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 |
VMW
VMware, Inc
VMW
|
+$2.25B |
| 2 |
FISV
Fiserv Inc
FISV
|
+$1.02B |
| 3 |
Meta Platforms (Facebook)
META
|
+$973M |
| 4 |
AB InBev
BUD
|
+$875M |
| 5 |
FedEx
FDX
|
+$727M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dell
DELL
|
+$2.21B |
| 2 |
Microsoft
MSFT
|
+$716M |
| 3 |
American Express
AXP
|
+$597M |
| 4 |
APA Corp
APA
|
+$401M |
| 5 |
Wells Fargo
WFC
|
+$304M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.36% |
| 2 | Technology | 18.85% |
| 3 | Healthcare | 17.34% |
| 4 | Communication Services | 14.97% |
| 5 | Industrials | 8.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Wells Fargo
WFC
$257B
| $6.4B | 3.97% |
133,428,052
-6,167,719
| -4% | -$304M |
|
|
SCHW
2
Charles Schwab
SCHW
$187B
| $6.19B | 3.83% |
73,586,595
-740,832
| -1% | -$59.9M |
|
3
Alphabet (Google) Class C
GOOG
$4.13T
| $5.92B | 3.66% |
40,891,300
-1,490,400
| -4% | -$215M |
|
4
Johnson Controls International
JCI
$86.1B
| $4.97B | 3.08% |
61,180,640
-2,385,914
| -4% | -$180M |
|
5
Capital One
COF
$133B
| $4.76B | 2.95% |
32,790,861
-1,615,280
| -5% | -$250M |
|
6
Sanofi
SNY
$107B
| $4.68B | 2.9% |
93,402,049
-718,017
| -0.8% | -$35.5M |
|
|
7
FedEx
FDX
$78.4B
| $4.31B | 2.67% |
16,674,920
+3,031,046
| +22% | +$727M |
|
8
Comcast
CMCSA
$93.7B
| $4.26B | 2.64% |
84,666,165
+958,091
| +1% | +$49.9M |
|
9
Cigna
CI
$73.4B
| $4.01B | 2.49% |
17,484,197
-400,699
| -2% | -$85.2M |
|
10
HP
HPQ
$26.7B
| $3.92B | 2.43% |
104,175,937
-7,467,266
| -7% | -$244M |
|
11
GSK
GSK
$101B
| $3.9B | 2.42% |
70,815,555
+401,224
| +0.6% | +$20.9M |
|
|
FISV
12
Fiserv Inc
FISV
$28B
| $3.68B | 2.28% |
35,432,277
+9,901,409
| +39% | +$1.02B |
|
13
MetLife
MET
$61.2B
| $3.67B | 2.27% |
58,725,183
-2,336,756
| -4% | -$147M |
|
14
Charter Communications
CHTR
$17.7B
| $3.57B | 2.21% |
5,473,257
-187,118
| -3% | -$127M |
|
|
BNY
15
Bank of New York Mellon
BNY
$110B
| $3.38B | 2.1% |
58,247,004
-3,059,467
| -5% | -$176M |
|
|
16
Microsoft
MSFT
$3.75T
| $3.34B | 2.07% |
9,935,146
-2,207,422
| -18% | -$716M |
|
17
RTX Corp
RTX
$286B
| $3.3B | 2.04% |
38,322,057
-160,395
| -0.4% | -$14M |
|
18
Occidental Petroleum
OXY
$59.1B
| $3.26B | 2.02% |
112,531,760
-2,769,327
| -2% | -$86.9M |
|
19
Bank of America
BAC
$428B
| $3.07B | 1.9% |
68,901,490
-2,422,875
| -3% | -$110M |
|
20
Cisco
CSCO
$442B
| $2.98B | 1.85% |
47,099,346
-858,945
| -2% | -$49.1M |
|
|
VMW
21
DELISTED
VMware, Inc
VMW
| $2.95B | 1.83% |
25,453,582
+17,149,182
| +207% | +$2.25B |
|
22
Goldman Sachs
GS
$303B
| $2.79B | 1.73% |
7,303,170
+52,165
| +0.7% | +$20.7M |
|
23
TE Connectivity
TEL
$58.8B
| $2.76B | 1.71% |
17,125,954
-711,626
| -4% | -$110M |
|
24
Gilead Sciences
GILD
$185B
| $2.7B | 1.67% |
37,174,777
-91,915
| -0.2% | -$6.33M |
|
25
Cognizant
CTSH
$28.7B
| $2.59B | 1.61% |
29,235,581
-486,592
| -2% | -$39.1M |
|
Similar funds
Dodge & Cox's Q4 2021 Portfolio in Review
As of Q4 2021, Dodge & Cox held 199 positions worth $161B, up 5.2% from $154B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q4 2021: portfolio turnover was 4%. Dodge & Cox opened 6 new positions and exited 2, leaving the 199-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Technology and Healthcare.
- Dodge & Cox's largest Q4 2021 buy was AB InBev: 15,040,157 shares worth $911M.
- Dodge & Cox added most to VMware, Inc in Q4 2021, an estimated $2.25B increase.
- Dodge & Cox's biggest Q4 2021 reduction was Dell, cutting an estimated $2.21B.
- Dodge & Cox fully exited America Movil in Q4 2021, selling an estimated $2.87M.
- Dodge & Cox's ten largest holdings make up 31% of its $161B portfolio in Q4 2021.
- Dodge & Cox opened 6 new positions and closed 2 in Q4 2021.
- Dodge & Cox's portfolio value rose 5.2% quarter-over-quarter to $161B.
Based on Dodge & Cox's 13F filing for Q4 2021, filed 14 Feb 2022.