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 |
VMW
VMware, Inc
VMW
|
+$2.25B |
| 2 |
FISV
Fiserv Inc
FISV
|
+$1.02B |
| 3 |
Meta Platforms (Facebook)
META
|
+$973M |
| 4 |
AB InBev
BUD
|
+$875M |
| 5 |
FedEx
FDX
|
+$727M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dell
DELL
|
+$2.21B |
| 2 |
Microsoft
MSFT
|
+$716M |
| 3 |
American Express
AXP
|
+$597M |
| 4 |
APA Corp
APA
|
+$401M |
| 5 |
Wells Fargo
WFC
|
+$304M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.36% |
| 2 | Technology | 18.85% |
| 3 | Healthcare | 17.34% |
| 4 | Communication Services | 14.97% |
| 5 | Industrials | 8.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Parker-Hannifin
PH
$127B
| $1.04M | ﹤0.01% |
3,256
| – | – |
|
152
Air Products & Chemicals
APD
$68B
| $996K | ﹤0.01% |
3,275
| – | – |
|
153
Altria Group
MO
$113B
| $995K | ﹤0.01% |
21,000
| – | – |
|
154
Nucor
NUE
$57.3B
| $970K | ﹤0.01% |
8,500
| – | – |
|
155
PepsiCo
PEP
$191B
| $908K | ﹤0.01% |
5,225
-150
| -3% | -$24.5K |
|
156
Mondelez International
MDLZ
$79.7B
| $785K | ﹤0.01% |
11,840
| – | – |
|
157
General Mills
GIS
$21.6B
| $755K | ﹤0.01% |
11,200
| – | – |
|
158
Moody's
MCO
$88.2B
| $725K | ﹤0.01% |
1,857
| – | – |
|
159
Blackrock
BLK
$181B
| $687K | ﹤0.01% |
750
| – | – |
|
160
Trip.com Group
TCOM
$28.1B
| $675K | ﹤0.01% |
27,400
+15,600
| +132% | +$442K |
|
161
Qualcomm
QCOM
$176B
| $640K | ﹤0.01% |
3,500
| – | – |
|
|
NOAH
162
Noah Holdings
NOAH
$582M
| $617K | ﹤0.01% |
20,100
+1,500
| +8% | +$56.5K |
|
163
Yum China
YUMC
$15.3B
| $608K | ﹤0.01% |
12,200
+300
| +3% | +$16.3K |
|
164
Vipshop
VIPS
$6.4B
| $606K | ﹤0.01% |
72,147
+55,697
| +339% | +$583K |
|
|
NESR
165
National Energy Services Reunited Corp
NESR
$3.53B
| $602K | ﹤0.01% |
63,700
| – | – |
|
166
Becton Dickinson
BDX
$51.2B
| $573K | ﹤0.01% |
2,337
-2,153
| -48% | -$516K |
|
167
Ameriprise Financial
AMP
$49.1B
| $551K | ﹤0.01% |
1,827
| – | – |
|
168
Ericsson
ERIC
$33B
| $530K | ﹤0.01% |
48,800
-35,200
| -42% | -$385K |
|
169
CarMax
KMX
$8.89B
| $527K | ﹤0.01% |
4,050
| – | – |
|
170
Elevance Health
ELV
$86.6B
| $510K | ﹤0.01% |
1,100
| – | – |
|
|
MRSH
171
Marsh
MRSH
$90.7B
| $497K | ﹤0.01% |
2,860
| – | – |
|
172
Zoetis
ZTS
$31B
| $476K | ﹤0.01% |
1,950
| – | – |
|
173
Allstate
ALL
$65.1B
| $433K | ﹤0.01% |
3,680
| – | – |
|
|
CTXS
174
DELISTED
Citrix Systems Inc
CTXS
| $411K | ﹤0.01% |
4,350
-400
| -8% | -$36.5K |
|
175
Ball Corp
BALL
$16.8B
| $408K | ﹤0.01% |
4,240
-30
| -0.7% | -$2.77K |
|
Similar funds
Dodge & Cox's Q4 2021 Portfolio in Review
As of Q4 2021, Dodge & Cox held 199 positions worth $161B, up 5.2% from $154B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q4 2021: portfolio turnover was 4%. Dodge & Cox opened 6 new positions and exited 2, leaving the 199-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q4 2021 buy was AB InBev: 15,040,157 shares worth $911M.
- Dodge & Cox added most to VMware, Inc in Q4 2021, an estimated $2.25B increase.
- Dodge & Cox's biggest Q4 2021 reduction was Dell, cutting an estimated $2.21B.
- Dodge & Cox fully exited America Movil in Q4 2021, selling an estimated $2.87M.
- Dodge & Cox's ten largest holdings make up 31% of its $161B portfolio in Q4 2021.
- Dodge & Cox opened 6 new positions and closed 2 in Q4 2021.
- Dodge & Cox's portfolio value rose 5.2% quarter-over-quarter to $161B.
Based on Dodge & Cox's 13F filing for Q4 2021, filed 14 Feb 2022.