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 |
Air Products & Chemicals
APD
|
+$1.8B |
| 2 |
Baxter International
BAX
|
+$627M |
| 3 |
SBA Communications
SBAC
|
+$360M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$250M |
| 5 |
Humana
HUM
|
+$223M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Truist Financial
TFC
|
+$1.09B |
| 2 |
JNPR
Juniper Networks
JNPR
|
+$790M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$766M |
| 4 |
BNY
Bank of New York Mellon
BNY
|
+$411M |
| 5 |
Wells Fargo
WFC
|
+$301M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 22.27% |
| 2 | Financials | 19.03% |
| 3 | Industrials | 12.6% |
| 4 | Technology | 12% |
| 5 | Communication Services | 11.73% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
Moody's
MCO
$89B
| $743K | ﹤0.01% |
1,566
| – | – |
|
177
Blackrock
BLK
$181B
| $712K | ﹤0.01% |
750
| – | – |
|
178
Copa Holdings
CPA
$5.29B
| $690K | ﹤0.01% |
7,350
-2,000
| -21% | -$181K |
|
179
Intercorp Financial Services
IFS
$6.03B
| $676K | ﹤0.01% |
25,869
-1,141
| -4% | -$27K |
|
180
Genuine Parts
GPC
$18.8B
| $653K | ﹤0.01% |
4,675
| – | – |
|
181
GeoPark
GPRK
$639M
| $605K | ﹤0.01% |
76,814
| – | – |
|
182
Kaspi.kz JSC
KSPI
$20.2B
| $586K | ﹤0.01% |
5,526
| – | – |
|
183
Elevance Health
ELV
$86.1B
| $572K | ﹤0.01% |
1,100
| – | – |
|
184
PepsiCo
PEP
$192B
| $523K | ﹤0.01% |
3,075
| – | – |
|
185
Afya
AFYA
$1.29B
| $498K | ﹤0.01% |
29,183
| – | – |
|
186
Allstate
ALL
$65.7B
| $497K | ﹤0.01% |
2,618
| – | – |
|
187
US Bancorp
USB
$97.1B
| $494K | ﹤0.01% |
10,800
-14,200
| -57% | -$623K |
|
188
Lockheed Martin
LMT
$130B
| $453K | ﹤0.01% |
775
| – | – |
|
189
Cintas
CTAS
$82.1B
| $412K | ﹤0.01% |
2,000
| – | – |
|
190
KE Holdings
BEKE
$20.1B
| $367K | ﹤0.01% |
18,440
-20,000
| -52% | -$295K |
|
191
dLocal
DLO
$4.42B
| $359K | ﹤0.01% |
44,900
| – | – |
|
192
Grupo Cibest SA
CIB
$23.1B
| $345K | ﹤0.01% |
11,000
-2,000
| -15% | -$65.6K |
|
193
Phillips 66
PSX
$97B
| $342K | ﹤0.01% |
2,600
| – | – |
|
194
Zoetis
ZTS
$31.7B
| $332K | ﹤0.01% |
1,700
| – | – |
|
|
NOAH
195
Noah Holdings
NOAH
$593M
| $331K | ﹤0.01% |
26,840
| – | – |
|
196
PPG Industries
PPG
$25.1B
| $291K | ﹤0.01% |
2,200
| – | – |
|
197
Rio Tinto
RIO
$168B
| $285K | ﹤0.01% |
4,000
| – | – |
|
|
LOMA
198
Loma Negra
LOMA
$1.13B
| $248K | ﹤0.01% |
30,800
| – | – |
|
199
Visa
V
$713B
| $247K | ﹤0.01% |
900
-100
| -10% | -$27K |
|
200
Verizon
VZ
$208B
| $247K | ﹤0.01% |
5,500
| – | – |
|
Similar funds
Dodge & Cox's Q3 2024 Portfolio in Review
As of Q3 2024, Dodge & Cox held 206 positions worth $177B, up 6.1% from $167B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Trading was light in Q3 2024: portfolio turnover was 2.4%. Dodge & Cox opened 4 new positions and exited 1, leaving the 206-position portfolio largely intact.
By sector, the portfolio is most concentrated in Healthcare at 22% of assets, up from 21% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q3 2024 buy was SBA Communications: 1,623,515 shares worth $391M.
- Dodge & Cox added most to Air Products & Chemicals in Q3 2024, an estimated $1.8B increase.
- Dodge & Cox's biggest Q3 2024 reduction was Truist Financial, cutting an estimated $1.09B.
- Dodge & Cox fully exited Alpha and Omega Semiconductor in Q3 2024, selling an estimated $1.89M.
- Dodge & Cox's ten largest holdings make up 28% of its $177B portfolio in Q3 2024.
- Dodge & Cox opened 4 new positions and closed 1 in Q3 2024.
- Dodge & Cox's portfolio value rose 6.1% quarter-over-quarter to $177B.
Based on Dodge & Cox's 13F filing for Q3 2024, filed 13 Nov 2024.