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 |
Amazon
AMZN
|
+$1.18B |
| 2 |
LyondellBasell Industries
LYB
|
+$1B |
| 3 |
GE Aerospace
GE
|
+$573M |
| 4 |
Haleon
HLN
|
+$475M |
| 5 |
Fidelity National Information Services
FIS
|
+$335M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$1.28B |
| 2 |
Hewlett Packard
HPE
|
+$532M |
| 3 |
Williams Companies
WMB
|
+$419M |
| 4 |
Cognizant
CTSH
|
+$226M |
| 5 |
Occidental Petroleum
OXY
|
+$220M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.04% |
| 2 | Healthcare | 17.77% |
| 3 | Technology | 16.15% |
| 4 | Communication Services | 12.92% |
| 5 | Energy | 10.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Deere & Co
DE
$167B
| $4.15M | ﹤0.01% |
12,436
-100
| -0.8% | -$34.3K |
|
127
Johnson & Johnson
JNJ
$641B
| $3.91M | ﹤0.01% |
23,917
-1,053
| -4% | -$178K |
|
128
Amgen
AMGN
$234B
| $3.65M | ﹤0.01% |
16,207
-300
| -2% | -$72.7K |
|
129
Berkshire Hathaway Class B
BRK.B
$1.08T
| $3.42M | ﹤0.01% |
12,820
| – | – |
|
130
Shell
SHEL
$249B
| $3.3M | ﹤0.01% |
66,321
-968
| -1% | -$49.9K |
|
131
Corning
GLW
$129B
| $3.19M | ﹤0.01% |
110,009
-8,176
| -7% | -$277K |
|
132
Diageo
DEO
$51.5B
| $2.47M | ﹤0.01% |
14,541
-300
| -2% | -$53.8K |
|
133
PNC Financial Services
PNC
$96.9B
| $2.13M | ﹤0.01% |
14,275
| – | – |
|
134
NextEra Energy
NEE
$171B
| $1.96M | ﹤0.01% |
25,000
| – | – |
|
135
Motorola Solutions
MSI
$80.3B
| $1.93M | ﹤0.01% |
8,627
| – | – |
|
136
Cemex
CX
$15.6B
| $1.92M | ﹤0.01% |
559,300
| – | – |
|
137
Abbott
ABT
$195B
| $1.77M | ﹤0.01% |
18,324
| – | – |
|
138
S&P Global
SPGI
$131B
| $1.77M | ﹤0.01% |
5,800
| – | – |
|
139
McDonald's
MCD
$187B
| $1.72M | ﹤0.01% |
7,450
-200
| -3% | -$51.1K |
|
140
Corteva
CTVA
$55.1B
| $1.67M | ﹤0.01% |
29,178
-2,713
| -9% | -$158K |
|
141
US Bancorp
USB
$97.3B
| $1.63M | ﹤0.01% |
40,400
-800
| -2% | -$37K |
|
|
142
Berkshire Hathaway Class A
BRK.A
$1.08T
| $1.63M | ﹤0.01% |
4
-1
| -20% | -$428K |
|
143
AbbVie
ABBV
$454B
| $1.5M | ﹤0.01% |
11,210
+2
| +0% | +$287 |
|
144
Philip Morris
PM
$298B
| $1.41M | ﹤0.01% |
17,000
| – | – |
|
145
Unilever
UL
$140B
| $1.4M | ﹤0.01% |
28,419
| – | – |
|
146
Coca-Cola
KO
$386B
| $1.38M | ﹤0.01% |
24,635
-500
| -2% | -$31.1K |
|
147
Honeywell
HON
$68.4B
| $1.34M | ﹤0.01% |
8,508
| – | – |
|
148
eBay
EBAY
$46.4B
| $1.2M | ﹤0.01% |
32,610
-1,000
| -3% | -$44.6K |
|
149
DuPont de Nemours
DD
$18.4B
| $1.19M | ﹤0.01% |
18,727
-1,708
| -8% | -$122K |
|
150
Genuine Parts
GPC
$18.7B
| $1.08M | ﹤0.01% |
7,225
-300
| -4% | -$45.3K |
|
Similar funds
Dodge & Cox's Q3 2022 Portfolio in Review
As of Q3 2022, Dodge & Cox held 215 positions worth $132B, down 8.6% from $144B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q3 2022 filing shows 4 new, 31 increased, 110 reduced and 24 closed positions. Its largest new stake was Haleon: 73,365,572 shares worth $447M. The largest sale was Cigna, an estimated $1.28B.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 22% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2022 buy was Haleon: 73,365,572 shares worth $447M.
- Dodge & Cox added most to Amazon in Q3 2022, an estimated $1.18B increase.
- Dodge & Cox's biggest Q3 2022 reduction was Cigna, cutting an estimated $1.28B.
- Dodge & Cox fully exited iShares iBoxx $ Investment Grade Corporate Bond ETF in Q3 2022, selling an estimated $198M.
- Dodge & Cox's ten largest holdings make up 30% of its $132B portfolio in Q3 2022.
- Dodge & Cox opened 4 new positions and closed 24 in Q3 2022.
- Dodge & Cox's portfolio value fell 8.6% quarter-over-quarter to $132B.
Based on Dodge & Cox's 13F filing for Q3 2022, filed 10 Nov 2022.