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 HealthCare
GEHC
|
+$1.13B |
| 2 |
Dominion Energy
D
|
+$868M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$324M |
| 4 |
Amazon
AMZN
|
+$319M |
| 5 |
Medtronic
MDT
|
+$252M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$1.09B |
| 2 |
Meta Platforms (Facebook)
META
|
+$754M |
| 3 |
American Express
AXP
|
+$623M |
| 4 |
PayPal
PYPL
|
+$575M |
| 5 |
Baidu
BIDU
|
+$452M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 19.93% |
| 2 | Healthcare | 19.3% |
| 3 | Technology | 17.15% |
| 4 | Communication Services | 13.11% |
| 5 | Industrials | 10.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Vulcan Materials
VMC
$35.5B
| $4.35M | ﹤0.01% |
25,350
-850
| -3% | -$151K |
|
127
Danaher
DHR
$152B
| $4.27M | ﹤0.01% |
19,091
-347
| -2% | -$78.9K |
|
128
Apple
AAPL
$4.59T
| $4.07M | ﹤0.01% |
24,656
-500
| -2% | -$73.8K |
|
129
Berkshire Hathaway Class B
BRK.B
$1.08T
| $3.96M | ﹤0.01% |
12,820
| – | – |
|
130
Amgen
AMGN
$236B
| $3.63M | ﹤0.01% |
15,007
-1,200
| -7% | -$295K |
|
131
Shell
SHEL
$250B
| $3.62M | ﹤0.01% |
62,913
-1,733
| -3% | -$102K |
|
132
Corning
GLW
$132B
| $3.45M | ﹤0.01% |
97,742
-5,550
| -5% | -$193K |
|
133
Johnson & Johnson
JNJ
$640B
| $3.38M | ﹤0.01% |
21,797
-20
| -0.1% | -$3.23K |
|
134
Cemex
CX
$15.8B
| $3.26M | ﹤0.01% |
589,700
+9,900
| +2% | +$50.3K |
|
135
Diageo
DEO
$51.2B
| $2.53M | ﹤0.01% |
13,952
-589
| -4% | -$104K |
|
136
Motorola Solutions
MSI
$80.5B
| $2.47M | ﹤0.01% |
8,627
| – | – |
|
|
HZNP
137
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $2.45M | ﹤0.01% |
+22,463
| New | +$2.48M |
|
138
McDonald's
MCD
$184B
| $2.07M | ﹤0.01% |
7,400
-50
| -0.7% | -$13.4K |
|
139
S&P Global
SPGI
$128B
| $1.93M | ﹤0.01% |
5,600
-200
| -3% | -$70.4K |
|
|
140
Berkshire Hathaway Class A
BRK.A
$1.08T
| $1.86M | ﹤0.01% |
4
| – | – |
|
141
NextEra Energy
NEE
$174B
| $1.85M | ﹤0.01% |
24,000
| – | – |
|
142
PNC Financial Services
PNC
$97.1B
| $1.81M | ﹤0.01% |
14,275
| – | – |
|
143
Abbott
ABT
$193B
| $1.81M | ﹤0.01% |
17,857
| – | – |
|
144
AbbVie
ABBV
$456B
| $1.79M | ﹤0.01% |
11,210
| – | – |
|
145
Philip Morris
PM
$297B
| $1.65M | ﹤0.01% |
17,000
| – | – |
|
146
Corteva
CTVA
$55B
| $1.62M | ﹤0.01% |
26,893
-858
| -3% | -$52.4K |
|
147
Las Vegas Sands
LVS
$28.7B
| $1.53M | ﹤0.01% |
26,700
-1,700
| -6% | -$95.2K |
|
148
Honeywell
HON
$69.9B
| $1.53M | ﹤0.01% |
8,508
| – | – |
|
149
Coca-Cola
KO
$383B
| $1.53M | ﹤0.01% |
24,635
| – | – |
|
150
DuPont de Nemours
DD
$18.7B
| $1.39M | ﹤0.01% |
15,447
-2,397
| -13% | -$219K |
|
Similar funds
Dodge & Cox's Q1 2023 Portfolio in Review
As of Q1 2023, Dodge & Cox held 205 positions worth $147B, up 0.64% from $146B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Dodge & Cox's Q1 2023 filing shows 17 new, 44 increased, 108 reduced and 2 closed positions. Its largest new stake was GE HealthCare: 15,810,644 shares worth $1.3B. The largest sale was GE Aerospace, an estimated $1.09B.
By sector, the portfolio is most concentrated in Financials at 20% of assets, down from 23% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q1 2023 buy was GE HealthCare: 15,810,644 shares worth $1.3B.
- Dodge & Cox added most to Alphabet (Google) Class A in Q1 2023, an estimated $324M increase.
- Dodge & Cox's biggest Q1 2023 reduction was GE Aerospace, cutting an estimated $1.09B.
- Dodge & Cox fully exited Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share in Q1 2023, selling an estimated $211M.
- Dodge & Cox's ten largest holdings make up 29% of its $147B portfolio in Q1 2023.
- Dodge & Cox opened 17 new positions and closed 2 in Q1 2023.
- Dodge & Cox's portfolio value rose 0.64% quarter-over-quarter to $147B.
Based on Dodge & Cox's 13F filing for Q1 2023, filed 12 May 2023.