humana
HUM
|
+$1.45B |
| 2 |
CVS Health
CVS
|
+$1.29B |
| 3 |
Norfolk Southern
NSC
|
+$619M |
| 4 |
Johnson Controls International
JCI
|
+$359M |
| 5 |
Coupang
CPNG
|
+$263M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$1.47B |
| 2 |
Wells Fargo
WFC
|
+$1.35B |
| 3 |
GE Aerospace
GE
|
+$944M |
| 4 |
Hewlett Packard
HPE
|
+$880M |
| 5 |
Microchip Technology
MCHP
|
+$738M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.14% |
| 2 | Financials | 20.84% |
| 3 | Technology | 12.56% |
| 4 | Communication Services | 12.34% |
| 5 | Industrials | 11.85% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
JPMorgan Chase
JPM
$942B
| $62.3M | 0.04% |
307,915
-12,650
| -4% | -$2.47M |
|
|
102
Microchip Technology
MCHP
$41B
| $56.9M | 0.03% |
621,961
-8,066,067
| -93% | -$738M |
|
103
Eli Lilly
LLY
$1.05T
| $41.6M | 0.03% |
45,978
-947
| -2% | -$758K |
|
104
SLB Ltd
SLB
$81.6B
| $31.6M | 0.02% |
670,479
-62,368
| -9% | -$3.01M |
|
105
GE Vernova
GEV
$254B
| $31.4M | 0.02% |
+182,865
| New | +$29M |
|
106
Walt Disney
DIS
$184B
| $30.4M | 0.02% |
305,856
-5,022
| -2% | -$541K |
|
107
Chevron
CVX
$392B
| $28.9M | 0.02% |
184,453
-885
| -0.5% | -$141K |
|
108
Travelers Companies
TRV
$77B
| $23M | 0.01% |
112,870
| – | – |
|
109
Merck
MRK
$369B
| $19.7M | 0.01% |
158,876
-1,619
| -1% | -$209K |
|
110
Target
TGT
$75.4B
| $17.2M | 0.01% |
116,294
-1,505
| -1% | -$237K |
|
|
111
Hewlett Packard
HPE
$72B
| $15.8M | 0.01% |
747,383
-47,746,489
| -98% | -$880M |
|
112
Procter & Gamble
PG
$333B
| $15.7M | 0.01% |
94,903
-900
| -0.9% | -$147K |
|
113
TSMC
TSM
$2.22T
| $15M | 0.01% |
86,500
| – | – |
|
114
Thermo Fisher Scientific
TMO
$233B
| $14.8M | 0.01% |
26,791
-7
| -0% | -$4.01K |
|
115
Caterpillar
CAT
$376B
| $14.1M | 0.01% |
42,276
-50
| -0.1% | -$17.3K |
|
116
Walmart Inc
WMT
$817B
| $13.7M | 0.01% |
201,810
-5,050
| -2% | -$318K |
|
117
Adobe
ADBE
$115B
| $12M | 0.01% |
21,602
-78
| -0.4% | -$37.8K |
|
118
AstraZeneca
AZN
$255B
| $11.7M | 0.01% |
74,893
-2,750
| -4% | -$414K |
|
119
ExxonMobil
XOM
$643B
| $9.19M | 0.01% |
79,812
-547
| -0.7% | -$63.7K |
|
120
Home Depot
HD
$328B
| $8.43M | 0.01% |
24,482
-335
| -1% | -$114K |
|
121
Boston Scientific
BSX
$67.6B
| $7.48M | ﹤0.01% |
97,095
| – | – |
|
122
Analog Devices
ADI
$181B
| $7.26M | ﹤0.01% |
31,815
-100
| -0.3% | -$21.3K |
|
|
HES
123
DELISTED
Hess
HES
| $6.87M | ﹤0.01% |
46,550
-1,050
| -2% | -$161K |
|
124
Synopsys
SNPS
$89.1B
| $6.81M | ﹤0.01% |
11,450
| – | – |
|
125
Vulcan Materials
VMC
$35.5B
| $6.14M | ﹤0.01% |
24,700
| – | – |
|
Similar funds
Dodge & Cox's Q2 2024 Portfolio in Review
As of Q2 2024, Dodge & Cox held 205 positions worth $167B, down 3.3% from $172B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q2 2024: portfolio turnover was 4.4%. Dodge & Cox opened 6 new positions and exited 3, leaving the 205-position portfolio largely intact.
By sector, the portfolio is most concentrated in Healthcare at 21% of assets, down from 21% a quarter earlier, followed by Financials and Technology.
- Dodge & Cox's largest Q2 2024 buy was Humana: 4,308,536 shares worth $1.61B.
- Dodge & Cox added most to CVS Health in Q2 2024, an estimated $1.29B increase.
- Dodge & Cox's biggest Q2 2024 reduction was Cigna, cutting an estimated $1.47B.
- Dodge & Cox fully exited Ovintiv in Q2 2024, selling an estimated $450M.
- Dodge & Cox's ten largest holdings make up 30% of its $167B portfolio in Q2 2024.
- Dodge & Cox opened 6 new positions and closed 3 in Q2 2024.
- Dodge & Cox's portfolio value fell 3.3% quarter-over-quarter to $167B.
Based on Dodge & Cox's 13F filing for Q2 2024, filed 13 Aug 2024.