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 |
Norfolk Southern
NSC
|
+$914M |
| 2 |
Truist Financial
TFC
|
+$310M |
| 3 |
Baker Hughes
BKR
|
+$286M |
| 4 |
CVS Health
CVS
|
+$243M |
| 5 |
Alibaba
BABA
|
+$172M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$1.03B |
| 2 |
Meta Platforms (Facebook)
META
|
+$658M |
| 3 |
Molson Coors Class B
TAP
|
+$616M |
| 4 |
FedEx
FDX
|
+$465M |
| 5 |
Novartis
NVS
|
+$391M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.67% |
| 2 | Healthcare | 18.6% |
| 3 | Technology | 17.71% |
| 4 | Communication Services | 12.88% |
| 5 | Industrials | 10.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Nucor
NUE
$57.3B
| $1.12M | ﹤0.01% |
6,800
| – | – |
|
152
Parker-Hannifin
PH
$127B
| $1.11M | ﹤0.01% |
2,850
-406
| -12% | -$137K |
|
153
Colgate-Palmolive
CL
$72.5B
| $1.08M | ﹤0.01% |
14,000
| – | – |
|
154
US Bancorp
USB
$97.2B
| $1.03M | ﹤0.01% |
31,300
-2,900
| -8% | -$93.7K |
|
155
Alpha and Omega Semiconductor
AOSL
$794M
| $1.02M | ﹤0.01% |
31,214
+8,400
| +37% | +$226K |
|
156
Dow Inc
DOW
$21.9B
| $1.01M | ﹤0.01% |
19,015
-191
| -1% | -$10.2K |
|
157
Altria Group
MO
$113B
| $951K | ﹤0.01% |
21,000
| – | – |
|
158
3M
MMM
$92.2B
| $923K | ﹤0.01% |
11,032
| – | – |
|
159
Air Products & Chemicals
APD
$68B
| $899K | ﹤0.01% |
3,000
| – | – |
|
160
Genuine Parts
GPC
$18.8B
| $876K | ﹤0.01% |
5,175
-50
| -1% | -$8.18K |
|
161
Mondelez International
MDLZ
$79.7B
| $864K | ﹤0.01% |
11,840
-2,000
| -14% | -$148K |
|
162
General Mills
GIS
$21.6B
| $859K | ﹤0.01% |
11,200
| – | – |
|
163
Trip.com Group
TCOM
$28.1B
| $837K | ﹤0.01% |
23,900
+3,000
| +14% | +$104K |
|
164
Copa Holdings
CPA
$5.36B
| $813K | ﹤0.01% |
7,350
-950
| -11% | -$95.2K |
|
165
Yum China
YUMC
$15.3B
| $766K | ﹤0.01% |
13,562
+600
| +5% | +$36.2K |
|
166
Vipshop
VIPS
$6.4B
| $748K | ﹤0.01% |
45,347
+800
| +2% | +$12.5K |
|
167
GeoPark
GPRK
$639M
| $720K | ﹤0.01% |
72,614
+40,000
| +123% | +$421K |
|
168
Ameriprise Financial
AMP
$49.1B
| $607K | ﹤0.01% |
1,827
| – | – |
|
169
Moody's
MCO
$88.2B
| $592K | ﹤0.01% |
1,702
| – | – |
|
170
PepsiCo
PEP
$191B
| $570K | ﹤0.01% |
3,075
| – | – |
|
|
JOYY
171
JOYY Inc
JOYY
$3.66B
| $556K | ﹤0.01% |
18,108
+2,100
| +13% | +$61.5K |
|
172
Blackrock
BLK
$181B
| $518K | ﹤0.01% |
750
| – | – |
|
173
Elevance Health
ELV
$86.6B
| $489K | ﹤0.01% |
1,100
| – | – |
|
174
KE Holdings
BEKE
$19.6B
| $475K | ﹤0.01% |
32,000
| – | – |
|
175
Afya
AFYA
$1.27B
| $383K | ﹤0.01% |
27,283
+2,750
| +11% | +$33.7K |
|
Similar funds
Dodge & Cox's Q2 2023 Portfolio in Review
As of Q2 2023, Dodge & Cox held 204 positions worth $150B, up 2.1% from $147B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2023 filing shows 1 new, 33 increased, 111 reduced and 13 closed positions. Its largest new stake was CarMax: 2,550 shares worth $213K. The largest sale was GE Aerospace, an estimated $1.03B.
By sector, the portfolio is most concentrated in Financials at 21% of assets, up from 20% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q2 2023 buy was CarMax: 2,550 shares worth $213K.
- Dodge & Cox added most to Norfolk Southern in Q2 2023, an estimated $914M increase.
- Dodge & Cox's biggest Q2 2023 reduction was GE Aerospace, cutting an estimated $1.03B.
- Dodge & Cox fully exited NVIDIA in Q2 2023, selling an estimated $33M.
- Dodge & Cox's ten largest holdings make up 30% of its $150B portfolio in Q2 2023.
- Dodge & Cox opened 1 new position and closed 13 in Q2 2023.
- Dodge & Cox's portfolio value rose 2.1% quarter-over-quarter to $150B.
Based on Dodge & Cox's 13F filing for Q2 2023, filed 14 Aug 2023.