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 |
Sanofi
SNY
|
+$1.21B |
| 2 |
Cigna
CI
|
+$734M |
| 3 |
Gilead Sciences
GILD
|
+$583M |
| 4 |
Novartis
NVS
|
+$433M |
| 5 |
Teck Resources
TECK
|
+$336M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Johnson Controls International
JCI
|
+$266M |
| 2 |
HP
HPQ
|
+$189M |
| 3 |
Capital One
COF
|
+$181M |
| 4 |
Wells Fargo
WFC
|
+$178M |
| 5 |
APA Corp
APA
|
+$163M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.43% |
| 2 | Technology | 17.73% |
| 3 | Healthcare | 16.49% |
| 4 | Communication Services | 15.93% |
| 5 | Energy | 8.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
151
Parker-Hannifin
PH
$122B
| $910K | ﹤0.01% |
3,256
| – | – |
2013 Q2
33 quarters
|
|
152
Air Products & Chemicals
APD
$63.5B
| $839K | ﹤0.01% |
3,275
| – | – |
2013 Q2
33 quarters
|
|
153
Nucor
NUE
$57.6B
| $837K | ﹤0.01% |
8,500
| – | – |
2013 Q2
33 quarters
|
|
154
PepsiCo
PEP
$173B
| $808K | ﹤0.01% |
5,375
| – | – |
2013 Q2
33 quarters
|
|
155
National Energy Services Reunited Corp
NESR
$2.19B
| $798K | ﹤0.01% |
63,700
+11,100
| +21% | +$135K |
2021 Q2
1 quarter
|
|
156
Yum China
YUMC
$14.4B
| $692K | ﹤0.01% |
11,900
+7,900
| +198% | +$486K |
2021 Q2
1 quarter
|
|
157
Noah Holdings
NOAH
$516M
| $691K | ﹤0.01% |
18,600
+2,800
| +18% | +$111K |
2021 Q2
1 quarter
|
|
158
Mondelez International
MDLZ
$78.4B
| $689K | ﹤0.01% |
11,840
| – | – |
2013 Q2
33 quarters
|
|
159
General Mills
GIS
$17.4B
| $670K | ﹤0.01% |
11,200
| – | – |
2013 Q2
33 quarters
|
|
160
Moody's
MCO
$81.5B
| $659K | ﹤0.01% |
1,857
| – | – |
2013 Q2
33 quarters
|
|
161
Blackrock
BLK
$168B
| $629K | ﹤0.01% |
750
| – | – |
2018 Q3
12 quarters
|
|
162
NetEase
NTES
$80.6B
| $615K | ﹤0.01% |
7,200
+4,000
| +125% | +$378K |
2021 Q2
1 quarter
|
|
163
Organon & Co
OGN
$3.62B
| $581K | ﹤0.01% |
17,713
-4,985
| -22% | -$160K |
2021 Q2
1 quarter
|
|
164
CarMax
KMX
$7.35B
| $518K | ﹤0.01% |
4,050
| – | – |
2013 Q2
33 quarters
|
|
|
CTXS
165
DELISTED
Citrix Systems Inc
CTXS
| $510K | ﹤0.01% |
4,750
-200
| -4% | -$21.6K |
2013 Q2
33 quarters
|
|
166
Ameriprise Financial
AMP
$44.4B
| $483K | ﹤0.01% |
1,827
| – | – |
2013 Q2
33 quarters
|
|
167
Sea Limited
SE
$59.1B
| $478K | ﹤0.01% |
1,500
| – | – |
2020 Q2
5 quarters
|
|
168
Allstate
ALL
$59B
| $469K | ﹤0.01% |
3,680
| – | – |
2013 Q2
33 quarters
|
|
169
Qualcomm
QCOM
$186B
| $451K | ﹤0.01% |
3,500
| – | – |
2014 Q3
28 quarters
|
|
170
Marsh
MRSH
$84.1B
| $433K | ﹤0.01% |
2,860
| – | – |
2014 Q3
28 quarters
|
|
171
Elevance Health
ELV
$91.2B
| $410K | ﹤0.01% |
1,100
| – | – |
2013 Q2
33 quarters
|
|
172
Duke Energy
DUK
$91.7B
| $407K | ﹤0.01% |
4,166
| – | – |
2013 Q2
33 quarters
|
|
173
Ball Corp
BALL
$15.7B
| $384K | ﹤0.01% |
4,270
-1,000
| -19% | -$88.7K |
2018 Q3
12 quarters
|
|
174
Zoetis
ZTS
$31B
| $379K | ﹤0.01% |
1,950
| – | – |
2020 Q2
5 quarters
|
|
175
Trip.com Group
TCOM
$24.3B
| $363K | ﹤0.01% |
11,800
+2,800
| +31% | +$80.5K |
2021 Q2
1 quarter
|
|
Similar funds
Dodge & Cox's Q3 2021 Portfolio in Review
As of Q3 2021, Dodge & Cox held 195 positions worth $154B, up 0.42% from $153B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q3 2021: portfolio turnover was 3.6%. Dodge & Cox opened 5 new positions and exited 2, leaving the 195-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q3 2021 buy was Elanco Animal Health: 3,639,124 shares worth $116M.
- Dodge & Cox added most to Sanofi in Q3 2021, an estimated $1.21B increase.
- Dodge & Cox's biggest Q3 2021 reduction was Johnson Controls International, cutting an estimated $266M.
- Dodge & Cox fully exited Maxim Integrated Products in Q3 2021, selling an estimated $8.29M.
- Dodge & Cox's ten largest holdings make up 32% of its $154B portfolio in Q3 2021.
- Dodge & Cox opened 5 new positions and closed 2 in Q3 2021.
- Dodge & Cox's portfolio value rose 0.42% quarter-over-quarter to $154B.
Based on Dodge & Cox's 13F filing for Q3 2021, filed 15 Nov 2021.