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 |
Fidelity National Information Services
FIS
|
+$1.16B |
| 2 |
Charter Communications
CHTR
|
+$614M |
| 3 |
Amazon
AMZN
|
+$563M |
| 4 |
Elanco Animal Health
ELAN
|
+$396M |
| 5 |
Sanofi
SNY
|
+$375M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLB Ltd
SLB
|
+$1.08B |
| 2 |
ConocoPhillips
COP
|
+$737M |
| 3 |
T-Mobile US
TMUS
|
+$615M |
| 4 |
Microchip Technology
MCHP
|
+$533M |
| 5 |
Goldman Sachs
GS
|
+$431M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.41% |
| 2 | Healthcare | 19.23% |
| 3 | Technology | 16.26% |
| 4 | Communication Services | 12.06% |
| 5 | Industrials | 10.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Berkshire Hathaway Class B
BRK.B
$1.08T
| $3.96M | ﹤0.01% |
12,820
| – | – |
|
127
Johnson & Johnson
JNJ
$640B
| $3.85M | ﹤0.01% |
21,817
-2,100
| -9% | -$363K |
|
128
Shell
SHEL
$250B
| $3.68M | ﹤0.01% |
64,646
-1,675
| -3% | -$92.3K |
|
129
Corning
GLW
$132B
| $3.3M | ﹤0.01% |
103,292
-6,717
| -6% | -$218K |
|
130
Apple
AAPL
$4.59T
| $3.27M | ﹤0.01% |
25,156
-16,000
| -39% | -$2.29M |
|
131
Diageo
DEO
$51.2B
| $2.59M | ﹤0.01% |
14,541
| – | – |
|
132
Cemex
CX
$15.8B
| $2.35M | ﹤0.01% |
579,800
+20,500
| +4% | +$82K |
|
133
PNC Financial Services
PNC
$97.1B
| $2.25M | ﹤0.01% |
14,275
| – | – |
|
134
Motorola Solutions
MSI
$80.5B
| $2.22M | ﹤0.01% |
8,627
| – | – |
|
135
NextEra Energy
NEE
$174B
| $2.01M | ﹤0.01% |
24,000
-1,000
| -4% | -$80.8K |
|
136
McDonald's
MCD
$184B
| $1.96M | ﹤0.01% |
7,450
| – | – |
|
137
Abbott
ABT
$193B
| $1.96M | ﹤0.01% |
17,857
-467
| -3% | -$48.4K |
|
138
S&P Global
SPGI
$128B
| $1.94M | ﹤0.01% |
5,800
| – | – |
|
|
139
Berkshire Hathaway Class A
BRK.A
$1.08T
| $1.87M | ﹤0.01% |
4
| – | – |
|
140
AbbVie
ABBV
$456B
| $1.81M | ﹤0.01% |
11,210
| – | – |
|
141
US Bancorp
USB
$97.2B
| $1.76M | ﹤0.01% |
40,400
| – | – |
|
142
Philip Morris
PM
$297B
| $1.72M | ﹤0.01% |
17,000
| – | – |
|
143
Honeywell
HON
$69.9B
| $1.72M | ﹤0.01% |
8,508
| – | – |
|
144
Corteva
CTVA
$55B
| $1.63M | ﹤0.01% |
27,751
-1,427
| -5% | -$90.3K |
|
145
Coca-Cola
KO
$383B
| $1.57M | ﹤0.01% |
24,635
| – | – |
|
146
DuPont de Nemours
DD
$18.7B
| $1.54M | ﹤0.01% |
17,844
-883
| -5% | -$70.6K |
|
147
Las Vegas Sands
LVS
$28.7B
| $1.37M | ﹤0.01% |
28,400
-1,406,658
| -98% | -$59.7M |
|
148
Unilever
UL
$139B
| $1.26M | ﹤0.01% |
22,196
-6,223
| -22% | -$333K |
|
149
Genuine Parts
GPC
$18.8B
| $1.25M | ﹤0.01% |
7,225
| – | – |
|
150
eBay
EBAY
$45.5B
| $1.25M | ﹤0.01% |
30,110
-2,500
| -8% | -$104K |
|
Similar funds
Dodge & Cox's Q4 2022 Portfolio in Review
As of Q4 2022, Dodge & Cox held 194 positions worth $146B, up 10% from $132B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q4 2022: portfolio turnover was 4.6%. Dodge & Cox opened 3 new positions and exited 6, leaving the 194-position portfolio largely intact.
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 Q4 2022 buy was Trip.com Group: 20,900 shares worth $719K.
- Dodge & Cox added most to Fidelity National Information Services in Q4 2022, an estimated $1.16B increase.
- Dodge & Cox's biggest Q4 2022 reduction was SLB Ltd, cutting an estimated $1.08B.
- Dodge & Cox fully exited Marsh in Q4 2022, selling an estimated $427K.
- Dodge & Cox's ten largest holdings make up 30% of its $146B portfolio in Q4 2022.
- Dodge & Cox opened 3 new positions and closed 6 in Q4 2022.
- Dodge & Cox's portfolio value rose 10% quarter-over-quarter to $146B.
Based on Dodge & Cox's 13F filing for Q4 2022, filed 14 Feb 2023.