Portfolio holdings of Dodge & Cox. Dodge & Cox stock picks:. Stock Holdings page.
Dodge & Cox
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OBJECTIVES
The Fund seeks long-term growth of principal and income. A secondary objective is to achieve a reasonable current income.
STRATEGY
The Fund invests primarily in a broadly diversified portfolio of common stocks. In selecting investments, the Fund invests in companies that, in Dodge & Cox’s opinion, appear to be temporarily undervalued by the stock market but have a favorable outlook for long-term growth. The Fund focuses on the underlying financial condition and prospects of individual companies, including future earnings, cash flow and dividends. Various other factors, including financial strength, economic condition, competitive advantage, quality of the business franchise and the reputation, experience and competence of a company's management are weighed against valuation in selecting individual securities.
Long-Term Approach
Decades of investing have taught us that the perception of an investment’s worth fluctuates much more widely than its underlying fundamentals. We are skeptical that short-term market trends can be predicted with consistency, so we look further out in our analysis, focusing on the key fundamental factors that will determine investment value over the long-term. As our view diverges from the consensus, we find investment opportunities.
We continually focus on the long-term by asking ourselves the hypothetical question: based on what we know now, how would we invest an “all-cash” portfolio today assuming we could not trade for the next three to five years? This framework forces us to reevaluate our portfolio holdings within an ever-changing market environment, and to reaffirm our rationale for each investment’s long-term value.
Strict Price Discipline
From the earliest days, Dodge & Cox’s investment approach has stressed evaluation of risk relative to opportunity. A strict price discipline — steering clear of popular choices that come at a price premium we would rather not pay — is critical to achieving our investment objectives. Low valuation investments, for example, typically reflect low investor expectations that may serve as a buffer against the risk of significant price decline; these low expectations may also create greater potential for capital appreciation should investor pessimism turn out to be unwarranted or short-lived. At all times, our ongoing search for superior relative value is guided by a rigorous research process that seeks to differentiate the short-term concerns that may be temporarily depressing an investment from the intractable, long-term problems that could doom it.
OBJECTIVES
The Fund seeks long-term growth of principal and income. A secondary objective is to achieve a reasonable current income.
STRATEGY
The Fund invests primarily in a broadly diversified portfolio of common stocks. In selecting investments, the Fund invests in companies that, in Dodge & Cox’s opinion, appear to be temporarily undervalued by the stock market but have a favorable outlook for long-term growth. The Fund focuses on the underlying financial condition and prospects of individual companies, including future earnings, cash flow and dividends. Various other factors, including financial strength, economic condition, competitive advantage, quality of the business franchise and the reputation, experience and competence of a company's management are weighed against valuation in selecting individual securities.
Long-Term Approach
Decades of investing have taught us that the perception of an investment’s worth fluctuates much more widely than its underlying fundamentals. We are skeptical that short-term market trends can be predicted with consistency, so we look further out in our analysis, focusing on the key fundamental factors that will determine investment value over the long-term. As our view diverges from the consensus, we find investment opportunities.
We continually focus on the long-term by asking ourselves the hypothetical question: based on what we know now, how would we invest an “all-cash” portfolio today assuming we could not trade for the next three to five years? This framework forces us to reevaluate our portfolio holdings within an ever-changing market environment, and to reaffirm our rationale for each investment’s long-term value.
Strict Price Discipline
From the earliest days, Dodge & Cox’s investment approach has stressed evaluation of risk relative to opportunity. A strict price discipline — steering clear of popular choices that come at a price premium we would rather not pay — is critical to achieving our investment objectives. Low valuation investments, for example, typically reflect low investor expectations that may serve as a buffer against the risk of significant price decline; these low expectations may also create greater potential for capital appreciation should investor pessimism turn out to be unwarranted or short-lived. At all times, our ongoing search for superior relative value is guided by a rigorous research process that seeks to differentiate the short-term concerns that may be temporarily depressing an investment from the intractable, long-term problems that could doom it.
