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 | |
|---|---|---|---|---|---|---|
|
SCHW
1
Charles Schwab
SCHW
$187B
| $6.95B | 3.96% |
88,750,655
-618,873
| -0.7% | -$48.6M |
|
|
FISV
2
Fiserv Inc
FISV
$28B
| $6.76B | 3.85% |
30,590,491
-1,601,904
| -5% | -$351M |
|
|
3
Johnson Controls International
JCI
$86.1B
| $5.67B | 3.23% |
70,818,054
-9,551,817
| -12% | -$785M |
|
4
RTX Corp
RTX
$286B
| $5.61B | 3.2% |
42,353,562
-2,137,841
| -5% | -$271M |
|
5
CVS Health
CVS
$119B
| $4.98B | 2.84% |
73,459,122
+3,353,223
| +5% | +$201M |
|
6
MetLife
MET
$61.2B
| $4.33B | 2.47% |
53,913,177
-241,377
| -0.4% | -$20.1M |
|
7
Charter Communications
CHTR
$17.7B
| $4.24B | 2.42% |
11,506,120
-41,056
| -0.4% | -$14.7M |
|
|
8
Wells Fargo
WFC
$257B
| $4.14B | 2.36% |
57,628,115
-12,824,735
| -18% | -$963M |
|
9
Sanofi
SNY
$107B
| $4.06B | 2.31% |
73,193,057
-2,027,531
| -3% | -$110M |
|
|
10
Occidental Petroleum
OXY
$59.1B
| $3.99B | 2.27% |
80,839,070
+10,836,568
| +15% | +$529M |
|
11
Gilead Sciences
GILD
$185B
| $3.66B | 2.09% |
32,694,791
-252,926
| -0.8% | -$26.1M |
|
12
Booking.com
BKNG
$152B
| $3.57B | 2.04% |
19,400,200
-189,100
| -1% | -$36.2M |
|
|
BNY
13
Bank of New York Mellon
BNY
$110B
| $3.52B | 2.01% |
41,976,640
-2,722,558
| -6% | -$229M |
|
|
14
Comcast
CMCSA
$93.7B
| $3.48B | 1.98% |
94,217,741
+15,115,074
| +19% | +$545M |
|
15
FedEx
FDX
$78.4B
| $3.37B | 1.92% |
13,833,068
-56,556
| -0.4% | -$14.7M |
|
16
Microsoft
MSFT
$3.75T
| $3.33B | 1.9% |
8,880,353
-180,738
| -2% | -$73.7M |
|
17
Amazon
AMZN
$2.76T
| $3.15B | 1.79% |
16,532,632
-640,325
| -4% | -$139M |
|
18
GSK
GSK
$101B
| $3.05B | 1.74% |
78,651,833
+10,210,921
| +15% | +$374M |
|
19
Cigna
CI
$73.4B
| $2.92B | 1.67% |
8,889,733
+117,125
| +1% | +$35.3M |
|
20
Capital One
COF
$133B
| $2.92B | 1.66% |
16,276,312
-1,008,685
| -6% | -$191M |
|
21
Humana
HUM
$47.1B
| $2.85B | 1.62% |
10,755,215
+557,175
| +5% | +$151M |
|
22
GE Aerospace
GE
$356B
| $2.8B | 1.6% |
13,986,351
-174,953
| -1% | -$34.4M |
|
23
Alphabet (Google) Class C
GOOG
$4.13T
| $2.66B | 1.52% |
17,048,361
-1,083,396
| -6% | -$198M |
|
24
International Flavors & Fragrances
IFF
$22.2B
| $2.62B | 1.49% |
33,774,607
+2,336,844
| +7% | +$193M |
|
25
Fidelity National Information Services
FIS
$20.9B
| $2.6B | 1.48% |
34,808,298
+480,771
| +1% | +$36.1M |
|
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.