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 |
UnitedHealth
UNH
|
+$1.81B |
| 2 |
Regeneron Pharmaceuticals
REGN
|
+$838M |
| 3 |
Teledyne Technologies
TDY
|
+$723M |
| 4 |
AMRZ
Amrize Ltd
AMRZ
|
+$629M |
| 5 |
Comcast
CMCSA
|
+$590M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Williams Companies
WMB
|
+$1.48B |
| 2 |
Cisco
CSCO
|
+$1.3B |
| 3 |
GE Aerospace
GE
|
+$1.08B |
| 4 |
UBS Group
UBS
|
+$835M |
| 5 |
Capital One
COF
|
+$638M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 23.24% |
| 2 | Financials | 18.09% |
| 3 | Industrials | 12.75% |
| 4 | Technology | 11.73% |
| 5 | Communication Services | 11.57% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
UnitedHealth
UNH
$360B
| $2.73B | 1.53% |
8,750,560
+4,730,192
| +118% | +$1.81B |
|
27
AB InBev
BUD
$154B
| $2.64B | 1.49% |
38,477,542
-2,638,596
| -6% | -$177M |
|
28
International Flavors & Fragrances
IFF
$22.2B
| $2.58B | 1.45% |
35,047,387
+1,272,780
| +4% | +$96.1M |
|
29
Alphabet (Google) Class C
GOOG
$4.15T
| $2.52B | 1.41% |
14,179,423
-2,868,938
| -17% | -$474M |
|
30
Air Products & Chemicals
APD
$68.3B
| $2.49B | 1.4% |
8,821,400
+61,678
| +0.7% | +$16.9M |
|
31
Goldman Sachs
GS
$303B
| $2.34B | 1.31% |
3,306,574
-44,965
| -1% | -$26.1M |
|
|
32
GE Aerospace
GE
$368B
| $2.33B | 1.31% |
9,065,811
-4,920,540
| -35% | -$1.08B |
|
33
SBA Communications
SBAC
$19.7B
| $2.02B | 1.14% |
8,608,494
+123,230
| +1% | +$28.2M |
|
34
Zimmer Biomet
ZBH
$19.3B
| $2.02B | 1.13% |
22,097,463
+2,533,009
| +13% | +$245M |
|
|
35
Regeneron Pharmaceuticals
REGN
$83.9B
| $2.01B | 1.13% |
3,826,283
+1,502,198
| +65% | +$838M |
|
|
36
Alphabet (Google) Class A
GOOGL
$4.18T
| $1.99B | 1.12% |
11,275,218
-320,464
| -3% | -$52.5M |
|
37
Sun Communities
SUI
$15.3B
| $1.8B | 1.01% |
14,198,760
+550,940
| +4% | +$68.3M |
|
38
GE HealthCare
GEHC
$33.1B
| $1.75B | 0.98% |
23,567,950
+6,982,441
| +42% | +$486M |
|
39
Fortive
FTV
$18.2B
| $1.73B | 0.97% |
33,173,605
+4,111,823
| +14% | +$215M |
|
40
Baker Hughes
BKR
$61.5B
| $1.71B | 0.96% |
44,582,813
-72,282
| -0.2% | -$2.73M |
|
41
Haleon
HLN
$44.7B
| $1.61B | 0.91% |
155,471,999
-13,678,937
| -8% | -$144M |
|
42
Avantor
AVTR
$9.81B
| $1.58B | 0.89% |
117,433,484
+17,170,761
| +17% | +$235M |
|
43
Baxter International
BAX
$13.7B
| $1.58B | 0.89% |
52,121,620
+662,695
| +1% | +$20.1M |
|
|
44
UBS Group
UBS
$167B
| $1.54B | 0.87% |
45,635,942
-26,972,850
| -37% | -$835M |
|
45
Coupang
CPNG
$29.7B
| $1.4B | 0.78% |
46,614,520
+5,829,600
| +14% | +$149M |
|
46
Dominion Energy
D
$58.8B
| $1.3B | 0.73% |
22,925,248
-383,130
| -2% | -$21M |
|
47
Novartis
NVS
$299B
| $1.29B | 0.72% |
10,647,629
-1,170,473
| -10% | -$132M |
|
48
Cognizant
CTSH
$28B
| $1.27B | 0.71% |
16,267,302
-2,003,045
| -11% | -$154M |
|
49
Alibaba
BABA
$287B
| $1.24B | 0.7% |
10,964,270
-355,300
| -3% | -$42.1M |
|
50
Elanco Animal Health
ELAN
$12.5B
| $1.18B | 0.67% |
82,895,232
-25,350
| -0% | -$296K |
|
Similar funds
Dodge & Cox's Q2 2025 Portfolio in Review
As of Q2 2025, Dodge & Cox held 222 positions worth $178B, up 1.4% from $175B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Trading was light in Q2 2025: portfolio turnover was 5%. Dodge & Cox opened 8 new positions and exited 3, leaving the 222-position portfolio largely intact.
By sector, the portfolio is most concentrated in Healthcare at 23% of assets, down from 23% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q2 2025 buy was Teledyne Technologies: 1,497,740 shares worth $767M.
- Dodge & Cox added most to UnitedHealth in Q2 2025, an estimated $1.81B increase.
- Dodge & Cox's biggest Q2 2025 reduction was Williams Companies, cutting an estimated $1.48B.
- Dodge & Cox fully exited iShares Russell 1000 Value ETF in Q2 2025, selling an estimated $3.22M.
- Dodge & Cox's ten largest holdings make up 29% of its $178B portfolio in Q2 2025.
- Dodge & Cox opened 8 new positions and closed 3 in Q2 2025.
- Dodge & Cox's portfolio value rose 1.4% quarter-over-quarter to $178B.
Based on Dodge & Cox's 13F filing for Q2 2025, filed 13 Aug 2025.