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 | |
|---|---|---|---|---|---|---|
|
1
Occidental Petroleum
OXY
$59.1B
| $5.84B | 4.42% |
94,978,388
-3,442,753
| -3% | -$220M |
|
|
SCHW
2
Charles Schwab
SCHW
$187B
| $5.79B | 4.38% |
80,511,141
+1,468,678
| +2% | +$102M |
|
3
Wells Fargo
WFC
$257B
| $4.89B | 3.71% |
121,626,354
-1,657,819
| -1% | -$71.2M |
|
4
Alphabet (Google) Class C
GOOG
$4.13T
| $4.02B | 3.05% |
41,804,172
-345,188
| -0.8% | -$38.5M |
|
|
FISV
5
Fiserv Inc
FISV
$28B
| $3.43B | 2.6% |
36,667,839
-449,741
| -1% | -$45.8M |
|
6
MetLife
MET
$61.2B
| $3.39B | 2.57% |
55,816,110
-1,159,125
| -2% | -$74M |
|
|
7
Cigna
CI
$73.4B
| $3.36B | 2.55% |
12,105,826
-4,548,471
| -27% | -$1.28B |
|
8
Capital One
COF
$133B
| $3.3B | 2.5% |
35,831,626
+374,055
| +1% | +$39.8M |
|
9
Johnson Controls International
JCI
$86.1B
| $3.19B | 2.42% |
64,804,158
+26,427
| +0% | +$1.4M |
|
|
VMW
10
DELISTED
VMware, Inc
VMW
| $2.9B | 2.2% |
27,268,625
-764,301
| -3% | -$88M |
|
11
Sanofi
SNY
$107B
| $2.88B | 2.18% |
75,650,666
-1,346,616
| -2% | -$60M |
|
12
RTX Corp
RTX
$286B
| $2.83B | 2.15% |
34,591,437
-1,966,950
| -5% | -$178M |
|
13
FedEx
FDX
$78.4B
| $2.56B | 1.94% |
17,241,695
-184,952
| -1% | -$39M |
|
14
Microsoft
MSFT
$3.75T
| $2.55B | 1.93% |
10,949,702
+1,219,159
| +13% | +$322M |
|
15
Comcast
CMCSA
$93.7B
| $2.42B | 1.83% |
82,356,579
-2,801,237
| -3% | -$105M |
|
|
16
GE Aerospace
GE
$356B
| $2.3B | 1.74% |
59,525,606
+13,031,391
| +28% | +$573M |
|
17
UBS Group
UBS
$166B
| $2.28B | 1.73% |
157,604,317
+4,567,650
| +3% | +$73.1M |
|
18
Gilead Sciences
GILD
$185B
| $2.24B | 1.7% |
36,369,252
-597,375
| -2% | -$37.7M |
|
|
BNY
19
Bank of New York Mellon
BNY
$110B
| $2.24B | 1.7% |
58,081,712
-692,790
| -1% | -$29.5M |
|
20
Goldman Sachs
GS
$303B
| $2.16B | 1.64% |
7,380,249
-328,075
| -4% | -$106M |
|
21
T-Mobile US
TMUS
$191B
| $2.13B | 1.61% |
15,873,156
-830,152
| -5% | -$117M |
|
22
ConocoPhillips
COP
$156B
| $2.11B | 1.6% |
20,600,222
-319,548
| -2% | -$31.9M |
|
23
Charter Communications
CHTR
$17.7B
| $2.04B | 1.55% |
6,725,271
-41,431
| -0.6% | -$17.7M |
|
24
UnitedHealth
UNH
$355B
| $1.92B | 1.46% |
3,802,415
-254,175
| -6% | -$134M |
|
25
Microchip Technology
MCHP
$41B
| $1.9B | 1.44% |
31,103,061
-1,125,375
| -3% | -$73.9M |
|
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.