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 | |
|---|---|---|---|---|---|---|
126
Boston Scientific
BSX
$69.8B
| $9.71M | 0.01% |
90,385
-1,310
| -1% | -$133K |
|
127
AstraZeneca
AZN
$258B
| $9.61M | 0.01% |
68,744
+674
| +1% | +$94.5K |
|
128
Home Depot
HD
$334B
| $8.66M | ﹤0.01% |
23,622
+350
| +2% | +$127K |
|
129
ExxonMobil
XOM
$650B
| $8.37M | ﹤0.01% |
77,616
-247
| -0.3% | -$26.4K |
|
130
Adobe
ADBE
$109B
| $7.6M | ﹤0.01% |
19,657
-243
| -1% | -$93.6K |
|
131
Analog Devices
ADI
$180B
| $7.33M | ﹤0.01% |
30,805
-280
| -0.9% | -$58.3K |
|
132
Deere & Co
DE
$171B
| $6.48M | ﹤0.01% |
12,736
| – | – |
|
133
Vulcan Materials
VMC
$35.5B
| $6.31M | ﹤0.01% |
24,200
| – | – |
|
134
Apple
AAPL
$4.57T
| $6.21M | ﹤0.01% |
30,244
+3,100
| +11% | +$626K |
|
135
Berkshire Hathaway Class B
BRK.B
$1.08T
| $6.19M | ﹤0.01% |
12,740
| – | – |
|
|
HES
136
DELISTED
Hess
HES
| $6.17M | ﹤0.01% |
44,525
-1,350
| -3% | -$182K |
|
137
Broadcom
AVGO
$1.69T
| $5.84M | ﹤0.01% |
21,180
+510
| +2% | +$111K |
|
138
Synopsys
SNPS
$78.5B
| $5.64M | ﹤0.01% |
11,000
-250
| -2% | -$116K |
|
139
Motorola Solutions
MSI
$80.6B
| $4.77M | ﹤0.01% |
11,355
+127
| +1% | +$53.1K |
|
140
Shell
SHEL
$251B
| $4.03M | ﹤0.01% |
57,213
-250
| -0.4% | -$16.8K |
|
141
Amgen
AMGN
$238B
| $3.82M | ﹤0.01% |
13,682
+150
| +1% | +$42.5K |
|
142
Danaher
DHR
$151B
| $3.26M | ﹤0.01% |
16,525
| – | – |
|
143
Johnson & Johnson
JNJ
$651B
| $3.2M | ﹤0.01% |
20,947
-150
| -0.7% | -$23.1K |
|
144
Philip Morris
PM
$303B
| $3.1M | ﹤0.01% |
17,000
| – | – |
|
145
Dell
DELL
$300B
| $3.02M | ﹤0.01% |
24,630
+278
| +1% | +$28.4K |
|
|
146
Berkshire Hathaway Class A
BRK.A
$1.08T
| $2.92M | ﹤0.01% |
4
| – | – |
|
147
S&P Global
SPGI
$129B
| $2.85M | ﹤0.01% |
5,400
| – | – |
|
|
JNPR
148
DELISTED
Juniper Networks
JNPR
| $2.67M | ﹤0.01% |
66,959
-2,616
| -4% | -$93.8K |
|
149
PNC Financial Services
PNC
$97.6B
| $2.62M | ﹤0.01% |
14,080
-120
| -0.8% | -$20.3K |
|
150
Pfizer
PFE
$161B
| $2.62M | ﹤0.01% |
107,960
-1,750
| -2% | -$40.8K |
|
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.