Period: Q1 2024
Portfolio date: 31 Mar 2024
No. of stocks: 79
Portfolio value: $108,463,752,000
History | Stock | % of Portfolio |
RecentActivity | Shares | ReportedPrice* | Value | Current Price |
+/-Reported Price |
52Week Low |
52Week High |
|
≡ | WFC - Wells Fargo | 4.35 | 81,393,741 | $57.96 | $4,717,581,000 | $59.92 | 3.38% | $36.31 | $61.76 | ||
≡ | SCHW - Charles Schwab Corp. | 3.86 | 57,921,035 | $72.34 | $4,190,008,000 | $76.05 | 5.13% | $45.98 | $76.47 | ||
≡ | FI - Fiserv Inc. | 3.42 | 23,235,000 | $159.82 | $3,713,418,000 | $149.22 | -6.63% | $109.12 | $159.99 | ||
≡ | OXY - Occidental Petroleum | 3.25 | 54,290,826 | $64.99 | $3,528,361,000 | $64.38 | -0.94% | $54.92 | $71.19 | ||
≡ | CI - Cigna Group | 3.09 | 9,222,172 | $363.19 | $3,349,401,000 | $341.33 | -6.02% | $236.21 | $365.71 | ||
≡ | MET - MetLife Inc. | 2.78 | Add 6.89% | 40,685,842 | $74.11 | $3,015,228,000 | $70.51 | -4.86% | $47.75 | $74.68 | |
≡ | RTX - RTX Corp. | 2.74 | Add 5.53% | 30,495,800 | $97.53 | $2,974,255,000 | $101.40 | 3.97% | $67.61 | $103.89 | |
≡ | SNY - Sanofi Aventis | 2.61 | 58,212,424 | $48.60 | $2,829,124,000 | $49.04 | 0.91% | $42.63 | $55.93 | ||
≡ | GOOG - Alphabet Inc. CL C | 2.55 | 18,183,860 | $152.26 | $2,768,675,000 | $169.00 | 10.99% | $104.74 | $176.42 | ||
≡ | FDX - FedEx Corp. | 2.39 | 8,956,477 | $289.74 | $2,595,050,000 | $260.74 | -10.01% | $209.51 | $291.27 | ||
≡ | MSFT - Microsoft Corp. | 2.39 | Reduce 12.27% | 6,170,600 | $420.72 | $2,596,095,000 | $406.75 | -3.32% | $300.63 | $430.82 | |
≡ | COF - Capital One Financial | 2.33 | 16,990,435 | $148.89 | $2,529,706,000 | $142.43 | -4.34% | $83.34 | $149.94 | ||
≡ | JCI - Johnson Controls Intl. plc | 2.31 | Add 21.43% | 38,324,570 | $65.32 | $2,503,361,000 | $62.34 | -4.56% | $47.30 | $69.08 | |
≡ | CVS - CVS Health Corp. | 2.03 | Add 34.58% | 27,543,900 | $79.76 | $2,196,901,000 | $55.90 | -29.91% | $53.70 | $81.71 | |
≡ | CHTR - Charter Communications | 2.00 | Add 44.35% | 7,462,776 | $290.63 | $2,168,907,000 | $265.98 | -8.48% | $236.08 | $458.30 | |
≡ | GSK - GSK plc | 1.98 | 50,047,977 | $42.87 | $2,145,557,000 | $43.51 | 1.49% | $32.35 | $43.84 | ||
≡ | GE - GE Aerospace | 1.97 | 12,168,200 | $175.53 | $2,135,884,000 | $164.11 | -6.51% | $77.49 | $166.26 | ||
≡ | BK - Bank of New York Mellon Corp. | 1.94 | Reduce 2.36% | 36,449,024 | $57.62 | $2,100,193,000 | $57.01 | -1.06% | $38.31 | $57.85 | |
≡ | AMZN - Amazon.com Inc. | 1.91 | 11,480,600 | $180.38 | $2,070,871,000 | $186.23 | 3.24% | $103.55 | $189.77 | ||
≡ | FIS - Fidelity National Information Services | 1.90 | Add 13.17% | 27,726,400 | $74.18 | $2,056,744,000 | $70.74 | -4.64% | $46.26 | $74.75 | |
≡ | CMCSA - Comcast Corp. | 1.83 | 45,730,794 | $43.35 | $1,982,430,000 | $38.70 | -10.73% | $36.43 | $46.42 | ||
≡ | BAC - Bank of America Corp. | 1.79 | Add 8.67% | 51,195,000 | $37.92 | $1,941,314,000 | $37.23 | -1.82% | $24.59 | $38.49 | |
