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 |
Fortive
FTV
|
+$1.1B |
| 2 |
Air Products & Chemicals
APD
|
+$647M |
| 3 |
Comcast
CMCSA
|
+$545M |
| 4 |
Occidental Petroleum
OXY
|
+$529M |
| 5 |
Sun Communities
SUI
|
+$517M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Wells Fargo
WFC
|
+$963M |
| 2 |
T-Mobile US
TMUS
|
+$875M |
| 3 |
Johnson Controls International
JCI
|
+$785M |
| 4 |
Williams Companies
WMB
|
+$578M |
| 5 |
Bank of America
BAC
|
+$448M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 23.44% |
| 2 | Financials | 17.56% |
| 3 | Industrials | 11.99% |
| 4 | Technology | 11.85% |
| 5 | Communication Services | 11.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
Air Products & Chemicals
APD
$68B
| $2.58B | 1.47% |
8,759,722
+2,096,568
| +31% | +$647M |
|
27
AB InBev
BUD
$156B
| $2.53B | 1.44% |
41,116,138
+1,119,308
| +3% | +$61.2M |
|
28
Norfolk Southern
NSC
$78.1B
| $2.53B | 1.44% |
10,666,554
-22,655
| -0.2% | -$5.52M |
|
29
TE Connectivity
TEL
$58.8B
| $2.26B | 1.29% |
16,022,480
+56,871
| +0.4% | +$8.42M |
|
30
UBS Group
UBS
$166B
| $2.22B | 1.27% |
72,608,792
-888,250
| -1% | -$29.6M |
|
31
Zimmer Biomet
ZBH
$19B
| $2.21B | 1.26% |
19,564,454
+446,018
| +2% | +$47.7M |
|
32
UnitedHealth
UNH
$355B
| $2.11B | 1.2% |
4,020,368
-72,860
| -2% | -$37.2M |
|
33
Meta Platforms (Facebook)
META
$1.45T
| $2.03B | 1.16% |
3,524,514
-286,323
| -8% | -$185M |
|
34
Baker Hughes
BKR
$61.7B
| $1.96B | 1.12% |
44,655,095
-1,003,035
| -2% | -$44.8M |
|
35
SBA Communications
SBAC
$19.8B
| $1.87B | 1.06% |
8,485,264
+1,139,009
| +16% | +$238M |
|
36
Goldman Sachs
GS
$303B
| $1.83B | 1.04% |
3,351,539
-518,997
| -13% | -$312M |
|
37
Alphabet (Google) Class A
GOOGL
$4.17T
| $1.79B | 1.02% |
11,595,682
-409,480
| -3% | -$74.3M |
|
38
Baxter International
BAX
$13.4B
| $1.76B | 1% |
51,458,925
+1,081,631
| +2% | +$35.4M |
|
|
39
Sun Communities
SUI
$15B
| $1.76B | 1% |
13,647,820
+4,041,802
| +42% | +$517M |
|
40
Haleon
HLN
$44.2B
| $1.74B | 0.99% |
169,150,936
-9,593,990
| -5% | -$94.4M |
|
41
Avantor
AVTR
$9.88B
| $1.63B | 0.93% |
100,262,723
+1,116,953
| +1% | +$21.2M |
|
|
42
Fortive
FTV
$18.1B
| $1.6B | 0.91% |
29,061,782
+18,737,845
| +181% | +$1.1B |
|
|
43
Williams Companies
WMB
$90.7B
| $1.57B | 0.89% |
26,259,123
-10,089,391
| -28% | -$578M |
|
|
44
T-Mobile US
TMUS
$191B
| $1.56B | 0.89% |
5,832,553
-3,550,128
| -38% | -$875M |
|
45
Alibaba
BABA
$289B
| $1.5B | 0.85% |
11,319,570
-3,150,200
| -22% | -$363M |
|
46
Regeneron Pharmaceuticals
REGN
$83.2B
| $1.47B | 0.84% |
2,324,085
+2,769
| +0.1% | +$1.9M |
|
47
Cognizant
CTSH
$28.7B
| $1.4B | 0.8% |
18,270,347
-60,050
| -0.3% | -$4.89M |
|
48
Cisco
CSCO
$442B
| $1.34B | 0.76% |
21,722,716
-2,015,954
| -8% | -$124M |
|
49
GE HealthCare
GEHC
$32.7B
| $1.34B | 0.76% |
16,585,509
-89,999
| -0.5% | -$7.73M |
|
50
Novartis
NVS
$294B
| $1.32B | 0.75% |
11,818,102
-396,563
| -3% | -$42.2M |
|
Similar funds
Dodge & Cox's Q1 2025 Portfolio in Review
As of Q1 2025, Dodge & Cox held 218 positions worth $175B, up 2.1% from $172B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q1 2025: portfolio turnover was 3.7%. Dodge & Cox opened 4 new positions and exited 4, leaving the 218-position portfolio largely intact.
By sector, the portfolio is most concentrated in Healthcare at 23% of assets, up from 21% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q1 2025 buy was Millicom: 8,701,732 shares worth $263M.
- Dodge & Cox added most to Fortive in Q1 2025, an estimated $1.1B increase.
- Dodge & Cox's biggest Q1 2025 reduction was Wells Fargo, cutting an estimated $963M.
- Dodge & Cox fully exited Occidental Petroleum Corp Warrants in Q1 2025, selling an estimated $393M.
- Dodge & Cox's ten largest holdings make up 29% of its $175B portfolio in Q1 2025.
- Dodge & Cox opened 4 new positions and closed 4 in Q1 2025.
- Dodge & Cox's portfolio value rose 2.1% quarter-over-quarter to $175B.
Based on Dodge & Cox's 13F filing for Q1 2025, filed 14 May 2025.