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 | |
|---|---|---|---|---|---|---|
|
SCHW
1
Charles Schwab
SCHW
$189B
| $7.64B | 4.13% |
76,513,926
-6,529,327
| -8% | -$619M |
|
2
Johnson Controls International
JCI
$87.4B
| $7.23B | 3.9% |
60,382,969
-3,827,676
| -6% | -$439M |
|
3
RTX Corp
RTX
$286B
| $6.89B | 3.72% |
37,571,811
-2,527,555
| -6% | -$439M |
|
|
4
CVS Health
CVS
$121B
| $4.96B | 2.68% |
62,509,988
-10,666,598
| -15% | -$841M |
|
5
FedEx
FDX
$79.5B
| $4.5B | 2.43% |
15,582,168
-642,992
| -4% | -$169M |
|
6
MetLife
MET
$61.3B
| $4.12B | 2.23% |
52,252,050
-1,407,614
| -3% | -$111M |
|
7
Alphabet (Google) Class C
GOOG
$4.15T
| $4.04B | 2.18% |
12,875,798
-1,116,939
| -8% | -$320M |
|
8
Booking.com
BKNG
$157B
| $3.92B | 2.12% |
18,302,025
+1,424,975
| +8% | +$293M |
|
9
Microsoft
MSFT
$3.69T
| $3.6B | 1.94% |
7,441,750
-430,411
| -5% | -$216M |
|
10
Regeneron Pharmaceuticals
REGN
$83.9B
| $3.55B | 1.92% |
4,596,358
+45,513
| +1% | +$30.9M |
|
11
Amazon
AMZN
$2.81T
| $3.52B | 1.9% |
15,230,394
-1,065,936
| -7% | -$244M |
|
|
12
Alphabet (Google) Class A
GOOGL
$4.18T
| $3.39B | 1.83% |
10,833,118
-505,659
| -4% | -$144M |
|
13
TE Connectivity
TEL
$59.4B
| $3.38B | 1.83% |
14,873,850
-1,165,904
| -7% | -$270M |
|
14
Comcast
CMCSA
$96.5B
| $3.38B | 1.82% |
112,967,514
+399,596
| +0.4% | +$11.4M |
|
15
GSK
GSK
$103B
| $3.36B | 1.81% |
68,517,969
-9,885,765
| -13% | -$461M |
|
|
FISV
16
Fiserv Inc
FISV
$27.9B
| $3.32B | 1.79% |
49,474,622
+10,840,613
| +28% | +$908M |
|
17
Meta Platforms (Facebook)
META
$1.47T
| $3.31B | 1.79% |
5,019,837
+1,056,630
| +27% | +$706M |
|
18
Occidental Petroleum
OXY
$58.6B
| $3.27B | 1.76% |
79,473,071
-410,300
| -0.5% | -$17.1M |
|
19
Fidelity National Information Services
FIS
$21B
| $3.26B | 1.76% |
49,113,297
+6,008,090
| +14% | +$396M |
|
20
Gilead Sciences
GILD
$184B
| $3.23B | 1.74% |
26,283,511
-3,849,620
| -13% | -$468M |
|
21
Cigna
CI
$74.2B
| $3.07B | 1.65% |
11,138,614
+1,833,389
| +20% | +$514M |
|
22
Charter Communications
CHTR
$18.4B
| $3.05B | 1.65% |
14,609,220
+2,801,671
| +24% | +$630M |
|
23
UnitedHealth
UNH
$360B
| $3.03B | 1.63% |
9,172,769
-332,867
| -4% | -$113M |
|
24
Wells Fargo
WFC
$258B
| $3.01B | 1.63% |
32,311,711
-6,576,214
| -17% | -$571M |
|
|
BNY
25
Bank of New York Mellon
BNY
$111B
| $3B | 1.62% |
25,811,239
-9,031,705
| -26% | -$999M |
|
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.