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 |
Amazon
AMZN
|
+$1.18B |
| 2 |
LyondellBasell Industries
LYB
|
+$1B |
| 3 |
GE Aerospace
GE
|
+$573M |
| 4 |
Haleon
HLN
|
+$475M |
| 5 |
Fidelity National Information Services
FIS
|
+$335M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$1.28B |
| 2 |
Hewlett Packard
HPE
|
+$532M |
| 3 |
Williams Companies
WMB
|
+$419M |
| 4 |
Cognizant
CTSH
|
+$226M |
| 5 |
Occidental Petroleum
OXY
|
+$220M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.04% |
| 2 | Healthcare | 17.77% |
| 3 | Technology | 16.15% |
| 4 | Communication Services | 12.92% |
| 5 | Energy | 10.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
176
Allstate
ALL
$58.2B
| $326K | ﹤0.01% |
2,618
| – | – |
2013 Q2
37 quarters
|
|
177
Lockheed Martin
LMT
$118B
| $299K | ﹤0.01% |
775
| – | – |
2018 Q3
16 quarters
|
|
178
Phillips 66
PSX
$117B
| $291K | ﹤0.01% |
3,600
| – | – |
2013 Q2
37 quarters
|
|
179
Zoetis
ZTS
$31B
| $289K | ﹤0.01% |
1,950
| – | – |
2020 Q2
9 quarters
|
|
180
Rio Tinto
RIO
$148B
| $286K | ﹤0.01% |
5,200
| – | – |
2013 Q2
37 quarters
|
|
181
Yum China
YUMC
$14.5B
| $272K | ﹤0.01% |
5,745
-7,655
| -57% | -$368K |
2021 Q2
5 quarters
|
|
182
GeoPark
GPRK
$757M
| $264K | ﹤0.01% |
+22,500
| New | +$277K |
2022 Q3
0 quarters
|
|
183
PPG Industries
PPG
$23.1B
| $244K | ﹤0.01% |
2,200
| – | – |
2020 Q2
9 quarters
|
|
184
Vipshop
VIPS
$6.08B
| $231K | ﹤0.01% |
27,447
-1,300
| -5% | -$12.9K |
2021 Q3
4 quarters
|
|
185
CarMax
KMX
$7.01B
| $221K | ﹤0.01% |
3,350
-4,000
| -54% | -$366K |
2013 Q2
37 quarters
|
|
186
Equinix
EQIX
$99B
| $219K | ﹤0.01% |
385
| – | – |
2019 Q3
12 quarters
|
|
187
Verizon
VZ
$180B
| $209K | ﹤0.01% |
5,500
| – | – |
2013 Q2
37 quarters
|
|
188
Ball Corp
BALL
$15.8B
| $205K | ﹤0.01% |
4,240
| – | – |
2018 Q3
16 quarters
|
|
189
Petrobras
PBR
$165B
| $174K | ﹤0.01% |
14,100
| – | – |
2021 Q2
5 quarters
|
|
190
Noah Holdings
NOAH
$510M
| $148K | ﹤0.01% |
11,200
-1,300
| -10% | -$22.1K |
2021 Q2
5 quarters
|
|
191
Allison Transmission
ALSN
$9.19B
| – | – |
-7,000
| Closed | -$269K | – |
|
192
American Tower
AMT
$82.8B
| – | – |
-900
| Closed | -$230K | – |
|
193
Baxter International
BAX
$12.7B
| – | – |
-3,382
| Closed | -$217K | – |
|
194
Cannae Holdings
CNNE
$675M
| – | – |
-20,000
| Closed | -$387K | – |
|
195
Ericsson
ERIC
$31.2B
| – | – |
-17,700
| Closed | -$131K | – |
|
196
Hercules Capital
HTGC
$3.05B
| – | – |
-20,000
| Closed | -$270K | – |
|
197
Gartner
IT
$12.5B
| – | – |
-2,000
| Closed | -$484K | – |
|
198
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$29B
| – | – |
-1,795,988
| Closed | -$198M | – |
|
199
Macerich
MAC
$6.35B
| – | – |
-15,000
| Closed | -$131K | – |
|
200
Annaly Capital Management
NLY
$13.5B
| – | – |
-19,750
| Closed | -$467K | – |
|
Similar funds
Dodge & Cox's Q3 2022 Portfolio in Review
As of Q3 2022, Dodge & Cox held 215 positions worth $132B, down 8.6% from $144B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q3 2022 filing shows 4 new, 31 increased, 110 reduced and 24 closed positions. Its largest new stake was Haleon: 73,365,572 shares worth $447M. The largest sale was Cigna, an estimated $1.28B.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 22% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2022 buy was Haleon: 73,365,572 shares worth $447M.
- Dodge & Cox added most to Amazon in Q3 2022, an estimated $1.18B increase.
- Dodge & Cox's biggest Q3 2022 reduction was Cigna, cutting an estimated $1.28B.
- Dodge & Cox fully exited iShares iBoxx $ Investment Grade Corporate Bond ETF in Q3 2022, selling an estimated $198M.
- Dodge & Cox's ten largest holdings make up 30% of its $132B portfolio in Q3 2022.
- Dodge & Cox opened 4 new positions and closed 24 in Q3 2022.
- Dodge & Cox's portfolio value fell 8.6% quarter-over-quarter to $132B.
Based on Dodge & Cox's 13F filing for Q3 2022, filed 10 Nov 2022.