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 |
CVS Health
CVS
|
+$758M |
| 2 |
Bank of America
BAC
|
+$722M |
| 3 |
Truist Financial
TFC
|
+$697M |
| 4 |
VF Corp
VFC
|
+$611M |
| 5 |
Fidelity National Information Services
FIS
|
+$512M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VMW
VMware, Inc
VMW
|
+$1.01B |
| 2 |
Capital One
COF
|
+$675M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$635M |
| 4 |
Cisco
CSCO
|
+$610M |
| 5 |
UBS Group
UBS
|
+$431M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.65% |
| 2 | Healthcare | 19.58% |
| 3 | Technology | 15.74% |
| 4 | Communication Services | 12.93% |
| 5 | Industrials | 9.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
151
Unilever
UL
$135B
| $1.18M | ﹤0.01% |
21,244
| – | – |
2013 Q2
41 quarters
|
|
152
Parker-Hannifin
PH
$120B
| $1.11M | ﹤0.01% |
2,850
| – | – |
2013 Q2
41 quarters
|
|
153
Alpha and Omega Semiconductor
AOSL
$784M
| $1.07M | ﹤0.01% |
35,714
+4,500
| +14% | +$140K |
2023 Q1
2 quarters
|
|
154
Nucor
NUE
$57.6B
| $1.06M | ﹤0.01% |
6,800
| – | – |
2013 Q2
41 quarters
|
|
155
eBay
EBAY
$51.8B
| $1.03M | ﹤0.01% |
23,410
-1,700
| -7% | -$75.8K |
2013 Q2
41 quarters
|
|
156
Colgate-Palmolive
CL
$71.7B
| $996K | ﹤0.01% |
14,000
| – | – |
2013 Q2
41 quarters
|
|
157
Dow Inc
DOW
$20.6B
| $955K | ﹤0.01% |
18,524
-491
| -3% | -$26.4K |
2019 Q2
17 quarters
|
|
158
JOYY Inc
JOYY
$4.04B
| $942K | ﹤0.01% |
24,710
+6,602
| +36% | +$229K |
2023 Q1
2 quarters
|
|
159
Altria Group
MO
$119B
| $883K | ﹤0.01% |
21,000
| – | – |
2013 Q2
41 quarters
|
|
160
US Bancorp
USB
$88.6B
| $883K | ﹤0.01% |
26,700
-4,600
| -15% | -$168K |
2013 Q2
41 quarters
|
|
161
PayPal
PYPL
$48.1B
| $880K | ﹤0.01% |
15,050
-2,250
| -13% | -$147K |
2015 Q3
32 quarters
|
|
162
3M
MMM
$83.9B
| $864K | ﹤0.01% |
11,032
| – | – |
2013 Q2
41 quarters
|
|
163
Vipshop
VIPS
$6.12B
| $853K | ﹤0.01% |
53,297
+7,950
| +18% | +$129K |
2021 Q3
8 quarters
|
|
164
Air Products & Chemicals
APD
$64.3B
| $850K | ﹤0.01% |
3,000
| – | – |
2013 Q2
41 quarters
|
|
165
Trip.com Group
TCOM
$24.4B
| $836K | ﹤0.01% |
23,900
| – | – |
2022 Q4
3 quarters
|
|
166
Mondelez International
MDLZ
$78.5B
| $822K | ﹤0.01% |
11,840
| – | – |
2013 Q2
41 quarters
|
|
167
GeoPark
GPRK
$768M
| $788K | ﹤0.01% |
76,614
+4,000
| +6% | +$39K |
2022 Q3
4 quarters
|
|
168
Yum China
YUMC
$14.5B
| $739K | ﹤0.01% |
13,262
-300
| -2% | -$16.8K |
2021 Q2
9 quarters
|
|
169
General Mills
GIS
$17B
| $717K | ﹤0.01% |
11,200
| – | – |
2013 Q2
41 quarters
|
|
170
Genuine Parts
GPC
$18B
| $697K | ﹤0.01% |
4,825
-350
| -7% | -$54.4K |
2013 Q2
41 quarters
|
|
171
Copa Holdings
CPA
$5.51B
| $655K | ﹤0.01% |
7,350
| – | – |
2022 Q3
4 quarters
|
|
172
Ameriprise Financial
AMP
$43.6B
| $602K | ﹤0.01% |
1,827
| – | – |
2013 Q2
41 quarters
|
|
173
KE Holdings
BEKE
$19.3B
| $564K | ﹤0.01% |
36,340
+4,340
| +14% | +$69K |
2022 Q2
5 quarters
|
|
174
Moody's
MCO
$80.4B
| $538K | ﹤0.01% |
1,702
| – | – |
2013 Q2
41 quarters
|
|
175
PepsiCo
PEP
$173B
| $521K | ﹤0.01% |
3,075
| – | – |
2013 Q2
41 quarters
|
|
Similar funds
Dodge & Cox's Q3 2023 Portfolio in Review
As of Q3 2023, Dodge & Cox held 195 positions worth $148B, down 0.97% from $150B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q3 2023: portfolio turnover was 3.6%. Dodge & Cox opened 4 new positions and exited 3, leaving the 195-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 21% of assets, down from 21% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2023 buy was VF Corp: 32,115,750 shares worth $567M.
- Dodge & Cox added most to CVS Health in Q3 2023, an estimated $758M increase.
- Dodge & Cox's biggest Q3 2023 reduction was VMware, Inc, cutting an estimated $1.01B.
- Dodge & Cox fully exited iShares Russell 1000 Value ETF in Q3 2023, selling an estimated $2.53M.
- Dodge & Cox's ten largest holdings make up 29% of its $148B portfolio in Q3 2023.
- Dodge & Cox opened 4 new positions and closed 3 in Q3 2023.
- Dodge & Cox's portfolio value fell 0.97% quarter-over-quarter to $148B.
Based on Dodge & Cox's 13F filing for Q3 2023, filed 14 Nov 2023.