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 |
Humana
HUM
|
+$1.45B |
| 2 |
CVS Health
CVS
|
+$1.29B |
| 3 |
Norfolk Southern
NSC
|
+$619M |
| 4 |
Johnson Controls International
JCI
|
+$359M |
| 5 |
Coupang
CPNG
|
+$263M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$1.47B |
| 2 |
Wells Fargo
WFC
|
+$1.35B |
| 3 |
GE Aerospace
GE
|
+$944M |
| 4 |
Hewlett Packard
HPE
|
+$880M |
| 5 |
Microchip Technology
MCHP
|
+$738M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.14% |
| 2 | Financials | 20.84% |
| 3 | Technology | 12.56% |
| 4 | Communication Services | 12.34% |
| 5 | Industrials | 11.85% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
Kaspi.kz JSC
KSPI
$20B
| $713K | ﹤0.01% |
5,526
| – | – |
|
177
General Mills
GIS
$21.6B
| $709K | ﹤0.01% |
11,200
| – | – |
|
178
Moody's
MCO
$88.2B
| $659K | ﹤0.01% |
1,566
| – | – |
|
179
Genuine Parts
GPC
$18.8B
| $647K | ﹤0.01% |
4,675
| – | – |
|
180
Intercorp Financial Services
IFS
$6B
| $605K | ﹤0.01% |
27,010
| – | – |
|
181
Elevance Health
ELV
$86.6B
| $596K | ﹤0.01% |
1,100
| – | – |
|
182
Blackrock
BLK
$181B
| $590K | ﹤0.01% |
750
| – | – |
|
183
KE Holdings
BEKE
$19.6B
| $544K | ﹤0.01% |
38,440
| – | – |
|
184
Afya
AFYA
$1.27B
| $515K | ﹤0.01% |
29,183
| – | – |
|
185
PepsiCo
PEP
$191B
| $507K | ﹤0.01% |
3,075
| – | – |
|
186
Grupo Cibest SA
CIB
$23.3B
| $424K | ﹤0.01% |
+13,000
| New | +$446K |
|
187
Allstate
ALL
$65.1B
| $418K | ﹤0.01% |
2,618
| – | – |
|
188
Phillips 66
PSX
$95.7B
| $367K | ﹤0.01% |
2,600
| – | – |
|
189
dLocal
DLO
$4.46B
| $363K | ﹤0.01% |
+44,900
| New | +$527K |
|
190
Lockheed Martin
LMT
$131B
| $362K | ﹤0.01% |
775
| – | – |
|
191
Cintas
CTAS
$81.7B
| $350K | ﹤0.01% |
2,000
| – | – |
|
192
Zoetis
ZTS
$31B
| $295K | ﹤0.01% |
1,700
| – | – |
|
193
PPG Industries
PPG
$25.2B
| $277K | ﹤0.01% |
2,200
| – | – |
|
194
Rio Tinto
RIO
$170B
| $264K | ﹤0.01% |
4,000
| – | – |
|
195
Visa
V
$709B
| $262K | ﹤0.01% |
1,000
| – | – |
|
|
NOAH
196
Noah Holdings
NOAH
$582M
| $259K | ﹤0.01% |
26,840
| – | – |
|
197
Petrobras
PBR
$118B
| $239K | ﹤0.01% |
16,500
| – | – |
|
198
Becton Dickinson
BDX
$51.2B
| $229K | ﹤0.01% |
980
| – | – |
|
199
Verizon
VZ
$205B
| $227K | ﹤0.01% |
5,500
| – | – |
|
200
Intuitive Surgical
ISRG
$130B
| $222K | ﹤0.01% |
+500
| New | +$199K |
|
Similar funds
Dodge & Cox's Q2 2024 Portfolio in Review
As of Q2 2024, Dodge & Cox held 205 positions worth $167B, down 3.3% from $172B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q2 2024: portfolio turnover was 4.4%. Dodge & Cox opened 6 new positions and exited 3, leaving the 205-position portfolio largely intact.
By sector, the portfolio is most concentrated in Healthcare at 21% of assets, down from 21% a quarter earlier, followed by Financials and Technology.
- Dodge & Cox's largest Q2 2024 buy was Humana: 4,308,536 shares worth $1.61B.
- Dodge & Cox added most to CVS Health in Q2 2024, an estimated $1.29B increase.
- Dodge & Cox's biggest Q2 2024 reduction was Cigna, cutting an estimated $1.47B.
- Dodge & Cox fully exited Ovintiv in Q2 2024, selling an estimated $450M.
- Dodge & Cox's ten largest holdings make up 30% of its $167B portfolio in Q2 2024.
- Dodge & Cox opened 6 new positions and closed 3 in Q2 2024.
- Dodge & Cox's portfolio value fell 3.3% quarter-over-quarter to $167B.
Based on Dodge & Cox's 13F filing for Q2 2024, filed 13 Aug 2024.