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 |
GE Aerospace
GE
|
+$1.44B |
| 2 |
PayPal
PYPL
|
+$664M |
| 3 |
Fidelity National Information Services
FIS
|
+$620M |
| 4 |
Elanco Animal Health
ELAN
|
+$488M |
| 5 |
SCHW
Charles Schwab
SCHW
|
+$469M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Sanofi
SNY
|
+$797M |
| 2 |
HP
HPQ
|
+$688M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$659M |
| 4 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$548M |
| 5 |
GSK
GSK
|
+$508M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.19% |
| 2 | Healthcare | 18.97% |
| 3 | Technology | 16.22% |
| 4 | Communication Services | 14.67% |
| 5 | Energy | 9.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Deere & Co
DE
$168B
| $3.75M | ﹤0.01% |
12,536
-600
| -5% | -$221K |
|
127
Corning
GLW
$128B
| $3.72M | ﹤0.01% |
118,185
-13,817
| -10% | -$476K |
|
128
Shell
SHEL
$250B
| $3.52M | ﹤0.01% |
67,289
-4,435
| -6% | -$249K |
|
129
Berkshire Hathaway Class B
BRK.B
$1.08T
| $3.5M | ﹤0.01% |
12,820
| – | – |
|
130
Diageo
DEO
$51.6B
| $2.58M | ﹤0.01% |
14,841
| – | – |
|
131
PNC Financial Services
PNC
$96.6B
| $2.25M | ﹤0.01% |
14,275
| – | – |
|
132
Cemex
CX
$15.7B
| $2.19M | ﹤0.01% |
559,300
+69,400
| +14% | +$298K |
|
|
133
Berkshire Hathaway Class A
BRK.A
$1.08T
| $2.04M | ﹤0.01% |
5
| – | – |
|
134
Abbott
ABT
$194B
| $1.99M | ﹤0.01% |
18,324
-100
| -0.5% | -$11.4K |
|
135
S&P Global
SPGI
$130B
| $1.96M | ﹤0.01% |
5,800
-100
| -2% | -$35.6K |
|
136
NextEra Energy
NEE
$170B
| $1.94M | ﹤0.01% |
25,000
| – | – |
|
137
US Bancorp
USB
$97.1B
| $1.9M | ﹤0.01% |
41,200
-3,000
| -7% | -$150K |
|
138
McDonald's
MCD
$186B
| $1.89M | ﹤0.01% |
7,650
-100
| -1% | -$24.6K |
|
139
Motorola Solutions
MSI
$80.2B
| $1.81M | ﹤0.01% |
8,627
| – | – |
|
140
Corteva
CTVA
$55.3B
| $1.73M | ﹤0.01% |
31,891
-200
| -0.6% | -$11.6K |
|
141
AbbVie
ABBV
$453B
| $1.72M | ﹤0.01% |
11,208
-70
| -0.6% | -$10.7K |
|
142
Philip Morris
PM
$300B
| $1.68M | ﹤0.01% |
17,000
| – | – |
|
143
Coca-Cola
KO
$387B
| $1.58M | ﹤0.01% |
25,135
-805
| -3% | -$51K |
|
144
Visa
V
$713B
| $1.51M | ﹤0.01% |
7,650
+2,500
| +49% | +$517K |
|
145
Unilever
UL
$140B
| $1.47M | ﹤0.01% |
28,419
-4,000
| -12% | -$204K |
|
146
DuPont de Nemours
DD
$18.4B
| $1.43M | ﹤0.01% |
20,435
-772
| -4% | -$63.2K |
|
147
eBay
EBAY
$46.5B
| $1.4M | ﹤0.01% |
33,610
-71
| -0.2% | -$3.46K |
|
148
Honeywell
HON
$68.2B
| $1.39M | ﹤0.01% |
8,508
| – | – |
|
149
3M
MMM
$89.9B
| $1.3M | ﹤0.01% |
12,062
-837
| -6% | -$101K |
|
150
Amazon
AMZN
$2.86T
| $1.23M | ﹤0.01% |
11,560
| – | – |
|
Similar funds
Dodge & Cox's Q2 2022 Portfolio in Review
As of Q2 2022, Dodge & Cox held 219 positions worth $144B, down 12% from $165B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2022 filing shows 22 new, 48 increased, 96 reduced and 8 closed positions. Its largest new stake was Fidelity National Information Services: 6,245,114 shares worth $572M. The largest sale was Sanofi, an estimated $797M.
By sector, the portfolio is most concentrated in Financials at 22% of assets, down from 23% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q2 2022 buy was Fidelity National Information Services: 6,245,114 shares worth $572M.
- Dodge & Cox added most to GE Aerospace in Q2 2022, an estimated $1.44B increase.
- Dodge & Cox's biggest Q2 2022 reduction was Sanofi, cutting an estimated $797M.
- Dodge & Cox fully exited iShares Russell 1000 Value ETF in Q2 2022, selling an estimated $8.35M.
- Dodge & Cox's ten largest holdings make up 30% of its $144B portfolio in Q2 2022.
- Dodge & Cox opened 22 new positions and closed 8 in Q2 2022.
- Dodge & Cox's portfolio value fell 12% quarter-over-quarter to $144B.
Based on Dodge & Cox's 13F filing for Q2 2022, filed 12 Aug 2022.