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 |
Regeneron Pharmaceuticals
REGN
|
+$1.24B |
| 2 |
Meta Platforms (Facebook)
META
|
+$990M |
| 3 |
GE Aerospace
GE
|
+$981M |
| 4 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$829M |
| 5 |
UBS Group
UBS
|
+$778M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$1.17B |
| 2 |
SLB Ltd
SLB
|
+$1.01B |
| 3 |
HP
HPQ
|
+$975M |
| 4 |
Hess
HES
|
+$906M |
| 5 |
Dell
DELL
|
+$631M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.3% |
| 2 | Healthcare | 17.99% |
| 3 | Technology | 16.88% |
| 4 | Communication Services | 15.05% |
| 5 | Energy | 9.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
176
CarMax
KMX
$7.22B
| $362K | ﹤0.01% |
3,750
-300
| -7% | -$32.3K |
2013 Q2
35 quarters
|
|
177
Lockheed Martin
LMT
$118B
| $342K | ﹤0.01% |
775
| – | – |
2018 Q3
14 quarters
|
|
178
Phillips 66
PSX
$112B
| $311K | ﹤0.01% |
3,600
| – | – |
2013 Q2
35 quarters
|
|
179
Noah Holdings
NOAH
$516M
| $294K | ﹤0.01% |
12,500
-7,600
| -38% | -$214K |
2021 Q2
3 quarters
|
|
180
PPG Industries
PPG
$23B
| $288K | ﹤0.01% |
2,200
| – | – |
2020 Q2
7 quarters
|
|
181
Equinix
EQIX
$102B
| $286K | ﹤0.01% |
385
| – | – |
2019 Q3
10 quarters
|
|
182
National Energy Services Reunited Corp
NESR
$2.11B
| $283K | ﹤0.01% |
33,700
-30,000
| -47% | -$286K |
2021 Q2
3 quarters
|
|
183
Verizon
VZ
$177B
| $280K | ﹤0.01% |
5,500
| – | – |
2013 Q2
35 quarters
|
|
184
Ericsson
ERIC
$30.5B
| $271K | ﹤0.01% |
29,600
-19,200
| -39% | -$200K |
2013 Q2
35 quarters
|
|
185
Trip.com Group
TCOM
$24.4B
| $266K | ﹤0.01% |
11,500
-15,900
| -58% | -$401K |
2021 Q2
3 quarters
|
|
186
Baxter International
BAX
$12.8B
| $262K | ﹤0.01% |
3,382
| – | – |
2017 Q2
19 quarters
|
|
187
Vipshop
VIPS
$6.13B
| $259K | ﹤0.01% |
28,747
-43,400
| -60% | -$383K |
2021 Q3
2 quarters
|
|
188
Stryker
SYK
$108B
| $257K | ﹤0.01% |
960
| – | – |
2020 Q3
6 quarters
|
|
189
Yum China
YUMC
$14.4B
| $249K | ﹤0.01% |
6,000
-6,200
| -51% | -$292K |
2021 Q2
3 quarters
|
|
190
Petrobras
PBR
$163B
| $234K | ﹤0.01% |
15,800
| – | – |
2021 Q2
3 quarters
|
|
191
Dominion Energy
D
$54.8B
| $230K | ﹤0.01% |
2,712
| – | – |
2021 Q4
1 quarter
|
|
192
American Tower
AMT
$84.8B
| $226K | ﹤0.01% |
900
-200
| -18% | -$48.8K |
2020 Q2
7 quarters
|
|
193
Intuitive Surgical
ISRG
$151B
| $225K | ﹤0.01% |
747
| – | – |
2021 Q2
3 quarters
|
|
194
Cintas
CTAS
$81.6B
| $213K | ﹤0.01% |
2,000
| – | – |
2021 Q4
1 quarter
|
|
195
Duke Energy
DUK
$91.6B
| $205K | ﹤0.01% |
+1,833
| New | +$190K |
2022 Q1
0 quarters
|
|
196
Organon & Co
OGN
$3.62B
| $204K | ﹤0.01% |
5,854
-2,959
| -34% | -$101K |
2021 Q2
3 quarters
|
|
197
Lowe's Companies
LOW
$104B
| $202K | ﹤0.01% |
1,000
| – | – |
2021 Q3
2 quarters
|
|
198
Loma Negra
LOMA
$1.17B
| – | – |
-17,100
| Closed | -$114K | – |
|
199
Sea Limited
SE
$58.8B
| – | – |
-1,500
| Closed | -$336K | – |
|
200
AT&T
T
$154B
| – | – |
-14,481
| Closed | -$269K | – |
|
Similar funds
Dodge & Cox's Q1 2022 Portfolio in Review
As of Q1 2022, Dodge & Cox held 203 positions worth $165B, up 1.9% from $161B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q1 2022 filing shows 6 new, 43 increased, 102 reduced and 6 closed positions. Its largest new stake was iShares iBoxx $ Investment Grade Corporate Bond ETF: 6,648,493 shares worth $804M. The largest sale was Bank of America, an estimated $1.17B.
By sector, the portfolio is most concentrated in Financials at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q1 2022 buy was iShares iBoxx $ Investment Grade Corporate Bond ETF: 6,648,493 shares worth $804M.
- Dodge & Cox added most to Regeneron Pharmaceuticals in Q1 2022, an estimated $1.24B increase.
- Dodge & Cox's biggest Q1 2022 reduction was Bank of America, cutting an estimated $1.17B.
- Dodge & Cox fully exited Royal Dutch Shell PLC ADS Class A in Q1 2022, selling an estimated $3.24M.
- Dodge & Cox's ten largest holdings make up 30% of its $165B portfolio in Q1 2022.
- Dodge & Cox opened 6 new positions and closed 6 in Q1 2022.
- Dodge & Cox's portfolio value rose 1.9% quarter-over-quarter to $165B.
Based on Dodge & Cox's 13F filing for Q1 2022, filed 13 May 2022.