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 | Held Since | |
|---|---|---|---|---|---|---|---|
76
Nutrien
NTR
$33.3B
| $619M | 0.35% |
12,462,259
-61,000
| -0.5% | -$3.12M |
2018 Q1
28 quarters
|
|
77
Neurocrine Biosciences
NBIX
$13.8B
| $612M | 0.35% |
5,534,624
+2,518,199
| +83% | +$319M |
2023 Q3
6 quarters
|
|
78
The Gap Inc
GAP
$7.96B
| $592M | 0.34% |
28,734,711
-90,010
| -0.3% | -$2.02M |
2018 Q4
25 quarters
|
|
79
XP
XP
$15.5B
| $585M | 0.33% |
42,537,845
-615,400
| -1% | -$8.47M |
2021 Q4
13 quarters
|
|
80
Honda
HMC
$43.4B
| $570M | 0.33% |
21,020,005
-1,054,895
| -5% | -$30.1M |
2021 Q1
16 quarters
|
|
81
Fox Class B
FOX
$23.5B
| $532M | 0.3% |
10,099,284
-1,241,916
| -11% | -$61.7M |
2019 Q1
24 quarters
|
|
82
Baidu
BIDU
$27.9B
| $501M | 0.29% |
5,440,815
-475,400
| -8% | -$42.7M |
2013 Q2
47 quarters
|
|
83
LPL Financial
LPLA
$25.5B
| $498M | 0.28% |
1,523,460
+1,053,351
| +224% | +$367M |
2024 Q3
2 quarters
|
|
84
TC Energy
TRP
$63.7B
| $495M | 0.28% |
10,486,600
-466,600
| -4% | -$21.8M |
2020 Q3
18 quarters
|
|
85
Yum China
YUMC
$14.6B
| $443M | 0.25% |
8,513,162
+1,000
| +0% | +$48K |
2021 Q2
15 quarters
|
|
86
Coherent
COHR
$51.9B
| $418M | 0.24% |
6,437,769
-3,801,330
| -37% | -$315M |
2021 Q4
13 quarters
|
|
87
Cemex
CX
$13.7B
| $394M | 0.22% |
70,320,800
+20,698,791
| +42% | +$125M |
2013 Q2
47 quarters
|
|
88
News Corp Class A
NWSA
$15.9B
| $377M | 0.21% |
13,846,298
+2,183,613
| +19% | +$61.1M |
2013 Q3
46 quarters
|
|
89
EchoStar
ECHO
$25.6B
| $343M | 0.2% |
13,407,953
-8,050
| -0.1% | -$219K |
2024 Q1
4 quarters
|
|
90
Teck Resources
TECK
$31.8B
| $309M | 0.18% |
8,483,340
-75,600
| -0.9% | -$3.14M |
2020 Q2
19 quarters
|
|
91
NetEase
NTES
$79.2B
| $289M | 0.16% |
2,803,664
+153,788
| +6% | +$15.5M |
2021 Q2
15 quarters
|
|
92
Millicom
TIGO
$13.5B
| $263M | 0.15% |
+8,701,732
| New | +$240M |
2025 Q1
0 quarters
|
|
93
HDFC Bank
HDB
$116B
| $215M | 0.12% |
6,464,600
-78,600
| -1% | -$2.4M |
2023 Q4
5 quarters
|
|
94
Flutter Entertainment
FLUT
$12.9B
| $139M | 0.08% |
628,878
| – | – |
2024 Q1
4 quarters
|
|
95
Televisa
TV
$1.25B
| $112M | 0.06% |
64,212,690
| – | – |
2013 Q2
47 quarters
|
|
|
SNRE
96
DELISTED
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
| $111M | 0.06% |
2,289,925
| – | – |
2024 Q4
1 quarter
|
|
97
Fresenius Medical Care
FMS
$11.5B
| $104M | 0.06% |
4,173,510
| – | – |
2022 Q1
12 quarters
|
|
98
American Express
AXP
$207B
| $101M | 0.06% |
374,172
-25,168
| -6% | -$7.44M |
2013 Q2
47 quarters
|
|
99
Itaú Unibanco
ITUB
$107B
| $96.2M | 0.05% |
18,018,217
-813,382
| -4% | -$4.09M |
2016 Q3
34 quarters
|
|
100
Liberty Global Class C
LBTYK
$2.74B
| $80M | 0.05% |
6,682,068
| – | – |
2013 Q2
47 quarters
|
|
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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.