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 | |
|---|---|---|---|---|---|---|---|
151
McDonald's
MCD
$172B
| $2.05M | ﹤0.01% |
6,573
+23
| +0.4% | +$6.88K |
2013 Q2
47 quarters
|
|
152
Hewlett Packard
HPE
$77.8B
| $1.91M | ﹤0.01% |
123,883
-11,792
| -9% | -$235K |
2015 Q4
37 quarters
|
|
153
Halliburton
HAL
$27.4B
| $1.87M | ﹤0.01% |
73,660
-7,000
| -9% | -$184K |
2013 Q2
47 quarters
|
|
154
Vipshop
VIPS
$6.26B
| $1.86M | ﹤0.01% |
118,797
+16,800
| +16% | +$254K |
2021 Q3
14 quarters
|
|
155
Corning
GLW
$119B
| $1.86M | ﹤0.01% |
40,600
+150
| +0.4% | +$7.41K |
2013 Q2
47 quarters
|
|
156
Coca-Cola
KO
$396B
| $1.76M | ﹤0.01% |
24,635
| – | – |
2013 Q2
47 quarters
|
|
157
Honeywell
HON
$66.7B
| $1.7M | ﹤0.01% |
8,508
| – | – |
2013 Q2
47 quarters
|
|
158
NextEra Energy
NEE
$165B
| $1.67M | ﹤0.01% |
23,600
| – | – |
2013 Q2
47 quarters
|
|
159
Parker-Hannifin
PH
$121B
| $1.52M | ﹤0.01% |
2,500
| – | – |
2013 Q2
47 quarters
|
|
160
ACM Research
ACMR
$4.05B
| $1.47M | ﹤0.01% |
63,092
+9,500
| +18% | +$217K |
2024 Q3
2 quarters
|
|
161
Unilever
UL
$139B
| $1.42M | ﹤0.01% |
21,244
| – | – |
2013 Q2
47 quarters
|
|
162
Diageo
DEO
$52.3B
| $1.38M | ﹤0.01% |
13,197
-314
| -2% | -$35.5K |
2013 Q2
47 quarters
|
|
163
3M
MMM
$85.3B
| $1.35M | ﹤0.01% |
9,196
-28
| -0.3% | -$4.11K |
2013 Q2
47 quarters
|
|
164
Corteva
CTVA
$8.59B
| $1.34M | ﹤0.01% |
21,302
-2,180
| -9% | -$135K |
2019 Q2
23 quarters
|
|
165
Colgate-Palmolive
CL
$73.9B
| $1.31M | ﹤0.01% |
14,000
| – | – |
2013 Q2
47 quarters
|
|
166
DuPont de Nemours
DD
$17.8B
| $1.27M | ﹤0.01% |
13,583
-265
| -2% | -$25.9K |
2013 Q2
47 quarters
|
|
167
Altria Group
MO
$123B
| $1.26M | ﹤0.01% |
21,000
| – | – |
2013 Q2
47 quarters
|
|
168
Trip.com Group
TCOM
$25.1B
| $1.09M | ﹤0.01% |
17,200
| – | – |
2022 Q4
9 quarters
|
|
169
eBay
EBAY
$54.7B
| $996K | ﹤0.01% |
14,700
| – | – |
2013 Q2
47 quarters
|
|
170
Las Vegas Sands
LVS
$24.8B
| $915K | ﹤0.01% |
23,686
| – | – |
2022 Q3
10 quarters
|
|
171
Truist Financial
TFC
$56.9B
| $885K | ﹤0.01% |
21,512
-34,834
| -62% | -$1.55M |
2013 Q2
47 quarters
|
|
172
Ameriprise Financial
AMP
$44.4B
| $884K | ﹤0.01% |
1,827
| – | – |
2013 Q2
47 quarters
|
|
173
APA Corp
APA
$16.5B
| $874K | ﹤0.01% |
41,600
-1,300
| -3% | -$28.6K |
2013 Q2
47 quarters
|
|
174
Arcos Dorados Holdings
ARCO
$1.7B
| $854K | ﹤0.01% |
106,000
| – | – |
2024 Q4
1 quarter
|
|
175
Grupo Cibest SA
CIB
$23.1B
| $842K | ﹤0.01% |
20,946
+9,646
| +85% | +$379K |
2024 Q2
3 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.