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 |
GE Aerospace
GE
|
+$1.44B |
| 2 |
PayPal
PYPL
|
+$664M |
| 3 |
Fidelity National Information Services
FIS
|
+$620M |
| 4 |
Elanco Animal Health
ELAN
|
+$488M |
| 5 |
Charles Schwab
SCHW
|
+$469M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Sanofi
SNY
|
+$797M |
| 2 |
HP
HPQ
|
+$688M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$659M |
| 4 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$548M |
| 5 |
GSK
GSK
|
+$508M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.19% |
| 2 | Healthcare | 18.97% |
| 3 | Technology | 16.22% |
| 4 | Communication Services | 14.67% |
| 5 | Energy | 9.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
151
Dow Inc
DOW
$20.6B
| $1.15M | ﹤0.01% |
22,306
-772
| -3% | -$49.4K |
2019 Q2
12 quarters
|
|
152
Norfolk Southern
NSC
$72.1B
| $1.13M | ﹤0.01% |
4,950
| – | – |
2013 Q2
36 quarters
|
|
153
Colgate-Palmolive
CL
$71.7B
| $1.12M | ﹤0.01% |
14,000
| – | – |
2013 Q2
36 quarters
|
|
154
Genuine Parts
GPC
$18B
| $1M | ﹤0.01% |
7,525
-500
| -6% | -$66.6K |
2013 Q2
36 quarters
|
|
155
Trip.com Group
TCOM
$24.4B
| $947K | ﹤0.01% |
34,500
+23,000
| +200% | +$513K |
2021 Q2
4 quarters
|
|
156
Altria Group
MO
$119B
| $877K | ﹤0.01% |
21,000
| – | – |
2013 Q2
36 quarters
|
|
157
General Mills
GIS
$17B
| $845K | ﹤0.01% |
11,200
| – | – |
2013 Q2
36 quarters
|
|
158
Parker-Hannifin
PH
$120B
| $801K | ﹤0.01% |
3,256
| – | – |
2013 Q2
36 quarters
|
|
159
Air Products & Chemicals
APD
$64.3B
| $788K | ﹤0.01% |
3,275
| – | – |
2013 Q2
36 quarters
|
|
160
Nucor
NUE
$57.6B
| $762K | ﹤0.01% |
7,300
-300
| -4% | -$40.6K |
2013 Q2
36 quarters
|
|
161
PepsiCo
PEP
$173B
| $762K | ﹤0.01% |
4,575
-100
| -2% | -$16.8K |
2013 Q2
36 quarters
|
|
162
Mondelez International
MDLZ
$78.5B
| $735K | ﹤0.01% |
11,840
| – | – |
2013 Q2
36 quarters
|
|
163
NetApp
NTAP
$46.9B
| $692K | ﹤0.01% |
10,600
-10,500
| -50% | -$755K |
2013 Q2
36 quarters
|
|
164
KE Holdings
BEKE
$19.3B
| $670K | ﹤0.01% |
+37,300
| New | +$525K |
2022 Q2
0 quarters
|
|
165
CarMax
KMX
$7.21B
| $665K | ﹤0.01% |
7,350
+3,600
| +96% | +$339K |
2013 Q2
36 quarters
|
|
166
Yum China
YUMC
$14.6B
| $650K | ﹤0.01% |
13,400
+7,400
| +123% | +$312K |
2021 Q2
4 quarters
|
|
167
Becton Dickinson
BDX
$51B
| $562K | ﹤0.01% |
2,280
-57
| -2% | -$14.5K |
2013 Q2
36 quarters
|
|
168
SS&C Technologies
SSNC
$19.1B
| $557K | ﹤0.01% |
+9,600
| New | +$617K |
2022 Q2
0 quarters
|
|
169
Elevance Health
ELV
$92.2B
| $531K | ﹤0.01% |
1,100
| – | – |
2013 Q2
36 quarters
|
|
170
Gartner
IT
$12.4B
| $484K | ﹤0.01% |
+2,000
| New | +$532K |
2022 Q2
0 quarters
|
|
171
Annaly Capital Management
NLY
$13.7B
| $467K | ﹤0.01% |
+19,750
| New | +$512K |
2022 Q2
0 quarters
|
|
172
Moody's
MCO
$80.4B
| $463K | ﹤0.01% |
1,702
| – | – |
2013 Q2
36 quarters
|
|
173
Oaktree Specialty Lending
OCSL
$1.02B
| $458K | ﹤0.01% |
+23,333
| New | +$491K |
2022 Q2
0 quarters
|
|
174
Blackrock
BLK
$165B
| $457K | ﹤0.01% |
750
| – | – |
2018 Q3
15 quarters
|
|
175
Qualcomm
QCOM
$189B
| $447K | ﹤0.01% |
3,500
| – | – |
2014 Q3
31 quarters
|
|
Similar funds
Dodge & Cox's Q2 2022 Portfolio in Review
As of Q2 2022, Dodge & Cox held 219 positions worth $144B, down 12% from $165B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2022 filing shows 22 new, 48 increased, 96 reduced and 8 closed positions. Its largest new stake was Fidelity National Information Services: 6,245,114 shares worth $572M. The largest sale was Sanofi, an estimated $797M.
By sector, the portfolio is most concentrated in Financials at 22% of assets, down from 23% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q2 2022 buy was Fidelity National Information Services: 6,245,114 shares worth $572M.
- Dodge & Cox added most to GE Aerospace in Q2 2022, an estimated $1.44B increase.
- Dodge & Cox's biggest Q2 2022 reduction was Sanofi, cutting an estimated $797M.
- Dodge & Cox fully exited iShares Russell 1000 Value ETF in Q2 2022, selling an estimated $8.35M.
- Dodge & Cox's ten largest holdings make up 30% of its $144B portfolio in Q2 2022.
- Dodge & Cox opened 22 new positions and closed 8 in Q2 2022.
- Dodge & Cox's portfolio value fell 12% quarter-over-quarter to $144B.
Based on Dodge & Cox's 13F filing for Q2 2022, filed 12 Aug 2022.