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 |
CVS Health
CVS
|
+$758M |
| 2 |
Bank of America
BAC
|
+$722M |
| 3 |
Truist Financial
TFC
|
+$697M |
| 4 |
VF Corp
VFC
|
+$611M |
| 5 |
Fidelity National Information Services
FIS
|
+$512M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VMW
VMware, Inc
VMW
|
+$1.01B |
| 2 |
Capital One
COF
|
+$675M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$635M |
| 4 |
Cisco
CSCO
|
+$610M |
| 5 |
UBS Group
UBS
|
+$431M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.65% |
| 2 | Healthcare | 19.58% |
| 3 | Technology | 15.74% |
| 4 | Communication Services | 12.93% |
| 5 | Industrials | 9.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
Blackrock
BLK
$181B
| $485K | ﹤0.01% |
750
| – | – |
|
177
Elevance Health
ELV
$86.1B
| $479K | ﹤0.01% |
1,100
| – | – |
|
178
Afya
AFYA
$1.29B
| $431K | ﹤0.01% |
27,283
| – | – |
|
179
Lockheed Martin
LMT
$130B
| $317K | ﹤0.01% |
775
| – | – |
|
180
Phillips 66
PSX
$97B
| $312K | ﹤0.01% |
2,600
| – | – |
|
181
Zoetis
ZTS
$31.7B
| $296K | ﹤0.01% |
1,700
| – | – |
|
182
Allstate
ALL
$65.7B
| $292K | ﹤0.01% |
2,618
| – | – |
|
|
NOAH
183
Noah Holdings
NOAH
$593M
| $291K | ﹤0.01% |
23,340
+9,940
| +74% | +$136K |
|
184
PPG Industries
PPG
$25.1B
| $286K | ﹤0.01% |
2,200
| – | – |
|
185
Visa
V
$713B
| $276K | ﹤0.01% |
1,200
| – | – |
|
186
Rio Tinto
RIO
$168B
| $255K | ﹤0.01% |
4,000
| – | – |
|
187
Becton Dickinson
BDX
$51.6B
| $253K | ﹤0.01% |
980
| – | – |
|
188
Petrobras
PBR
$118B
| $247K | ﹤0.01% |
16,500
| – | – |
|
189
Cintas
CTAS
$82.1B
| $241K | ﹤0.01% |
2,000
| – | – |
|
|
LOMA
190
Loma Negra
LOMA
$1.13B
| $240K | ﹤0.01% |
39,800
+20,000
| +101% | +$129K |
|
|
QVCGA
191
DELISTED
QVC Group Inc Series A
QVCGA
| $13.3K | ﹤0.01% |
440
| – | – |
|
192
iShares Russell 1000 Value ETF
IWD
$84.2B
| – | – |
-16,000
| Closed | -$2.53M |
|
193
CarMax
KMX
$8.87B
| – | – |
-2,550
| Closed | -$213K |
|
194
Verizon
VZ
$208B
| – | – |
-5,500
| Closed | -$205K |
|
Similar funds
Dodge & Cox's Q3 2023 Portfolio in Review
As of Q3 2023, Dodge & Cox held 195 positions worth $148B, down 0.97% from $150B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q3 2023: portfolio turnover was 3.6%. Dodge & Cox opened 4 new positions and exited 3, leaving the 195-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 21% of assets, down from 21% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2023 buy was VF Corp: 32,115,750 shares worth $567M.
- Dodge & Cox added most to CVS Health in Q3 2023, an estimated $758M increase.
- Dodge & Cox's biggest Q3 2023 reduction was VMware, Inc, cutting an estimated $1.01B.
- Dodge & Cox fully exited iShares Russell 1000 Value ETF in Q3 2023, selling an estimated $2.53M.
- Dodge & Cox's ten largest holdings make up 29% of its $148B portfolio in Q3 2023.
- Dodge & Cox opened 4 new positions and closed 3 in Q3 2023.
- Dodge & Cox's portfolio value fell 0.97% quarter-over-quarter to $148B.
Based on Dodge & Cox's 13F filing for Q3 2023, filed 14 Nov 2023.