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 | |
|---|---|---|---|---|---|---|
201
dLocal
DLO
$4.52B
| $416K | ﹤0.01% |
36,700
-8,200
| -18% | -$80.7K |
|
202
PepsiCo
PEP
$194B
| $406K | ﹤0.01% |
3,075
| – | – |
|
203
Petrobras
PBR
$114B
| $380K | ﹤0.01% |
30,400
+2,000
| +7% | +$24K |
|
204
Dow Inc
DOW
$21.9B
| $376K | ﹤0.01% |
14,210
-1,399
| -9% | -$40.7K |
|
205
Lockheed Martin
LMT
$131B
| $359K | ﹤0.01% |
775
| – | – |
|
|
LOMA
206
Loma Negra
LOMA
$1.13B
| $341K | ﹤0.01% |
31,100
+200
| +0.6% | +$2.31K |
|
207
PayPal
PYPL
$52.9B
| $333K | ﹤0.01% |
4,475
-3,100
| -41% | -$212K |
|
208
Phillips 66
PSX
$96.7B
| $310K | ﹤0.01% |
2,600
| – | – |
|
209
Laureate Education
LAUR
$5.33B
| $306K | ﹤0.01% |
+13,100
| New | +$281K |
|
210
Visa
V
$717B
| $305K | ﹤0.01% |
859
-100
| -10% | -$34.9K |
|
211
Patria Investments
PAX
$1.87B
| $298K | ﹤0.01% |
21,200
+1,400
| +7% | +$16.8K |
|
212
Intuitive Surgical
ISRG
$131B
| $272K | ﹤0.01% |
500
| – | – |
|
213
PPG Industries
PPG
$25.4B
| $250K | ﹤0.01% |
2,200
| – | – |
|
214
Verizon
VZ
$209B
| $238K | ﹤0.01% |
5,500
-154
| -3% | -$6.67K |
|
215
Zoetis
ZTS
$32B
| $234K | ﹤0.01% |
1,500
-200
| -12% | -$31.7K |
|
216
Rio Tinto
RIO
$170B
| $233K | ﹤0.01% |
4,000
| – | – |
|
|
JBS
217
JBS N.V.
JBS
$45.2B
| $233K | ﹤0.01% |
+15,950
| New | +$224K |
|
218
Chubb
CB
$133B
| $209K | ﹤0.01% |
722
| – | – |
|
219
CEMIG Preferred Shares
CIG
$5.66B
| $29.4K | ﹤0.01% |
15,000
| – | – |
|
220
Becton Dickinson
BDX
$51.8B
| – | – |
-980
| Closed | -$224K |
|
221
iShares Russell 1000 Value ETF
IWD
$84.3B
| – | – |
-17,100
| Closed | -$3.22M |
|
|
QVCGA
222
DELISTED
QVC Group Inc Series A
QVCGA
| – | – |
-440
| Closed | -$4.42K |
|
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.