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 |
VMW
VMware, Inc
VMW
|
+$2.25B |
| 2 |
Fiserv Inc
FISV
|
+$1.02B |
| 3 |
Meta Platforms (Facebook)
META
|
+$973M |
| 4 |
AB InBev
BUD
|
+$875M |
| 5 |
FedEx
FDX
|
+$727M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dell
DELL
|
+$2.21B |
| 2 |
Microsoft
MSFT
|
+$716M |
| 3 |
American Express
AXP
|
+$597M |
| 4 |
APA Corp
APA
|
+$401M |
| 5 |
Wells Fargo
WFC
|
+$304M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.36% |
| 2 | Technology | 18.85% |
| 3 | Healthcare | 17.34% |
| 4 | Communication Services | 14.97% |
| 5 | Industrials | 8.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
126
Cemex
CX
$13.8B
| $3.21M | ﹤0.01% |
473,600
+63,900
| +16% | +$416K |
2013 Q2
34 quarters
|
|
127
US Bancorp
USB
$89.5B
| $2.93M | ﹤0.01% |
52,200
-1,450
| -3% | -$85.8K |
2013 Q2
34 quarters
|
|
128
PNC Financial Services
PNC
$88.3B
| $2.86M | ﹤0.01% |
14,275
-300
| -2% | -$61.1K |
2013 Q2
34 quarters
|
|
129
S&P Global
SPGI
$122B
| $2.78M | ﹤0.01% |
5,900
| – | – |
2016 Q2
22 quarters
|
|
130
DuPont de Nemours
DD
$17.5B
| $2.74M | ﹤0.01% |
27,015
-1,397
| -5% | -$133K |
2013 Q2
34 quarters
|
|
131
Abbott
ABT
$176B
| $2.61M | ﹤0.01% |
18,548
-699
| -4% | -$89.5K |
2013 Q2
34 quarters
|
|
132
3M
MMM
$83B
| $2.36M | ﹤0.01% |
15,889
-837
| -5% | -$125K |
2013 Q2
34 quarters
|
|
133
Motorola Solutions
MSI
$73.9B
| $2.34M | ﹤0.01% |
8,627
| – | – |
2013 Q2
34 quarters
|
|
134
NextEra Energy
NEE
$164B
| $2.33M | ﹤0.01% |
25,000
| – | – |
2013 Q2
34 quarters
|
|
135
Berkshire Hathaway Class A
BRK.A
$1.11T
| $2.25M | ﹤0.01% |
5
| – | – |
2013 Q2
34 quarters
|
|
136
eBay
EBAY
$51B
| $2.24M | ﹤0.01% |
33,681
-8,700
| -21% | -$621K |
2013 Q2
34 quarters
|
|
137
McDonald's
MCD
$167B
| $2.2M | ﹤0.01% |
8,200
-4,125
| -33% | -$1.04M |
2013 Q2
34 quarters
|
|
138
NetApp
NTAP
$47B
| $2.14M | ﹤0.01% |
23,300
-4,400
| -16% | -$397K |
2013 Q2
34 quarters
|
|
139
Unilever
UL
$136B
| $1.96M | ﹤0.01% |
32,419
-2,222
| -6% | -$132K |
2013 Q2
34 quarters
|
|
140
Amazon
AMZN
$2.8T
| $1.93M | ﹤0.01% |
11,560
| – | – |
2014 Q3
29 quarters
|
|
141
Honeywell
HON
$66.4B
| $1.72M | ﹤0.01% |
8,733
| – | – |
2013 Q2
34 quarters
|
|
142
Philip Morris
PM
$315B
| $1.61M | ﹤0.01% |
17,000
| – | – |
2013 Q2
34 quarters
|
|
143
Corteva
CTVA
$8.87B
| $1.56M | ﹤0.01% |
32,973
-765
| -2% | -$34.8K |
2019 Q2
10 quarters
|
|
144
AbbVie
ABBV
$497B
| $1.54M | ﹤0.01% |
11,402
-4,000
| -26% | -$473K |
2013 Q2
34 quarters
|
|
145
Coca-Cola
KO
$386B
| $1.54M | ﹤0.01% |
25,940
| – | – |
2013 Q2
34 quarters
|
|
146
Norfolk Southern
NSC
$71.7B
| $1.47M | ﹤0.01% |
4,950
| – | – |
2013 Q2
34 quarters
|
|
147
Dow Inc
DOW
$20.3B
| $1.38M | ﹤0.01% |
24,318
-1,255
| -5% | -$71.6K |
2019 Q2
10 quarters
|
|
148
Colgate-Palmolive
CL
$71.7B
| $1.2M | ﹤0.01% |
14,000
| – | – |
2013 Q2
34 quarters
|
|
149
Genuine Parts
GPC
$17.9B
| $1.18M | ﹤0.01% |
8,425
-1,450
| -15% | -$192K |
2013 Q2
34 quarters
|
|
150
Visa
V
$731B
| $1.12M | ﹤0.01% |
5,150
| – | – |
2014 Q3
29 quarters
|
|
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Dodge & Cox's Q4 2021 Portfolio in Review
As of Q4 2021, Dodge & Cox held 199 positions worth $161B, up 5.2% from $154B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q4 2021: portfolio turnover was 4%. Dodge & Cox opened 6 new positions and exited 2, leaving the 199-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q4 2021 buy was AB InBev: 15,040,157 shares worth $911M.
- Dodge & Cox added most to VMware, Inc in Q4 2021, an estimated $2.25B increase.
- Dodge & Cox's biggest Q4 2021 reduction was Dell, cutting an estimated $2.21B.
- Dodge & Cox fully exited America Movil in Q4 2021, selling an estimated $2.87M.
- Dodge & Cox's ten largest holdings make up 31% of its $161B portfolio in Q4 2021.
- Dodge & Cox opened 6 new positions and closed 2 in Q4 2021.
- Dodge & Cox's portfolio value rose 5.2% quarter-over-quarter to $161B.
Based on Dodge & Cox's 13F filing for Q4 2021, filed 14 Feb 2022.