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 | |
|---|---|---|---|---|---|---|
101
American Express
AXP
$226B
| $115M | 0.06% |
345,492
-12,922
| -4% | -$4.11M |
|
102
Fresenius Medical Care
FMS
$12.4B
| $101M | 0.05% |
3,826,910
| – | – |
|
103
GE Vernova
GEV
$254B
| $94.5M | 0.05% |
153,740
-8,481
| -5% | -$5.14M |
|
104
Cadence Design Systems
CDNS
$95.7B
| $84.5M | 0.05% |
240,525
-5,947
| -2% | -$2.05M |
|
105
Coherent
COHR
$57.8B
| $80.2M | 0.04% |
744,879
-986,716
| -57% | -$98.4M |
|
106
Liberty Global Class C
LBTYK
$3.51B
| $78.5M | 0.04% |
6,682,068
| – | – |
|
107
Williams Companies
WMB
$90.7B
| $70.7M | 0.04% |
1,115,522
-19,025
| -2% | -$1.12M |
|
108
Union Pacific
UNP
$183B
| $64.5M | 0.03% |
272,881
-2,560
| -0.9% | -$577K |
|
109
JPMorgan Chase
JPM
$942B
| $61.4M | 0.03% |
194,655
-73,028
| -27% | -$21.7M |
|
110
IDEX
IEX
$17.2B
| $56M | 0.03% |
+344,342
| New | +$58.2M |
|
111
Liberty Global Class A
LBTYA
$3.6B
| $54.6M | 0.03% |
4,767,561
| – | – |
|
112
Chevron
CVX
$392B
| $34.7M | 0.02% |
223,271
+41,414
| +23% | +$6.41M |
|
113
Eli Lilly
LLY
$1.05T
| $33.1M | 0.02% |
43,384
-1,573
| -3% | -$1.17M |
|
114
Walt Disney
DIS
$184B
| $33M | 0.02% |
288,127
-3,976
| -1% | -$468K |
|
115
TSMC
TSM
$2.22T
| $30.1M | 0.02% |
107,800
| – | – |
|
116
Travelers Companies
TRV
$77B
| $28.2M | 0.02% |
100,965
-2,961
| -3% | -$793K |
|
|
NESR
117
National Energy Services Reunited Corp
NESR
$3.53B
| $23.1M | 0.01% |
2,255,894
+119,100
| +6% | +$954K |
|
118
Caterpillar
CAT
$376B
| $19.5M | 0.01% |
40,794
-1,127
| -3% | -$481K |
|
119
Walmart Inc
WMT
$817B
| $18.6M | 0.01% |
180,835
+1,750
| +1% | +$174K |
|
120
SLB Ltd
SLB
$81.6B
| $16.4M | 0.01% |
476,259
-90,025
| -16% | -$3.13M |
|
121
Cisco
CSCO
$442B
| $14.9M | 0.01% |
217,789
-403,666
| -65% | -$27.5M |
|
122
Procter & Gamble
PG
$333B
| $14M | 0.01% |
90,796
-3,505
| -4% | -$547K |
|
123
IBM
IBM
$225B
| $13.3M | 0.01% |
47,188
-883
| -2% | -$231K |
|
124
Merck
MRK
$369B
| $12.9M | 0.01% |
154,275
-3,025
| -2% | -$249K |
|
125
Thermo Fisher Scientific
TMO
$233B
| $12.5M | 0.01% |
25,741
-200
| -0.8% | -$93.1K |
|
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.