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 HealthCare
GEHC
|
+$1.13B |
| 2 |
Dominion Energy
D
|
+$868M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$324M |
| 4 |
Amazon
AMZN
|
+$319M |
| 5 |
Medtronic
MDT
|
+$252M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$1.09B |
| 2 |
Meta Platforms (Facebook)
META
|
+$754M |
| 3 |
American Express
AXP
|
+$623M |
| 4 |
PayPal
PYPL
|
+$575M |
| 5 |
Baidu
BIDU
|
+$452M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 19.93% |
| 2 | Healthcare | 19.3% |
| 3 | Technology | 17.15% |
| 4 | Communication Services | 13.11% |
| 5 | Industrials | 10.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
P
151
Everpure Inc
P
$33B
| $1.28M | ﹤0.01% |
+50,000
| New | +$1.35M |
|
152
Unilever
UL
$139B
| $1.26M | ﹤0.01% |
21,574
-622
| -3% | -$35.3K |
|
153
US Bancorp
USB
$97.2B
| $1.23M | ﹤0.01% |
34,200
-6,200
| -15% | -$276K |
|
154
eBay
EBAY
$45.5B
| $1.14M | ﹤0.01% |
25,610
-4,500
| -15% | -$206K |
|
155
Parker-Hannifin
PH
$127B
| $1.09M | ﹤0.01% |
3,256
| – | – |
|
156
Dow Inc
DOW
$21.9B
| $1.05M | ﹤0.01% |
19,206
-533
| -3% | -$30K |
|
157
Colgate-Palmolive
CL
$72.5B
| $1.05M | ﹤0.01% |
14,000
| – | – |
|
158
Nucor
NUE
$57.3B
| $1.05M | ﹤0.01% |
6,800
| – | – |
|
159
3M
MMM
$92.2B
| $970K | ﹤0.01% |
11,032
| – | – |
|
160
Mondelez International
MDLZ
$79.7B
| $965K | ﹤0.01% |
13,840
+2,000
| +17% | +$132K |
|
161
General Mills
GIS
$21.6B
| $957K | ﹤0.01% |
11,200
| – | – |
|
162
Altria Group
MO
$113B
| $937K | ﹤0.01% |
21,000
| – | – |
|
163
Genuine Parts
GPC
$18.8B
| $874K | ﹤0.01% |
5,225
-2,000
| -28% | -$337K |
|
164
Air Products & Chemicals
APD
$68B
| $862K | ﹤0.01% |
3,000
-275
| -8% | -$80.3K |
|
165
Yum China
YUMC
$15.3B
| $822K | ﹤0.01% |
12,962
-883
| -6% | -$53.3K |
|
166
Trip.com Group
TCOM
$28.1B
| $787K | ﹤0.01% |
20,900
| – | – |
|
167
Copa Holdings
CPA
$5.36B
| $767K | ﹤0.01% |
8,300
| – | – |
|
168
iShares Russell 1000 Value ETF
IWD
$84B
| $761K | ﹤0.01% |
+5,000
| New | +$772K |
|
169
Norfolk Southern
NSC
$78.1B
| $753K | ﹤0.01% |
3,550
| – | – |
|
|
SMAR
170
DELISTED
Smartsheet Inc.
SMAR
| $718K | ﹤0.01% |
+15,024
| New | +$654K |
|
171
Vipshop
VIPS
$6.4B
| $676K | ﹤0.01% |
44,547
+8,300
| +23% | +$123K |
|
|
NESR
172
National Energy Services Reunited Corp
NESR
$3.53B
| $635K | ﹤0.01% |
120,701
| – | – |
|
173
Alpha and Omega Semiconductor
AOSL
$794M
| $615K | ﹤0.01% |
+22,814
| New | +$662K |
|
174
KE Holdings
BEKE
$19.6B
| $603K | ﹤0.01% |
32,000
+1,500
| +5% | +$27.8K |
|
175
Yext
YEXT
$678M
| $594K | ﹤0.01% |
+61,840
| New | +$476K |
|
Similar funds
Dodge & Cox's Q1 2023 Portfolio in Review
As of Q1 2023, Dodge & Cox held 205 positions worth $147B, up 0.64% from $146B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Dodge & Cox's Q1 2023 filing shows 17 new, 44 increased, 108 reduced and 2 closed positions. Its largest new stake was GE HealthCare: 15,810,644 shares worth $1.3B. The largest sale was GE Aerospace, an estimated $1.09B.
By sector, the portfolio is most concentrated in Financials at 20% of assets, down from 23% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q1 2023 buy was GE HealthCare: 15,810,644 shares worth $1.3B.
- Dodge & Cox added most to Alphabet (Google) Class A in Q1 2023, an estimated $324M increase.
- Dodge & Cox's biggest Q1 2023 reduction was GE Aerospace, cutting an estimated $1.09B.
- Dodge & Cox fully exited Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share in Q1 2023, selling an estimated $211M.
- Dodge & Cox's ten largest holdings make up 29% of its $147B portfolio in Q1 2023.
- Dodge & Cox opened 17 new positions and closed 2 in Q1 2023.
- Dodge & Cox's portfolio value rose 0.64% quarter-over-quarter to $147B.
Based on Dodge & Cox's 13F filing for Q1 2023, filed 12 May 2023.