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 | |
|---|---|---|---|---|---|---|
176
Ameriprise Financial
AMP
$49.5B
| $975K | ﹤0.01% |
1,827
| – | – |
|
177
Truist Financial
TFC
$61.9B
| $899K | ﹤0.01% |
20,911
-601
| -3% | -$23.5K |
|
178
Arcos Dorados Holdings
ARCO
$1.69B
| $868K | ﹤0.01% |
109,966
+3,966
| +4% | +$30K |
|
179
Live Nation Entertainment
LYV
$42.5B
| $817K | ﹤0.01% |
5,400
-400
| -7% | -$55.1K |
|
180
Nucor
NUE
$57.4B
| $803K | ﹤0.01% |
6,200
| – | – |
|
181
Mondelez International
MDLZ
$80.4B
| $798K | ﹤0.01% |
11,840
| – | – |
|
182
Moody's
MCO
$89.1B
| $785K | ﹤0.01% |
1,566
| – | – |
|
183
APA Corp
APA
$14.4B
| $761K | ﹤0.01% |
41,600
| – | – |
|
184
Blackrock
BLK
$182B
| $687K | ﹤0.01% |
655
| – | – |
|
185
Vanguard S&P 500 ETF
VOO
$1.02T
| $682K | ﹤0.01% |
1,200
-411
| -26% | -$216K |
|
186
Kaspi.kz JSC
KSPI
$20.5B
| $664K | ﹤0.01% |
7,826
+1,400
| +22% | +$119K |
|
187
Intercorp Financial Services
IFS
$6.06B
| $663K | ﹤0.01% |
17,391
-7,778
| -31% | -$267K |
|
188
Afya
AFYA
$1.28B
| $630K | ﹤0.01% |
35,262
+4,000
| +13% | +$73.2K |
|
189
Ambev
ABEV
$44.7B
| $628K | ﹤0.01% |
260,400
| – | – |
|
190
Affiliated Managers Group
AMG
$9.58B
| $590K | ﹤0.01% |
3,000
| – | – |
|
191
General Mills
GIS
$21.4B
| $580K | ﹤0.01% |
11,200
| – | – |
|
192
Genuine Parts
GPC
$19.2B
| $566K | ﹤0.01% |
4,665
| – | – |
|
193
Grupo Cibest SA
CIB
$23.9B
| $556K | ﹤0.01% |
12,046
-8,900
| -42% | -$370K |
|
194
GeoPark
GPRK
$630M
| $551K | ﹤0.01% |
84,545
-14,300
| -14% | -$97.7K |
|
195
Grupo Aeroportuario del Sureste
ASR
$7.88B
| $542K | ﹤0.01% |
1,700
-100
| -6% | -$31.2K |
|
196
Allstate
ALL
$66.2B
| $522K | ﹤0.01% |
2,595
| – | – |
|
197
Elevance Health
ELV
$87.3B
| $506K | ﹤0.01% |
1,300
+100
| +8% | +$40.2K |
|
198
MGM Resorts International
MGM
$10.9B
| $481K | ﹤0.01% |
14,000
-1,500
| -10% | -$47.6K |
|
199
Cintas
CTAS
$82.3B
| $446K | ﹤0.01% |
2,000
| – | – |
|
200
Copa Holdings
CPA
$5.99B
| $434K | ﹤0.01% |
3,950
-3,000
| -43% | -$296K |
|
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.