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 |
Humana
HUM
|
+$1.45B |
| 2 |
CVS Health
CVS
|
+$1.29B |
| 3 |
Norfolk Southern
NSC
|
+$619M |
| 4 |
Johnson Controls International
JCI
|
+$359M |
| 5 |
Coupang
CPNG
|
+$263M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$1.47B |
| 2 |
Wells Fargo
WFC
|
+$1.35B |
| 3 |
GE Aerospace
GE
|
+$944M |
| 4 |
Hewlett Packard
HPE
|
+$880M |
| 5 |
Microchip Technology
MCHP
|
+$738M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.14% |
| 2 | Financials | 20.84% |
| 3 | Technology | 12.56% |
| 4 | Communication Services | 12.34% |
| 5 | Industrials | 11.85% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SCHW
1
Charles Schwab
SCHW
$187B
| $6.32B | 3.79% |
85,787,053
-510,041
| -0.6% | -$37.7M |
|
|
2
Johnson Controls International
JCI
$86.1B
| $5.67B | 3.4% |
85,272,989
+5,334,665
| +7% | +$359M |
|
|
3
Wells Fargo
WFC
$257B
| $5.48B | 3.29% |
92,277,487
-22,898,565
| -20% | -$1.35B |
|
4
Alphabet (Google) Class C
GOOG
$4.13T
| $5.4B | 3.24% |
29,421,485
-1,520,374
| -5% | -$259M |
|
|
FISV
5
Fiserv Inc
FISV
$28B
| $5.12B | 3.07% |
34,371,378
-238,631
| -0.7% | -$36.1M |
|
6
Occidental Petroleum
OXY
$59.1B
| $4.94B | 2.96% |
78,361,008
-1,164,790
| -1% | -$74.7M |
|
7
RTX Corp
RTX
$286B
| $4.45B | 2.67% |
44,284,541
-18,659
| -0% | -$1.93M |
|
8
Microsoft
MSFT
$3.75T
| $4.21B | 2.53% |
9,414,281
-76,328
| -0.8% | -$32.2M |
|
9
FedEx
FDX
$78.4B
| $4.02B | 2.41% |
13,394,616
-125,822
| -0.9% | -$32.9M |
|
10
MetLife
MET
$61.2B
| $3.96B | 2.37% |
56,353,281
-155,753
| -0.3% | -$11.1M |
|
11
Sanofi
SNY
$107B
| $3.74B | 2.25% |
77,109,633
-1,015,976
| -1% | -$49M |
|
|
12
CVS Health
CVS
$119B
| $3.64B | 2.19% |
61,683,343
+20,670,800
| +50% | +$1.29B |
|
13
Charter Communications
CHTR
$17.7B
| $3.49B | 2.1% |
11,681,107
+117,321
| +1% | +$32M |
|
14
Amazon
AMZN
$2.76T
| $3.35B | 2.01% |
17,334,351
-67,009
| -0.4% | -$12.3M |
|
|
BNY
15
Bank of New York Mellon
BNY
$110B
| $3.28B | 1.97% |
54,771,782
-636,103
| -1% | -$36.8M |
|
16
Booking.com
BKNG
$152B
| $3.13B | 1.88% |
19,745,100
-56,050
| -0.3% | -$8.3M |
|
17
Fidelity National Information Services
FIS
$20.9B
| $3.12B | 1.87% |
41,435,311
-67,139
| -0.2% | -$4.97M |
|
|
18
Cigna
CI
$73.4B
| $2.93B | 1.76% |
8,852,809
-4,275,082
| -33% | -$1.47B |
|
19
Comcast
CMCSA
$93.7B
| $2.85B | 1.71% |
72,739,344
-404,596
| -0.6% | -$15.8M |
|
20
Capital One
COF
$133B
| $2.76B | 1.66% |
19,939,018
-4,443,799
| -18% | -$623M |
|
21
International Flavors & Fragrances
IFF
$22.2B
| $2.69B | 1.61% |
28,206,607
+477,596
| +2% | +$43.8M |
|
22
GSK
GSK
$101B
| $2.63B | 1.58% |
68,337,138
-525,170
| -0.8% | -$22.1M |
|
23
Goldman Sachs
GS
$303B
| $2.45B | 1.47% |
5,423,532
-50,101
| -0.9% | -$22M |
|
24
Regeneron Pharmaceuticals
REGN
$83.2B
| $2.43B | 1.46% |
2,315,686
-44,178
| -2% | -$42.8M |
|
25
Bank of America
BAC
$428B
| $2.41B | 1.45% |
60,616,153
-10,273,207
| -14% | -$394M |
|
Similar funds
Dodge & Cox's Q2 2024 Portfolio in Review
As of Q2 2024, Dodge & Cox held 205 positions worth $167B, down 3.3% from $172B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Trading was light in Q2 2024: portfolio turnover was 4.4%. Dodge & Cox opened 6 new positions and exited 3, leaving the 205-position portfolio largely intact.
By sector, the portfolio is most concentrated in Healthcare at 21% of assets, down from 21% a quarter earlier, followed by Financials and Technology.
- Dodge & Cox's largest Q2 2024 buy was Humana: 4,308,536 shares worth $1.61B.
- Dodge & Cox added most to CVS Health in Q2 2024, an estimated $1.29B increase.
- Dodge & Cox's biggest Q2 2024 reduction was Cigna, cutting an estimated $1.47B.
- Dodge & Cox fully exited Ovintiv in Q2 2024, selling an estimated $450M.
- Dodge & Cox's ten largest holdings make up 30% of its $167B portfolio in Q2 2024.
- Dodge & Cox opened 6 new positions and closed 3 in Q2 2024.
- Dodge & Cox's portfolio value fell 3.3% quarter-over-quarter to $167B.
Based on Dodge & Cox's 13F filing for Q2 2024, filed 13 Aug 2024.