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 |
Fidelity National Information Services
FIS
|
+$1.16B |
| 2 |
Charter Communications
CHTR
|
+$614M |
| 3 |
Amazon
AMZN
|
+$563M |
| 4 |
Elanco Animal Health
ELAN
|
+$396M |
| 5 |
Sanofi
SNY
|
+$375M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLB Ltd
SLB
|
+$1.08B |
| 2 |
ConocoPhillips
COP
|
+$737M |
| 3 |
T-Mobile US
TMUS
|
+$615M |
| 4 |
Microchip Technology
MCHP
|
+$533M |
| 5 |
Goldman Sachs
GS
|
+$431M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.41% |
| 2 | Healthcare | 19.23% |
| 3 | Technology | 16.26% |
| 4 | Communication Services | 12.06% |
| 5 | Industrials | 10.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
Visa
V
$709B
| $364K | ﹤0.01% |
1,750
-3,400
| -66% | -$686K |
|
177
Allstate
ALL
$65.1B
| $355K | ﹤0.01% |
2,618
| – | – |
|
178
GeoPark
GPRK
$639M
| $348K | ﹤0.01% |
22,500
| – | – |
|
179
Chubb
CB
$131B
| $310K | ﹤0.01% |
1,407
-662
| -32% | -$138K |
|
180
Zoetis
ZTS
$31B
| $286K | ﹤0.01% |
1,950
| – | – |
|
181
PPG Industries
PPG
$25.2B
| $277K | ﹤0.01% |
2,200
| – | – |
|
182
Phillips 66
PSX
$95.7B
| $271K | ﹤0.01% |
2,600
-1,000
| -28% | -$102K |
|
183
Cintas
CTAS
$81.7B
| $226K | ﹤0.01% |
+2,000
| New | +$216K |
|
184
Verizon
VZ
$205B
| $217K | ﹤0.01% |
5,500
| – | – |
|
|
NOAH
185
Noah Holdings
NOAH
$582M
| $174K | ﹤0.01% |
11,200
| – | – |
|
186
Petrobras
PBR
$118B
| $150K | ﹤0.01% |
14,100
| – | – |
|
|
LOMA
187
Loma Negra
LOMA
$1.13B
| $132K | ﹤0.01% |
+19,200
| New | +$124K |
|
188
Ball Corp
BALL
$16.8B
| – | – |
-4,240
| Closed | -$205K |
|
189
Equinix
EQIX
$106B
| – | – |
-385
| Closed | -$219K |
|
190
CarMax
KMX
$8.89B
| – | – |
-3,350
| Closed | -$221K |
|
|
MRSH
191
Marsh
MRSH
$90.7B
| – | – |
-2,860
| Closed | -$427K |
|
192
Qualcomm
QCOM
$176B
| – | – |
-3,500
| Closed | -$395K |
|
|
CTXS
193
DELISTED
Citrix Systems Inc
CTXS
| – | – |
-3,850
| Closed | -$400K |
|
Similar funds
Dodge & Cox's Q4 2022 Portfolio in Review
As of Q4 2022, Dodge & Cox held 194 positions worth $146B, up 10% from $132B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q4 2022: portfolio turnover was 4.6%. Dodge & Cox opened 3 new positions and exited 6, leaving the 194-position portfolio largely intact.
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 Q4 2022 buy was Trip.com Group: 20,900 shares worth $719K.
- Dodge & Cox added most to Fidelity National Information Services in Q4 2022, an estimated $1.16B increase.
- Dodge & Cox's biggest Q4 2022 reduction was SLB Ltd, cutting an estimated $1.08B.
- Dodge & Cox fully exited Marsh in Q4 2022, selling an estimated $427K.
- Dodge & Cox's ten largest holdings make up 30% of its $146B portfolio in Q4 2022.
- Dodge & Cox opened 3 new positions and closed 6 in Q4 2022.
- Dodge & Cox's portfolio value rose 10% quarter-over-quarter to $146B.
Based on Dodge & Cox's 13F filing for Q4 2022, filed 14 Feb 2023.