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 |
Air Products & Chemicals
APD
|
+$1.8B |
| 2 |
Baxter International
BAX
|
+$627M |
| 3 |
SBA Communications
SBAC
|
+$360M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$250M |
| 5 |
Humana
HUM
|
+$223M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Truist Financial
TFC
|
+$1.09B |
| 2 |
JNPR
Juniper Networks
JNPR
|
+$790M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$766M |
| 4 |
BNY
Bank of New York Mellon
BNY
|
+$411M |
| 5 |
Wells Fargo
WFC
|
+$301M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 22.27% |
| 2 | Financials | 19.03% |
| 3 | Industrials | 12.6% |
| 4 | Technology | 12% |
| 5 | Communication Services | 11.73% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Cadence Design Systems
CDNS
$95.7B
| $69.9M | 0.04% |
257,777
-3,341
| -1% | -$924K |
|
102
Union Pacific
UNP
$183B
| $69.6M | 0.04% |
282,232
-350
| -0.1% | -$84.9K |
|
103
JPMorgan Chase
JPM
$942B
| $64M | 0.04% |
303,575
-4,340
| -1% | -$914K |
|
104
Microchip Technology
MCHP
$41B
| $49.6M | 0.03% |
617,926
-4,035
| -0.6% | -$333K |
|
105
GE Vernova
GEV
$254B
| $46.5M | 0.03% |
182,340
-525
| -0.3% | -$101K |
|
106
Eli Lilly
LLY
$1.05T
| $39.9M | 0.02% |
45,090
-888
| -2% | -$798K |
|
107
Walt Disney
DIS
$184B
| $29.3M | 0.02% |
304,181
-1,675
| -0.5% | -$154K |
|
108
Chevron
CVX
$392B
| $27.1M | 0.02% |
183,878
-575
| -0.3% | -$85.6K |
|
109
SLB Ltd
SLB
$81.6B
| $27.1M | 0.02% |
645,516
-24,963
| -4% | -$1.11M |
|
110
Travelers Companies
TRV
$77B
| $26.4M | 0.01% |
112,570
-300
| -0.3% | -$66.1K |
|
111
TSMC
TSM
$2.22T
| $18.7M | 0.01% |
107,500
+21,000
| +24% | +$3.58M |
|
112
Merck
MRK
$369B
| $18M | 0.01% |
158,251
-625
| -0.4% | -$74.3K |
|
113
Target
TGT
$75.4B
| $17.9M | 0.01% |
114,774
-1,520
| -1% | -$226K |
|
114
Thermo Fisher Scientific
TMO
$233B
| $16.6M | 0.01% |
26,766
-25
| -0.1% | -$14.8K |
|
115
Caterpillar
CAT
$376B
| $16.5M | 0.01% |
42,276
| – | – |
|
116
Procter & Gamble
PG
$333B
| $16.4M | 0.01% |
94,728
-175
| -0.2% | -$29.7K |
|
117
Walmart Inc
WMT
$817B
| $15.9M | 0.01% |
197,110
-4,700
| -2% | -$345K |
|
118
AstraZeneca
AZN
$255B
| $11.6M | 0.01% |
74,518
-375
| -0.5% | -$60.5K |
|
119
Adobe
ADBE
$115B
| $11M | 0.01% |
21,217
-385
| -2% | -$211K |
|
120
Home Depot
HD
$328B
| $9.9M | 0.01% |
24,432
-50
| -0.2% | -$18.2K |
|
121
ExxonMobil
XOM
$643B
| $9.34M | 0.01% |
79,686
-126
| -0.2% | -$14.5K |
|
122
Boston Scientific
BSX
$67.6B
| $7.99M | ﹤0.01% |
95,295
-1,800
| -2% | -$142K |
|
123
IBM
IBM
$225B
| $7.58M | ﹤0.01% |
34,270
| – | – |
|
124
Analog Devices
ADI
$181B
| $7.32M | ﹤0.01% |
31,815
| – | – |
|
|
HES
125
DELISTED
Hess
HES
| $6.32M | ﹤0.01% |
46,550
| – | – |
|
Similar funds
Dodge & Cox's Q3 2024 Portfolio in Review
As of Q3 2024, Dodge & Cox held 206 positions worth $177B, up 6.1% from $167B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Trading was light in Q3 2024: portfolio turnover was 2.4%. Dodge & Cox opened 4 new positions and exited 1, leaving the 206-position portfolio largely intact.
By sector, the portfolio is most concentrated in Healthcare at 22% of assets, up from 21% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q3 2024 buy was SBA Communications: 1,623,515 shares worth $391M.
- Dodge & Cox added most to Air Products & Chemicals in Q3 2024, an estimated $1.8B increase.
- Dodge & Cox's biggest Q3 2024 reduction was Truist Financial, cutting an estimated $1.09B.
- Dodge & Cox fully exited Alpha and Omega Semiconductor in Q3 2024, selling an estimated $1.89M.
- Dodge & Cox's ten largest holdings make up 28% of its $177B portfolio in Q3 2024.
- Dodge & Cox opened 4 new positions and closed 1 in Q3 2024.
- Dodge & Cox's portfolio value rose 6.1% quarter-over-quarter to $177B.
Based on Dodge & Cox's 13F filing for Q3 2024, filed 13 Nov 2024.