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 | |
|---|---|---|---|---|---|---|
51
Credicorp
BAP
$30.4B
| $1.15B | 0.65% |
5,147,380
-162,400
| -3% | -$32.9M |
|
52
Alnylam Pharmaceuticals
ALNY
$32B
| $1.04B | 0.59% |
3,197,096
-154,666
| -5% | -$42.8M |
|
53
Suncor Energy
SU
$76.8B
| $1.03B | 0.58% |
27,401,654
-953,800
| -3% | -$34.5M |
|
54
LPL Financial
LPLA
$28.4B
| $1.01B | 0.57% |
2,701,709
+1,178,249
| +77% | +$413M |
|
55
ConocoPhillips
COP
$157B
| $1.01B | 0.57% |
11,235,453
+13,754
| +0.1% | +$1.24M |
|
56
Incyte
INCY
$26B
| $994M | 0.56% |
14,595,181
-269,147
| -2% | -$17.1M |
|
57
American Electric Power
AEP
$67.2B
| $993M | 0.56% |
9,572,403
-1,239,147
| -11% | -$129M |
|
58
LyondellBasell Industries
LYB
$20.2B
| $982M | 0.55% |
16,969,997
+73,965
| +0.4% | +$4.31M |
|
59
T-Mobile US
TMUS
$193B
| $977M | 0.55% |
4,100,279
-1,732,274
| -30% | -$423M |
|
60
Carrier Global
CARR
$48.4B
| $935M | 0.53% |
12,776,049
-1,512,301
| -11% | -$103M |
|
61
HP
HPQ
$27.9B
| $855M | 0.48% |
34,943,498
+1,537,945
| +5% | +$39.2M |
|
62
Celanese
CE
$4.91B
| $848M | 0.48% |
15,324,667
-66,749
| -0.4% | -$3.33M |
|
63
Bank of America
BAC
$435B
| $845M | 0.47% |
17,860,502
-3,144,420
| -15% | -$132M |
|
64
BioMarin Pharmaceuticals
BMRN
$12.7B
| $831M | 0.47% |
15,108,310
+153,070
| +1% | +$9.01M |
|
65
State Street
STT
$53.2B
| $788M | 0.44% |
7,412,414
+80,855
| +1% | +$7.48M |
|
66
Fox Class A
FOXA
$29.3B
| $786M | 0.44% |
14,017,947
-5,619,195
| -29% | -$296M |
|
|
67
Teledyne Technologies
TDY
$29.4B
| $767M | 0.43% |
+1,497,740
| New | +$723M |
|
68
Neurocrine Biosciences
NBIX
$15.9B
| $700M | 0.39% |
5,566,814
+32,190
| +0.6% | +$3.69M |
|
69
XP
XP
$9.04B
| $693M | 0.39% |
34,308,445
-8,229,400
| -19% | -$142M |
|
70
Molson Coors Class B
TAP
$7.85B
| $692M | 0.39% |
14,396,195
+327,885
| +2% | +$18.1M |
|
71
Medtronic
MDT
$118B
| $675M | 0.38% |
7,740,383
+31,550
| +0.4% | +$2.68M |
|
72
Cemex
CX
$15.8B
| $659M | 0.37% |
95,023,835
+24,703,035
| +35% | +$157M |
|
73
Aegon
AEG
$13.7B
| $642M | 0.36% |
88,737,090
-28,804,015
| -25% | -$193M |
|
74
Gaming and Leisure Properties
GLPI
$12.4B
| $636M | 0.36% |
13,618,357
+108,748
| +0.8% | +$5.14M |
|
75
Linde
LIN
$226B
| $624M | 0.35% |
1,329,590
| – | – |
|
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.