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
|
+$1.41B |
| 2 |
SBA Communications
SBAC
|
+$1.29B |
| 3 |
Avantor
AVTR
|
+$691M |
| 4 |
Celanese
CE
|
+$655M |
| 5 |
Fortive
FTV
|
+$592M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$1.19B |
| 2 |
Truist Financial
TFC
|
+$1.15B |
| 3 |
Wells Fargo
WFC
|
+$1.13B |
| 4 |
Bank of America
BAC
|
+$974M |
| 5 |
Goldman Sachs
GS
|
+$842M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.28% |
| 2 | Financials | 18.77% |
| 3 | Industrials | 12.45% |
| 4 | Technology | 12.31% |
| 5 | Communication Services | 11.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
101
Itaú Unibanco
ITUB
$106B
| $82.4M | 0.05% |
18,831,599
+1,199,168
| +7% | +$6.17M |
2016 Q3
33 quarters
|
|
102
Cadence Design Systems
CDNS
$91.1B
| $75.4M | 0.04% |
250,917
-6,860
| -3% | -$1.99M |
2013 Q2
46 quarters
|
|
103
JPMorgan Chase
JPM
$885B
| $70.3M | 0.04% |
293,280
-10,295
| -3% | -$2.4M |
2013 Q2
46 quarters
|
|
104
Union Pacific
UNP
$168B
| $63.4M | 0.04% |
278,219
-4,013
| -1% | -$950K |
2013 Q2
46 quarters
|
|
105
Liberty Global Class A
LBTYA
$2.83B
| $60.8M | 0.04% |
4,767,561
| – | – |
2013 Q2
46 quarters
|
|
106
GE Vernova
GEV
$249B
| $59M | 0.03% |
179,322
-3,018
| -2% | -$943K |
2024 Q2
2 quarters
|
|
107
Microchip Technology
MCHP
$38.8B
| $34.9M | 0.02% |
608,865
-9,061
| -1% | -$623K |
2018 Q3
25 quarters
|
|
108
Eli Lilly
LLY
$1.08T
| $34.6M | 0.02% |
44,797
-293
| -0.6% | -$243K |
2013 Q2
46 quarters
|
|
109
Walt Disney
DIS
$187B
| $33.6M | 0.02% |
301,612
-2,569
| -0.8% | -$270K |
2013 Q2
46 quarters
|
|
110
Chevron
CVX
$433B
| $26.6M | 0.02% |
183,553
-325
| -0.2% | -$49.7K |
2013 Q2
46 quarters
|
|
111
Travelers Companies
TRV
$78.2B
| $26.1M | 0.02% |
108,188
-4,382
| -4% | -$1.09M |
2013 Q2
46 quarters
|
|
112
SLB Ltd
SLB
$71.9B
| $23.8M | 0.01% |
620,516
-25,000
| -4% | -$1.05M |
2013 Q2
46 quarters
|
|
113
TSMC
TSM
$2.26T
| $21.2M | 0.01% |
107,500
| – | – |
2023 Q4
4 quarters
|
|
114
Walmart Inc
WMT
$910B
| $16.6M | 0.01% |
183,310
-13,800
| -7% | -$1.2M |
2013 Q2
46 quarters
|
|
115
Procter & Gamble
PG
$361B
| $15.8M | 0.01% |
94,426
-302
| -0.3% | -$51.4K |
2013 Q2
46 quarters
|
|
116
Merck
MRK
$360B
| $15.7M | 0.01% |
157,351
-900
| -0.6% | -$92.8K |
2013 Q2
46 quarters
|
|
117
Target
TGT
$69.3B
| $15.4M | 0.01% |
113,719
-1,055
| -0.9% | -$151K |
2013 Q2
46 quarters
|
|
118
Caterpillar
CAT
$348B
| $15.2M | 0.01% |
41,976
-300
| -0.7% | -$116K |
2013 Q2
46 quarters
|
|
119
Thermo Fisher Scientific
TMO
$249B
| $13.6M | 0.01% |
26,121
-645
| -2% | -$355K |
2013 Q2
46 quarters
|
|
120
Home Depot
HD
$292B
| $9.42M | 0.01% |
24,222
-210
| -0.9% | -$85.8K |
2013 Q2
46 quarters
|
|
121
AstraZeneca
AZN
$251B
| $9.42M | 0.01% |
71,855
-2,663
| -4% | -$373K |
2015 Q4
36 quarters
|
|
122
Adobe
ADBE
$92.5B
| $9.32M | 0.01% |
20,950
-267
| -1% | -$132K |
2013 Q2
46 quarters
|
|
123
Boston Scientific
BSX
$61.9B
| $8.47M | ﹤0.01% |
94,795
-500
| -0.5% | -$44K |
2013 Q2
46 quarters
|
|
124
ExxonMobil
XOM
$724B
| $8.44M | ﹤0.01% |
78,461
-1,225
| -2% | -$143K |
2013 Q2
46 quarters
|
|
125
IBM
IBM
$218B
| $7.5M | ﹤0.01% |
34,120
-150
| -0.4% | -$33.4K |
2013 Q2
46 quarters
|
|
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Dodge & Cox's Q4 2024 Portfolio in Review
As of Q4 2024, Dodge & Cox held 216 positions worth $172B, down 2.8% from $177B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Dodge & Cox's Q4 2024 filing shows 11 new, 45 increased, 101 reduced and 2 closed positions. Its largest new stake was Fortive: 10,323,937 shares worth $583M. The largest sale was Alphabet (Google) Class C, an estimated $1.19B.
By sector, the portfolio is most concentrated in Healthcare at 21% of assets, down from 22% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q4 2024 buy was Fortive: 10,323,937 shares worth $583M.
- Dodge & Cox added most to Humana in Q4 2024, an estimated $1.41B increase.
- Dodge & Cox's biggest Q4 2024 reduction was Alphabet (Google) Class C, cutting an estimated $1.19B.
- Dodge & Cox fully exited KE Holdings in Q4 2024, selling an estimated $367K.
- Dodge & Cox's ten largest holdings make up 29% of its $172B portfolio in Q4 2024.
- Dodge & Cox opened 11 new positions and closed 2 in Q4 2024.
- Dodge & Cox's portfolio value fell 2.8% quarter-over-quarter to $172B.
Based on Dodge & Cox's 13F filing for Q4 2024, filed 13 Feb 2025.