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 |
Sanofi
SNY
|
+$1.21B |
| 2 |
Cigna
CI
|
+$734M |
| 3 |
Gilead Sciences
GILD
|
+$583M |
| 4 |
Novartis
NVS
|
+$433M |
| 5 |
Teck Resources
TECK
|
+$336M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Johnson Controls International
JCI
|
+$266M |
| 2 |
HP
HPQ
|
+$189M |
| 3 |
Capital One
COF
|
+$181M |
| 4 |
Wells Fargo
WFC
|
+$178M |
| 5 |
APA Corp
APA
|
+$163M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.43% |
| 2 | Technology | 17.73% |
| 3 | Healthcare | 16.49% |
| 4 | Communication Services | 15.93% |
| 5 | Energy | 8.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
Chubb
CB
$131B
| $359K | ﹤0.01% |
2,069
| – | – |
|
177
Rio Tinto
RIO
$170B
| $354K | ﹤0.01% |
5,300
-800
| -13% | -$62.4K |
|
178
PPG Industries
PPG
$25.2B
| $315K | ﹤0.01% |
2,200
| – | – |
|
179
iShares Russell 1000 Value ETF
IWD
$84B
| $313K | ﹤0.01% |
2,000
-24,000
| -92% | -$3.85M |
|
180
Baxter International
BAX
$13.4B
| $304K | ﹤0.01% |
3,782
| – | – |
|
181
Equinix
EQIX
$106B
| $304K | ﹤0.01% |
385
| – | – |
|
182
Verizon
VZ
$205B
| $297K | ﹤0.01% |
5,500
| – | – |
|
183
American Tower
AMT
$81.2B
| $292K | ﹤0.01% |
1,100
| – | – |
|
|
JOYY
184
JOYY Inc
JOYY
$3.66B
| $275K | ﹤0.01% |
5,016
+1,516
| +43% | +$84.9K |
|
185
Lockheed Martin
LMT
$131B
| $267K | ﹤0.01% |
775
| – | – |
|
186
Stryker
SYK
$124B
| $253K | ﹤0.01% |
960
| – | – |
|
187
Phillips 66
PSX
$95.7B
| $252K | ﹤0.01% |
3,600
| – | – |
|
188
Intuitive Surgical
ISRG
$130B
| $248K | ﹤0.01% |
747
| – | – |
|
189
Lowe's Companies
LOW
$116B
| $203K | ﹤0.01% |
+1,000
| New | +$199K |
|
190
Vipshop
VIPS
$6.4B
| $183K | ﹤0.01% |
+16,450
| New | +$259K |
|
191
Petrobras
PBR
$118B
| $176K | ﹤0.01% |
17,000
+2,000
| +13% | +$21.3K |
|
|
LOMA
192
Loma Negra
LOMA
$1.13B
| $122K | ﹤0.01% |
17,100
+700
| +4% | +$5.22K |
|
193
Transportadora de Gas del Sur
TGS
$4.3B
| $77K | ﹤0.01% |
15,600
+1,900
| +14% | +$9.12K |
|
194
Dominion Energy
D
$58.5B
| – | – |
-4,212
| Closed | -$310K |
|
|
MXIM
195
DELISTED
Maxim Integrated Products
MXIM
| – | – |
-78,665
| Closed | -$8.29M |
|
Similar funds
Dodge & Cox's Q3 2021 Portfolio in Review
As of Q3 2021, Dodge & Cox held 195 positions worth $154B, up 0.42% from $153B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q3 2021: portfolio turnover was 3.6%. Dodge & Cox opened 5 new positions and exited 2, leaving the 195-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q3 2021 buy was Elanco Animal Health: 3,639,124 shares worth $116M.
- Dodge & Cox added most to Sanofi in Q3 2021, an estimated $1.21B increase.
- Dodge & Cox's biggest Q3 2021 reduction was Johnson Controls International, cutting an estimated $266M.
- Dodge & Cox fully exited Maxim Integrated Products in Q3 2021, selling an estimated $8.29M.
- Dodge & Cox's ten largest holdings make up 32% of its $154B portfolio in Q3 2021.
- Dodge & Cox opened 5 new positions and closed 2 in Q3 2021.
- Dodge & Cox's portfolio value rose 0.42% quarter-over-quarter to $154B.
Based on Dodge & Cox's 13F filing for Q3 2021, filed 15 Nov 2021.