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 | |
|---|---|---|---|---|---|---|
201
Lockheed Martin
LMT
$131B
| $346K | ﹤0.01% |
775
| – | – |
|
|
LOMA
202
Loma Negra
LOMA
$1.13B
| $340K | ﹤0.01% |
30,900
| – | – |
|
203
Visa
V
$709B
| $336K | ﹤0.01% |
959
+59
| +7% | +$20K |
|
204
Phillips 66
PSX
$95.7B
| $321K | ﹤0.01% |
2,600
| – | – |
|
205
Zoetis
ZTS
$31B
| $280K | ﹤0.01% |
1,700
| – | – |
|
206
Verizon
VZ
$205B
| $256K | ﹤0.01% |
5,654
+154
| +3% | +$6.41K |
|
207
Intuitive Surgical
ISRG
$130B
| $248K | ﹤0.01% |
500
| – | – |
|
208
PPG Industries
PPG
$25.2B
| $241K | ﹤0.01% |
2,200
| – | – |
|
209
Rio Tinto
RIO
$170B
| $240K | ﹤0.01% |
4,000
| – | – |
|
210
Becton Dickinson
BDX
$51.2B
| $224K | ﹤0.01% |
980
| – | – |
|
211
Patria Investments
PAX
$1.88B
| $224K | ﹤0.01% |
+19,800
| New | +$231K |
|
212
Chubb
CB
$131B
| $218K | ﹤0.01% |
+722
| New | +$201K |
|
213
CEMIG Preferred Shares
CIG
$5.64B
| $26.4K | ﹤0.01% |
15,000
| – | – |
|
|
QVCGA
214
DELISTED
QVC Group Inc Series A
QVCGA
| $4.42K | ﹤0.01% |
440
| – | – |
|
215
Brighthouse Financial
BHF
$3.11B
| – | – |
-6,669,575
| Closed | -$320M |
|
|
NOAH
216
Noah Holdings
NOAH
$582M
| – | – |
-26,840
| Closed | -$314K |
|
|
217
Occidental Petroleum Corp Warrants
OXY.WS
$35B
| – | – |
-14,252,820
| Closed | -$393M |
|
218
US Bancorp
USB
$97.2B
| – | – |
-5,800
| Closed | -$277K |
|
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.