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 |
Regeneron Pharmaceuticals
REGN
|
+$1.24B |
| 2 |
Meta Platforms (Facebook)
META
|
+$990M |
| 3 |
GE Aerospace
GE
|
+$981M |
| 4 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$829M |
| 5 |
UBS Group
UBS
|
+$778M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$1.17B |
| 2 |
SLB Ltd
SLB
|
+$1.01B |
| 3 |
HP
HPQ
|
+$975M |
| 4 |
Hess
HES
|
+$906M |
| 5 |
Dell
DELL
|
+$631M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.3% |
| 2 | Healthcare | 17.99% |
| 3 | Technology | 16.88% |
| 4 | Communication Services | 15.05% |
| 5 | Energy | 9.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
126
Johnson & Johnson
JNJ
$636B
| $4.5M | ﹤0.01% |
25,371
-295
| -1% | -$50.2K |
2013 Q2
35 quarters
|
|
127
Amgen
AMGN
$226B
| $4.02M | ﹤0.01% |
16,607
| – | – |
2013 Q2
35 quarters
|
|
128
Shell
SHEL
$289B
| $3.94M | ﹤0.01% |
+71,724
| New | +$3.81M |
2022 Q1
0 quarters
|
|
129
PayPal
PYPL
$47.9B
| $3.12M | ﹤0.01% |
26,950
-2,000
| -7% | -$266K |
2015 Q3
26 quarters
|
|
130
Diageo
DEO
$49.3B
| $3.02M | ﹤0.01% |
14,841
-72
| -0.5% | -$14.4K |
2013 Q2
35 quarters
|
|
131
Berkshire Hathaway Class A
BRK.A
$1.11T
| $2.65M | ﹤0.01% |
5
| – | – |
2013 Q2
35 quarters
|
|
132
PNC Financial Services
PNC
$88.3B
| $2.63M | ﹤0.01% |
14,275
| – | – |
2013 Q2
35 quarters
|
|
133
Cemex
CX
$13.8B
| $2.59M | ﹤0.01% |
489,900
+16,300
| +3% | +$92.3K |
2013 Q2
35 quarters
|
|
134
S&P Global
SPGI
$121B
| $2.42M | ﹤0.01% |
5,900
| – | – |
2016 Q2
23 quarters
|
|
135
US Bancorp
USB
$89.5B
| $2.35M | ﹤0.01% |
44,200
-8,000
| -15% | -$460K |
2013 Q2
35 quarters
|
|
136
Abbott
ABT
$176B
| $2.18M | ﹤0.01% |
18,424
-124
| -0.7% | -$15.4K |
2013 Q2
35 quarters
|
|
137
NextEra Energy
NEE
$164B
| $2.12M | ﹤0.01% |
25,000
| – | – |
2013 Q2
35 quarters
|
|
138
Motorola Solutions
MSI
$73.9B
| $2.09M | ﹤0.01% |
8,627
| – | – |
2013 Q2
35 quarters
|
|
139
DuPont de Nemours
DD
$17.5B
| $1.96M | ﹤0.01% |
21,207
-5,808
| -21% | -$567K |
2013 Q2
35 quarters
|
|
140
eBay
EBAY
$51B
| $1.93M | ﹤0.01% |
33,681
| – | – |
2013 Q2
35 quarters
|
|
141
McDonald's
MCD
$167B
| $1.92M | ﹤0.01% |
7,750
-450
| -5% | -$112K |
2013 Q2
35 quarters
|
|
142
Amazon
AMZN
$2.8T
| $1.88M | ﹤0.01% |
11,560
| – | – |
2014 Q3
30 quarters
|
|
143
Corteva
CTVA
$8.87B
| $1.84M | ﹤0.01% |
32,091
-882
| -3% | -$45.1K |
2019 Q2
11 quarters
|
|
144
AbbVie
ABBV
$497B
| $1.83M | ﹤0.01% |
11,278
-124
| -1% | -$18K |
2013 Q2
35 quarters
|
|
145
NetApp
NTAP
$47B
| $1.75M | ﹤0.01% |
21,100
-2,200
| -9% | -$191K |
2013 Q2
35 quarters
|
|
146
Unilever
UL
$136B
| $1.66M | ﹤0.01% |
32,419
| – | – |
2013 Q2
35 quarters
|
|
147
Coca-Cola
KO
$386B
| $1.61M | ﹤0.01% |
25,940
| – | – |
2013 Q2
35 quarters
|
|
148
3M
MMM
$83B
| $1.61M | ﹤0.01% |
12,899
-2,990
| -19% | -$398K |
2013 Q2
35 quarters
|
|
149
Philip Morris
PM
$315B
| $1.6M | ﹤0.01% |
17,000
| – | – |
2013 Q2
35 quarters
|
|
150
Honeywell
HON
$66.4B
| $1.56M | ﹤0.01% |
8,508
-225
| -3% | -$41.6K |
2013 Q2
35 quarters
|
|
Similar funds
Dodge & Cox's Q1 2022 Portfolio in Review
As of Q1 2022, Dodge & Cox held 203 positions worth $165B, up 1.9% from $161B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q1 2022 filing shows 6 new, 43 increased, 102 reduced and 6 closed positions. Its largest new stake was iShares iBoxx $ Investment Grade Corporate Bond ETF: 6,648,493 shares worth $804M. The largest sale was Bank of America, an estimated $1.17B.
By sector, the portfolio is most concentrated in Financials at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q1 2022 buy was iShares iBoxx $ Investment Grade Corporate Bond ETF: 6,648,493 shares worth $804M.
- Dodge & Cox added most to Regeneron Pharmaceuticals in Q1 2022, an estimated $1.24B increase.
- Dodge & Cox's biggest Q1 2022 reduction was Bank of America, cutting an estimated $1.17B.
- Dodge & Cox fully exited Royal Dutch Shell PLC ADS Class A in Q1 2022, selling an estimated $3.24M.
- Dodge & Cox's ten largest holdings make up 30% of its $165B portfolio in Q1 2022.
- Dodge & Cox opened 6 new positions and closed 6 in Q1 2022.
- Dodge & Cox's portfolio value rose 1.9% quarter-over-quarter to $165B.
Based on Dodge & Cox's 13F filing for Q1 2022, filed 13 May 2022.