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 |
Regeneron Pharmaceuticals
REGN
|
+$1.24B |
| 2 |
Meta Platforms (Facebook)
META
|
+$990M |
| 3 |
GE Aerospace
GE
|
+$981M |
| 4 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$829M |
| 5 |
UBS Group
UBS
|
+$778M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$1.17B |
| 2 |
SLB Ltd
SLB
|
+$1.01B |
| 3 |
HP
HPQ
|
+$975M |
| 4 |
Hess
HES
|
+$906M |
| 5 |
Dell
DELL
|
+$631M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.3% |
| 2 | Healthcare | 17.99% |
| 3 | Technology | 16.88% |
| 4 | Communication Services | 15.05% |
| 5 | Energy | 9.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
151
Dow Inc
DOW
$20.3B
| $1.47M | ﹤0.01% |
23,078
-1,240
| -5% | -$74.8K |
2019 Q2
11 quarters
|
|
152
Norfolk Southern
NSC
$71.7B
| $1.41M | ﹤0.01% |
4,950
| – | – |
2013 Q2
35 quarters
|
|
153
Visa
V
$731B
| $1.14M | ﹤0.01% |
5,150
| – | – |
2014 Q3
30 quarters
|
|
154
Nucor
NUE
$57.1B
| $1.13M | ﹤0.01% |
7,600
-900
| -11% | -$110K |
2013 Q2
35 quarters
|
|
155
Altria Group
MO
$120B
| $1.1M | ﹤0.01% |
21,000
| – | – |
2013 Q2
35 quarters
|
|
156
Colgate-Palmolive
CL
$71.7B
| $1.06M | ﹤0.01% |
14,000
| – | – |
2013 Q2
35 quarters
|
|
157
Genuine Parts
GPC
$17.9B
| $1.01M | ﹤0.01% |
8,025
-400
| -5% | -$51.7K |
2013 Q2
35 quarters
|
|
158
Parker-Hannifin
PH
$121B
| $924K | ﹤0.01% |
3,256
| – | – |
2013 Q2
35 quarters
|
|
159
Air Products & Chemicals
APD
$63.2B
| $818K | ﹤0.01% |
3,275
| – | – |
2013 Q2
35 quarters
|
|
160
PepsiCo
PEP
$173B
| $783K | ﹤0.01% |
4,675
-550
| -11% | -$92.3K |
2013 Q2
35 quarters
|
|
161
General Mills
GIS
$17.5B
| $758K | ﹤0.01% |
11,200
| – | – |
2013 Q2
35 quarters
|
|
162
Mondelez International
MDLZ
$78.9B
| $743K | ﹤0.01% |
11,840
| – | – |
2013 Q2
35 quarters
|
|
163
Becton Dickinson
BDX
$51.5B
| $606K | ﹤0.01% |
2,337
| – | – |
2013 Q2
35 quarters
|
|
164
Moody's
MCO
$81.5B
| $574K | ﹤0.01% |
1,702
-155
| -8% | -$52.1K |
2013 Q2
35 quarters
|
|
165
Blackrock
BLK
$168B
| $573K | ﹤0.01% |
750
| – | – |
2018 Q3
14 quarters
|
|
166
Ameriprise Financial
AMP
$44.2B
| $549K | ﹤0.01% |
1,827
| – | – |
2013 Q2
35 quarters
|
|
167
Elevance Health
ELV
$91.5B
| $540K | ﹤0.01% |
1,100
| – | – |
2013 Q2
35 quarters
|
|
168
Qualcomm
QCOM
$186B
| $535K | ﹤0.01% |
3,500
| – | – |
2014 Q3
30 quarters
|
|
169
Marsh
MRSH
$84.2B
| $487K | ﹤0.01% |
2,860
| – | – |
2014 Q3
30 quarters
|
|
170
Chubb
CB
$133B
| $443K | ﹤0.01% |
2,069
| – | – |
2020 Q4
5 quarters
|
|
171
Rio Tinto
RIO
$153B
| $418K | ﹤0.01% |
5,200
| – | – |
2013 Q2
35 quarters
|
|
|
CTXS
172
DELISTED
Citrix Systems Inc
CTXS
| $388K | ﹤0.01% |
3,850
-500
| -11% | -$50.5K |
2013 Q2
35 quarters
|
|
173
Ball Corp
BALL
$15.7B
| $382K | ﹤0.01% |
4,240
| – | – |
2018 Q3
14 quarters
|
|
174
Zoetis
ZTS
$31.3B
| $368K | ﹤0.01% |
1,950
| – | – |
2020 Q2
7 quarters
|
|
175
Allstate
ALL
$58.8B
| $363K | ﹤0.01% |
2,618
-1,062
| -29% | -$133K |
2013 Q2
35 quarters
|
|
Similar funds
Dodge & Cox's Q1 2022 Portfolio in Review
As of Q1 2022, Dodge & Cox held 203 positions worth $165B, up 1.9% from $161B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q1 2022 filing shows 6 new, 43 increased, 102 reduced and 6 closed positions. Its largest new stake was iShares iBoxx $ Investment Grade Corporate Bond ETF: 6,648,493 shares worth $804M. The largest sale was Bank of America, an estimated $1.17B.
By sector, the portfolio is most concentrated in Financials at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q1 2022 buy was iShares iBoxx $ Investment Grade Corporate Bond ETF: 6,648,493 shares worth $804M.
- Dodge & Cox added most to Regeneron Pharmaceuticals in Q1 2022, an estimated $1.24B increase.
- Dodge & Cox's biggest Q1 2022 reduction was Bank of America, cutting an estimated $1.17B.
- Dodge & Cox fully exited Royal Dutch Shell PLC ADS Class A in Q1 2022, selling an estimated $3.24M.
- Dodge & Cox's ten largest holdings make up 30% of its $165B portfolio in Q1 2022.
- Dodge & Cox opened 6 new positions and closed 6 in Q1 2022.
- Dodge & Cox's portfolio value rose 1.9% quarter-over-quarter to $165B.
Based on Dodge & Cox's 13F filing for Q1 2022, filed 13 May 2022.