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 |
Charter Communications
CHTR
|
+$1.02B |
| 2 |
International Flavors & Fragrances
IFF
|
+$987M |
| 3 |
American Electric Power
AEP
|
+$924M |
| 4 |
CVS Health
CVS
|
+$810M |
| 5 |
Johnson Controls International
JCI
|
+$707M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microchip Technology
MCHP
|
+$669M |
| 2 |
Ovintiv
OVV
|
+$651M |
| 3 |
Microsoft
MSFT
|
+$539M |
| 4 |
UBS Group
UBS
|
+$500M |
| 5 |
Otis Worldwide
OTIS
|
+$463M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.08% |
| 2 | Healthcare | 21.18% |
| 3 | Technology | 13.05% |
| 4 | Communication Services | 11.27% |
| 5 | Industrials | 11.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
Air Products & Chemicals
APD
$68B
| $703K | ﹤0.01% |
2,900
| – | – |
|
177
Intercorp Financial Services
IFS
$6B
| $643K | ﹤0.01% |
27,010
| – | – |
|
178
Blackrock
BLK
$181B
| $625K | ﹤0.01% |
750
| – | – |
|
179
Moody's
MCO
$88.2B
| $615K | ﹤0.01% |
1,566
-136
| -8% | -$52.4K |
|
180
Elevance Health
ELV
$86.6B
| $570K | ﹤0.01% |
1,100
| – | – |
|
181
Afya
AFYA
$1.27B
| $542K | ﹤0.01% |
29,183
| – | – |
|
182
PepsiCo
PEP
$191B
| $538K | ﹤0.01% |
3,075
| – | – |
|
183
KE Holdings
BEKE
$19.6B
| $528K | ﹤0.01% |
38,440
| – | – |
|
184
ICICI Bank
IBN
$107B
| $527K | ﹤0.01% |
19,950
-982,550
| -98% | -$24.5M |
|
185
Allstate
ALL
$65.1B
| $453K | ﹤0.01% |
2,618
| – | – |
|
186
Phillips 66
PSX
$95.7B
| $425K | ﹤0.01% |
2,600
| – | – |
|
187
Lockheed Martin
LMT
$131B
| $353K | ﹤0.01% |
775
| – | – |
|
188
Cintas
CTAS
$81.7B
| $344K | ﹤0.01% |
2,000
| – | – |
|
189
PPG Industries
PPG
$25.2B
| $319K | ﹤0.01% |
2,200
| – | – |
|
|
NOAH
190
Noah Holdings
NOAH
$582M
| $307K | ﹤0.01% |
26,840
| – | – |
|
191
Zoetis
ZTS
$31B
| $288K | ﹤0.01% |
1,700
| – | – |
|
192
Visa
V
$709B
| $279K | ﹤0.01% |
1,000
-200
| -17% | -$55.2K |
|
|
LOMA
193
Loma Negra
LOMA
$1.13B
| $273K | ﹤0.01% |
40,800
| – | – |
|
194
Lincoln National
LNC
$8.33B
| $271K | ﹤0.01% |
8,500
-200
| -2% | -$5.52K |
|
195
Rio Tinto
RIO
$170B
| $255K | ﹤0.01% |
4,000
| – | – |
|
196
Petrobras
PBR
$118B
| $251K | ﹤0.01% |
16,500
| – | – |
|
197
Becton Dickinson
BDX
$51.2B
| $243K | ﹤0.01% |
980
| – | – |
|
198
Verizon
VZ
$205B
| $231K | ﹤0.01% |
5,500
| – | – |
|
|
QVCGA
199
DELISTED
QVC Group Inc Series A
QVCGA
| $27.1K | ﹤0.01% |
440
| – | – |
|
200
Jackson Financial
JXN
$9.04B
| – | – |
-3,071,598
| Closed | -$157M |
|
Similar funds
Dodge & Cox's Q1 2024 Portfolio in Review
As of Q1 2024, Dodge & Cox held 202 positions worth $172B, up 9.4% from $158B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q1 2024: portfolio turnover was 4%. Dodge & Cox opened 5 new positions and exited 3, leaving the 202-position portfolio largely intact.
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 Q1 2024 buy was American Electric Power: 11,364,305 shares worth $978M.
- Dodge & Cox added most to Charter Communications in Q1 2024, an estimated $1.02B increase.
- Dodge & Cox's biggest Q1 2024 reduction was Microchip Technology, cutting an estimated $669M.
- Dodge & Cox fully exited DISH Network Corp. in Q1 2024, selling an estimated $224M.
- Dodge & Cox's ten largest holdings make up 29% of its $172B portfolio in Q1 2024.
- Dodge & Cox opened 5 new positions and closed 3 in Q1 2024.
- Dodge & Cox's portfolio value rose 9.4% quarter-over-quarter to $172B.
Based on Dodge & Cox's 13F filing for Q1 2024, filed 14 May 2024.