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 | |
|---|---|---|---|---|---|---|
|
101
Bank of America
BAC
$435B
| $110M | 0.06% |
2,009,022
-13,337,999
| -87% | -$705M |
|
102
American Express
AXP
$227B
| $108M | 0.06% |
292,549
-52,943
| -15% | -$18.9M |
|
103
Fresenius Medical Care
FMS
$12.5B
| $91.2M | 0.05% |
3,826,910
| – | – |
|
104
GE Vernova
GEV
$254B
| $90.3M | 0.05% |
138,214
-15,526
| -10% | -$9.46M |
|
105
Cadence Design Systems
CDNS
$92.2B
| $74.2M | 0.04% |
237,363
-3,162
| -1% | -$1.03M |
|
106
Liberty Global Class C
LBTYK
$3.58B
| $73.8M | 0.04% |
6,682,068
| – | – |
|
107
First Citizens BancShares
FCNCA
$24.6B
| $67.7M | 0.04% |
+31,566
| New | +$59.5M |
|
108
Union Pacific
UNP
$185B
| $60.9M | 0.03% |
263,116
-9,765
| -4% | -$2.23M |
|
109
Williams Companies
WMB
$91B
| $60.2M | 0.03% |
1,000,892
-114,630
| -10% | -$6.93M |
|
110
Liberty Global Class A
LBTYA
$3.68B
| $49.9M | 0.03% |
4,481,061
-286,500
| -6% | -$3.17M |
|
111
Eli Lilly
LLY
$1.06T
| $45.7M | 0.02% |
42,492
-892
| -2% | -$853K |
|
112
JPMorgan Chase
JPM
$948B
| $40.1M | 0.02% |
124,405
-70,250
| -36% | -$21.7M |
|
113
TSMC
TSM
$2.17T
| $32.8M | 0.02% |
107,800
| – | – |
|
114
Chevron
CVX
$393B
| $32.4M | 0.02% |
212,714
-10,557
| -5% | -$1.61M |
|
115
Walt Disney
DIS
$189B
| $30.8M | 0.02% |
270,339
-17,788
| -6% | -$1.96M |
|
|
NESR
116
National Energy Services Reunited Corp
NESR
$3.39B
| $30.2M | 0.02% |
1,929,094
-326,800
| -14% | -$4.29M |
|
117
Travelers Companies
TRV
$77.4B
| $27.5M | 0.01% |
94,782
-6,183
| -6% | -$1.74M |
|
118
Caterpillar
CAT
$378B
| $23.3M | 0.01% |
40,724
-70
| -0.2% | -$38.9K |
|
119
Walmart Inc
WMT
$830B
| $20M | 0.01% |
179,535
-1,300
| -0.7% | -$140K |
|
120
Thermo Fisher Scientific
TMO
$234B
| $14.9M | 0.01% |
25,741
| – | – |
|
121
Merck
MRK
$378B
| $14.5M | 0.01% |
138,205
-16,070
| -10% | -$1.51M |
|
122
Kaspi.kz JSC
KSPI
$20.5B
| $14.4M | 0.01% |
183,726
+165,900
| +931% | +$12.5M |
|
123
IBM
IBM
$217B
| $13.8M | 0.01% |
46,702
-486
| -1% | -$146K |
|
124
Procter & Gamble
PG
$337B
| $13M | 0.01% |
90,831
+35
| +0% | +$5.16K |
|
125
Cisco
CSCO
$443B
| $12.6M | 0.01% |
163,114
-54,675
| -25% | -$4.06M |
|
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.