≡ | GILD - Gilead Sciences | 1.65 | 24,371,112 | $73.25 | $1,785,184,000 | $64.76 | -11.59% | $64.63 | $86.09 | ||
≡ | GS - Goldman Sachs Group | 1.54 | 3,993,000 | $417.69 | $1,667,836,000 | $438.24 | 4.92% | $284.98 | $442.30 | ||
≡ | REGN - Regeneron Pharmaceuticals | 1.38 | 1,555,285 | $962.49 | $1,496,946,000 | $957.51 | -0.52% | $684.81 | $998.33 | ||
≡ | BKNG - Booking Holdings Inc. | 1.34 | 401,730 | $3627.88 | $1,457,428,000 | $3579.84 | -1.32% | $2444.38 | $3897.99 | ||
≡ | GOOGL - Alphabet Inc. | 1.33 | 9,567,200 | $150.93 | $1,443,977,000 | $167.25 | 10.81% | $104.11 | $174.71 | ||
≡ | ZBH - Zimmer Biomet Holdings | 1.32 | Add 44.14% | 10,876,100 | $131.98 | $1,435,428,000 | $121.71 | -7.78% | $101.61 | $146.61 | |
≡ | BUD - Anheuser-Busch InBev | 1.30 | 23,225,700 | $60.78 | $1,411,658,000 | $59.73 | -1.73% | $51.66 | $66.24 | ||
≡ | TFC - Truist Financial Corp. | 1.23 | 34,231,377 | $38.98 | $1,334,339,000 | $38.86 | -0.31% | $25.24 | $39.29 | ||
≡ | NSC - Norfolk Southern Corp. | 1.22 | 5,202,300 | $254.87 | $1,325,910,000 | $235.56 | -7.58% | $179.69 | $262.12 | ||
≡ | UNH - United Health Group Inc. | 1.21 | Add 18.29% | 2,655,260 | $494.70 | $1,313,557,000 | $492.56 | -0.43% | $436.38 | $552.52 | |
≡ | META - Meta Platforms Inc. | 1.17 | Reduce 11.55% | 2,607,800 | $485.58 | $1,266,296,000 | $452.20 | -6.87% | $229.36 | $531.49 | |
≡ | IFF - International Flavors & Fragrances Inc. | 1.10 | Add 160.46% | 13,889,400 | $85.99 | $1,194,350,000 | $86.64 | 0.76% | $60.50 | $93.97 | |
≡ | TMUS - T-Mobile US Inc. | 1.10 | 7,309,437 | $163.22 | $1,193,046,000 | $164.57 | 0.83% | $122.86 | $168.64 | ||
≡ | TEL - TE Connectivity | 1.09 | 8,132,575 | $145.24 | $1,181,175,000 | $142.00 | -2.23% | $114.01 | $147.98 | ||
≡ | BKR - Baker Hughes Co. | 1.04 | Add 10.74% | 33,551,066 | $33.50 | $1,123,961,000 | $31.93 | -4.69% | $25.88 | $36.83 | |
≡ | STT - State Street Corp. | 1.03 | Reduce 3.66% | 14,493,100 | $77.32 | $1,120,606,000 | $74.38 | -3.80% | $61.67 | $79.18 | |
≡ | HLNCF - Haleon plc | 1.02 | Add 68.70% | 130,111,961 | $8.49 | $1,104,651,000 | $4.11 | -51.59% | $3.76 | $4.42 | |
≡ | LYB - LyondellBasell Industries | 0.99 | 10,501,363 | $102.28 | $1,074,079,000 | $99.12 | -3.09% | $81.58 | $106.69 | ||
≡ | COP - ConocoPhillips | 0.98 | 8,392,934 | $127.28 | $1,068,253,000 | $122.25 | -3.95% | $95.28 | $135.18 | ||
≡ | CTSH - Cognizant Technology Solutions | 0.98 | 14,435,177 | $73.29 | $1,057,954,000 | $66.22 | -9.65% | $58.78 | $80.09 | ||
≡ | WMB - Williams Cos. | 0.96 | 26,837,757 | $38.97 | $1,045,867,000 | $38.68 | -0.74% | $26.81 | $39.76 | ||
≡ | AVTR - Avantor arinc. | 0.95 | 40,462,815 | $25.57 | $1,034,634,000 | $24.74 | -3.25% | $16.63 | $26.11 | ||
≡ | JNPR - Juniper Networks | 0.91 | 26,720,265 | $37.06 | $990,253,000 | $34.83 | -6.02% | $24.53 | $37.81 | ||
