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 |
Humana
HUM
|
+$1.41B |
| 2 |
SBA Communications
SBAC
|
+$1.29B |
| 3 |
Avantor
AVTR
|
+$691M |
| 4 |
Celanese
CE
|
+$655M |
| 5 |
Fortive
FTV
|
+$592M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$1.19B |
| 2 |
Truist Financial
TFC
|
+$1.15B |
| 3 |
Wells Fargo
WFC
|
+$1.13B |
| 4 |
Bank of America
BAC
|
+$974M |
| 5 |
Goldman Sachs
GS
|
+$842M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.28% |
| 2 | Financials | 18.77% |
| 3 | Industrials | 12.45% |
| 4 | Technology | 12.31% |
| 5 | Communication Services | 11.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
JD.com
JD
$38.5B
| $580M | 0.34% |
16,723,441
-5,759,008
| -26% | -$223M |
|
77
Nutrien
NTR
$34.9B
| $560M | 0.33% |
12,523,259
+40,800
| +0.3% | +$1.94M |
|
78
Linde
LIN
$224B
| $557M | 0.32% |
1,329,590
+2,600
| +0.2% | +$1.18M |
|
79
Fox Class B
FOX
$25.4B
| $519M | 0.3% |
11,341,200
+10,185
| +0.1% | +$429K |
|
80
XP
XP
$8.97B
| $511M | 0.3% |
43,153,245
+8,291,500
| +24% | +$131M |
|
81
TC Energy
TRP
$64.6B
| $510M | 0.3% |
10,953,200
| – | – |
|
82
Baidu
BIDU
$32.9B
| $499M | 0.29% |
5,916,215
+22,000
| +0.4% | +$2.01M |
|
83
Coupang
CPNG
$29.2B
| $445M | 0.26% |
20,229,320
+123,900
| +0.6% | +$3.04M |
|
84
Neurocrine Biosciences
NBIX
$15.8B
| $412M | 0.24% |
3,016,425
+1,728,605
| +134% | +$214M |
|
85
Yum China
YUMC
$15.3B
| $410M | 0.24% |
8,512,162
-2,172,600
| -20% | -$103M |
|
86
Occidental Petroleum Corp Warrants
OXY.WS
$35B
| $393M | 0.23% |
14,252,820
-1,550
| -0% | -$44.4K |
|
87
Teck Resources
TECK
$34.6B
| $347M | 0.2% |
8,558,940
-725,902
| -8% | -$33.9M |
|
88
News Corp Class A
NWSA
$16.8B
| $321M | 0.19% |
11,662,685
+1,245,278
| +12% | +$34.7M |
|
89
Brighthouse Financial
BHF
$3.11B
| $320M | 0.19% |
6,669,575
| – | – |
|
|
ECHO
90
EchoStar
ECHO
$25.1B
| $307M | 0.18% |
13,416,003
-51,350
| -0.4% | -$1.24M |
|
91
Cemex
CX
$15.8B
| $280M | 0.16% |
49,622,009
+48,942,309
| +7,201% | +$278M |
|
92
NetEase
NTES
$78.6B
| $236M | 0.14% |
2,649,876
+15,900
| +0.6% | +$1.39M |
|
93
HDFC Bank
HDB
$115B
| $209M | 0.12% |
6,543,200
+712,600
| +12% | +$22.8M |
|
94
Flutter Entertainment
FLUT
$16.5B
| $163M | 0.09% |
628,878
+4,400
| +0.7% | +$1.11M |
|
95
LPL Financial
LPLA
$28.4B
| $153M | 0.09% |
470,109
+454,553
| +2,922% | +$134M |
|
96
American Express
AXP
$226B
| $119M | 0.07% |
399,340
-11,325
| -3% | -$3.25M |
|
97
Televisa
TV
$1.45B
| $108M | 0.06% |
64,212,690
| – | – |
|
|
SNRE
98
DELISTED
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
| $98.6M | 0.06% |
+2,289,925
| New | +$105M |
|
99
Fresenius Medical Care
FMS
$12.4B
| $94.5M | 0.06% |
4,173,510
| – | – |
|
100
Liberty Global Class C
LBTYK
$3.51B
| $87.8M | 0.05% |
6,682,068
| – | – |
|
Similar funds
Dodge & Cox's Q4 2024 Portfolio in Review
As of Q4 2024, Dodge & Cox held 216 positions worth $172B, down 2.8% from $177B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Dodge & Cox's Q4 2024 filing shows 11 new, 45 increased, 101 reduced and 2 closed positions. Its largest new stake was Fortive: 10,323,937 shares worth $583M. The largest sale was Alphabet (Google) Class C, an estimated $1.19B.
By sector, the portfolio is most concentrated in Healthcare at 21% of assets, down from 22% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q4 2024 buy was Fortive: 10,323,937 shares worth $583M.
- Dodge & Cox added most to Humana in Q4 2024, an estimated $1.41B increase.
- Dodge & Cox's biggest Q4 2024 reduction was Alphabet (Google) Class C, cutting an estimated $1.19B.
- Dodge & Cox fully exited KE Holdings in Q4 2024, selling an estimated $367K.
- Dodge & Cox's ten largest holdings make up 29% of its $172B portfolio in Q4 2024.
- Dodge & Cox opened 11 new positions and closed 2 in Q4 2024.
- Dodge & Cox's portfolio value fell 2.8% quarter-over-quarter to $172B.
Based on Dodge & Cox's 13F filing for Q4 2024, filed 13 Feb 2025.