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 |
Sanofi
SNY
|
+$1.21B |
| 2 |
Cigna
CI
|
+$734M |
| 3 |
Gilead Sciences
GILD
|
+$583M |
| 4 |
Novartis
NVS
|
+$433M |
| 5 |
Teck Resources
TECK
|
+$336M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Johnson Controls International
JCI
|
+$266M |
| 2 |
HP
HPQ
|
+$189M |
| 3 |
Capital One
COF
|
+$181M |
| 4 |
Wells Fargo
WFC
|
+$178M |
| 5 |
APA Corp
APA
|
+$163M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.43% |
| 2 | Technology | 17.73% |
| 3 | Healthcare | 16.49% |
| 4 | Communication Services | 15.93% |
| 5 | Energy | 8.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
126
PNC Financial Services
PNC
$88.2B
| $2.85M | ﹤0.01% |
14,575
-100
| -0.7% | -$18.9K |
2013 Q2
33 quarters
|
|
127
S&P Global
SPGI
$122B
| $2.51M | ﹤0.01% |
5,900
| – | – |
2016 Q2
21 quarters
|
|
128
NetApp
NTAP
$46.6B
| $2.49M | ﹤0.01% |
27,700
-1,200
| -4% | -$101K |
2013 Q2
33 quarters
|
|
129
3M
MMM
$83.5B
| $2.45M | ﹤0.01% |
16,726
| – | – |
2013 Q2
33 quarters
|
|
130
DuPont de Nemours
DD
$17.7B
| $2.42M | ﹤0.01% |
28,412
-551
| -2% | -$51.1K |
2013 Q2
33 quarters
|
|
131
Abbott
ABT
$175B
| $2.27M | ﹤0.01% |
19,247
| – | – |
2013 Q2
33 quarters
|
|
132
Unilever
UL
$135B
| $2.11M | ﹤0.01% |
34,641
-6,667
| -16% | -$425K |
2013 Q2
33 quarters
|
|
133
Berkshire Hathaway Class A
BRK.A
$1.11T
| $2.06M | ﹤0.01% |
5
| – | – |
2013 Q2
33 quarters
|
|
134
Motorola Solutions
MSI
$74B
| $2M | ﹤0.01% |
8,627
| – | – |
2013 Q2
33 quarters
|
|
135
NextEra Energy
NEE
$163B
| $1.96M | ﹤0.01% |
25,000
| – | – |
2013 Q2
33 quarters
|
|
136
Amazon
AMZN
$2.82T
| $1.9M | ﹤0.01% |
11,560
| – | – |
2014 Q3
28 quarters
|
|
137
Honeywell
HON
$66.7B
| $1.75M | ﹤0.01% |
8,733
| – | – |
2013 Q2
33 quarters
|
|
138
AbbVie
ABBV
$494B
| $1.66M | ﹤0.01% |
15,402
| – | – |
2013 Q2
33 quarters
|
|
139
Philip Morris
PM
$314B
| $1.61M | ﹤0.01% |
17,000
-1,413
| -8% | -$142K |
2013 Q2
33 quarters
|
|
140
Dow Inc
DOW
$20.4B
| $1.47M | ﹤0.01% |
25,573
-429
| -2% | -$26.3K |
2019 Q2
9 quarters
|
|
141
Corteva
CTVA
$8.75B
| $1.42M | ﹤0.01% |
33,738
-33
| -0.1% | -$1.43K |
2019 Q2
9 quarters
|
|
142
Coca-Cola
KO
$384B
| $1.36M | ﹤0.01% |
25,940
-200
| -0.8% | -$11.1K |
2013 Q2
33 quarters
|
|
143
Genuine Parts
GPC
$17.7B
| $1.2M | ﹤0.01% |
9,875
-850
| -8% | -$106K |
2013 Q2
33 quarters
|
|
144
Norfolk Southern
NSC
$71.6B
| $1.18M | ﹤0.01% |
4,950
-200
| -4% | -$51.3K |
2013 Q2
33 quarters
|
|
145
Visa
V
$735B
| $1.15M | ﹤0.01% |
5,150
-150
| -3% | -$35.2K |
2014 Q3
28 quarters
|
|
146
AT&T
T
$153B
| $1.08M | ﹤0.01% |
52,902
-5,374
| -9% | -$113K |
2018 Q2
13 quarters
|
|
147
Becton Dickinson
BDX
$51B
| $1.08M | ﹤0.01% |
4,490
| – | – |
2013 Q2
33 quarters
|
|
148
Colgate-Palmolive
CL
$71.2B
| $1.06M | ﹤0.01% |
14,000
| – | – |
2013 Q2
33 quarters
|
|
149
Altria Group
MO
$119B
| $956K | ﹤0.01% |
21,000
-2,400
| -10% | -$116K |
2013 Q2
33 quarters
|
|
150
Ericsson
ERIC
$30.6B
| $941K | ﹤0.01% |
84,000
-11,650
| -12% | -$138K |
2013 Q2
33 quarters
|
|
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Dodge & Cox's Q3 2021 Portfolio in Review
As of Q3 2021, Dodge & Cox held 195 positions worth $154B, up 0.42% from $153B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q3 2021: portfolio turnover was 3.6%. Dodge & Cox opened 5 new positions and exited 2, leaving the 195-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q3 2021 buy was Elanco Animal Health: 3,639,124 shares worth $116M.
- Dodge & Cox added most to Sanofi in Q3 2021, an estimated $1.21B increase.
- Dodge & Cox's biggest Q3 2021 reduction was Johnson Controls International, cutting an estimated $266M.
- Dodge & Cox fully exited Maxim Integrated Products in Q3 2021, selling an estimated $8.29M.
- Dodge & Cox's ten largest holdings make up 32% of its $154B portfolio in Q3 2021.
- Dodge & Cox opened 5 new positions and closed 2 in Q3 2021.
- Dodge & Cox's portfolio value rose 0.42% quarter-over-quarter to $154B.
Based on Dodge & Cox's 13F filing for Q3 2021, filed 15 Nov 2021.