≡ | GEHC - GE HealthCare Technologies Inc. | 0.90 | 10,707,966 | $90.91 | $973,461,000 | $79.50 | -12.55% | $62.28 | $94.43 | ||
≡ | NVS - Novartis AG | 0.84 | 9,440,008 | $96.73 | $913,132,000 | $97.27 | 0.56% | $88.80 | $104.78 | ||
≡ | ELAN - Elanco Animal Health Inc. | 0.83 | 55,396,500 | $16.28 | $901,855,000 | $13.53 | -16.89% | $7.88 | $16.88 | ||
≡ | CSCO - Cisco Systems | 0.82 | 17,928,287 | $49.91 | $894,801,000 | $47.12 | -5.59% | $43.34 | $56.01 | ||
≡ | D - Dominion Energy Inc. | 0.73 | 16,086,200 | $49.19 | $791,280,000 | $51.41 | 4.51% | $38.09 | $54.19 | ||
≡ | HPQ - HP Inc. | 0.73 | 26,316,056 | $30.22 | $795,271,000 | $28.17 | -6.78% | $24.77 | $33.00 | ||
≡ | BMRN - BioMarin Pharmaceutical Inc. | 0.72 | 8,914,025 | $87.34 | $778,551,000 | $82.53 | -5.51% | $76.02 | $99.56 | ||
≡ | BAX - Baxter International Inc. | 0.71 | Add 0.08% | 18,088,600 | $42.74 | $773,107,000 | $36.90 | -13.66% | $30.55 | $49.12 | |
≡ | CE - Celanese Corp. | 0.70 | 4,442,098 | $171.86 | $763,419,000 | $157.21 | -8.52% | $97.29 | $171.38 | ||
≡ | GPS - Gap Inc. | 0.68 | 26,878,300 | $27.55 | $740,497,000 | $21.59 | -21.63% | $6.91 | $28.41 | ||
≡ | TAP - Molson Coors Beverage Co. | 0.67 | 10,727,325 | $67.25 | $721,413,000 | $57.85 | -13.98% | $54.90 | $69.47 | ||
≡ | FOXA - Fox Corporation | 0.65 | 22,503,375 | $31.27 | $703,681,000 | $32.11 | 2.69% | $28.15 | $34.53 | ||
≡ | RHHBY - Roche Holding AG ADR | 0.65 | 22,255,799 | $31.92 | $710,405,000 | $29.26 | -8.33% | $29.20 | $38.83 | ||
≡ | HPE - Hewlett Packard Enterprise | 0.61 | Reduce 10.17% | 37,601,469 | $17.73 | $666,674,000 | $16.86 | -4.91% | $13.30 | $19.92 | |
≡ | AEP - American Electric Power | 0.58 | Buy | 7,351,200 | $86.10 | $632,938,000 | $88.60 | 2.90% | $66.29 | $89.36 | |
≡ | BMY - Bristol-Myers Squibb | 0.57 | 11,355,339 | $54.23 | $615,800,000 | $43.98 | -18.90% | $43.33 | $66.25 | ||
≡ | CARR - Carrier Global Corp. | 0.57 | 10,694,779 | $58.13 | $621,688,000 | $62.10 | 6.83% | $39.92 | $63.59 | ||
≡ | AEG - Aegon Ltd | 0.55 | 99,029,539 | $6.05 | $599,129,000 | $6.34 | 4.79% | $4.06 | $6.38 | ||
≡ | HMC - Honda Motor Co. Ltd. | 0.55 | Reduce 31.07% | 16,048,200 | $37.23 | $597,474,000 | $34.59 | -7.09% | $25.72 | $37.90 | |
≡ | INCY - Incyte Corp. | 0.51 | Reduce 4.16% | 9,715,128 | $56.97 | $553,471,000 | $53.76 | -5.63% | $50.27 | $67.72 | |
≡ | COHR - Coherent Corp. | 0.50 | Reduce 14.92% | 8,856,800 | $60.62 | $536,899,000 | $56.54 | -6.73% | $26.29 | $67.94 | |
≡ | MCHP - Microchip Technology | 0.50 | Reduce 46.87% | 6,097,866 | $89.71 | $547,040,000 | $91.38 | 1.86% | $67.67 | $94.63 | |
≡ | UBS - UBS AG | 0.48 | Reduce 23.70% | 16,924,200 | $30.72 | $519,911,000 | $27.18 | -11.52% | $18.28 | $31.31 | |
≡ | SUI - Sun Communities Inc. | 0.46 | Buy | 3,877,700 | $128.58 | $498,595,000 | $117.43 | -8.67% | $101.26 | $138.40 | |
≡ | MDT - Medtronic plc | 0.41 | 5,079,100 | $87.15 | $442,644,000 | $81.69 | -6.27% | $67.71 | $88.75 | ||
