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 | |
|---|---|---|---|---|---|---|
|
SCHW
1
Charles Schwab
SCHW
$189B
| $7.7B | 4.32% |
84,357,885
-4,392,770
| -5% | -$368M |
|
2
Johnson Controls International
JCI
$87.4B
| $7.07B | 3.97% |
66,922,767
-3,895,287
| -6% | -$359M |
|
3
RTX Corp
RTX
$286B
| $6.1B | 3.43% |
41,753,934
-599,628
| -1% | -$79.9M |
|
|
FISV
4
Fiserv Inc
FISV
$27.9B
| $5.12B | 2.88% |
29,719,536
-870,955
| -3% | -$158M |
|
5
CVS Health
CVS
$121B
| $5.06B | 2.84% |
73,288,766
-170,356
| -0.2% | -$11.2M |
|
6
Charter Communications
CHTR
$18.4B
| $4.55B | 2.56% |
11,126,486
-379,634
| -3% | -$145M |
|
7
MetLife
MET
$61.3B
| $4.28B | 2.4% |
53,181,881
-731,296
| -1% | -$56.4M |
|
8
Booking.com
BKNG
$157B
| $4.23B | 2.38% |
18,261,825
-1,138,375
| -6% | -$233M |
|
9
Wells Fargo
WFC
$258B
| $4.07B | 2.28% |
50,745,861
-6,882,254
| -12% | -$496M |
|
10
Microsoft
MSFT
$3.69T
| $4.05B | 2.28% |
8,142,260
-738,093
| -8% | -$321M |
|
|
11
Comcast
CMCSA
$96.5B
| $3.97B | 2.23% |
111,272,320
+17,054,579
| +18% | +$590M |
|
12
Amazon
AMZN
$2.81T
| $3.64B | 2.05% |
16,592,150
+59,518
| +0.4% | +$11.8M |
|
13
Sanofi
SNY
$109B
| $3.46B | 1.95% |
71,718,315
-1,474,742
| -2% | -$75.4M |
|
|
BNY
14
Bank of New York Mellon
BNY
$111B
| $3.43B | 1.93% |
37,619,374
-4,357,266
| -10% | -$370M |
|
15
Gilead Sciences
GILD
$184B
| $3.42B | 1.92% |
30,818,322
-1,876,469
| -6% | -$200M |
|
16
Occidental Petroleum
OXY
$58.6B
| $3.37B | 1.89% |
80,254,372
-584,698
| -0.7% | -$24.4M |
|
17
FedEx
FDX
$79.5B
| $3.29B | 1.85% |
14,482,494
+649,426
| +5% | +$142M |
|
18
Meta Platforms (Facebook)
META
$1.47T
| $3.07B | 1.73% |
4,163,253
+638,739
| +18% | +$395M |
|
19
GSK
GSK
$103B
| $3.02B | 1.7% |
78,757,869
+106,036
| +0.1% | +$4.05M |
|
20
Cigna
CI
$74.2B
| $2.96B | 1.66% |
8,950,610
+60,877
| +0.7% | +$19.6M |
|
21
TE Connectivity
TEL
$59.4B
| $2.87B | 1.61% |
17,039,803
+1,017,323
| +6% | +$154M |
|
22
Fidelity National Information Services
FIS
$21B
| $2.87B | 1.61% |
35,274,497
+466,199
| +1% | +$36.3M |
|
23
Norfolk Southern
NSC
$79.2B
| $2.78B | 1.56% |
10,859,121
+192,567
| +2% | +$45.4M |
|
24
Humana
HUM
$47B
| $2.78B | 1.56% |
11,352,920
+597,705
| +6% | +$149M |
|
|
25
Capital One
COF
$133B
| $2.74B | 1.54% |
12,856,456
-3,419,856
| -21% | -$638M |
|
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.