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 |
Sanofi
SNY
|
+$1.21B |
| 2 |
Cigna
CI
|
+$734M |
| 3 |
Gilead Sciences
GILD
|
+$583M |
| 4 |
Novartis
NVS
|
+$433M |
| 5 |
Teck Resources
TECK
|
+$336M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Johnson Controls International
JCI
|
+$266M |
| 2 |
HP
HPQ
|
+$189M |
| 3 |
Capital One
COF
|
+$181M |
| 4 |
Wells Fargo
WFC
|
+$178M |
| 5 |
APA Corp
APA
|
+$163M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.43% |
| 2 | Technology | 17.73% |
| 3 | Healthcare | 16.49% |
| 4 | Communication Services | 15.93% |
| 5 | Energy | 8.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Wells Fargo
WFC
$257B
| $6.48B | 4.22% |
139,595,771
-3,840,244
| -3% | -$178M |
|
2
Alphabet (Google) Class C
GOOG
$4.13T
| $5.65B | 3.68% |
42,381,700
-435,400
| -1% | -$60M |
|
|
3
Capital One
COF
$133B
| $5.57B | 3.63% |
34,406,141
-1,111,700
| -3% | -$181M |
|
|
SCHW
4
Charles Schwab
SCHW
$187B
| $5.41B | 3.53% |
74,327,427
-796,040
| -1% | -$56.9M |
|
5
Comcast
CMCSA
$93.7B
| $4.68B | 3.05% |
83,708,074
-276,423
| -0.3% | -$16.1M |
|
|
6
Sanofi
SNY
$107B
| $4.54B | 2.96% |
94,120,066
+23,839,518
| +34% | +$1.21B |
|
|
7
Johnson Controls International
JCI
$86.1B
| $4.33B | 2.82% |
63,566,554
-3,681,656
| -5% | -$266M |
|
8
Charter Communications
CHTR
$17.7B
| $4.12B | 2.68% |
5,660,375
-47,786
| -0.8% | -$36.3M |
|
9
Dell
DELL
$305B
| $3.86B | 2.51% |
73,135,574
-880,467
| -1% | -$43.9M |
|
10
MetLife
MET
$61.2B
| $3.77B | 2.46% |
61,061,939
-466,976
| -0.8% | -$28.1M |
|
|
11
Cigna
CI
$73.4B
| $3.58B | 2.33% |
17,884,896
+3,377,385
| +23% | +$734M |
|
12
Microsoft
MSFT
$3.75T
| $3.42B | 2.23% |
12,142,568
-480,885
| -4% | -$140M |
|
13
Occidental Petroleum
OXY
$59.1B
| $3.41B | 2.22% |
115,301,087
-100,402
| -0.1% | -$2.68M |
|
14
GSK
GSK
$101B
| $3.36B | 2.19% |
70,414,331
-153,020
| -0.2% | -$7.69M |
|
15
RTX Corp
RTX
$286B
| $3.31B | 2.15% |
38,482,452
-756,750
| -2% | -$64.7M |
|
|
BNY
16
Bank of New York Mellon
BNY
$110B
| $3.18B | 2.07% |
61,306,471
-442,851
| -0.7% | -$23M |
|
|
17
HP
HPQ
$26.7B
| $3.05B | 1.99% |
111,643,203
-6,590,100
| -6% | -$189M |
|
18
Bank of America
BAC
$428B
| $3.03B | 1.97% |
71,324,365
-2,459,272
| -3% | -$99.1M |
|
19
FedEx
FDX
$78.4B
| $2.99B | 1.95% |
13,643,874
+761,925
| +6% | +$207M |
|
|
FISV
20
Fiserv Inc
FISV
$28B
| $2.77B | 1.8% |
25,530,868
+2,534,819
| +11% | +$283M |
|
21
Goldman Sachs
GS
$303B
| $2.74B | 1.79% |
7,251,005
-33,645
| -0.5% | -$13.1M |
|
22
Cisco
CSCO
$442B
| $2.61B | 1.7% |
47,958,291
+378,965
| +0.8% | +$21.3M |
|
|
23
Gilead Sciences
GILD
$185B
| $2.6B | 1.7% |
37,266,692
+8,304,848
| +29% | +$583M |
|
24
TE Connectivity
TEL
$58.8B
| $2.45B | 1.59% |
17,837,580
-958,155
| -5% | -$138M |
|
25
Microchip Technology
MCHP
$41B
| $2.42B | 1.58% |
31,541,794
+2,430,970
| +8% | +$182M |
|
Similar funds
Dodge & Cox's Q3 2021 Portfolio in Review
As of Q3 2021, Dodge & Cox held 195 positions worth $154B, up 0.42% from $153B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q3 2021: portfolio turnover was 3.6%. Dodge & Cox opened 5 new positions and exited 2, leaving the 195-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 25% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q3 2021 buy was Elanco Animal Health: 3,639,124 shares worth $116M.
- Dodge & Cox added most to Sanofi in Q3 2021, an estimated $1.21B increase.
- Dodge & Cox's biggest Q3 2021 reduction was Johnson Controls International, cutting an estimated $266M.
- Dodge & Cox fully exited Maxim Integrated Products in Q3 2021, selling an estimated $8.29M.
- Dodge & Cox's ten largest holdings make up 32% of its $154B portfolio in Q3 2021.
- Dodge & Cox opened 5 new positions and closed 2 in Q3 2021.
- Dodge & Cox's portfolio value rose 0.42% quarter-over-quarter to $154B.
Based on Dodge & Cox's 13F filing for Q3 2021, filed 15 Nov 2021.