≡ | VFC - V.F. Corp. | 0.33 | Add 13.16% | 23,497,900 | $15.34 | $360,458,000 | $12.60 | -17.86% | $11.91 | $21.70 | |
≡ | ALNY - Alnylam Pharmaceuticals | 0.32 | 2,346,400 | $149.45 | $350,669,000 | $152.42 | 1.99% | $141.98 | $218.88 | ||
≡ | BHF - Brighthouse Financial Inc. | 0.32 | 6,642,463 | $51.54 | $342,353,000 | $48.98 | -4.97% | $39.24 | $56.25 | ||
≡ | FOX - Fox Corporation CL B | 0.22 | 8,493,265 | $28.62 | $243,077,000 | $29.60 | 3.42% | $25.53 | $32.31 | ||
≡ | GLPI - Gaming and Leisure Properties Inc. | 0.19 | 4,465,881 | $46.07 | $205,743,000 | $43.20 | -6.23% | $40.83 | $48.37 | ||
≡ | NWSA - News Corp. | 0.19 | 7,765,890 | $26.18 | $203,311,000 | $24.45 | -6.61% | $16.13 | $27.89 | ||
≡ | SATS - EchoStar Corp. | 0.12 | Buy | 9,310,709 | $14.25 | $132,678,000 | $17.42 | 22.25% | $9.53 | $24.80 | |
≡ | NBIX - Neurocrine Biosciences Inc. | 0.09 | 695,148 | $137.92 | $95,875,000 | $140.66 | 1.99% | $89.04 | $148.37 | ||
≡ | OXY.WS - Occidental Petroleum WTS | 0.00 | 9,508,814 | $0.00 | $0 |
* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
Sector % analysis
Financials | 22.39 | |
Health Care | 20.81 | |
Information Technology | 11.65 | |
Industrials | 9.93 | |
Technology | 9.81 | |
Consumer Discretionary | 7.25 | |
Energy | 5.19 | |
Consumer Staples | 4.00 | |
Materials | 3.74 | |
Services | 2.87 | |
Utilities | 1.31 | |
Consumer Goods | 0.55 | |
Real Estate | 0.46 |
Articles & Commentaries
25 Jan 2024 Dodge & Cox Q4 2023 Market Commentary
23 Oct 2023 Dodge & Cox Q3 2023 Market Commentary
24 Jul 2023 Dodge & Cox Q2 2023 Market Commentary
28 Apr 2023 Dodge & Cox: Our Current Thoughts on Financials
28 Apr 2023 Dodge & Cox Q1 2023 Market Commentary
18 Jan 2023 Dodge & Cox Q4 2022 Market Commentary
01 Nov 2022 Dodge & Cox Q3 2022 Commentary
15 Apr 2022 Dodge & Cox Q1 2022 Market Commentary
17 Jan 2022 Dodge & Cox Q4 2021 Market Commentary
15 Oct 2021 Dodge & Cox Q3 2021 Market Commentary
16 Jul 2021 Dodge & Cox Q2 2021 Market Commentary
16 Apr 2021 Dodge & Cox Q1 2021 Market Commentary
16 Jan 2021 Dodge & Cox Q4 2020 Market Commentary
16 Oct 2020 Dodge & Cox Q3 2020 Market Commentary
16 Jul 2020 Dodge & Cox Q2 2020 Market Commentary
23 Apr 2020 Dodge & Cox Q1 2020 Market Commentary
16 Jan 2020 Dodge & Cox Q4 2019 Market Commentary
22 Oct 2019 Dodge & Cox Q3 2019 Market Commentary
16 Jul 2019 Dodge & Cox Q2 2019 Market Commentary
16 Apr 2019 Dodge & Cox Q1 2019 Market Commentary
17 Jan 2019 Dodge & Cox Q4 2018 Commentary
18 Oct 2018 Dodge & Cox Q3 2018 Commentary
17 Jul 2018 Dodge & Cox Q2 2018 Commentary
18 Apr 2018 Dodge & Cox Q1 2018 Commentary
18 Jan 2018 Dodge & Cox Q4 2017 Commentary
22 Oct 2017 Dodge & Cox Q3 2017 Commentary
20 Jul 2017 Dodge & Cox Q2 2017 Commentary
03 May 2017 Dodge & Cox: Investment Risk Management
14 Apr 2017 Dodge & Cox Q1 2017 Commentary
14 Jan 2017 Dodge & Cox Q4 2016 Commentary