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 | |
|---|---|---|---|---|---|---|
101
JPMorgan Chase
JPM
$942B
| $68M | 0.04% |
277,023
-16,257
| -6% | -$4.14M |
|
102
Union Pacific
UNP
$183B
| $65.2M | 0.04% |
275,962
-2,257
| -0.8% | -$543K |
|
103
Cadence Design Systems
CDNS
$95.7B
| $62.9M | 0.04% |
247,415
-3,502
| -1% | -$974K |
|
104
Liberty Global Class A
LBTYA
$3.6B
| $54.9M | 0.03% |
4,767,561
| – | – |
|
105
GE Vernova
GEV
$254B
| $52.4M | 0.03% |
171,720
-7,602
| -4% | -$2.65M |
|
106
Eli Lilly
LLY
$1.05T
| $37.2M | 0.02% |
45,086
+289
| +0.6% | +$240K |
|
107
Chevron
CVX
$392B
| $30.6M | 0.02% |
182,717
-836
| -0.5% | -$131K |
|
108
Walt Disney
DIS
$184B
| $29.3M | 0.02% |
296,378
-5,234
| -2% | -$562K |
|
109
Microchip Technology
MCHP
$41B
| $29M | 0.02% |
598,973
-9,892
| -2% | -$551K |
|
110
Travelers Companies
TRV
$77B
| $28.2M | 0.02% |
106,777
-1,411
| -1% | -$352K |
|
111
SLB Ltd
SLB
$81.6B
| $25.4M | 0.01% |
607,409
-13,107
| -2% | -$537K |
|
112
TSMC
TSM
$2.22T
| $17.8M | 0.01% |
107,500
| – | – |
|
113
Procter & Gamble
PG
$333B
| $16.1M | 0.01% |
94,376
-50
| -0.1% | -$8.38K |
|
114
Walmart Inc
WMT
$817B
| $15.8M | 0.01% |
180,285
-3,025
| -2% | -$284K |
|
115
Merck
MRK
$369B
| $14.1M | 0.01% |
157,069
-282
| -0.2% | -$26.3K |
|
116
Caterpillar
CAT
$376B
| $13.8M | 0.01% |
41,951
-25
| -0.1% | -$8.9K |
|
117
Thermo Fisher Scientific
TMO
$233B
| $13M | 0.01% |
26,106
-15
| -0.1% | -$8.12K |
|
118
Target
TGT
$75.4B
| $11.9M | 0.01% |
113,609
-110
| -0.1% | -$13.7K |
|
119
AstraZeneca
AZN
$255B
| $10M | 0.01% |
68,070
-3,785
| -5% | -$548K |
|
120
ExxonMobil
XOM
$643B
| $9.26M | 0.01% |
77,863
-598
| -0.8% | -$66.1K |
|
121
Boston Scientific
BSX
$67.6B
| $9.25M | 0.01% |
91,695
-3,100
| -3% | -$312K |
|
122
Home Depot
HD
$328B
| $8.53M | ﹤0.01% |
23,272
-950
| -4% | -$370K |
|
123
IBM
IBM
$225B
| $8.43M | ﹤0.01% |
33,899
-221
| -0.6% | -$54.1K |
|
124
Adobe
ADBE
$115B
| $7.63M | ﹤0.01% |
19,900
-1,050
| -5% | -$450K |
|
|
HES
125
DELISTED
Hess
HES
| $7.33M | ﹤0.01% |
45,875
-75
| -0.2% | -$11K |
|
Similar funds
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.