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 |
Brookfield
BN
|
+$1.88B |
| 2 |
Aon
AON
|
+$1.53B |
| 3 |
Willis Towers Watson
WTW
|
+$1.08B |
| 4 |
FISV
Fiserv Inc
FISV
|
+$908M |
| 5 |
TransUnion
TRU
|
+$809M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BNY
Bank of New York Mellon
BNY
|
+$999M |
| 2 |
ECHO
EchoStar
ECHO
|
+$958M |
| 3 |
CVS Health
CVS
|
+$841M |
| 4 |
Bank of America
BAC
|
+$705M |
| 5 |
Capital One
COF
|
+$656M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 23.7% |
| 2 | Financials | 19.44% |
| 3 | Industrials | 13.02% |
| 4 | Communication Services | 11.33% |
| 5 | Technology | 11.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Humana
HUM
$47B
| $2.89B | 1.56% |
11,290,435
-47,751
| -0.4% | -$12.5M |
|
27
Norfolk Southern
NSC
$79.2B
| $2.78B | 1.5% |
9,623,885
-1,250,364
| -11% | -$362M |
|
|
28
Aon
AON
$75.1B
| $2.77B | 1.5% |
7,852,456
+4,387,773
| +127% | +$1.53B |
|
29
Sanofi
SNY
$109B
| $2.74B | 1.48% |
56,492,599
-12,439,148
| -18% | -$617M |
|
30
GE HealthCare
GEHC
$33.1B
| $2.56B | 1.38% |
31,211,229
+3,693,918
| +13% | +$288M |
|
31
International Flavors & Fragrances
IFF
$22.2B
| $2.45B | 1.32% |
36,401,042
-571,596
| -2% | -$37M |
|
32
Fortive
FTV
$18.2B
| $2.44B | 1.32% |
44,157,822
+1,562,028
| +4% | +$81.1M |
|
33
SBA Communications
SBAC
$19.7B
| $2.32B | 1.25% |
11,996,134
+2,328,837
| +24% | +$450M |
|
34
Air Products & Chemicals
APD
$68.3B
| $2.28B | 1.23% |
9,236,610
+231,718
| +3% | +$58.7M |
|
|
35
Willis Towers Watson
WTW
$31.9B
| $2.28B | 1.23% |
6,925,525
+3,293,334
| +91% | +$1.08B |
|
|
36
Capital One
COF
$133B
| $2.22B | 1.2% |
9,163,067
-2,944,850
| -24% | -$656M |
|
37
AB InBev
BUD
$154B
| $2.12B | 1.14% |
33,113,431
-3,432,790
| -9% | -$213M |
|
38
Zimmer Biomet
ZBH
$19.3B
| $2.11B | 1.14% |
23,506,849
+290,676
| +1% | +$27.6M |
|
|
39
Brookfield
BN
$93B
| $1.89B | 1.02% |
+41,280,320
| New | +$1.88B |
|
40
Baker Hughes
BKR
$61.5B
| $1.86B | 1% |
40,759,438
-3,294,050
| -7% | -$156M |
|
41
Sun Communities
SUI
$15.3B
| $1.8B | 0.97% |
14,491,865
+11,050
| +0.1% | +$1.38M |
|
42
Elanco Animal Health
ELAN
$12.5B
| $1.79B | 0.97% |
79,084,305
-3,675,532
| -4% | -$80M |
|
43
GE Aerospace
GE
$368B
| $1.6B | 0.86% |
5,191,577
-1,080,045
| -17% | -$325M |
|
44
UBS Group
UBS
$167B
| $1.56B | 0.84% |
33,665,342
-8,976,100
| -21% | -$363M |
|
45
Haleon
HLN
$44.7B
| $1.53B | 0.83% |
151,755,452
-2,629,170
| -2% | -$25M |
|
46
Goldman Sachs
GS
$303B
| $1.5B | 0.81% |
1,709,674
-498,951
| -23% | -$407M |
|
47
Alibaba
BABA
$287B
| $1.47B | 0.79% |
10,016,870
-958,500
| -9% | -$156M |
|
48
LPL Financial
LPLA
$28.4B
| $1.41B | 0.76% |
3,948,970
+619,715
| +19% | +$219M |
|
49
Avantor
AVTR
$9.81B
| $1.34B | 0.72% |
117,065,143
-681,745
| -0.6% | -$8.39M |
|
50
Incyte
INCY
$26B
| $1.31B | 0.71% |
13,261,742
-670,674
| -5% | -$64.9M |
|
Similar funds
Dodge & Cox's Q4 2025 Portfolio in Review
As of Q4 2025, Dodge & Cox held 228 positions worth $185B, down 0.04% from $185B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Dodge & Cox's Q4 2025 filing shows 9 new, 38 increased, 121 reduced and 6 closed positions. Its largest new stake was Brookfield: 41,280,320 shares worth $1.89B. The largest sale was Bank of New York Mellon, an estimated $999M.
By sector, the portfolio is most concentrated in Healthcare at 24% of assets, down from 24% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q4 2025 buy was Brookfield: 41,280,320 shares worth $1.89B.
- Dodge & Cox added most to Aon in Q4 2025, an estimated $1.53B increase.
- Dodge & Cox's biggest Q4 2025 reduction was Bank of New York Mellon, cutting an estimated $999M.
- Dodge & Cox fully exited Teck Resources in Q4 2025, selling an estimated $345M.
- Dodge & Cox's ten largest holdings make up 27% of its $185B portfolio in Q4 2025.
- Dodge & Cox opened 9 new positions and closed 6 in Q4 2025.
- Dodge & Cox's portfolio value fell 0.04% quarter-over-quarter to $185B.
Based on Dodge & Cox's 13F filing for Q4 2025, filed 13 Feb 2026.