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
|
+$1.41B |
| 2 |
SBA Communications
SBAC
|
+$1.29B |
| 3 |
Avantor
AVTR
|
+$691M |
| 4 |
Celanese
CE
|
+$655M |
| 5 |
Fortive
FTV
|
+$592M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$1.19B |
| 2 |
Truist Financial
TFC
|
+$1.15B |
| 3 |
Wells Fargo
WFC
|
+$1.13B |
| 4 |
Bank of America
BAC
|
+$974M |
| 5 |
Goldman Sachs
GS
|
+$842M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.28% |
| 2 | Financials | 18.77% |
| 3 | Industrials | 12.45% |
| 4 | Technology | 12.31% |
| 5 | Communication Services | 11.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
201
Grupo Cibest SA
CIB
$23.3B
| $356K | ﹤0.01% |
11,300
+300
| +3% | +$9.66K |
|
|
NOAH
202
Noah Holdings
NOAH
$582M
| $314K | ﹤0.01% |
26,840
| – | – |
|
203
Phillips 66
PSX
$95.7B
| $296K | ﹤0.01% |
2,600
| – | – |
|
204
Visa
V
$709B
| $284K | ﹤0.01% |
900
| – | – |
|
205
US Bancorp
USB
$97.2B
| $277K | ﹤0.01% |
5,800
-5,000
| -46% | -$246K |
|
206
Zoetis
ZTS
$31B
| $277K | ﹤0.01% |
1,700
| – | – |
|
207
PPG Industries
PPG
$25.2B
| $263K | ﹤0.01% |
2,200
| – | – |
|
208
Intuitive Surgical
ISRG
$130B
| $261K | ﹤0.01% |
500
| – | – |
|
209
Rio Tinto
RIO
$170B
| $235K | ﹤0.01% |
4,000
| – | – |
|
210
Petrobras
PBR
$118B
| $222K | ﹤0.01% |
17,300
+800
| +5% | +$11.2K |
|
211
Becton Dickinson
BDX
$51.2B
| $222K | ﹤0.01% |
980
| – | – |
|
212
Verizon
VZ
$205B
| $220K | ﹤0.01% |
5,500
| – | – |
|
213
CEMIG Preferred Shares
CIG
$5.64B
| $26.6K | ﹤0.01% |
+15,000
| New | +$29.1K |
|
|
QVCGA
214
DELISTED
QVC Group Inc Series A
QVCGA
| $7.26K | ﹤0.01% |
440
| – | – |
|
215
KE Holdings
BEKE
$19.6B
| – | – |
-18,440
| Closed | -$367K |
|
216
Chubb
CB
$131B
| – | – |
-722
| Closed | -$208K |
|
Similar funds
Dodge & Cox's Q4 2024 Portfolio in Review
As of Q4 2024, Dodge & Cox held 216 positions worth $172B, down 2.8% from $177B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Dodge & Cox's Q4 2024 filing shows 11 new, 45 increased, 101 reduced and 2 closed positions. Its largest new stake was Fortive: 10,323,937 shares worth $583M. The largest sale was Alphabet (Google) Class C, an estimated $1.19B.
By sector, the portfolio is most concentrated in Healthcare at 21% of assets, down from 22% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q4 2024 buy was Fortive: 10,323,937 shares worth $583M.
- Dodge & Cox added most to Humana in Q4 2024, an estimated $1.41B increase.
- Dodge & Cox's biggest Q4 2024 reduction was Alphabet (Google) Class C, cutting an estimated $1.19B.
- Dodge & Cox fully exited KE Holdings in Q4 2024, selling an estimated $367K.
- Dodge & Cox's ten largest holdings make up 29% of its $172B portfolio in Q4 2024.
- Dodge & Cox opened 11 new positions and closed 2 in Q4 2024.
- Dodge & Cox's portfolio value fell 2.8% quarter-over-quarter to $172B.
Based on Dodge & Cox's 13F filing for Q4 2024, filed 13 Feb 2025.