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 | Held Since | |
|---|---|---|---|---|---|---|---|
126
Berkshire Hathaway Class B
BRK.B
$1.14T
| $6.79M | ﹤0.01% |
12,740
+37
| +0.3% | +$18K |
2013 Q2
47 quarters
|
|
127
Analog Devices
ADI
$192B
| $6.27M | ﹤0.01% |
31,085
-100
| -0.3% | -$21.6K |
2021 Q3
14 quarters
|
|
128
Apple
AAPL
$5.01T
| $6.03M | ﹤0.01% |
27,144
+3,276
| +14% | +$759K |
2013 Q2
47 quarters
|
|
129
Deere & Co
DE
$173B
| $5.98M | ﹤0.01% |
12,736
-25
| -0.2% | -$11.7K |
2013 Q2
47 quarters
|
|
130
Vulcan Materials
VMC
$33.4B
| $5.65M | ﹤0.01% |
24,200
-300
| -1% | -$76.2K |
2013 Q2
47 quarters
|
|
131
National Energy Services Reunited Corp
NESR
$1.89B
| $5.22M | ﹤0.01% |
708,594
-59,495
| -8% | -$514K |
2024 Q4
1 quarter
|
|
132
Motorola Solutions
MSI
$76.6B
| $4.92M | ﹤0.01% |
11,228
+2,601
| +30% | +$1.16M |
2013 Q2
47 quarters
|
|
133
Synopsys
SNPS
$87.1B
| $4.82M | ﹤0.01% |
11,250
-100
| -0.9% | -$48.6K |
2013 Q2
47 quarters
|
|
134
Amgen
AMGN
$234B
| $4.22M | ﹤0.01% |
13,532
-750
| -5% | -$221K |
2013 Q2
47 quarters
|
|
135
Shell
SHEL
$303B
| $4.21M | ﹤0.01% |
57,463
-150
| -0.3% | -$10.1K |
2022 Q1
12 quarters
|
|
136
Johnson & Johnson
JNJ
$616B
| $3.5M | ﹤0.01% |
21,097
| – | – |
2013 Q2
47 quarters
|
|
137
Broadcom
AVGO
$1.57T
| $3.46M | ﹤0.01% |
20,670
-2,790
| -12% | -$590K |
2023 Q4
5 quarters
|
|
138
Danaher
DHR
$161B
| $3.39M | ﹤0.01% |
16,525
| – | – |
2014 Q3
42 quarters
|
|
139
iShares Russell 1000 Value ETF
IWD
$83.6B
| $3.22M | ﹤0.01% |
17,100
| – | – |
2024 Q4
1 quarter
|
|
140
Berkshire Hathaway Class A
BRK.A
$1.14T
| $3.19M | ﹤0.01% |
4
| – | – |
2013 Q2
47 quarters
|
|
141
Pfizer
PFE
$169B
| $2.78M | ﹤0.01% |
109,710
-1,850
| -2% | -$48.4K |
2013 Q2
47 quarters
|
|
142
S&P Global
SPGI
$127B
| $2.74M | ﹤0.01% |
5,400
| – | – |
2016 Q2
35 quarters
|
|
143
Philip Morris
PM
$320B
| $2.7M | ﹤0.01% |
17,000
| – | – |
2013 Q2
47 quarters
|
|
144
DELISTED
Juniper Networks
JNPR
| $2.52M | ﹤0.01% |
69,575
-118,025
| -63% | -$4.32M |
2014 Q4
41 quarters
|
|
145
PNC Financial Services
PNC
$86.7B
| $2.5M | ﹤0.01% |
14,200
-75
| -0.5% | -$14.2K |
2013 Q2
47 quarters
|
|
146
Abbott
ABT
$181B
| $2.3M | ﹤0.01% |
17,324
-533
| -3% | -$67.8K |
2013 Q2
47 quarters
|
|
147
Otis Worldwide
OTIS
$27.2B
| $2.24M | ﹤0.01% |
21,710
-100
| -0.5% | -$9.77K |
2020 Q2
19 quarters
|
|
148
Dell
DELL
$287B
| $2.22M | ﹤0.01% |
24,352
-913
| -4% | -$96.6K |
2016 Q3
34 quarters
|
|
149
JOYY Inc
JOYY
$4.05B
| $2.2M | ﹤0.01% |
52,466
+17,500
| +50% | +$787K |
2023 Q1
8 quarters
|
|
150
AbbVie
ABBV
$504B
| $2.19M | ﹤0.01% |
10,473
-533
| -5% | -$104K |
2013 Q2
47 quarters
|
|
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.