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 |
International Flavors & Fragrances
IFF
|
+$1.12B |
| 2 |
Avantor
AVTR
|
+$981M |
| 3 |
RTX Corp
RTX
|
+$764M |
| 4 |
Zimmer Biomet
ZBH
|
+$742M |
| 5 |
Baxter International
BAX
|
+$620M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VMW
VMware, Inc
VMW
|
+$3.29B |
| 2 |
UBS Group
UBS
|
+$1.17B |
| 3 |
Dell
DELL
|
+$758M |
| 4 |
GE Aerospace
GE
|
+$634M |
| 5 |
Occidental Petroleum
OXY
|
+$577M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.64% |
| 2 | Healthcare | 20.84% |
| 3 | Technology | 13.51% |
| 4 | Communication Services | 11.87% |
| 5 | Industrials | 10.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
126
Boston Scientific
BSX
$62.3B
| $5.61M | ﹤0.01% |
97,095
-10
| -0% | -$534 |
2013 Q2
42 quarters
|
|
127
Deere & Co
DE
$175B
| $5.28M | ﹤0.01% |
13,211
| – | – |
2013 Q2
42 quarters
|
|
128
Cemex
CX
$13.7B
| $4.73M | ﹤0.01% |
610,200
+113,700
| +23% | +$773K |
2013 Q2
42 quarters
|
|
129
Apple
AAPL
$5.01T
| $4.71M | ﹤0.01% |
24,456
| – | – |
2013 Q2
42 quarters
|
|
130
Berkshire Hathaway Class B
BRK.B
$1.13T
| $4.57M | ﹤0.01% |
12,820
| – | – |
2013 Q2
42 quarters
|
|
131
Amgen
AMGN
$230B
| $4.14M | ﹤0.01% |
14,382
| – | – |
2013 Q2
42 quarters
|
|
132
Shell
SHEL
$295B
| $3.87M | ﹤0.01% |
58,813
-1,200
| -2% | -$78.7K |
2022 Q1
7 quarters
|
|
133
Danaher
DHR
$158B
| $3.82M | ﹤0.01% |
16,525
-2,566
| -13% | -$546K |
2014 Q3
37 quarters
|
|
134
Halliburton
HAL
$27.4B
| $3.82M | ﹤0.01% |
105,702
-38,398
| -27% | -$1.48M |
2013 Q2
42 quarters
|
|
135
Pfizer
PFE
$166B
| $3.35M | ﹤0.01% |
116,385
-2,100
| -2% | -$63.5K |
2013 Q2
42 quarters
|
|
136
Johnson & Johnson
JNJ
$612B
| $3.31M | ﹤0.01% |
21,097
| – | – |
2013 Q2
42 quarters
|
|
137
APA Corp
APA
$16.6B
| $3.16M | ﹤0.01% |
87,950
-10,100
| -10% | -$381K |
2013 Q2
42 quarters
|
|
138
Motorola Solutions
MSI
$74.8B
| $2.7M | ﹤0.01% |
8,627
| – | – |
2013 Q2
42 quarters
|
|
139
S&P Global
SPGI
$120B
| $2.38M | ﹤0.01% |
5,400
| – | – |
2016 Q2
30 quarters
|
|
140
PNC Financial Services
PNC
$86.1B
| $2.21M | ﹤0.01% |
14,275
| – | – |
2013 Q2
42 quarters
|
|
141
Berkshire Hathaway Class A
BRK.A
$1.13T
| $2.17M | ﹤0.01% |
4
| – | – |
2013 Q2
42 quarters
|
|
142
McDonald's
MCD
$169B
| $2.06M | ﹤0.01% |
6,950
-50
| -0.7% | -$13.6K |
2013 Q2
42 quarters
|
|
143
Diageo
DEO
$51.2B
| $2.03M | ﹤0.01% |
13,911
| – | – |
2013 Q2
42 quarters
|
|
144
Abbott
ABT
$178B
| $1.97M | ﹤0.01% |
17,857
| – | – |
2013 Q2
42 quarters
|
|
145
Corning
GLW
$121B
| $1.71M | ﹤0.01% |
56,100
-36,842
| -40% | -$1.05M |
2013 Q2
42 quarters
|
|
146
AbbVie
ABBV
$501B
| $1.71M | ﹤0.01% |
11,006
-170
| -2% | -$24.8K |
2013 Q2
42 quarters
|
|
147
Honeywell
HON
$65.8B
| $1.68M | ﹤0.01% |
8,508
| – | – |
2013 Q2
42 quarters
|
|
148
Philip Morris
PM
$320B
| $1.6M | ﹤0.01% |
17,000
| – | – |
2013 Q2
42 quarters
|
|
149
NextEra Energy
NEE
$163B
| $1.46M | ﹤0.01% |
24,000
| – | – |
2013 Q2
42 quarters
|
|
150
Coca-Cola
KO
$395B
| $1.45M | ﹤0.01% |
24,635
| – | – |
2013 Q2
42 quarters
|
|
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Dodge & Cox's Q4 2023 Portfolio in Review
As of Q4 2023, Dodge & Cox held 199 positions worth $158B, up 6.2% from $148B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q4 2023: portfolio turnover was 4.5%. Dodge & Cox opened 7 new positions and exited 2, leaving the 199-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 21% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q4 2023 buy was International Flavors & Fragrances: 15,440,725 shares worth $1.25B.
- Dodge & Cox added most to Avantor in Q4 2023, an estimated $981M increase.
- Dodge & Cox's biggest Q4 2023 reduction was UBS Group, cutting an estimated $1.17B.
- Dodge & Cox fully exited VMware, Inc in Q4 2023, selling an estimated $3.29B.
- Dodge & Cox's ten largest holdings make up 29% of its $158B portfolio in Q4 2023.
- Dodge & Cox opened 7 new positions and closed 2 in Q4 2023.
- Dodge & Cox's portfolio value rose 6.2% quarter-over-quarter to $158B.
Based on Dodge & Cox's 13F filing for Q4 2023, filed 15 Feb 2024.