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 |
International Flavors & Fragrances
IFF
|
+$1.12B |
| 2 |
Avantor
AVTR
|
+$981M |
| 3 |
RTX Corp
RTX
|
+$764M |
| 4 |
Zimmer Biomet
ZBH
|
+$742M |
| 5 |
Baxter International
BAX
|
+$620M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VMW
VMware, Inc
VMW
|
+$3.29B |
| 2 |
UBS Group
UBS
|
+$1.17B |
| 3 |
Dell
DELL
|
+$758M |
| 4 |
GE Aerospace
GE
|
+$634M |
| 5 |
Occidental Petroleum
OXY
|
+$577M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.64% |
| 2 | Healthcare | 20.84% |
| 3 | Technology | 13.51% |
| 4 | Communication Services | 11.87% |
| 5 | Industrials | 10.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
DuPont de Nemours
DD
$18.7B
| $1.37M | ﹤0.01% |
14,151
-641
| -4% | -$58.3K |
|
152
Parker-Hannifin
PH
$127B
| $1.31M | ﹤0.01% |
2,850
| – | – |
|
153
Corteva
CTVA
$55B
| $1.28M | ﹤0.01% |
26,755
-58
| -0.2% | -$2.77K |
|
|
JOYY
154
JOYY Inc
JOYY
$3.66B
| $1.26M | ﹤0.01% |
31,710
+7,000
| +28% | +$278K |
|
155
Nucor
NUE
$57.3B
| $1.18M | ﹤0.01% |
6,800
| – | – |
|
156
Vipshop
VIPS
$6.4B
| $1.18M | ﹤0.01% |
66,197
+12,900
| +24% | +$201K |
|
157
Unilever
UL
$139B
| $1.16M | ﹤0.01% |
21,244
| – | – |
|
158
US Bancorp
USB
$97.2B
| $1.14M | ﹤0.01% |
26,300
-400
| -1% | -$14.6K |
|
159
Colgate-Palmolive
CL
$72.5B
| $1.12M | ﹤0.01% |
14,000
| – | – |
|
160
Trip.com Group
TCOM
$28.1B
| $1.09M | ﹤0.01% |
30,400
+6,500
| +27% | +$222K |
|
161
eBay
EBAY
$45.5B
| $1.02M | ﹤0.01% |
23,410
| – | – |
|
162
Las Vegas Sands
LVS
$28.7B
| $1.01M | ﹤0.01% |
20,500
-11,000
| -35% | -$520K |
|
163
3M
MMM
$92.2B
| $1.01M | ﹤0.01% |
11,032
| – | – |
|
164
Copa Holdings
CPA
$5.36B
| $994K | ﹤0.01% |
9,350
+2,000
| +27% | +$183K |
|
165
Dow Inc
DOW
$21.9B
| $984K | ﹤0.01% |
17,940
-584
| -3% | -$29.8K |
|
166
Alpha and Omega Semiconductor
AOSL
$794M
| $933K | ﹤0.01% |
35,814
+100
| +0.3% | +$2.47K |
|
167
PayPal
PYPL
$52.6B
| $918K | ﹤0.01% |
14,950
-100
| -0.7% | -$5.73K |
|
168
Mondelez International
MDLZ
$79.7B
| $858K | ﹤0.01% |
11,840
| – | – |
|
169
Altria Group
MO
$113B
| $847K | ﹤0.01% |
21,000
| – | – |
|
170
Air Products & Chemicals
APD
$68B
| $794K | ﹤0.01% |
2,900
-100
| -3% | -$27.5K |
|
171
General Mills
GIS
$21.6B
| $730K | ﹤0.01% |
11,200
| – | – |
|
172
Ameriprise Financial
AMP
$49.1B
| $694K | ﹤0.01% |
1,827
| – | – |
|
173
Genuine Parts
GPC
$18.8B
| $668K | ﹤0.01% |
4,825
| – | – |
|
174
Moody's
MCO
$88.2B
| $665K | ﹤0.01% |
1,702
| – | – |
|
175
GeoPark
GPRK
$639M
| $658K | ﹤0.01% |
76,814
+200
| +0.3% | +$1.89K |
|
Similar funds
Dodge & Cox's Q4 2023 Portfolio in Review
As of Q4 2023, Dodge & Cox held 199 positions worth $158B, up 6.2% from $148B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q4 2023: portfolio turnover was 4.5%. Dodge & Cox opened 7 new positions and exited 2, leaving the 199-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 21% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q4 2023 buy was International Flavors & Fragrances: 15,440,725 shares worth $1.25B.
- Dodge & Cox added most to Avantor in Q4 2023, an estimated $981M increase.
- Dodge & Cox's biggest Q4 2023 reduction was UBS Group, cutting an estimated $1.17B.
- Dodge & Cox fully exited VMware, Inc in Q4 2023, selling an estimated $3.29B.
- Dodge & Cox's ten largest holdings make up 29% of its $158B portfolio in Q4 2023.
- Dodge & Cox opened 7 new positions and closed 2 in Q4 2023.
- Dodge & Cox's portfolio value rose 6.2% quarter-over-quarter to $158B.
Based on Dodge & Cox's 13F filing for Q4 2023, filed 15 Feb 2024.