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 |
Amazon
AMZN
|
+$1.18B |
| 2 |
LyondellBasell Industries
LYB
|
+$1B |
| 3 |
GE Aerospace
GE
|
+$573M |
| 4 |
Haleon
HLN
|
+$475M |
| 5 |
Fidelity National Information Services
FIS
|
+$335M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$1.28B |
| 2 |
Hewlett Packard
HPE
|
+$532M |
| 3 |
Williams Companies
WMB
|
+$419M |
| 4 |
Cognizant
CTSH
|
+$226M |
| 5 |
Occidental Petroleum
OXY
|
+$220M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.04% |
| 2 | Healthcare | 17.77% |
| 3 | Technology | 16.15% |
| 4 | Communication Services | 12.92% |
| 5 | Energy | 10.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
151
Norfolk Southern
NSC
$72.1B
| $1.04M | ﹤0.01% |
4,950
| – | – |
2013 Q2
37 quarters
|
|
152
3M
MMM
$83.9B
| $1.02M | ﹤0.01% |
11,032
-1,030
| -9% | -$113K |
2013 Q2
37 quarters
|
|
153
Colgate-Palmolive
CL
$71.7B
| $984K | ﹤0.01% |
14,000
| – | – |
2013 Q2
37 quarters
|
|
154
Dow Inc
DOW
$20.6B
| $925K | ﹤0.01% |
21,059
-1,247
| -6% | -$63.2K |
2019 Q2
13 quarters
|
|
155
Visa
V
$744B
| $915K | ﹤0.01% |
5,150
-2,500
| -33% | -$509K |
2014 Q3
32 quarters
|
|
156
General Mills
GIS
$17B
| $858K | ﹤0.01% |
11,200
| – | – |
2013 Q2
37 quarters
|
|
157
Altria Group
MO
$119B
| $848K | ﹤0.01% |
21,000
| – | – |
2013 Q2
37 quarters
|
|
158
Parker-Hannifin
PH
$120B
| $789K | ﹤0.01% |
3,256
| – | – |
2013 Q2
37 quarters
|
|
159
Nucor
NUE
$57.6B
| $781K | ﹤0.01% |
7,300
| – | – |
2013 Q2
37 quarters
|
|
160
Air Products & Chemicals
APD
$64.3B
| $762K | ﹤0.01% |
3,275
| – | – |
2013 Q2
37 quarters
|
|
161
Copa Holdings
CPA
$5.51B
| $730K | ﹤0.01% |
+10,900
| New | +$759K |
2022 Q3
0 quarters
|
|
162
National Energy Services Reunited Corp
NESR
$2.12B
| $681K | ﹤0.01% |
114,701
+70,000
| +157% | +$470K |
2021 Q2
5 quarters
|
|
163
PepsiCo
PEP
$173B
| $665K | ﹤0.01% |
4,075
-500
| -11% | -$86.2K |
2013 Q2
37 quarters
|
|
164
Mondelez International
MDLZ
$78.5B
| $649K | ﹤0.01% |
11,840
| – | – |
2013 Q2
37 quarters
|
|
165
NetApp
NTAP
$46.9B
| $612K | ﹤0.01% |
9,900
-700
| -7% | -$48.7K |
2013 Q2
37 quarters
|
|
166
Becton Dickinson
BDX
$51B
| $508K | ﹤0.01% |
2,280
| – | – |
2013 Q2
37 quarters
|
|
167
Elevance Health
ELV
$92.2B
| $500K | ﹤0.01% |
1,100
| – | – |
2013 Q2
37 quarters
|
|
168
Ameriprise Financial
AMP
$43.6B
| $460K | ﹤0.01% |
1,827
| – | – |
2013 Q2
37 quarters
|
|
169
Marsh
MRSH
$84.5B
| $427K | ﹤0.01% |
2,860
| – | – |
2014 Q3
32 quarters
|
|
170
Moody's
MCO
$80.4B
| $414K | ﹤0.01% |
1,702
| – | – |
2013 Q2
37 quarters
|
|
171
Blackrock
BLK
$165B
| $413K | ﹤0.01% |
750
| – | – |
2018 Q3
16 quarters
|
|
|
CTXS
172
DELISTED
Citrix Systems Inc
CTXS
| $400K | ﹤0.01% |
3,850
| – | – |
2013 Q2
37 quarters
|
|
173
Qualcomm
QCOM
$189B
| $395K | ﹤0.01% |
3,500
| – | – |
2014 Q3
32 quarters
|
|
174
KE Holdings
BEKE
$19.3B
| $378K | ﹤0.01% |
21,600
-15,700
| -42% | -$254K |
2022 Q2
1 quarter
|
|
175
Chubb
CB
$134B
| $376K | ﹤0.01% |
2,069
| – | – |
2020 Q4
7 quarters
|
|
Similar funds
Dodge & Cox's Q3 2022 Portfolio in Review
As of Q3 2022, Dodge & Cox held 215 positions worth $132B, down 8.6% from $144B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q3 2022 filing shows 4 new, 31 increased, 110 reduced and 24 closed positions. Its largest new stake was Haleon: 73,365,572 shares worth $447M. The largest sale was Cigna, an estimated $1.28B.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 22% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2022 buy was Haleon: 73,365,572 shares worth $447M.
- Dodge & Cox added most to Amazon in Q3 2022, an estimated $1.18B increase.
- Dodge & Cox's biggest Q3 2022 reduction was Cigna, cutting an estimated $1.28B.
- Dodge & Cox fully exited iShares iBoxx $ Investment Grade Corporate Bond ETF in Q3 2022, selling an estimated $198M.
- Dodge & Cox's ten largest holdings make up 30% of its $132B portfolio in Q3 2022.
- Dodge & Cox opened 4 new positions and closed 24 in Q3 2022.
- Dodge & Cox's portfolio value fell 8.6% quarter-over-quarter to $132B.
Based on Dodge & Cox's 13F filing for Q3 2022, filed 10 Nov 2022.