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 |
Fidelity National Information Services
FIS
|
+$1.16B |
| 2 |
Charter Communications
CHTR
|
+$614M |
| 3 |
Amazon
AMZN
|
+$563M |
| 4 |
Elanco Animal Health
ELAN
|
+$396M |
| 5 |
Sanofi
SNY
|
+$375M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLB Ltd
SLB
|
+$1.08B |
| 2 |
ConocoPhillips
COP
|
+$737M |
| 3 |
T-Mobile US
TMUS
|
+$615M |
| 4 |
Microchip Technology
MCHP
|
+$533M |
| 5 |
Goldman Sachs
GS
|
+$431M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.41% |
| 2 | Healthcare | 19.23% |
| 3 | Technology | 16.26% |
| 4 | Communication Services | 12.06% |
| 5 | Industrials | 10.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
3M
MMM
$89.8B
| $1.11M | ﹤0.01% |
11,032
| – | – |
|
152
Colgate-Palmolive
CL
$72.2B
| $1.1M | ﹤0.01% |
14,000
| – | – |
|
153
Air Products & Chemicals
APD
$68.2B
| $1.01M | ﹤0.01% |
3,275
| – | – |
|
154
Dow Inc
DOW
$22B
| $995K | ﹤0.01% |
19,739
-1,320
| -6% | -$64.5K |
|
155
Altria Group
MO
$114B
| $960K | ﹤0.01% |
21,000
| – | – |
|
156
Parker-Hannifin
PH
$125B
| $947K | ﹤0.01% |
3,256
| – | – |
|
157
General Mills
GIS
$22.2B
| $939K | ﹤0.01% |
11,200
| – | – |
|
158
Nucor
NUE
$56.9B
| $896K | ﹤0.01% |
6,800
-500
| -7% | -$68K |
|
159
Norfolk Southern
NSC
$78.4B
| $875K | ﹤0.01% |
3,550
-1,400
| -28% | -$331K |
|
|
NESR
160
National Energy Services Reunited Corp
NESR
$3.51B
| $838K | ﹤0.01% |
120,701
+6,000
| +5% | +$39.7K |
|
161
Mondelez International
MDLZ
$79B
| $789K | ﹤0.01% |
11,840
| – | – |
|
162
Yum China
YUMC
$15.4B
| $757K | ﹤0.01% |
13,845
+8,100
| +141% | +$412K |
|
163
Trip.com Group
TCOM
$28.4B
| $719K | ﹤0.01% |
+20,900
| New | +$600K |
|
164
Copa Holdings
CPA
$5.3B
| $690K | ﹤0.01% |
8,300
-2,600
| -24% | -$205K |
|
165
PepsiCo
PEP
$192B
| $646K | ﹤0.01% |
3,575
-500
| -12% | -$89.2K |
|
166
Becton Dickinson
BDX
$51.7B
| $580K | ﹤0.01% |
2,280
| – | – |
|
167
Ameriprise Financial
AMP
$49.4B
| $569K | ﹤0.01% |
1,827
| – | – |
|
168
Elevance Health
ELV
$86.3B
| $564K | ﹤0.01% |
1,100
| – | – |
|
169
Blackrock
BLK
$180B
| $531K | ﹤0.01% |
750
| – | – |
|
170
Vipshop
VIPS
$6.43B
| $494K | ﹤0.01% |
36,247
+8,800
| +32% | +$87.4K |
|
171
Moody's
MCO
$88.9B
| $474K | ﹤0.01% |
1,702
| – | – |
|
172
KE Holdings
BEKE
$20.1B
| $426K | ﹤0.01% |
30,500
+8,900
| +41% | +$124K |
|
173
NetApp
NTAP
$36.8B
| $390K | ﹤0.01% |
6,500
-3,400
| -34% | -$225K |
|
174
Lockheed Martin
LMT
$130B
| $377K | ﹤0.01% |
775
| – | – |
|
175
Rio Tinto
RIO
$168B
| $370K | ﹤0.01% |
5,200
| – | – |
|
Similar funds
Dodge & Cox's Q4 2022 Portfolio in Review
As of Q4 2022, Dodge & Cox held 194 positions worth $146B, up 10% from $132B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q4 2022: portfolio turnover was 4.6%. Dodge & Cox opened 3 new positions and exited 6, leaving the 194-position portfolio largely intact.
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 Q4 2022 buy was Trip.com Group: 20,900 shares worth $719K.
- Dodge & Cox added most to Fidelity National Information Services in Q4 2022, an estimated $1.16B increase.
- Dodge & Cox's biggest Q4 2022 reduction was SLB Ltd, cutting an estimated $1.08B.
- Dodge & Cox fully exited Marsh in Q4 2022, selling an estimated $427K.
- Dodge & Cox's ten largest holdings make up 30% of its $146B portfolio in Q4 2022.
- Dodge & Cox opened 3 new positions and closed 6 in Q4 2022.
- Dodge & Cox's portfolio value rose 10% quarter-over-quarter to $146B.
Based on Dodge & Cox's 13F filing for Q4 2022, filed 14 Feb 2023.