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 | |
|---|---|---|---|---|---|---|---|
176
Intercorp Financial Services
IFS
$6B
| $834K | ﹤0.01% |
25,169
-700
| -3% | -$22K |
2023 Q4
5 quarters
|
|
177
Vanguard S&P 500 ETF
VOO
$1.05T
| $828K | ﹤0.01% |
+1,611
| New | +$871K |
2025 Q1
0 quarters
|
|
178
Mondelez International
MDLZ
$80.4B
| $803K | ﹤0.01% |
11,840
| – | – |
2013 Q2
47 quarters
|
|
179
GeoPark
GPRK
$748M
| $799K | ﹤0.01% |
98,845
| – | – |
2022 Q3
10 quarters
|
|
180
Live Nation Entertainment
LYV
$40.2B
| $757K | ﹤0.01% |
5,800
-1,200
| -17% | -$164K |
2024 Q4
1 quarter
|
|
181
Nucor
NUE
$57.8B
| $746K | ﹤0.01% |
6,200
| – | – |
2013 Q2
47 quarters
|
|
182
Moody's
MCO
$83.8B
| $729K | ﹤0.01% |
1,566
| – | – |
2013 Q2
47 quarters
|
|
183
General Mills
GIS
$17.6B
| $670K | ﹤0.01% |
11,200
| – | – |
2013 Q2
47 quarters
|
|
184
Copa Holdings
CPA
$5.47B
| $643K | ﹤0.01% |
6,950
-400
| -5% | -$37.1K |
2022 Q3
10 quarters
|
|
185
Blackrock
BLK
$174B
| $620K | ﹤0.01% |
655
-95
| -13% | -$93.1K |
2018 Q3
26 quarters
|
|
186
Ambev
ABEV
$50.3B
| $607K | ﹤0.01% |
260,400
+54,200
| +26% | +$108K |
2024 Q4
1 quarter
|
|
187
Kaspi.kz JSC
KSPI
$18B
| $597K | ﹤0.01% |
6,426
| – | – |
2024 Q1
4 quarters
|
|
188
Afya
AFYA
$1.28B
| $561K | ﹤0.01% |
31,262
| – | – |
2023 Q1
8 quarters
|
|
189
Genuine Parts
GPC
$18.4B
| $556K | ﹤0.01% |
4,665
| – | – |
2013 Q2
47 quarters
|
|
190
Dow Inc
DOW
$21.4B
| $545K | ﹤0.01% |
15,609
-713
| -4% | -$27.4K |
2019 Q2
23 quarters
|
|
191
Allstate
ALL
$60.6B
| $537K | ﹤0.01% |
2,595
-23
| -0.9% | -$4.48K |
2013 Q2
47 quarters
|
|
192
Elevance Health
ELV
$92.9B
| $522K | ﹤0.01% |
1,200
+100
| +9% | +$40.1K |
2013 Q2
47 quarters
|
|
193
Affiliated Managers Group
AMG
$9.91B
| $504K | ﹤0.01% |
3,000
-3,500
| -54% | -$610K |
2024 Q4
1 quarter
|
|
194
PayPal
PYPL
$48.9B
| $494K | ﹤0.01% |
7,575
-3,475
| -31% | -$271K |
2015 Q3
38 quarters
|
|
195
Grupo Aeroportuario del Sureste
ASR
$7.05B
| $493K | ﹤0.01% |
1,800
| – | – |
2024 Q4
1 quarter
|
|
196
PepsiCo
PEP
$175B
| $461K | ﹤0.01% |
3,075
| – | – |
2013 Q2
47 quarters
|
|
197
MGM Resorts International
MGM
$7.42B
| $459K | ﹤0.01% |
15,500
| – | – |
2024 Q4
1 quarter
|
|
198
Cintas
CTAS
$84.6B
| $411K | ﹤0.01% |
2,000
| – | – |
2022 Q4
9 quarters
|
|
199
Petrobras
PBR
$163B
| $407K | ﹤0.01% |
28,400
+11,100
| +64% | +$153K |
2021 Q2
15 quarters
|
|
200
dLocal
DLO
$4.44B
| $374K | ﹤0.01% |
44,900
| – | – |
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.