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 |
CVS Health
CVS
|
+$758M |
| 2 |
Bank of America
BAC
|
+$722M |
| 3 |
Truist Financial
TFC
|
+$697M |
| 4 |
VF Corp
VFC
|
+$611M |
| 5 |
Fidelity National Information Services
FIS
|
+$512M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VMW
VMware, Inc
VMW
|
+$1.01B |
| 2 |
Capital One
COF
|
+$675M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$635M |
| 4 |
Cisco
CSCO
|
+$610M |
| 5 |
UBS Group
UBS
|
+$431M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.65% |
| 2 | Healthcare | 19.58% |
| 3 | Technology | 15.74% |
| 4 | Communication Services | 12.93% |
| 5 | Industrials | 9.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Berkshire Hathaway Class B
BRK.B
$1.08T
| $4.49M | ﹤0.01% |
12,820
| – | – |
|
127
Danaher
DHR
$152B
| $4.2M | ﹤0.01% |
19,091
| – | – |
|
128
Apple
AAPL
$4.66T
| $4.19M | ﹤0.01% |
24,456
-200
| -0.8% | -$36.7K |
|
129
APA Corp
APA
$14.9B
| $4.03M | ﹤0.01% |
98,050
-18,100
| -16% | -$745K |
|
130
Pfizer
PFE
$159B
| $3.93M | ﹤0.01% |
118,485
-4,500
| -4% | -$159K |
|
131
Amgen
AMGN
$233B
| $3.87M | ﹤0.01% |
14,382
-100
| -0.7% | -$25K |
|
132
Shell
SHEL
$249B
| $3.86M | ﹤0.01% |
60,013
-200
| -0.3% | -$12.4K |
|
133
Johnson & Johnson
JNJ
$641B
| $3.29M | ﹤0.01% |
21,097
-300
| -1% | -$49.5K |
|
134
Cemex
CX
$15.7B
| $3.23M | ﹤0.01% |
496,500
+7,200
| +1% | +$53.4K |
|
135
Corning
GLW
$129B
| $2.83M | ﹤0.01% |
92,942
-1,700
| -2% | -$55.6K |
|
136
Motorola Solutions
MSI
$80.3B
| $2.35M | ﹤0.01% |
8,627
| – | – |
|
|
137
Berkshire Hathaway Class A
BRK.A
$1.08T
| $2.13M | ﹤0.01% |
4
| – | – |
|
138
Diageo
DEO
$51.6B
| $2.08M | ﹤0.01% |
13,911
| – | – |
|
139
S&P Global
SPGI
$130B
| $1.97M | ﹤0.01% |
5,400
-200
| -4% | -$78.6K |
|
140
McDonald's
MCD
$187B
| $1.84M | ﹤0.01% |
7,000
-100
| -1% | -$28.5K |
|
141
PNC Financial Services
PNC
$96.6B
| $1.75M | ﹤0.01% |
14,275
| – | – |
|
142
Abbott
ABT
$194B
| $1.73M | ﹤0.01% |
17,857
| – | – |
|
143
AbbVie
ABBV
$452B
| $1.67M | ﹤0.01% |
11,176
-34
| -0.3% | -$4.99K |
|
144
Philip Morris
PM
$299B
| $1.57M | ﹤0.01% |
17,000
| – | – |
|
145
Honeywell
HON
$68.6B
| $1.48M | ﹤0.01% |
8,508
| – | – |
|
146
Las Vegas Sands
LVS
$29.3B
| $1.44M | ﹤0.01% |
31,500
+2,600
| +9% | +$141K |
|
147
DuPont de Nemours
DD
$18.5B
| $1.38M | ﹤0.01% |
14,792
-119
| -0.8% | -$11.2K |
|
148
Coca-Cola
KO
$386B
| $1.38M | ﹤0.01% |
24,635
| – | – |
|
149
NextEra Energy
NEE
$170B
| $1.37M | ﹤0.01% |
24,000
| – | – |
|
150
Corteva
CTVA
$55.5B
| $1.37M | ﹤0.01% |
26,813
-80
| -0.3% | -$4.24K |
|
Similar funds
Dodge & Cox's Q3 2023 Portfolio in Review
As of Q3 2023, Dodge & Cox held 195 positions worth $148B, down 0.97% from $150B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q3 2023: portfolio turnover was 3.6%. Dodge & Cox opened 4 new positions and exited 3, leaving the 195-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 21% of assets, down from 21% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2023 buy was VF Corp: 32,115,750 shares worth $567M.
- Dodge & Cox added most to CVS Health in Q3 2023, an estimated $758M increase.
- Dodge & Cox's biggest Q3 2023 reduction was VMware, Inc, cutting an estimated $1.01B.
- Dodge & Cox fully exited iShares Russell 1000 Value ETF in Q3 2023, selling an estimated $2.53M.
- Dodge & Cox's ten largest holdings make up 29% of its $148B portfolio in Q3 2023.
- Dodge & Cox opened 4 new positions and closed 3 in Q3 2023.
- Dodge & Cox's portfolio value fell 0.97% quarter-over-quarter to $148B.
Based on Dodge & Cox's 13F filing for Q3 2023, filed 14 Nov 2023.