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 | |
|---|---|---|---|---|---|---|
101
American Express
AXP
$227B
| $114M | 0.06% |
358,414
-15,758
| -4% | -$4.44M |
|
102
Fresenius Medical Care
FMS
$12.5B
| $109M | 0.06% |
3,826,910
-346,600
| -8% | -$9.3M |
|
103
BioNTech
BNTX
$28.3B
| $93.4M | 0.05% |
+877,437
| New | +$88.6M |
|
104
GE Vernova
GEV
$254B
| $85.8M | 0.05% |
162,221
-9,499
| -6% | -$3.96M |
|
105
JPMorgan Chase
JPM
$948B
| $77.6M | 0.04% |
267,683
-9,340
| -3% | -$2.38M |
|
106
Cadence Design Systems
CDNS
$92.2B
| $76M | 0.04% |
246,472
-943
| -0.4% | -$274K |
|
|
107
Williams Companies
WMB
$91B
| $71.3M | 0.04% |
1,134,547
-25,124,576
| -96% | -$1.48B |
|
108
Liberty Global Class C
LBTYK
$3.58B
| $68.9M | 0.04% |
6,682,068
| – | – |
|
109
Union Pacific
UNP
$185B
| $63.4M | 0.04% |
275,441
-521
| -0.2% | -$116K |
|
110
Liberty Global Class A
LBTYA
$3.68B
| $47.7M | 0.03% |
4,767,561
| – | – |
|
|
111
Cisco
CSCO
$443B
| $43.1M | 0.02% |
621,455
-21,101,261
| -97% | -$1.3B |
|
112
Walt Disney
DIS
$189B
| $36.2M | 0.02% |
292,103
-4,275
| -1% | -$444K |
|
113
Eli Lilly
LLY
$1.06T
| $35M | 0.02% |
44,957
-129
| -0.3% | -$100K |
|
114
Travelers Companies
TRV
$77.4B
| $27.8M | 0.02% |
103,926
-2,851
| -3% | -$752K |
|
115
Chevron
CVX
$393B
| $26M | 0.01% |
181,857
-860
| -0.5% | -$121K |
|
116
TSMC
TSM
$2.17T
| $24.4M | 0.01% |
107,800
+300
| +0.3% | +$55.6K |
|
117
SLB Ltd
SLB
$79.5B
| $19.1M | 0.01% |
566,284
-41,125
| -7% | -$1.43M |
|
118
Walmart Inc
WMT
$830B
| $17.5M | 0.01% |
179,085
-1,200
| -0.7% | -$114K |
|
119
Caterpillar
CAT
$378B
| $16.3M | 0.01% |
41,921
-30
| -0.1% | -$10K |
|
120
Procter & Gamble
PG
$337B
| $15M | 0.01% |
94,301
-75
| -0.1% | -$12.2K |
|
121
IBM
IBM
$217B
| $14.2M | 0.01% |
48,071
+14,172
| +42% | +$3.65M |
|
|
NESR
122
National Energy Services Reunited Corp
NESR
$3.39B
| $12.9M | 0.01% |
2,136,794
+1,428,200
| +202% | +$8.85M |
|
123
Merck
MRK
$378B
| $12.5M | 0.01% |
157,300
+231
| +0.1% | +$18.4K |
|
124
Target
TGT
$74.5B
| $10.8M | 0.01% |
109,909
-3,700
| -3% | -$355K |
|
125
Thermo Fisher Scientific
TMO
$234B
| $10.5M | 0.01% |
25,941
-165
| -0.6% | -$69K |
|
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.