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 | |
|---|---|---|---|---|---|---|
126
AstraZeneca
AZN
$255B
| $10.5M | 0.01% |
68,744
| – | – |
|
127
Target
TGT
$75.4B
| $9.52M | 0.01% |
106,079
-3,830
| -3% | -$377K |
|
128
Home Depot
HD
$328B
| $9.43M | 0.01% |
23,272
-350
| -1% | -$138K |
|
129
Boston Scientific
BSX
$67.6B
| $8.68M | ﹤0.01% |
88,885
-1,500
| -2% | -$155K |
|
130
ExxonMobil
XOM
$643B
| $8.55M | ﹤0.01% |
75,863
-1,753
| -2% | -$195K |
|
131
Apple
AAPL
$4.59T
| $7.98M | ﹤0.01% |
31,322
+1,078
| +4% | +$244K |
|
132
Analog Devices
ADI
$181B
| $7.57M | ﹤0.01% |
30,805
| – | – |
|
133
Vulcan Materials
VMC
$35.5B
| $7.41M | ﹤0.01% |
24,100
-100
| -0.4% | -$28.4K |
|
134
Broadcom
AVGO
$1.77T
| $6.94M | ﹤0.01% |
21,030
-150
| -0.7% | -$46K |
|
135
Deere & Co
DE
$168B
| $5.77M | ﹤0.01% |
12,626
-110
| -0.9% | -$54.2K |
|
136
Berkshire Hathaway Class B
BRK.B
$1.08T
| $5.75M | ﹤0.01% |
11,440
-1,300
| -10% | -$630K |
|
137
Synopsys
SNPS
$89.1B
| $5.38M | ﹤0.01% |
10,900
-100
| -0.9% | -$56.5K |
|
138
Motorola Solutions
MSI
$80.5B
| $5.19M | ﹤0.01% |
11,355
| – | – |
|
139
ACM Research
ACMR
$5.61B
| $4.81M | ﹤0.01% |
122,892
+41,800
| +52% | +$1.24M |
|
140
Shell
SHEL
$250B
| $4M | ﹤0.01% |
55,919
-1,294
| -2% | -$93.2K |
|
141
Johnson & Johnson
JNJ
$640B
| $3.88M | ﹤0.01% |
20,947
| – | – |
|
142
Amgen
AMGN
$236B
| $3.77M | ﹤0.01% |
13,367
-315
| -2% | -$91.4K |
|
143
Dell
DELL
$305B
| $3.35M | ﹤0.01% |
23,630
-1,000
| -4% | -$130K |
|
144
Corning
GLW
$132B
| $3.27M | ﹤0.01% |
39,900
| – | – |
|
145
Danaher
DHR
$152B
| $3.26M | ﹤0.01% |
16,450
-75
| -0.5% | -$14.9K |
|
|
146
Berkshire Hathaway Class A
BRK.A
$1.08T
| $3.02M | ﹤0.01% |
4
| – | – |
|
|
JOYY
147
JOYY Inc
JOYY
$3.66B
| $2.91M | ﹤0.01% |
49,606
| – | – |
|
148
PNC Financial Services
PNC
$97.1B
| $2.83M | ﹤0.01% |
14,065
-15
| -0.1% | -$2.97K |
|
149
Philip Morris
PM
$297B
| $2.76M | ﹤0.01% |
17,000
| – | – |
|
150
S&P Global
SPGI
$128B
| $2.63M | ﹤0.01% |
5,400
| – | – |
|
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.