Dodge & Cox

San Francisco, CA · CIK 200217 · 13F filing filed 2026-08-13

SEC-registered investment adviser since 1959 · corporation

Assets managed$466.6bn
Staff336 · 100 in investment roles
Main clients (by assets)Mutual funds and ETFs 70%, Pension plans 16%, State and local governments 6%
Private funds2 · $10.9bn gross assets
Form ADV · 2026-04-17SEC adviser record

Legal entityDODGE & COX (US)

$191.0bn reported value +5.0% vs Q1 2026

222positions

27.8%in top 10

9 new 71 added 92 reduced 9 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	JOHNSON CTLS INTL PLC SHS JCI	JCI	55,776,006	$8.1bn4.27%	4.27%	Reduced -1.7m	-1,730,208 -3.0%
2	SCHWAB CHARLES CORP COM SCHW	SCHW	76,968,323	$7.1bn3.72%	3.72%	Added +2.0m	+1,965,442 2.6%
3	RTX CORPORATION COM RTX	RTX	35,113,249	$6.7bn3.49%	3.49%	Reduced -360.1k	-360,130 -1.0%
4	CVS HEALTH CORP COM CVS	CVS	50,012,765	$5.2bn2.71%	2.71%	Reduced -1.8m	-1,767,351 -3.4%
5	MICROSOFT CORP COM MSFT	MSFT	12,836,229	$4.8bn2.51%	2.51%	Added +876.3k	+876,294 7.3%
6	BOOKING HOLDINGS INC COM BKNG	BKNG	25,536,950	$4.6bn2.38%	2.38%	Added +599.5k	+599,500 2.4%
7	HUMANA INC COM HUM	HUM	10,940,380	$4.3bn2.28%	2.28%	Reduced -440.3k	-440,293 -3.9%
8	ALPHABET INC CAP STK CL C GOOG	GOOG	11,961,097	$4.2bn2.21%	2.21%	Reduced -267.4k	-267,421 -2.2%
9	METLIFE INC COM MET	MET	48,431,150	$4.1bn2.15%	2.15%	Reduced -2.7m	-2,683,626 -5.2%
10	SUNBELT RENTALS HOLDINGS INC SHS SUNB	SUNB	54,761,610	$4.1bn2.14%	2.14%	Added +1.7m	+1,659,763 3.1%
11	AMAZON COM INC COM AMZN	AMZN	16,708,513	$4.0bn2.08%	2.08%	Added +1.6m	+1,598,614 10.6%
12	ALPHABET INC CAP STK CL A GOOGL	GOOGL	10,658,860	$3.8bn1.99%	1.99%	Added +34.4k	+34,445 0.3%
13	UNITEDHEALTH GROUP INC COM UNH	UNH	9,072,258	$3.8bn1.97%	1.97%	Reduced -394.5k	-394,498 -4.2%
14	META PLATFORMS INC CL A META	META	6,489,255	$3.7bn1.91%	1.91%	Added +1.5m	+1,474,936 29.4%
15	OCCIDENTAL PETE CORP COM OXY	OXY	72,764,944	$3.5bn1.85%	1.85%	Reduced -1.3m	-1,320,628 -1.8%
16	TE CONNECTIVITY PLC ORD SHS TEL	TEL	16,968,886	$3.4bn1.79%	1.79%	Added +2.3m	+2,279,936 15.5%
17	THE CIGNA GROUP COM CI	CI	12,173,875	$3.4bn1.76%	1.76%	Added +618.1k	+618,088 5.3%
18	REGENERON PHARMACEUTICALS COM REGN	REGN	4,871,137	$3.0bn1.59%	1.59%	Added +412.9k	+412,899 9.3%
19	GILEAD SCIENCES INC COM GILD	GILD	23,677,567	$3.0bn1.57%	1.57%	Reduced -573.3k	-573,259 -2.4%
20	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	37,007,037	$2.9bn1.53%	1.53%	Added +534.1k	+534,095 1.5%
21	AON PLC SHS CL A AON	AON	8,593,144	$2.9bn1.49%	1.49%	Added +477.0k	+477,049 5.9%
22	COMCAST CORP NEW CL A CMCSA	CMCSA	115,903,125	$2.8bn1.49%	1.49%	Added +2.8m	+2,794,881 2.5%
23	AIR PRODS & CHEMS INC COM APD	APD	9,393,493	$2.8bn1.44%	1.44%	Added +161.9k	+161,918 1.8%
