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 |
Amazon
AMZN
|
+$1.18B |
| 2 |
LyondellBasell Industries
LYB
|
+$1B |
| 3 |
GE Aerospace
GE
|
+$573M |
| 4 |
Haleon
HLN
|
+$475M |
| 5 |
Fidelity National Information Services
FIS
|
+$335M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$1.28B |
| 2 |
Hewlett Packard
HPE
|
+$532M |
| 3 |
Williams Companies
WMB
|
+$419M |
| 4 |
Cognizant
CTSH
|
+$226M |
| 5 |
Occidental Petroleum
OXY
|
+$220M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.04% |
| 2 | Healthcare | 17.77% |
| 3 | Technology | 16.15% |
| 4 | Communication Services | 12.92% |
| 5 | Energy | 10.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
201
Oaktree Specialty Lending
OCSL
$1.14B
| – | – |
-23,333
| Closed | -$458K |
|
|
RA
202
Brookfield Real Assets Income Fund
RA
$698M
| – | – |
-20,000
| Closed | -$369K |
|
203
Roper Technologies
ROP
$41.8B
| – | – |
-900
| Closed | -$355K |
|
204
SLR Investment Corp
SLRC
$681M
| – | – |
-10,000
| Closed | -$146K |
|
205
SS&C Technologies
SSNC
$19.6B
| – | – |
-9,600
| Closed | -$557K |
|
206
Trip.com Group
TCOM
$28.1B
| – | – |
-34,500
| Closed | -$947K |
|
207
Thor Industries
THO
$3.97B
| – | – |
-5,000
| Closed | -$374K |
|
208
Travel + Leisure Co
TNL
$4.39B
| – | – |
-7,000
| Closed | -$272K |
|
209
Marriott Vacations Worldwide
VAC
$3.83B
| – | – |
-2,000
| Closed | -$232K |
|
210
Warner Bros
WBD
$72.4B
| – | – |
-26,653
| Closed | -$358K |
|
211
White Mountains Insurance
WTM
$5.08B
| – | – |
-300
| Closed | -$374K |
|
|
LTRPA
212
DELISTED
Liberty TripAdvisor Holdings, Inc. Series A
LTRPA
| – | – |
-170,000
| Closed | -$129K |
|
|
ATCO
213
DELISTED
Atlas Corp.
ATCO
| – | – |
-20,000
| Closed | -$214K |
|
Similar funds
Dodge & Cox's Q3 2022 Portfolio in Review
As of Q3 2022, Dodge & Cox held 215 positions worth $132B, down 8.6% from $144B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q3 2022 filing shows 4 new, 31 increased, 110 reduced and 24 closed positions. Its largest new stake was Haleon: 73,365,572 shares worth $447M. The largest sale was Cigna, an estimated $1.28B.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 22% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2022 buy was Haleon: 73,365,572 shares worth $447M.
- Dodge & Cox added most to Amazon in Q3 2022, an estimated $1.18B increase.
- Dodge & Cox's biggest Q3 2022 reduction was Cigna, cutting an estimated $1.28B.
- Dodge & Cox fully exited iShares iBoxx $ Investment Grade Corporate Bond ETF in Q3 2022, selling an estimated $198M.
- Dodge & Cox's ten largest holdings make up 30% of its $132B portfolio in Q3 2022.
- Dodge & Cox opened 4 new positions and closed 24 in Q3 2022.
- Dodge & Cox's portfolio value fell 8.6% quarter-over-quarter to $132B.
Based on Dodge & Cox's 13F filing for Q3 2022, filed 10 Nov 2022.