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 |
VMW
VMware, Inc
VMW
|
+$2.25B |
| 2 |
FISV
Fiserv Inc
FISV
|
+$1.02B |
| 3 |
Meta Platforms (Facebook)
META
|
+$973M |
| 4 |
AB InBev
BUD
|
+$875M |
| 5 |
FedEx
FDX
|
+$727M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dell
DELL
|
+$2.21B |
| 2 |
Microsoft
MSFT
|
+$716M |
| 3 |
American Express
AXP
|
+$597M |
| 4 |
APA Corp
APA
|
+$401M |
| 5 |
Wells Fargo
WFC
|
+$304M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.36% |
| 2 | Technology | 18.85% |
| 3 | Healthcare | 17.34% |
| 4 | Communication Services | 14.97% |
| 5 | Industrials | 8.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
JOYY
176
JOYY Inc
JOYY
$3.66B
| $401K | ﹤0.01% |
8,828
+3,812
| +76% | +$197K |
|
177
Chubb
CB
$131B
| $400K | ﹤0.01% |
2,069
| – | – |
|
178
PPG Industries
PPG
$25.2B
| $379K | ﹤0.01% |
2,200
| – | – |
|
179
Rio Tinto
RIO
$170B
| $348K | ﹤0.01% |
5,200
-100
| -2% | -$6.47K |
|
180
iShares Russell 1000 Value ETF
IWD
$84B
| $336K | ﹤0.01% |
2,000
| – | – |
|
181
Sea Limited
SE
$72.5B
| $336K | ﹤0.01% |
1,500
| – | – |
|
182
Equinix
EQIX
$106B
| $326K | ﹤0.01% |
385
| – | – |
|
183
American Tower
AMT
$81.2B
| $322K | ﹤0.01% |
1,100
| – | – |
|
184
Baxter International
BAX
$13.4B
| $290K | ﹤0.01% |
3,382
-400
| -11% | -$32.2K |
|
185
Verizon
VZ
$205B
| $286K | ﹤0.01% |
5,500
| – | – |
|
186
Lockheed Martin
LMT
$131B
| $275K | ﹤0.01% |
775
| – | – |
|
187
AT&T
T
$174B
| $269K | ﹤0.01% |
14,481
-38,421
| -73% | -$718K |
|
188
Intuitive Surgical
ISRG
$130B
| $268K | ﹤0.01% |
747
| – | – |
|
189
Organon & Co
OGN
$3.61B
| $268K | ﹤0.01% |
8,813
-8,900
| -50% | -$290K |
|
190
Phillips 66
PSX
$95.7B
| $261K | ﹤0.01% |
3,600
| – | – |
|
191
Lowe's Companies
LOW
$116B
| $258K | ﹤0.01% |
1,000
| – | – |
|
192
Stryker
SYK
$124B
| $257K | ﹤0.01% |
960
| – | – |
|
193
Cintas
CTAS
$81.7B
| $222K | ﹤0.01% |
+2,000
| New | +$215K |
|
194
Dominion Energy
D
$58.5B
| $213K | ﹤0.01% |
+2,712
| New | +$204K |
|
195
Petrobras
PBR
$118B
| $173K | ﹤0.01% |
15,800
-1,200
| -7% | -$12.7K |
|
|
LOMA
196
Loma Negra
LOMA
$1.13B
| $114K | ﹤0.01% |
17,100
| – | – |
|
197
Transportadora de Gas del Sur
TGS
$4.3B
| $69K | ﹤0.01% |
15,600
| – | – |
|
198
America Movil
AMX
$70.4B
| – | – |
-162,135
| Closed | -$2.87M |
|
199
Duke Energy
DUK
$94.2B
| – | – |
-4,166
| Closed | -$407K |
|
Similar funds
Dodge & Cox's Q4 2021 Portfolio in Review
As of Q4 2021, Dodge & Cox held 199 positions worth $161B, up 5.2% from $154B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q4 2021: portfolio turnover was 4%. Dodge & Cox opened 6 new positions and exited 2, leaving the 199-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q4 2021 buy was AB InBev: 15,040,157 shares worth $911M.
- Dodge & Cox added most to VMware, Inc in Q4 2021, an estimated $2.25B increase.
- Dodge & Cox's biggest Q4 2021 reduction was Dell, cutting an estimated $2.21B.
- Dodge & Cox fully exited America Movil in Q4 2021, selling an estimated $2.87M.
- Dodge & Cox's ten largest holdings make up 31% of its $161B portfolio in Q4 2021.
- Dodge & Cox opened 6 new positions and closed 2 in Q4 2021.
- Dodge & Cox's portfolio value rose 5.2% quarter-over-quarter to $161B.
Based on Dodge & Cox's 13F filing for Q4 2021, filed 14 Feb 2022.