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 |
International Flavors & Fragrances
IFF
|
+$1.12B |
| 2 |
Avantor
AVTR
|
+$981M |
| 3 |
RTX Corp
RTX
|
+$764M |
| 4 |
Zimmer Biomet
ZBH
|
+$742M |
| 5 |
Baxter International
BAX
|
+$620M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VMW
VMware, Inc
VMW
|
+$3.29B |
| 2 |
UBS Group
UBS
|
+$1.17B |
| 3 |
Dell
DELL
|
+$758M |
| 4 |
GE Aerospace
GE
|
+$634M |
| 5 |
Occidental Petroleum
OXY
|
+$577M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.64% |
| 2 | Healthcare | 20.84% |
| 3 | Technology | 13.51% |
| 4 | Communication Services | 11.87% |
| 5 | Industrials | 10.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
176
Afya
AFYA
$1.31B
| $640K | ﹤0.01% |
29,183
+1,900
| +7% | +$34.9K |
2023 Q1
3 quarters
|
|
177
KE Holdings
BEKE
$19.4B
| $623K | ﹤0.01% |
38,440
+2,100
| +6% | +$32.5K |
2022 Q2
6 quarters
|
|
178
Blackrock
BLK
$168B
| $609K | ﹤0.01% |
750
| – | – |
2018 Q3
21 quarters
|
|
179
Intercorp Financial Services
IFS
$5.91B
| $593K | ﹤0.01% |
+27,010
| New | +$533K |
2023 Q4
0 quarters
|
|
180
PepsiCo
PEP
$173B
| $522K | ﹤0.01% |
3,075
| – | – |
2013 Q2
42 quarters
|
|
181
Elevance Health
ELV
$91.5B
| $519K | ﹤0.01% |
1,100
| – | – |
2013 Q2
42 quarters
|
|
182
Noah Holdings
NOAH
$518M
| $371K | ﹤0.01% |
26,840
+3,500
| +15% | +$44.2K |
2021 Q2
10 quarters
|
|
183
Allstate
ALL
$58.8B
| $366K | ﹤0.01% |
2,618
| – | – |
2013 Q2
42 quarters
|
|
184
Lockheed Martin
LMT
$118B
| $351K | ﹤0.01% |
775
| – | – |
2018 Q3
21 quarters
|
|
185
Phillips 66
PSX
$112B
| $346K | ﹤0.01% |
2,600
| – | – |
2013 Q2
42 quarters
|
|
186
Zoetis
ZTS
$31.3B
| $336K | ﹤0.01% |
1,700
| – | – |
2020 Q2
14 quarters
|
|
187
PPG Industries
PPG
$23.1B
| $329K | ﹤0.01% |
2,200
| – | – |
2020 Q2
14 quarters
|
|
188
Visa
V
$731B
| $312K | ﹤0.01% |
1,200
| – | – |
2014 Q3
37 quarters
|
|
189
Cintas
CTAS
$81.5B
| $301K | ﹤0.01% |
2,000
| – | – |
2022 Q4
4 quarters
|
|
190
Rio Tinto
RIO
$153B
| $298K | ﹤0.01% |
4,000
| – | – |
2013 Q2
42 quarters
|
|
191
Loma Negra
LOMA
$1.17B
| $289K | ﹤0.01% |
40,800
+1,000
| +3% | +$6.37K |
2022 Q4
4 quarters
|
|
192
Veralto
VLTO
$23.9B
| $278K | ﹤0.01% |
+3,382
| New | +$253K |
2023 Q4
0 quarters
|
|
193
Petrobras
PBR
$164B
| $264K | ﹤0.01% |
16,500
| – | – |
2021 Q2
10 quarters
|
|
194
Becton Dickinson
BDX
$51.5B
| $239K | ﹤0.01% |
980
| – | – |
2013 Q2
42 quarters
|
|
195
Lincoln National
LNC
$7.75B
| $235K | ﹤0.01% |
8,700
-4,267,811
| -100% | -$103M |
2020 Q1
15 quarters
|
|
196
Verizon
VZ
$178B
| $207K | ﹤0.01% |
+5,500
| New | +$195K |
2023 Q4
0 quarters
|
|
|
QVCGA
197
DELISTED
QVC Group Inc Series A
QVCGA
| $19.3K | ﹤0.01% |
440
| – | – |
2013 Q2
42 quarters
|
|
|
VMW
198
DELISTED
VMware, Inc
VMW
| – | – |
-19,732,814
| Closed | -$3.29B | – |
|
Similar funds
Dodge & Cox's Q4 2023 Portfolio in Review
As of Q4 2023, Dodge & Cox held 199 positions worth $158B, up 6.2% from $148B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q4 2023: portfolio turnover was 4.5%. Dodge & Cox opened 7 new positions and exited 2, leaving the 199-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 21% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q4 2023 buy was International Flavors & Fragrances: 15,440,725 shares worth $1.25B.
- Dodge & Cox added most to Avantor in Q4 2023, an estimated $981M increase.
- Dodge & Cox's biggest Q4 2023 reduction was UBS Group, cutting an estimated $1.17B.
- Dodge & Cox fully exited VMware, Inc in Q4 2023, selling an estimated $3.29B.
- Dodge & Cox's ten largest holdings make up 29% of its $158B portfolio in Q4 2023.
- Dodge & Cox opened 7 new positions and closed 2 in Q4 2023.
- Dodge & Cox's portfolio value rose 6.2% quarter-over-quarter to $158B.
Based on Dodge & Cox's 13F filing for Q4 2023, filed 15 Feb 2024.