Insight into Dodge & Cox (Trades, Portfolio)'s Latest 13F Filing for Q3 2023
Dodge & Cox (Trades, Portfolio), a storied investment firm established in 1930, is known for its team research approach and long-term value investment philosophy. The firm's Investment Policy Committees are at the helm of decision-making, ensuring the continuity of their investing ethos. Dodge & Cox (Trades, Portfolio)'s strategy focuses on identifying undervalued companies with promising long-term earnings and cash-flow prospects, aiming to be long-term investors rather than short-term speculators.
New Additions to the Dodge & Cox (Trades, Portfolio) Portfolio
Dodge & Cox (Trades, Portfolio) expanded its portfolio with four new stocks in the third quarter of 2023:
- VF Corp (VFC, Financial) was the most significant new addition, with 32,115,750 shares valued at approximately $567.49 million, making up 0.38% of the portfolio.
- Baxter International Inc (BAX, Financial) followed, with 9,848,441 shares worth around $371.68 million, accounting for 0.25% of the portfolio.
- Avantor Inc (AVTR, Financial) was also added, with 13,291,904 shares valued at approximately $280.19 million, representing 0.19% of the portfolio.
Significant Increases in Existing Positions
Dodge & Cox (Trades, Portfolio) also bolstered its stakes in 24 companies, with notable increases in:
- CVS Health Corp (CVS, Financial), where they added 10,698,560 shares, bringing the total to 26,722,982 shares. This represents a 66.76% increase in shares and a 0.5% portfolio impact, with a total value of $1.87 billion.
- Bank of America Corp (BAC, Financial) saw an addition of 24,411,655 shares, totaling 66,637,135 shares. This adjustment marks a 57.81% increase in shares, with a total value of $1.82 billion.
Exiting Positions
Dodge & Cox (Trades, Portfolio) liquidated its holdings in three companies during the third quarter of 2023:
- The firm sold all 16,000 shares of iShares Russell 1000 Value ETF (IWD, Financial), which had a negligible impact on the portfolio.
- All 2,550 shares of CarMax Inc (KMX, Financial) were also sold, resulting in an insignificant portfolio impact.
Noteworthy Reductions in Holdings
Dodge & Cox (Trades, Portfolio) reduced its positions in 116 stocks, with significant reductions including:
- A 24.3% decrease in VMware Inc (VMW, Financial) shares, selling off 6,333,836 shares, which impacted the portfolio by -0.61%. The stock traded at an average price of $160.17 during the quarter and has seen a -4.74% return over the past three months and a 21.41% year-to-date return.
- Capital One Financial Corp (COF, Financial) shares were reduced by 6,311,611, a -18.18% decrease, affecting the portfolio by -0.46%. The average trading price was $106.9 during the quarter, with a -0.97% three-month return and an 18.30% year-to-date return.
Portfolio Overview
As of the third quarter of 2023, Dodge & Cox (Trades, Portfolio)'s portfolio comprised 193 stocks. The top holdings included 3.95% in Occidental Petroleum Corp (OXY, Financial), 3.25% in Wells Fargo & Co (WFC, Financial), 3.14% in Alphabet Inc (GOOG, Financial), 2.89% in Charles Schwab Corp (SCHW, Financial), and 2.84% in Sanofi SA (SNY, Financial). The investments are predominantly concentrated across 11 industries, with a focus on Financial Services, Healthcare, Technology, Communication Services, Industrials, Energy, Consumer Cyclical, Basic Materials, Consumer Defensive, Utilities, and Real Estate.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
