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 |
Charter Communications
CHTR
|
+$1.02B |
| 2 |
International Flavors & Fragrances
IFF
|
+$987M |
| 3 |
American Electric Power
AEP
|
+$924M |
| 4 |
CVS Health
CVS
|
+$810M |
| 5 |
Johnson Controls International
JCI
|
+$707M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microchip Technology
MCHP
|
+$669M |
| 2 |
Ovintiv
OVV
|
+$651M |
| 3 |
Microsoft
MSFT
|
+$539M |
| 4 |
UBS Group
UBS
|
+$500M |
| 5 |
Otis Worldwide
OTIS
|
+$463M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.08% |
| 2 | Healthcare | 21.18% |
| 3 | Technology | 13.05% |
| 4 | Communication Services | 11.27% |
| 5 | Industrials | 11.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Wells Fargo
WFC
$257B
| $6.68B | 3.87% |
115,176,052
-2,075,963
| -2% | -$109M |
|
|
SCHW
2
Charles Schwab
SCHW
$187B
| $6.24B | 3.62% |
86,297,094
-124,892
| -0.1% | -$8.22M |
|
|
FISV
3
Fiserv Inc
FISV
$28B
| $5.53B | 3.21% |
34,610,009
-256,561
| -0.7% | -$37.4M |
|
|
4
Johnson Controls International
JCI
$86.1B
| $5.22B | 3.03% |
79,938,324
+12,145,865
| +18% | +$707M |
|
5
Occidental Petroleum
OXY
$59.1B
| $5.17B | 3% |
79,525,798
-1,466,710
| -2% | -$87.6M |
|
6
Cigna
CI
$73.4B
| $4.77B | 2.77% |
13,127,891
-80,075
| -0.6% | -$26.4M |
|
7
Alphabet (Google) Class C
GOOG
$4.13T
| $4.71B | 2.73% |
30,941,859
-295,056
| -0.9% | -$42.6M |
|
8
RTX Corp
RTX
$286B
| $4.32B | 2.51% |
44,303,200
+2,113,900
| +5% | +$191M |
|
9
MetLife
MET
$61.2B
| $4.19B | 2.43% |
56,509,034
+3,065,843
| +6% | +$214M |
|
|
10
Microsoft
MSFT
$3.75T
| $3.99B | 2.32% |
9,490,609
-1,330,511
| -12% | -$539M |
|
11
FedEx
FDX
$78.4B
| $3.92B | 2.27% |
13,520,438
-52,265
| -0.4% | -$13.1M |
|
12
Sanofi
SNY
$107B
| $3.8B | 2.2% |
78,125,609
-124,584
| -0.2% | -$6.08M |
|
13
Capital One
COF
$133B
| $3.63B | 2.11% |
24,382,817
-837,781
| -3% | -$113M |
|
|
14
Charter Communications
CHTR
$17.7B
| $3.36B | 1.95% |
11,563,786
+3,163,944
| +38% | +$1.02B |
|
|
15
CVS Health
CVS
$119B
| $3.27B | 1.9% |
41,012,543
+10,599,153
| +35% | +$810M |
|
|
BNY
16
Bank of New York Mellon
BNY
$110B
| $3.19B | 1.85% |
55,407,885
-3,363,215
| -6% | -$185M |
|
17
Comcast
CMCSA
$93.7B
| $3.17B | 1.84% |
73,143,940
-1,458,268
| -2% | -$62.9M |
|
18
Amazon
AMZN
$2.76T
| $3.14B | 1.82% |
17,401,360
-233,185
| -1% | -$38.9M |
|
19
Fidelity National Information Services
FIS
$20.9B
| $3.08B | 1.79% |
41,502,450
+3,882,240
| +10% | +$253M |
|
20
GSK
GSK
$101B
| $2.95B | 1.71% |
68,862,308
-164,485
| -0.2% | -$6.78M |
|
21
Booking.com
BKNG
$152B
| $2.87B | 1.67% |
19,801,150
-46,900
| -0.2% | -$6.68M |
|
22
GE Aerospace
GE
$356B
| $2.83B | 1.64% |
20,223,196
-850,862
| -4% | -$100M |
|
23
Bank of America
BAC
$428B
| $2.69B | 1.56% |
70,889,360
+4,546,525
| +7% | +$156M |
|
24
Gilead Sciences
GILD
$185B
| $2.43B | 1.41% |
33,167,487
-127,536
| -0.4% | -$9.81M |
|
|
25
International Flavors & Fragrances
IFF
$22.2B
| $2.38B | 1.38% |
27,729,011
+12,288,286
| +80% | +$987M |
|
Similar funds
Dodge & Cox's Q1 2024 Portfolio in Review
As of Q1 2024, Dodge & Cox held 202 positions worth $172B, up 9.4% from $158B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q1 2024: portfolio turnover was 4%. Dodge & Cox opened 5 new positions and exited 3, leaving the 202-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 22% of assets, down from 23% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q1 2024 buy was American Electric Power: 11,364,305 shares worth $978M.
- Dodge & Cox added most to Charter Communications in Q1 2024, an estimated $1.02B increase.
- Dodge & Cox's biggest Q1 2024 reduction was Microchip Technology, cutting an estimated $669M.
- Dodge & Cox fully exited DISH Network Corp. in Q1 2024, selling an estimated $224M.
- Dodge & Cox's ten largest holdings make up 29% of its $172B portfolio in Q1 2024.
- Dodge & Cox opened 5 new positions and closed 3 in Q1 2024.
- Dodge & Cox's portfolio value rose 9.4% quarter-over-quarter to $172B.
Based on Dodge & Cox's 13F filing for Q1 2024, filed 14 May 2024.