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 |
Brookfield
BN
|
+$1.88B |
| 2 |
Aon
AON
|
+$1.53B |
| 3 |
Willis Towers Watson
WTW
|
+$1.08B |
| 4 |
FISV
Fiserv Inc
FISV
|
+$908M |
| 5 |
TransUnion
TRU
|
+$809M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BNY
Bank of New York Mellon
BNY
|
+$999M |
| 2 |
ECHO
EchoStar
ECHO
|
+$958M |
| 3 |
CVS Health
CVS
|
+$841M |
| 4 |
Bank of America
BAC
|
+$705M |
| 5 |
Capital One
COF
|
+$656M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 23.7% |
| 2 | Financials | 19.44% |
| 3 | Industrials | 13.02% |
| 4 | Communication Services | 11.33% |
| 5 | Technology | 11.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
201
Live Nation Entertainment
LYV
$42.5B
| $499K | ﹤0.01% |
3,500
-1,000
| -22% | -$144K |
|
202
Copa Holdings
CPA
$5.99B
| $476K | ﹤0.01% |
3,950
| – | – |
|
203
Elevance Health
ELV
$87.3B
| $456K | ﹤0.01% |
1,300
| – | – |
|
204
PepsiCo
PEP
$194B
| $441K | ﹤0.01% |
3,075
| – | – |
|
205
Vanguard S&P 500 ETF
VOO
$1.02T
| $376K | ﹤0.01% |
600
-50
| -8% | -$31.1K |
|
206
Lockheed Martin
LMT
$131B
| $375K | ﹤0.01% |
775
| – | – |
|
207
Petrobras
PBR
$114B
| $370K | ﹤0.01% |
31,200
-1,500
| -5% | -$18.3K |
|
208
Unilever
UL
$140B
| $343K | ﹤0.01% |
5,244
-16,000
| -75% | -$1.08M |
|
209
Cintas
CTAS
$82.3B
| $339K | ﹤0.01% |
1,800
| – | – |
|
210
Patria Investments
PAX
$1.87B
| $337K | ﹤0.01% |
21,200
| – | – |
|
211
Phillips 66
PSX
$96.7B
| $336K | ﹤0.01% |
2,600
| – | – |
|
212
Visa
V
$717B
| $301K | ﹤0.01% |
859
| – | – |
|
213
Intuitive Surgical
ISRG
$131B
| $283K | ﹤0.01% |
500
| – | – |
|
214
MGM Resorts International
MGM
$10.9B
| $274K | ﹤0.01% |
7,500
-3,000
| -29% | -$102K |
|
215
PayPal
PYPL
$52.9B
| $261K | ﹤0.01% |
4,475
| – | – |
|
|
JBS
216
JBS N.V.
JBS
$45.2B
| $244K | ﹤0.01% |
16,950
+1,000
| +6% | +$13.7K |
|
217
Rio Tinto
RIO
$170B
| $240K | ﹤0.01% |
+3,000
| New | +$216K |
|
218
Dow Inc
DOW
$21.9B
| $227K | ﹤0.01% |
9,713
-1,998
| -17% | -$45.9K |
|
219
PPG Industries
PPG
$25.4B
| $225K | ﹤0.01% |
2,200
| – | – |
|
220
Chubb
CB
$133B
| $225K | ﹤0.01% |
722
| – | – |
|
221
Verizon
VZ
$209B
| $224K | ﹤0.01% |
5,500
| – | – |
|
222
CEMIG Preferred Shares
CIG
$5.66B
| $30K | ﹤0.01% |
15,000
| – | – |
|
223
Affiliated Managers Group
AMG
$9.58B
| – | – |
-2,400
| Closed | -$572K |
|
224
Halliburton
HAL
$28.7B
| – | – |
-14,700
| Closed | -$362K |
|
225
Teck Resources
TECK
$34.9B
| – | – |
-7,871,440
| Closed | -$345M |
|
Similar funds
Dodge & Cox's Q4 2025 Portfolio in Review
As of Q4 2025, Dodge & Cox held 228 positions worth $185B, down 0.04% from $185B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Dodge & Cox's Q4 2025 filing shows 9 new, 38 increased, 121 reduced and 6 closed positions. Its largest new stake was Brookfield: 41,280,320 shares worth $1.89B. The largest sale was Bank of New York Mellon, an estimated $999M.
By sector, the portfolio is most concentrated in Healthcare at 24% of assets, down from 24% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q4 2025 buy was Brookfield: 41,280,320 shares worth $1.89B.
- Dodge & Cox added most to Aon in Q4 2025, an estimated $1.53B increase.
- Dodge & Cox's biggest Q4 2025 reduction was Bank of New York Mellon, cutting an estimated $999M.
- Dodge & Cox fully exited Teck Resources in Q4 2025, selling an estimated $345M.
- Dodge & Cox's ten largest holdings make up 27% of its $185B portfolio in Q4 2025.
- Dodge & Cox opened 9 new positions and closed 6 in Q4 2025.
- Dodge & Cox's portfolio value fell 0.04% quarter-over-quarter to $185B.
Based on Dodge & Cox's 13F filing for Q4 2025, filed 13 Feb 2026.