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 |
Brookfield
BN
|
+$1.88B |
| 2 |
Aon
AON
|
+$1.53B |
| 3 |
Willis Towers Watson
WTW
|
+$1.08B |
| 4 |
FISV
Fiserv Inc
FISV
|
+$908M |
| 5 |
TransUnion
TRU
|
+$809M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BNY
Bank of New York Mellon
BNY
|
+$999M |
| 2 |
ECHO
EchoStar
ECHO
|
+$958M |
| 3 |
CVS Health
CVS
|
+$841M |
| 4 |
Bank of America
BAC
|
+$705M |
| 5 |
Capital One
COF
|
+$656M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 23.7% |
| 2 | Financials | 19.44% |
| 3 | Industrials | 13.02% |
| 4 | Communication Services | 11.33% |
| 5 | Technology | 11.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Celanese
CE
$4.91B
| $647M | 0.35% |
15,304,050
-57,554
| -0.4% | -$2.35M |
|
|
RAL
77
Ralliant Corp
RAL
$7.07B
| $622M | 0.34% |
12,214,679
+1,434,376
| +13% | +$67.2M |
|
78
State Street
STT
$53.2B
| $612M | 0.33% |
4,744,154
-2,051,020
| -30% | -$246M |
|
79
Gaming and Leisure Properties
GLPI
$12.4B
| $607M | 0.33% |
13,589,962
+7,105
| +0.1% | +$315K |
|
80
Linde
LIN
$226B
| $567M | 0.31% |
1,329,590
| – | – |
|
81
XP
XP
$9.04B
| $556M | 0.3% |
33,960,545
-517,600
| -2% | -$9.11M |
|
82
Aegon
AEG
$13.7B
| $544M | 0.29% |
70,522,831
-15,260,674
| -18% | -$117M |
|
83
TC Energy
TRP
$65.5B
| $511M | 0.28% |
9,294,300
-351,500
| -4% | -$18.8M |
|
84
Pinduoduo
PDD
$123B
| $503M | 0.27% |
+4,439,800
| New | +$551M |
|
85
Fox Class B
FOX
$26.2B
| $471M | 0.25% |
7,257,827
-27,364
| -0.4% | -$1.6M |
|
86
Millicom
TIGO
$16.1B
| $451M | 0.24% |
8,133,132
-315,500
| -4% | -$15.9M |
|
87
Yum China
YUMC
$16.1B
| $408M | 0.22% |
8,553,962
+33,100
| +0.4% | +$1.52M |
|
88
Microchip Technology
MCHP
$40.2B
| $394M | 0.21% |
6,187,474
-24,390
| -0.4% | -$1.5M |
|
89
Bristol-Myers Squibb
BMY
$138B
| $382M | 0.21% |
7,078,250
-345,570
| -5% | -$16.6M |
|
90
JD.com
JD
$38.9B
| $350M | 0.19% |
12,194,648
-6,597,601
| -35% | -$206M |
|
91
BioNTech
BNTX
$28.3B
| $344M | 0.19% |
3,614,491
-32,600
| -0.9% | -$3.28M |
|
92
News Corp Class A
NWSA
$16.6B
| $325M | 0.18% |
12,449,295
-27,150
| -0.2% | -$712K |
|
93
NetEase
NTES
$79B
| $296M | 0.16% |
2,154,376
-138,200
| -6% | -$19.6M |
|
|
AMRZ
94
Amrize Ltd
AMRZ
$24.5B
| $293M | 0.16% |
5,385,441
-401,100
| -7% | -$20.5M |
|
95
Arthur J. Gallagher & Co
AJG
$67.9B
| $228M | 0.12% |
+880,585
| New | +$233M |
|
96
IDEX
IEX
$17.3B
| $225M | 0.12% |
1,262,550
+918,208
| +267% | +$157M |
|
97
HDFC Bank
HDB
$119B
| $201M | 0.11% |
5,501,800
-713,000
| -11% | -$25.7M |
|
98
Itaú Unibanco
ITUB
$83.9B
| $137M | 0.07% |
19,120,110
-60,771
| -0.3% | -$432K |
|
99
Flutter Entertainment
FLUT
$17B
| $135M | 0.07% |
628,878
| – | – |
|
100
Coherent
COHR
$57.6B
| $124M | 0.07% |
669,855
-75,024
| -10% | -$11.2M |
|
Similar funds
Dodge & Cox's Q4 2025 Portfolio in Review
As of Q4 2025, Dodge & Cox held 228 positions worth $185B, down 0.04% from $185B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Dodge & Cox's Q4 2025 filing shows 9 new, 38 increased, 121 reduced and 6 closed positions. Its largest new stake was Brookfield: 41,280,320 shares worth $1.89B. The largest sale was Bank of New York Mellon, an estimated $999M.
By sector, the portfolio is most concentrated in Healthcare at 24% of assets, down from 24% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q4 2025 buy was Brookfield: 41,280,320 shares worth $1.89B.
- Dodge & Cox added most to Aon in Q4 2025, an estimated $1.53B increase.
- Dodge & Cox's biggest Q4 2025 reduction was Bank of New York Mellon, cutting an estimated $999M.
- Dodge & Cox fully exited Teck Resources in Q4 2025, selling an estimated $345M.
- Dodge & Cox's ten largest holdings make up 27% of its $185B portfolio in Q4 2025.
- Dodge & Cox opened 9 new positions and closed 6 in Q4 2025.
- Dodge & Cox's portfolio value fell 0.04% quarter-over-quarter to $185B.
Based on Dodge & Cox's 13F filing for Q4 2025, filed 13 Feb 2026.