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 | |
|---|---|---|---|---|---|---|
51
Dominion Energy
D
$58.5B
| $1.31B | 0.74% |
23,308,378
+685,245
| +3% | +$37.7M |
|
52
LyondellBasell Industries
LYB
$20.4B
| $1.19B | 0.68% |
16,896,032
-69,800
| -0.4% | -$5.25M |
|
53
American Electric Power
AEP
$66.8B
| $1.18B | 0.67% |
10,811,550
-763,670
| -7% | -$77.4M |
|
54
ConocoPhillips
COP
$156B
| $1.18B | 0.67% |
11,221,699
-201,887
| -2% | -$20.1M |
|
55
Fox Class A
FOXA
$28.3B
| $1.11B | 0.63% |
19,637,142
-1,460,874
| -7% | -$77.3M |
|
56
Suncor Energy
SU
$77.7B
| $1.1B | 0.63% |
28,355,454
-96,600
| -0.3% | -$3.69M |
|
57
BioMarin Pharmaceuticals
BMRN
$12.6B
| $1.06B | 0.6% |
14,955,240
+209,005
| +1% | +$14.1M |
|
58
Credicorp
BAP
$29.6B
| $988M | 0.56% |
5,309,780
-27,400
| -0.5% | -$5.09M |
|
59
HP
HPQ
$26.7B
| $925M | 0.53% |
33,405,553
-340,352
| -1% | -$10.8M |
|
60
Carrier Global
CARR
$48.5B
| $906M | 0.52% |
14,288,350
-17,490
| -0.1% | -$1.16M |
|
61
Alnylam Pharmaceuticals
ALNY
$31.7B
| $905M | 0.52% |
3,351,762
-188,500
| -5% | -$48.4M |
|
62
Incyte
INCY
$25.9B
| $900M | 0.51% |
14,864,328
-55,305
| -0.4% | -$3.86M |
|
63
Coupang
CPNG
$29.2B
| $894M | 0.51% |
40,784,920
+20,555,600
| +102% | +$478M |
|
|
64
Bank of America
BAC
$428B
| $877M | 0.5% |
21,004,922
-10,055,162
| -32% | -$448M |
|
65
Celanese
CE
$4.92B
| $874M | 0.5% |
15,391,416
+1,773,354
| +13% | +$111M |
|
66
Elanco Animal Health
ELAN
$12.2B
| $871M | 0.5% |
82,920,582
-260,084
| -0.3% | -$2.94M |
|
67
Molson Coors Class B
TAP
$7.77B
| $856M | 0.49% |
14,068,310
-502,879
| -3% | -$29M |
|
68
Bristol-Myers Squibb
BMY
$137B
| $795M | 0.45% |
13,030,562
-2,371,906
| -15% | -$138M |
|
69
Aegon
AEG
$13.6B
| $775M | 0.44% |
117,541,105
-222,985
| -0.2% | -$1.43M |
|
70
JD.com
JD
$38.5B
| $743M | 0.42% |
18,062,949
+1,339,508
| +8% | +$53.8M |
|
71
Medtronic
MDT
$115B
| $693M | 0.39% |
7,708,833
+47,708
| +0.6% | +$4.27M |
|
72
Gaming and Leisure Properties
GLPI
$12.3B
| $688M | 0.39% |
13,509,609
+10,975
| +0.1% | +$539K |
|
73
State Street
STT
$53.1B
| $656M | 0.37% |
7,331,559
-93,685
| -1% | -$8.95M |
|
74
VF Corp
VFC
$5.36B
| $636M | 0.36% |
40,961,475
-1,486,175
| -4% | -$32.9M |
|
75
Linde
LIN
$224B
| $619M | 0.35% |
1,329,590
| – | – |
|
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.