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 | |
|---|---|---|---|---|---|---|
|
AMRZ
76
Amrize Ltd
AMRZ
$24.5B
| $622M | 0.35% |
+12,470,706
| New | +$629M |
|
77
JD.com
JD
$38.9B
| $611M | 0.34% |
18,705,949
+643,000
| +4% | +$21.9M |
|
78
Nutrien
NTR
$35.1B
| $587M | 0.33% |
10,076,659
-2,385,600
| -19% | -$135M |
|
|
RAL
79
Ralliant Corp
RAL
$7.07B
| $524M | 0.29% |
+10,797,506
| New | +$532M |
|
80
VF Corp
VFC
$5.46B
| $481M | 0.27% |
40,954,100
-7,375
| -0% | -$91.4K |
|
81
TC Energy
TRP
$65.5B
| $471M | 0.26% |
9,645,800
-840,800
| -8% | -$41.3M |
|
82
Baidu
BIDU
$31.6B
| $465M | 0.26% |
5,427,715
-13,100
| -0.2% | -$1.13M |
|
83
Microchip Technology
MCHP
$40.2B
| $446M | 0.25% |
6,339,800
+5,740,827
| +958% | +$316M |
|
84
Willis Towers Watson
WTW
$31.9B
| $392M | 0.22% |
+1,278,423
| New | +$396M |
|
85
Bristol-Myers Squibb
BMY
$138B
| $391M | 0.22% |
8,436,759
-4,593,803
| -35% | -$226M |
|
86
News Corp Class A
NWSA
$16.6B
| $387M | 0.22% |
13,016,220
-830,078
| -6% | -$22.8M |
|
87
Yum China
YUMC
$16.1B
| $381M | 0.21% |
8,516,462
+3,300
| +0% | +$148K |
|
88
Fox Class B
FOX
$26.2B
| $377M | 0.21% |
7,308,816
-2,790,468
| -28% | -$136M |
|
|
ECHO
89
EchoStar
ECHO
$24.9B
| $371M | 0.21% |
13,398,270
-9,683
| -0.1% | -$213K |
|
90
NetEase
NTES
$79B
| $370M | 0.21% |
2,745,776
-57,888
| -2% | -$6.66M |
|
91
Archer Daniels Midland
ADM
$38.6B
| $346M | 0.19% |
+6,549,624
| New | +$319M |
|
92
Teck Resources
TECK
$34.9B
| $342M | 0.19% |
8,467,540
-15,800
| -0.2% | -$571K |
|
93
Millicom
TIGO
$16.1B
| $331M | 0.19% |
8,836,132
+134,400
| +2% | +$4.6M |
|
94
HDFC Bank
HDB
$119B
| $229M | 0.13% |
5,964,800
-499,800
| -8% | -$18.1M |
|
95
Flutter Entertainment
FLUT
$17B
| $180M | 0.1% |
628,878
| – | – |
|
96
Coherent
COHR
$57.6B
| $154M | 0.09% |
1,731,595
-4,706,174
| -73% | -$339M |
|
97
Televisa
TV
$1.52B
| $141M | 0.08% |
64,208,690
-4,000
| -0% | -$7.84K |
|
|
SNRE
98
DELISTED
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
| $129M | 0.07% |
2,289,925
| – | – |
|
99
Itaú Unibanco
ITUB
$83.9B
| $120M | 0.07% |
18,206,089
+187,872
| +1% | +$1.15M |
|
|
GAP
100
The Gap Inc
GAP
$7.61B
| $119M | 0.07% |
5,439,326
-23,295,385
| -81% | -$521M |
|
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.