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 |
FISV
Fiserv Inc
FISV
|
+$1.28B |
| 2 |
Aon
AON
|
+$1.25B |
| 3 |
Willis Towers Watson
WTW
|
+$762M |
| 4 |
Fidelity National Information Services
FIS
|
+$571M |
| 5 |
Adobe
ADBE
|
+$565M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Wells Fargo
WFC
|
+$962M |
| 2 |
Goldman Sachs
GS
|
+$814M |
| 3 |
GE Aerospace
GE
|
+$764M |
| 4 |
Nutrien
NTR
|
+$587M |
| 5 |
Alnylam Pharmaceuticals
ALNY
|
+$357M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 23.72% |
| 2 | Financials | 18.28% |
| 3 | Industrials | 12.84% |
| 4 | Technology | 11.99% |
| 5 | Communication Services | 11.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
JD.com
JD
$38.5B
| $657M | 0.35% |
18,792,249
+86,300
| +0.5% | +$2.81M |
|
77
XP
XP
$8.97B
| $648M | 0.35% |
34,478,145
+169,700
| +0.5% | +$3.04M |
|
78
Celanese
CE
$4.92B
| $646M | 0.35% |
15,361,604
+36,937
| +0.2% | +$1.84M |
|
79
Gaming and Leisure Properties
GLPI
$12.3B
| $633M | 0.34% |
13,582,857
-35,500
| -0.3% | -$1.67M |
|
80
Linde
LIN
$224B
| $632M | 0.34% |
1,329,590
| – | – |
|
81
VF Corp
VFC
$5.36B
| $591M | 0.32% |
40,977,400
+23,300
| +0.1% | +$313K |
|
82
Baidu
BIDU
$32.9B
| $580M | 0.31% |
4,404,415
-1,023,300
| -19% | -$101M |
|
|
83
Adobe
ADBE
$115B
| $562M | 0.3% |
1,593,506
+1,573,849
| +8,007% | +$565M |
|
84
TC Energy
TRP
$64.6B
| $525M | 0.28% |
9,645,800
| – | – |
|
|
RAL
85
Ralliant Corp
RAL
$7.01B
| $471M | 0.25% |
10,780,303
-17,203
| -0.2% | -$765K |
|
86
Fox Class B
FOX
$25.4B
| $417M | 0.23% |
7,285,191
-23,625
| -0.3% | -$1.25M |
|
87
Millicom
TIGO
$15.6B
| $410M | 0.22% |
8,448,632
-387,500
| -4% | -$17M |
|
88
Microchip Technology
MCHP
$41B
| $399M | 0.22% |
6,211,864
-127,936
| -2% | -$8.67M |
|
89
News Corp Class A
NWSA
$16.8B
| $383M | 0.21% |
12,476,445
-539,775
| -4% | -$16M |
|
90
Yum China
YUMC
$15.3B
| $366M | 0.2% |
8,520,862
+4,400
| +0.1% | +$200K |
|
91
BioNTech
BNTX
$28B
| $360M | 0.19% |
3,647,091
+2,769,654
| +316% | +$296M |
|
92
NetEase
NTES
$78.6B
| $348M | 0.19% |
2,292,576
-453,200
| -17% | -$62.4M |
|
93
Teck Resources
TECK
$34.6B
| $345M | 0.19% |
7,871,440
-596,100
| -7% | -$21.7M |
|
94
Bristol-Myers Squibb
BMY
$137B
| $335M | 0.18% |
7,423,820
-1,012,939
| -12% | -$47.3M |
|
|
AMRZ
95
Amrize Ltd
AMRZ
$24.2B
| $280M | 0.15% |
5,786,541
-6,684,165
| -54% | -$341M |
|
96
HDFC Bank
HDB
$115B
| $212M | 0.11% |
6,214,800
+250,000
| +4% | +$9.22M |
|
97
Televisa
TV
$1.45B
| $173M | 0.09% |
64,208,690
| – | – |
|
98
Flutter Entertainment
FLUT
$16.5B
| $160M | 0.09% |
628,878
| – | – |
|
99
Itaú Unibanco
ITUB
$83B
| $137M | 0.07% |
19,180,881
+974,792
| +5% | +$6.44M |
|
|
GAP
100
The Gap Inc
GAP
$7.48B
| $116M | 0.06% |
5,429,526
-9,800
| -0.2% | -$212K |
|
Similar funds
Dodge & Cox's Q3 2025 Portfolio in Review
As of Q3 2025, Dodge & Cox held 225 positions worth $185B, up 4.1% from $178B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Dodge & Cox's Q3 2025 filing shows 6 new, 50 increased, 106 reduced and 6 closed positions. Its largest new stake was Aon: 3,464,683 shares worth $1.24B. The largest sale was Wells Fargo, an estimated $962M.
By sector, the portfolio is most concentrated in Healthcare at 24% of assets, up from 23% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q3 2025 buy was Aon: 3,464,683 shares worth $1.24B.
- Dodge & Cox added most to Fiserv Inc in Q3 2025, an estimated $1.28B increase.
- Dodge & Cox's biggest Q3 2025 reduction was Wells Fargo, cutting an estimated $962M.
- Dodge & Cox fully exited Nutrien in Q3 2025, selling an estimated $587M.
- Dodge & Cox's ten largest holdings make up 28% of its $185B portfolio in Q3 2025.
- Dodge & Cox opened 6 new positions and closed 6 in Q3 2025.
- Dodge & Cox's portfolio value rose 4.1% quarter-over-quarter to $185B.
Based on Dodge & Cox's 13F filing for Q3 2025, filed 13 Nov 2025.