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 | |
|---|---|---|---|---|---|---|
126
AstraZeneca
AZN
$258B
| $11.1M | 0.01% |
60,522
-8,222
| -12% | -$1.44M |
|
127
Target
TGT
$74.5B
| $9.59M | 0.01% |
98,129
-7,950
| -7% | -$733K |
|
128
ExxonMobil
XOM
$650B
| $8.96M | ﹤0.01% |
74,493
-1,370
| -2% | -$159K |
|
129
Apple
AAPL
$4.57T
| $8.65M | ﹤0.01% |
31,807
+485
| +2% | +$130K |
|
130
Boston Scientific
BSX
$69.8B
| $8.48M | ﹤0.01% |
88,885
| – | – |
|
131
Home Depot
HD
$334B
| $8M | ﹤0.01% |
23,247
-25
| -0.1% | -$9.16K |
|
132
Broadcom
AVGO
$1.69T
| $7.12M | ﹤0.01% |
20,580
-450
| -2% | -$161K |
|
133
Vulcan Materials
VMC
$35.5B
| $6.85M | ﹤0.01% |
24,000
-100
| -0.4% | -$29.3K |
|
134
SLB Ltd
SLB
$79.5B
| $6.79M | ﹤0.01% |
176,849
-299,410
| -63% | -$10.9M |
|
135
Deere & Co
DE
$171B
| $5.88M | ﹤0.01% |
12,626
| – | – |
|
136
Berkshire Hathaway Class B
BRK.B
$1.08T
| $5.75M | ﹤0.01% |
11,440
| – | – |
|
137
Analog Devices
ADI
$180B
| $5.63M | ﹤0.01% |
20,775
-10,030
| -33% | -$2.52M |
|
138
Synopsys
SNPS
$78.5B
| $4.79M | ﹤0.01% |
10,200
-700
| -6% | -$311K |
|
139
ACM Research
ACMR
$5.51B
| $4.43M | ﹤0.01% |
112,392
-10,500
| -9% | -$391K |
|
140
Amgen
AMGN
$238B
| $4.38M | ﹤0.01% |
13,367
| – | – |
|
141
Johnson & Johnson
JNJ
$651B
| $4.33M | ﹤0.01% |
20,947
| – | – |
|
142
Motorola Solutions
MSI
$80.6B
| $4.31M | ﹤0.01% |
11,255
-100
| -0.9% | -$40.2K |
|
143
Shell
SHEL
$251B
| $4.06M | ﹤0.01% |
55,194
-725
| -1% | -$53.4K |
|
144
Danaher
DHR
$151B
| $3.77M | ﹤0.01% |
16,450
| – | – |
|
|
ECHO
145
EchoStar
ECHO
$24.9B
| $3.53M | ﹤0.01% |
32,443
-11,758,684
| -100% | -$958M |
|
146
Corning
GLW
$132B
| $3.23M | ﹤0.01% |
36,850
-3,050
| -8% | -$263K |
|
|
JOYY
147
JOYY Inc
JOYY
$3.77B
| $3.21M | ﹤0.01% |
49,606
| – | – |
|
|
148
Berkshire Hathaway Class A
BRK.A
$1.08T
| $3.02M | ﹤0.01% |
4
| – | – |
|
149
PNC Financial Services
PNC
$97.6B
| $2.92M | ﹤0.01% |
14,000
-65
| -0.5% | -$12.5K |
|
150
S&P Global
SPGI
$129B
| $2.82M | ﹤0.01% |
5,400
| – | – |
|
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.