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 |
GE Aerospace
GE
|
+$1.44B |
| 2 |
PayPal
PYPL
|
+$664M |
| 3 |
Fidelity National Information Services
FIS
|
+$620M |
| 4 |
Elanco Animal Health
ELAN
|
+$488M |
| 5 |
SCHW
Charles Schwab
SCHW
|
+$469M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Sanofi
SNY
|
+$797M |
| 2 |
HP
HPQ
|
+$688M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$659M |
| 4 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$548M |
| 5 |
GSK
GSK
|
+$508M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.19% |
| 2 | Healthcare | 18.97% |
| 3 | Technology | 16.22% |
| 4 | Communication Services | 14.67% |
| 5 | Energy | 9.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
MRSH
176
Marsh
MRSH
$92.3B
| $444K | ﹤0.01% |
2,860
| – | – |
|
177
Ameriprise Financial
AMP
$49.2B
| $434K | ﹤0.01% |
1,827
| – | – |
|
178
Chubb
CB
$131B
| $407K | ﹤0.01% |
2,069
| – | – |
|
179
Cannae Holdings
CNNE
$675M
| $387K | ﹤0.01% |
+20,000
| New | +$419K |
|
180
Thor Industries
THO
$3.97B
| $374K | ﹤0.01% |
+5,000
| New | +$388K |
|
181
White Mountains Insurance
WTM
$5.1B
| $374K | ﹤0.01% |
+300
| New | +$348K |
|
|
CTXS
182
DELISTED
Citrix Systems Inc
CTXS
| $374K | ﹤0.01% |
3,850
| – | – |
|
|
RA
183
Brookfield Real Assets Income Fund
RA
$697M
| $369K | ﹤0.01% |
+20,000
| New | +$395K |
|
184
Warner Bros
WBD
$72B
| $358K | ﹤0.01% |
+26,653
| New | +$494K |
|
185
Roper Technologies
ROP
$42B
| $355K | ﹤0.01% |
+900
| New | +$391K |
|
186
Zoetis
ZTS
$31.7B
| $335K | ﹤0.01% |
1,950
| – | – |
|
187
Lockheed Martin
LMT
$130B
| $333K | ﹤0.01% |
775
| – | – |
|
188
Allstate
ALL
$65.7B
| $332K | ﹤0.01% |
2,618
| – | – |
|
189
Rio Tinto
RIO
$168B
| $317K | ﹤0.01% |
5,200
| – | – |
|
|
NESR
190
National Energy Services Reunited Corp
NESR
$3.52B
| $303K | ﹤0.01% |
44,701
+11,001
| +33% | +$80.1K |
|
191
Phillips 66
PSX
$97.1B
| $295K | ﹤0.01% |
3,600
| – | – |
|
192
Ball Corp
BALL
$16.8B
| $292K | ﹤0.01% |
4,240
| – | – |
|
193
Vipshop
VIPS
$6.39B
| $284K | ﹤0.01% |
28,747
| – | – |
|
194
Verizon
VZ
$208B
| $279K | ﹤0.01% |
5,500
| – | – |
|
195
Travel + Leisure Co
TNL
$4.4B
| $272K | ﹤0.01% |
+7,000
| New | +$345K |
|
196
Hercules Capital
HTGC
$3.28B
| $270K | ﹤0.01% |
+20,000
| New | +$312K |
|
197
Allison Transmission
ALSN
$10.4B
| $269K | ﹤0.01% |
+7,000
| New | +$267K |
|
198
Equinix
EQIX
$103B
| $253K | ﹤0.01% |
385
| – | – |
|
|
NOAH
199
Noah Holdings
NOAH
$593M
| $253K | ﹤0.01% |
12,500
| – | – |
|
200
PPG Industries
PPG
$25.1B
| $252K | ﹤0.01% |
2,200
| – | – |
|
Similar funds
Dodge & Cox's Q2 2022 Portfolio in Review
As of Q2 2022, Dodge & Cox held 219 positions worth $144B, down 12% from $165B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2022 filing shows 22 new, 48 increased, 96 reduced and 8 closed positions. Its largest new stake was Fidelity National Information Services: 6,245,114 shares worth $572M. The largest sale was Sanofi, an estimated $797M.
By sector, the portfolio is most concentrated in Financials at 22% of assets, down from 23% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q2 2022 buy was Fidelity National Information Services: 6,245,114 shares worth $572M.
- Dodge & Cox added most to GE Aerospace in Q2 2022, an estimated $1.44B increase.
- Dodge & Cox's biggest Q2 2022 reduction was Sanofi, cutting an estimated $797M.
- Dodge & Cox fully exited iShares Russell 1000 Value ETF in Q2 2022, selling an estimated $8.35M.
- Dodge & Cox's ten largest holdings make up 30% of its $144B portfolio in Q2 2022.
- Dodge & Cox opened 22 new positions and closed 8 in Q2 2022.
- Dodge & Cox's portfolio value fell 12% quarter-over-quarter to $144B.
Based on Dodge & Cox's 13F filing for Q2 2022, filed 12 Aug 2022.