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 |
Norfolk Southern
NSC
|
+$914M |
| 2 |
Truist Financial
TFC
|
+$310M |
| 3 |
Baker Hughes
BKR
|
+$286M |
| 4 |
CVS Health
CVS
|
+$243M |
| 5 |
Alibaba
BABA
|
+$172M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$1.03B |
| 2 |
Meta Platforms (Facebook)
META
|
+$658M |
| 3 |
Molson Coors Class B
TAP
|
+$616M |
| 4 |
FedEx
FDX
|
+$465M |
| 5 |
Novartis
NVS
|
+$391M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.67% |
| 2 | Healthcare | 18.6% |
| 3 | Technology | 17.71% |
| 4 | Communication Services | 12.88% |
| 5 | Industrials | 10.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Occidental Petroleum
OXY
$61.2B
| $5.37B | 3.58% |
91,303,640
-852,429
| -0.9% | -$51.1M |
2013 Q2
40 quarters
|
|
2
Wells Fargo
WFC
$254B
| $5.13B | 3.42% |
120,142,705
-242,548
| -0.2% | -$9.76M |
2013 Q2
40 quarters
|
|
3
Alphabet (Google) Class C
GOOG
$4.27T
| $4.87B | 3.25% |
40,245,550
-3,243,369
| -7% | -$375M |
2013 Q2
40 quarters
|
|
4
Fiserv Inc
FISV
$24.5B
| $4.5B | 3% |
35,658,931
-591,778
| -2% | -$69.7M |
2020 Q4
10 quarters
|
|
5
Charles Schwab
SCHW
$168B
| $4.44B | 2.97% |
78,399,479
-63,011
| -0.1% | -$3.3M |
2013 Q2
40 quarters
|
|
6
Sanofi
SNY
$96.2B
| $4.34B | 2.9% |
80,500,374
-2,016,952
| -2% | -$109M |
2013 Q2
40 quarters
|
|
7
Johnson Controls International
JCI
$95.1B
| $4.18B | 2.79% |
61,398,554
-821,983
| -1% | -$50.5M |
2016 Q3
27 quarters
|
|
8
Microsoft
MSFT
$4T
| $3.97B | 2.65% |
11,654,236
-527,382
| -4% | -$165M |
2013 Q2
40 quarters
|
|
9
Capital One
COF
$123B
| $3.8B | 2.53% |
34,714,415
-455,940
| -1% | -$45.7M |
2013 Q2
40 quarters
|
|
|
VMW
10
DELISTED
VMware, Inc
VMW
| $3.75B | 2.5% |
26,066,650
-554,478
| -2% | -$72M |
2015 Q4
30 quarters
|
|
|
11
FedEx
FDX
$68.9B
| $3.68B | 2.46% |
14,854,234
-2,031,155
| -12% | -$465M |
2013 Q2
40 quarters
|
|
12
Cigna
CI
$75B
| $3.37B | 2.25% |
12,025,406
+563,263
| +5% | +$147M |
2013 Q2
40 quarters
|
|
13
RTX Corp
RTX
$252B
| $3.2B | 2.14% |
32,673,190
-726,642
| -2% | -$71.1M |
2016 Q2
28 quarters
|
|
14
Comcast
CMCSA
$73.1B
| $3.19B | 2.13% |
76,732,795
-986,011
| -1% | -$39.2M |
2013 Q2
40 quarters
|
|
15
Charter Communications
CHTR
$11.8B
| $3.15B | 2.1% |
8,567,301
-115,956
| -1% | -$39.6M |
2016 Q2
28 quarters
|
|
16
UBS Group
UBS
$147B
| $3.14B | 2.1% |
155,338,692
+226,879
| +0.1% | +$4.56M |
2018 Q3
19 quarters
|
|
17
MetLife
MET
$63.2B
| $3.06B | 2.04% |
54,153,699
+83,945
| +0.2% | +$4.66M |
2013 Q2
40 quarters
|
|
|
18
GE Aerospace
GE
$323B
| $2.68B | 1.79% |
30,562,024
-12,768,572
| -29% | -$1.03B |
2013 Q2
40 quarters
|
|
19
Bank of New York Mellon
BNY
$97.5B
| $2.64B | 1.76% |
59,335,368
-499,090
| -0.8% | -$21.4M |
2013 Q2
40 quarters
|
|
20
Gilead Sciences
GILD
$188B
| $2.62B | 1.75% |
33,979,757
-722,005
| -2% | -$57.6M |
2014 Q3
35 quarters
|
|
21
GSK
GSK
$93.3B
| $2.48B | 1.66% |
69,611,268
-95,800
| -0.1% | -$3.44M |
2013 Q2
40 quarters
|
|
22
Amazon
AMZN
$2.82T
| $2.38B | 1.59% |
18,277,315
-83,055
| -0.5% | -$9.48M |
2014 Q3
35 quarters
|
|
23
TE Connectivity
TEL
$62.8B
| $2.24B | 1.49% |
15,973,199
-167,681
| -1% | -$21.2M |
2013 Q2
40 quarters
|
|
24
Booking.com
BKNG
$119B
| $2.18B | 1.45% |
20,169,475
-498,800
| -2% | -$52.7M |
2015 Q2
32 quarters
|
|
25
Cisco
CSCO
$455B
| $2.07B | 1.38% |
40,085,024
-1,900,700
| -5% | -$93.5M |
2014 Q3
35 quarters
|
|
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Dodge & Cox's Q2 2023 Portfolio in Review
As of Q2 2023, Dodge & Cox held 204 positions worth $150B, up 2.1% from $147B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Dodge & Cox's Q2 2023 filing shows 1 new, 33 increased, 111 reduced and 13 closed positions. Its largest new stake was CarMax: 2,550 shares worth $213K. The largest sale was GE Aerospace, an estimated $1.03B.
By sector, the portfolio is most concentrated in Financials at 21% of assets, up from 20% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q2 2023 buy was CarMax: 2,550 shares worth $213K.
- Dodge & Cox added most to Norfolk Southern in Q2 2023, an estimated $914M increase.
- Dodge & Cox's biggest Q2 2023 reduction was GE Aerospace, cutting an estimated $1.03B.
- Dodge & Cox fully exited NVIDIA in Q2 2023, selling an estimated $33M.
- Dodge & Cox's ten largest holdings make up 30% of its $150B portfolio in Q2 2023.
- Dodge & Cox opened 1 new position and closed 13 in Q2 2023.
- Dodge & Cox's portfolio value rose 2.1% quarter-over-quarter to $150B.
Based on Dodge & Cox's 13F filing for Q2 2023, filed 14 Aug 2023.