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 |
Air Products & Chemicals
APD
|
+$1.8B |
| 2 |
Baxter International
BAX
|
+$627M |
| 3 |
SBA Communications
SBAC
|
+$360M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$250M |
| 5 |
Humana
HUM
|
+$223M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Truist Financial
TFC
|
+$1.09B |
| 2 |
JNPR
Juniper Networks
JNPR
|
+$790M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$766M |
| 4 |
BNY
Bank of New York Mellon
BNY
|
+$411M |
| 5 |
Wells Fargo
WFC
|
+$301M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 22.27% |
| 2 | Financials | 19.03% |
| 3 | Industrials | 12.6% |
| 4 | Technology | 12% |
| 5 | Communication Services | 11.73% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Johnson Controls International
JCI
$86.1B
| $6.63B | 3.75% |
85,367,376
+94,387
| +0.1% | +$6.62M |
|
|
FISV
2
Fiserv Inc
FISV
$28B
| $5.88B | 3.32% |
32,723,767
-1,647,611
| -5% | -$272M |
|
|
SCHW
3
Charles Schwab
SCHW
$187B
| $5.81B | 3.28% |
89,587,838
+3,800,785
| +4% | +$250M |
|
4
RTX Corp
RTX
$286B
| $5.38B | 3.04% |
44,398,916
+114,375
| +0.3% | +$13M |
|
|
5
Wells Fargo
WFC
$257B
| $4.91B | 2.78% |
86,949,610
-5,327,877
| -6% | -$301M |
|
6
MetLife
MET
$61.2B
| $4.51B | 2.55% |
54,656,581
-1,696,700
| -3% | -$127M |
|
7
Sanofi
SNY
$107B
| $4.4B | 2.49% |
76,297,183
-812,450
| -1% | -$43.9M |
|
|
8
Alphabet (Google) Class C
GOOG
$4.13T
| $4.16B | 2.35% |
24,893,268
-4,528,217
| -15% | -$766M |
|
9
Occidental Petroleum
OXY
$59.1B
| $4.02B | 2.27% |
78,011,048
-349,960
| -0.4% | -$20M |
|
10
CVS Health
CVS
$119B
| $3.96B | 2.24% |
63,030,690
+1,347,347
| +2% | +$78.6M |
|
11
Microsoft
MSFT
$3.75T
| $3.92B | 2.21% |
9,100,792
-313,489
| -3% | -$134M |
|
12
Charter Communications
CHTR
$17.7B
| $3.77B | 2.13% |
11,637,303
-43,804
| -0.4% | -$14.7M |
|
13
FedEx
FDX
$78.4B
| $3.6B | 2.04% |
13,155,356
-239,260
| -2% | -$69.5M |
|
|
BNY
14
Bank of New York Mellon
BNY
$110B
| $3.49B | 1.97% |
48,524,949
-6,246,833
| -11% | -$411M |
|
15
Fidelity National Information Services
FIS
$20.9B
| $3.44B | 1.95% |
41,073,296
-362,015
| -0.9% | -$28.6M |
|
16
Booking.com
BKNG
$152B
| $3.32B | 1.88% |
19,728,950
-16,150
| -0.1% | -$2.48M |
|
17
Amazon
AMZN
$2.76T
| $3.22B | 1.82% |
17,280,920
-53,431
| -0.3% | -$9.75M |
|
18
Comcast
CMCSA
$93.7B
| $3.09B | 1.75% |
74,062,844
+1,323,500
| +2% | +$52.2M |
|
19
Cigna
CI
$73.4B
| $3.05B | 1.72% |
8,789,414
-63,395
| -0.7% | -$21.8M |
|
20
International Flavors & Fragrances
IFF
$22.2B
| $2.95B | 1.67% |
28,082,382
-124,225
| -0.4% | -$12.4M |
|
21
Capital One
COF
$133B
| $2.79B | 1.58% |
18,662,292
-1,276,726
| -6% | -$182M |
|
22
GSK
GSK
$101B
| $2.78B | 1.57% |
68,087,163
-249,975
| -0.4% | -$10.2M |
|
23
Gilead Sciences
GILD
$185B
| $2.77B | 1.57% |
33,045,737
-76,600
| -0.2% | -$5.84M |
|
24
Norfolk Southern
NSC
$78.1B
| $2.7B | 1.53% |
10,862,839
+67,972
| +0.6% | +$16.3M |
|
25
GE Aerospace
GE
$356B
| $2.67B | 1.51% |
14,177,036
-135,475
| -0.9% | -$23M |
|
Similar funds
Dodge & Cox's Q3 2024 Portfolio in Review
As of Q3 2024, Dodge & Cox held 206 positions worth $177B, up 6.1% from $167B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Trading was light in Q3 2024: portfolio turnover was 2.4%. Dodge & Cox opened 4 new positions and exited 1, leaving the 206-position portfolio largely intact.
By sector, the portfolio is most concentrated in Healthcare at 22% of assets, up from 21% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q3 2024 buy was SBA Communications: 1,623,515 shares worth $391M.
- Dodge & Cox added most to Air Products & Chemicals in Q3 2024, an estimated $1.8B increase.
- Dodge & Cox's biggest Q3 2024 reduction was Truist Financial, cutting an estimated $1.09B.
- Dodge & Cox fully exited Alpha and Omega Semiconductor in Q3 2024, selling an estimated $1.89M.
- Dodge & Cox's ten largest holdings make up 28% of its $177B portfolio in Q3 2024.
- Dodge & Cox opened 4 new positions and closed 1 in Q3 2024.
- Dodge & Cox's portfolio value rose 6.1% quarter-over-quarter to $177B.
Based on Dodge & Cox's 13F filing for Q3 2024, filed 13 Nov 2024.