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 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
176
APA Corp
APA
$16.4B
| $855K | ﹤0.01% |
35,200
-6,400
| -15% | -$135K |
2013 Q2
49 quarters
|
|
177
Nucor
NUE
$57.1B
| $840K | ﹤0.01% |
6,200
| – | – |
2013 Q2
49 quarters
|
|
178
Blackrock
BLK
$168B
| $764K | ﹤0.01% |
655
| – | – |
2018 Q3
28 quarters
|
|
179
Moody's
MCO
$81.5B
| $746K | ﹤0.01% |
1,566
| – | – |
2013 Q2
49 quarters
|
|
180
Pricesmart
PSMT
$5.22B
| $746K | ﹤0.01% |
+6,156
| New | +$681K |
2025 Q3
0 quarters
|
|
181
Arcos Dorados Holdings
ARCO
$1.63B
| $742K | ﹤0.01% |
109,966
| – | – |
2024 Q4
3 quarters
|
|
182
Mondelez International
MDLZ
$78.9B
| $740K | ﹤0.01% |
11,840
| – | – |
2013 Q2
49 quarters
|
|
183
Ameriprise Financial
AMP
$44.2B
| $737K | ﹤0.01% |
1,500
-327
| -18% | -$168K |
2013 Q2
49 quarters
|
|
184
Live Nation Entertainment
LYV
$39.5B
| $735K | ﹤0.01% |
4,500
-900
| -17% | -$142K |
2024 Q4
3 quarters
|
|
185
Intercorp Financial Services
IFS
$5.91B
| $702K | ﹤0.01% |
17,391
| – | – |
2023 Q4
7 quarters
|
|
186
Genuine Parts
GPC
$17.9B
| $647K | ﹤0.01% |
4,665
| – | – |
2013 Q2
49 quarters
|
|
187
NVIDIA
NVDA
$5.46T
| $634K | ﹤0.01% |
+3,400
| New | +$593K |
2025 Q3
0 quarters
|
|
188
Grupo Cibest SA
CIB
$22.4B
| $626K | ﹤0.01% |
12,046
| – | – |
2024 Q2
5 quarters
|
|
189
Ambev
ABEV
$49.8B
| $616K | ﹤0.01% |
276,300
+15,900
| +6% | +$36.4K |
2024 Q4
3 quarters
|
|
190
GeoPark
GPRK
$771M
| $593K | ﹤0.01% |
93,045
+8,500
| +10% | +$56K |
2022 Q3
12 quarters
|
|
191
Affiliated Managers Group
AMG
$9.87B
| $572K | ﹤0.01% |
2,400
-600
| -20% | -$132K |
2024 Q4
3 quarters
|
|
192
General Mills
GIS
$17.5B
| $565K | ﹤0.01% |
11,200
| – | – |
2013 Q2
49 quarters
|
|
193
Allstate
ALL
$58.8B
| $557K | ﹤0.01% |
2,595
| – | – |
2013 Q2
49 quarters
|
|
194
Afya
AFYA
$1.31B
| $550K | ﹤0.01% |
35,262
| – | – |
2023 Q1
10 quarters
|
|
195
Grupo Aeroportuario del Sureste
ASR
$7.12B
| $550K | ﹤0.01% |
1,700
| – | – |
2024 Q4
3 quarters
|
|
196
dLocal
DLO
$4.47B
| $524K | ﹤0.01% |
36,700
| – | – |
2024 Q2
5 quarters
|
|
197
Laureate Education
LAUR
$5.45B
| $495K | ﹤0.01% |
15,700
+2,600
| +20% | +$68.1K |
2025 Q2
1 quarter
|
|
198
Copa Holdings
CPA
$5.52B
| $469K | ﹤0.01% |
3,950
| – | – |
2022 Q3
12 quarters
|
|
199
PepsiCo
PEP
$173B
| $432K | ﹤0.01% |
3,075
| – | – |
2013 Q2
49 quarters
|
|
200
Elevance Health
ELV
$91.5B
| $420K | ﹤0.01% |
1,300
| – | – |
2013 Q2
49 quarters
|
|
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.