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 |
Norfolk Southern
NSC
|
+$914M |
| 2 |
Truist Financial
TFC
|
+$310M |
| 3 |
Baker Hughes
BKR
|
+$286M |
| 4 |
CVS Health
CVS
|
+$243M |
| 5 |
Alibaba
BABA
|
+$172M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$1.03B |
| 2 |
Meta Platforms (Facebook)
META
|
+$658M |
| 3 |
Molson Coors Class B
TAP
|
+$616M |
| 4 |
FedEx
FDX
|
+$465M |
| 5 |
Novartis
NVS
|
+$391M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.67% |
| 2 | Healthcare | 18.6% |
| 3 | Technology | 17.71% |
| 4 | Communication Services | 12.88% |
| 5 | Industrials | 10.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
126
APA Corp
APA
$16.5B
| $3.97M | ﹤0.01% |
116,150
-38,230
| -25% | -$1.33M |
2013 Q2
40 quarters
|
|
127
Shell
SHEL
$290B
| $3.64M | ﹤0.01% |
60,213
-2,700
| -4% | -$162K |
2022 Q1
5 quarters
|
|
128
Johnson & Johnson
JNJ
$634B
| $3.54M | ﹤0.01% |
21,397
-400
| -2% | -$64.6K |
2013 Q2
40 quarters
|
|
129
Cemex
CX
$13.9B
| $3.46M | ﹤0.01% |
489,300
-100,400
| -17% | -$639K |
2013 Q2
40 quarters
|
|
130
Corning
GLW
$126B
| $3.32M | ﹤0.01% |
94,642
-3,100
| -3% | -$102K |
2013 Q2
40 quarters
|
|
131
Amgen
AMGN
$225B
| $3.22M | ﹤0.01% |
14,482
-525
| -3% | -$122K |
2013 Q2
40 quarters
|
|
132
Motorola Solutions
MSI
$74B
| $2.53M | ﹤0.01% |
8,627
| – | – |
2013 Q2
40 quarters
|
|
133
iShares Russell 1000 Value ETF
IWD
$83.2B
| $2.53M | ﹤0.01% |
16,000
+11,000
| +220% | +$1.68M |
2023 Q1
1 quarter
|
|
134
Diageo
DEO
$49.4B
| $2.41M | ﹤0.01% |
13,911
-41
| -0.3% | -$7.32K |
2013 Q2
40 quarters
|
|
135
S&P Global
SPGI
$122B
| $2.24M | ﹤0.01% |
5,600
| – | – |
2016 Q2
28 quarters
|
|
136
McDonald's
MCD
$167B
| $2.12M | ﹤0.01% |
7,100
-300
| -4% | -$87.2K |
2013 Q2
40 quarters
|
|
137
Berkshire Hathaway Class A
BRK.A
$1.11T
| $2.07M | ﹤0.01% |
4
| – | – |
2013 Q2
40 quarters
|
|
138
Abbott
ABT
$175B
| $1.95M | ﹤0.01% |
17,857
| – | – |
2013 Q2
40 quarters
|
|
139
PNC Financial Services
PNC
$88.2B
| $1.8M | ﹤0.01% |
14,275
| – | – |
2013 Q2
40 quarters
|
|
140
NextEra Energy
NEE
$163B
| $1.78M | ﹤0.01% |
24,000
| – | – |
2013 Q2
40 quarters
|
|
141
Las Vegas Sands
LVS
$23.3B
| $1.68M | ﹤0.01% |
28,900
+2,200
| +8% | +$130K |
2022 Q3
3 quarters
|
|
142
Honeywell
HON
$66.8B
| $1.66M | ﹤0.01% |
8,508
| – | – |
2013 Q2
40 quarters
|
|
143
Philip Morris
PM
$314B
| $1.66M | ﹤0.01% |
17,000
| – | – |
2013 Q2
40 quarters
|
|
144
Corteva
CTVA
$8.71B
| $1.54M | ﹤0.01% |
26,893
| – | – |
2019 Q2
16 quarters
|
|
145
AbbVie
ABBV
$496B
| $1.51M | ﹤0.01% |
11,210
| – | – |
2013 Q2
40 quarters
|
|
146
Coca-Cola
KO
$384B
| $1.48M | ﹤0.01% |
24,635
| – | – |
2013 Q2
40 quarters
|
|
147
DuPont de Nemours
DD
$17.7B
| $1.34M | ﹤0.01% |
14,911
-536
| -3% | -$46.1K |
2013 Q2
40 quarters
|
|
148
Unilever
UL
$135B
| $1.25M | ﹤0.01% |
21,244
-330
| -2% | -$19.6K |
2013 Q2
40 quarters
|
|
149
PayPal
PYPL
$47.9B
| $1.15M | ﹤0.01% |
17,300
-42,050
| -71% | -$2.87M |
2015 Q3
31 quarters
|
|
150
eBay
EBAY
$51.7B
| $1.12M | ﹤0.01% |
25,110
-500
| -2% | -$22.2K |
2013 Q2
40 quarters
|
|
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Dodge & Cox's Q2 2023 Portfolio in Review
As of Q2 2023, Dodge & Cox held 204 positions worth $150B, up 2.1% from $147B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2023 filing shows 1 new, 33 increased, 111 reduced and 13 closed positions. Its largest new stake was CarMax: 2,550 shares worth $213K. The largest sale was GE Aerospace, an estimated $1.03B.
By sector, the portfolio is most concentrated in Financials at 21% of assets, up from 20% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q2 2023 buy was CarMax: 2,550 shares worth $213K.
- Dodge & Cox added most to Norfolk Southern in Q2 2023, an estimated $914M increase.
- Dodge & Cox's biggest Q2 2023 reduction was GE Aerospace, cutting an estimated $1.03B.
- Dodge & Cox fully exited NVIDIA in Q2 2023, selling an estimated $33M.
- Dodge & Cox's ten largest holdings make up 30% of its $150B portfolio in Q2 2023.
- Dodge & Cox opened 1 new position and closed 13 in Q2 2023.
- Dodge & Cox's portfolio value rose 2.1% quarter-over-quarter to $150B.
Based on Dodge & Cox's 13F filing for Q2 2023, filed 14 Aug 2023.