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 |
Fidelity National Information Services
FIS
|
+$1.16B |
| 2 |
Charter Communications
CHTR
|
+$614M |
| 3 |
Amazon
AMZN
|
+$563M |
| 4 |
Elanco Animal Health
ELAN
|
+$396M |
| 5 |
Sanofi
SNY
|
+$375M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLB Ltd
SLB
|
+$1.08B |
| 2 |
ConocoPhillips
COP
|
+$737M |
| 3 |
T-Mobile US
TMUS
|
+$615M |
| 4 |
Microchip Technology
MCHP
|
+$533M |
| 5 |
Goldman Sachs
GS
|
+$431M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.41% |
| 2 | Healthcare | 19.23% |
| 3 | Technology | 16.26% |
| 4 | Communication Services | 12.06% |
| 5 | Industrials | 10.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SCHW
1
Charles Schwab
SCHW
$187B
| $6.45B | 4.42% |
77,428,730
-3,082,411
| -4% | -$239M |
|
2
Occidental Petroleum
OXY
$59.1B
| $5.86B | 4.02% |
92,957,224
-2,021,164
| -2% | -$138M |
|
3
Wells Fargo
WFC
$257B
| $4.9B | 3.36% |
118,722,376
-2,903,978
| -2% | -$129M |
|
|
4
Sanofi
SNY
$107B
| $4.08B | 2.8% |
84,189,074
+8,538,408
| +11% | +$375M |
|
5
Johnson Controls International
JCI
$86.1B
| $4.01B | 2.75% |
62,614,115
-2,190,043
| -3% | -$134M |
|
6
MetLife
MET
$61.2B
| $3.88B | 2.66% |
53,583,210
-2,232,900
| -4% | -$160M |
|
7
Cigna
CI
$73.4B
| $3.83B | 2.62% |
11,548,557
-557,269
| -5% | -$176M |
|
8
Alphabet (Google) Class C
GOOG
$4.13T
| $3.81B | 2.61% |
42,945,292
+1,141,120
| +3% | +$109M |
|
|
FISV
9
Fiserv Inc
FISV
$28B
| $3.67B | 2.52% |
36,319,244
-348,595
| -1% | -$34.7M |
|
10
RTX Corp
RTX
$286B
| $3.39B | 2.32% |
33,559,257
-1,032,180
| -3% | -$97.1M |
|
|
VMW
11
DELISTED
VMware, Inc
VMW
| $3.35B | 2.3% |
27,303,151
+34,526
| +0.1% | +$3.98M |
|
12
Capital One
COF
$133B
| $3.29B | 2.25% |
35,372,196
-459,430
| -1% | -$45.2M |
|
13
GE Aerospace
GE
$356B
| $3.12B | 2.14% |
59,671,990
+146,384
| +0.2% | +$7.2M |
|
14
Gilead Sciences
GILD
$185B
| $3.08B | 2.11% |
35,885,152
-484,100
| -1% | -$38.3M |
|
15
FedEx
FDX
$78.4B
| $3B | 2.06% |
17,331,895
+90,200
| +0.5% | +$15M |
|
16
UBS Group
UBS
$166B
| $2.97B | 2.04% |
159,315,717
+1,711,400
| +1% | +$29.1M |
|
17
Microsoft
MSFT
$3.75T
| $2.94B | 2.02% |
12,267,927
+1,318,225
| +12% | +$316M |
|
|
18
Charter Communications
CHTR
$17.7B
| $2.87B | 1.97% |
8,471,513
+1,746,242
| +26% | +$614M |
|
19
Comcast
CMCSA
$93.7B
| $2.78B | 1.91% |
79,582,263
-2,774,316
| -3% | -$91.8M |
|
|
BNY
20
Bank of New York Mellon
BNY
$110B
| $2.72B | 1.87% |
59,815,247
+1,733,535
| +3% | +$74.3M |
|
21
GSK
GSK
$101B
| $2.28B | 1.56% |
64,932,952
+6,348,963
| +11% | +$211M |
|
|
22
Goldman Sachs
GS
$303B
| $2.11B | 1.45% |
6,143,091
-1,237,158
| -17% | -$431M |
|
23
Cisco
CSCO
$442B
| $2.05B | 1.4% |
42,926,577
-3,377,450
| -7% | -$154M |
|
24
Novartis
NVS
$294B
| $1.88B | 1.29% |
20,751,372
-297,285
| -1% | -$25M |
|
25
UnitedHealth
UNH
$355B
| $1.87B | 1.28% |
3,528,710
-273,705
| -7% | -$145M |
|
Similar funds
Dodge & Cox's Q4 2022 Portfolio in Review
As of Q4 2022, Dodge & Cox held 194 positions worth $146B, up 10% from $132B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q4 2022: portfolio turnover was 4.6%. Dodge & Cox opened 3 new positions and exited 6, leaving the 194-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q4 2022 buy was Trip.com Group: 20,900 shares worth $719K.
- Dodge & Cox added most to Fidelity National Information Services in Q4 2022, an estimated $1.16B increase.
- Dodge & Cox's biggest Q4 2022 reduction was SLB Ltd, cutting an estimated $1.08B.
- Dodge & Cox fully exited Marsh in Q4 2022, selling an estimated $427K.
- Dodge & Cox's ten largest holdings make up 30% of its $146B portfolio in Q4 2022.
- Dodge & Cox opened 3 new positions and closed 6 in Q4 2022.
- Dodge & Cox's portfolio value rose 10% quarter-over-quarter to $146B.
Based on Dodge & Cox's 13F filing for Q4 2022, filed 14 Feb 2023.