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 |
GE HealthCare
GEHC
|
+$1.13B |
| 2 |
Dominion Energy
D
|
+$868M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$324M |
| 4 |
Amazon
AMZN
|
+$319M |
| 5 |
Medtronic
MDT
|
+$252M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$1.09B |
| 2 |
Meta Platforms (Facebook)
META
|
+$754M |
| 3 |
American Express
AXP
|
+$623M |
| 4 |
PayPal
PYPL
|
+$575M |
| 5 |
Baidu
BIDU
|
+$452M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 19.93% |
| 2 | Healthcare | 19.3% |
| 3 | Technology | 17.15% |
| 4 | Communication Services | 13.11% |
| 5 | Industrials | 10.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Occidental Petroleum
OXY
$59.1B
| $5.75B | 3.92% |
92,156,069
-801,155
| -0.9% | -$49.8M |
|
|
2
Alphabet (Google) Class C
GOOG
$4.13T
| $4.52B | 3.08% |
43,488,919
+543,627
| +1% | +$52.5M |
|
3
Wells Fargo
WFC
$257B
| $4.5B | 3.07% |
120,385,253
+1,662,877
| +1% | +$72.5M |
|
4
Sanofi
SNY
$107B
| $4.49B | 3.06% |
82,517,326
-1,671,748
| -2% | -$81.3M |
|
|
SCHW
5
Charles Schwab
SCHW
$187B
| $4.11B | 2.8% |
78,462,490
+1,033,760
| +1% | +$75.7M |
|
|
FISV
6
Fiserv Inc
FISV
$28B
| $4.1B | 2.79% |
36,250,709
-68,535
| -0.2% | -$7.54M |
|
7
FedEx
FDX
$78.4B
| $3.86B | 2.63% |
16,885,389
-446,506
| -3% | -$90.7M |
|
8
Johnson Controls International
JCI
$86.1B
| $3.75B | 2.55% |
62,220,537
-393,578
| -0.6% | -$25.2M |
|
9
Microsoft
MSFT
$3.75T
| $3.51B | 2.39% |
12,181,618
-86,309
| -0.7% | -$22M |
|
10
Capital One
COF
$133B
| $3.38B | 2.3% |
35,170,355
-201,841
| -0.6% | -$21.1M |
|
|
VMW
11
DELISTED
VMware, Inc
VMW
| $3.32B | 2.26% |
26,621,128
-682,023
| -2% | -$81.9M |
|
|
12
GE Aerospace
GE
$356B
| $3.31B | 2.25% |
43,330,596
-16,341,394
| -27% | -$1.09B |
|
13
UBS Group
UBS
$166B
| $3.29B | 2.24% |
155,111,813
-4,203,904
| -3% | -$87.7M |
|
14
RTX Corp
RTX
$286B
| $3.27B | 2.23% |
33,399,832
-159,425
| -0.5% | -$15.7M |
|
15
MetLife
MET
$61.2B
| $3.13B | 2.13% |
54,069,754
+486,544
| +0.9% | +$32.8M |
|
16
Charter Communications
CHTR
$17.7B
| $3.11B | 2.12% |
8,683,257
+211,744
| +2% | +$79.1M |
|
17
Comcast
CMCSA
$93.7B
| $2.95B | 2.01% |
77,718,806
-1,863,457
| -2% | -$70.5M |
|
18
Cigna
CI
$73.4B
| $2.93B | 2% |
11,462,143
-86,414
| -0.7% | -$25.2M |
|
19
Gilead Sciences
GILD
$185B
| $2.88B | 1.96% |
34,701,762
-1,183,390
| -3% | -$98M |
|
|
BNY
20
Bank of New York Mellon
BNY
$110B
| $2.72B | 1.85% |
59,834,458
+19,211
| +0% | +$932K |
|
21
GSK
GSK
$101B
| $2.48B | 1.69% |
69,707,068
+4,774,116
| +7% | +$167M |
|
22
Cisco
CSCO
$442B
| $2.19B | 1.5% |
41,985,724
-940,853
| -2% | -$45.9M |
|
23
Booking.com
BKNG
$152B
| $2.19B | 1.49% |
20,668,275
-139,075
| -0.7% | -$13.5M |
|
24
TE Connectivity
TEL
$58.8B
| $2.12B | 1.44% |
16,140,880
-106,405
| -0.7% | -$13.5M |
|
25
Regeneron Pharmaceuticals
REGN
$83.2B
| $1.96B | 1.34% |
2,384,701
+161,642
| +7% | +$122M |
|
Similar funds
Dodge & Cox's Q1 2023 Portfolio in Review
As of Q1 2023, Dodge & Cox held 205 positions worth $147B, up 0.64% from $146B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Dodge & Cox's Q1 2023 filing shows 17 new, 44 increased, 108 reduced and 2 closed positions. Its largest new stake was GE HealthCare: 15,810,644 shares worth $1.3B. The largest sale was GE Aerospace, an estimated $1.09B.
By sector, the portfolio is most concentrated in Financials at 20% of assets, down from 23% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q1 2023 buy was GE HealthCare: 15,810,644 shares worth $1.3B.
- Dodge & Cox added most to Alphabet (Google) Class A in Q1 2023, an estimated $324M increase.
- Dodge & Cox's biggest Q1 2023 reduction was GE Aerospace, cutting an estimated $1.09B.
- Dodge & Cox fully exited Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share in Q1 2023, selling an estimated $211M.
- Dodge & Cox's ten largest holdings make up 29% of its $147B portfolio in Q1 2023.
- Dodge & Cox opened 17 new positions and closed 2 in Q1 2023.
- Dodge & Cox's portfolio value rose 0.64% quarter-over-quarter to $147B.
Based on Dodge & Cox's 13F filing for Q1 2023, filed 12 May 2023.