24	FORTIVE CORP COM FTV	FTV	43,979,772	$2.7bn1.41%	1.41%	Added +823.6k	+823,575 1.9%
25	BROOKFIELD CORP CL A LTD VT SH BN	BN	61,210,651	$2.6bn1.36%	1.36%	Added +2.0m	+2,023,796 3.4%
26	WELLS FARGO CO NEW COM WFC	WFC	31,328,076	$2.6bn1.36%	1.36%	Added +159.7k	+159,745 0.5%
27	GSK PLC SPONSORED ADR GSK	GSK	48,197,514	$2.5bn1.32%	1.32%	Reduced -10.5m	-10,465,460 -17.8%
28	FISERV INC COM FISV	FISV	50,194,946	$2.5bn1.29%	1.29%	Reduced -66.0k	-66,004 -0.1%
29	ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR BUD	BUD	29,477,348	$2.4bn1.27%	1.27%	Reduced -206.4k	-206,388 -0.7%
30	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	37,864,164	$2.4bn1.27%	1.27%	Added +6.6m	+6,552,100 20.9%
31	BANK NEW YORK MELLON CORP COM BNY	BNY	16,608,370	$2.4bn1.26%	1.26%	Reduced -6.8m	-6,793,424 -29.0%
32	ROPER TECHNOLOGIES INC COM ROP	ROP	7,060,583	$2.4bn1.25%	1.25%	Added +3.7m	+3,716,889 111.2%
33	FEDEX CORP COM FDX	FDX	7,233,269	$2.3bn1.19%	1.19%	Reduced -2.8m	-2,750,180 -27.6%
34	SBA COMMUNICATIONS CORP NEW CL A SBAC	SBAC	12,323,254	$2.2bn1.14%	1.14%	Added +243.0k	+242,970 2.0%
35	GALLAGHER ARTHUR J & CO COM AJG	AJG	9,363,634	$2.1bn1.13%	1.13%	Added +2.0m	+2,008,719 27.3%
36	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	15,032,214	$2.1bn1.12%	1.12%	Added +405.0k	+405,005 2.8%
37	WILLIS TOWERS WATSON PLC LTD SHS WTW	WTW	8,025,392	$2.1bn1.10%	1.10%	Added +693.0k	+692,978 9.4%
38	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	24,124,735	$2.1bn1.09%	1.09%	Added +582.0k	+582,035 2.5%
39	CARRIER GLOBAL CORPORATION COM CARR	CARR	27,475,603	$2.0bn1.06%	1.06%	Added +853.3k	+853,330 3.2%
40	BAKER HUGHES COMPANY CL A BKR	BKR	34,854,482	$1.9bn1.01%	1.01%	Reduced -1.0m	-1,017,076 -2.8%
41	FIDELITY NATL INFORMATION SV COM FIS	FIS	49,069,080	$1.9bn1.00%	1.00%	Reduced -4.1k	-4,077 -0.0%
42	VISA INC COM CL A V	V	5,417,326	$1.9bn0.97%	0.97%	Added +5.4m	+5,416,467 630554.9%
43	CAPITAL ONE FINL CORP COM COF	COF	9,117,926	$1.8bn0.96%	0.96%	Added +343.0k	+342,994 3.9%
44	TRANSUNION COM TRU	TRU	24,196,211	$1.7bn0.91%	0.91%	Added +8.0m	+8,006,700 49.5%
45	UBS GROUP AG SHS UBS	UBS	33,630,342	$1.7bn0.87%	0.87%	Reduced -14.3k	-14,300 -0.0%
46	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	67,397,025	$1.7bn0.87%	0.87%	Reduced -1.5m	-1,547,075 -2.2%
47	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	3,054,778	$1.5bn0.80%	0.80%	Added +3.0m	+3,029,037 11767.4%
48	HALEON PLC SPON ADS HLN	HLN	149,934,507	$1.4bn0.73%	0.73%	Added +3.4m	+3,394,844 2.3%
49	SUNCOR ENERGY INC NEW COM SU	SU	25,366,554	$1.4bn0.71%	0.71%	Reduced -895.9k	-895,900 -3.4%
50	INCYTE CORP COM INCY	INCY	11,957,326	$1.4bn0.71%	0.71%	Reduced -295.0k	-295,030 -2.4%
51	LPL FINL HLDGS INC COM LPLA	LPLA	4,578,679	$1.3bn0.68%	0.68%	Added +432.1k	+432,132 10.4%
52	COUPANG INC CL A CPNG	CPNG	72,194,220	$1.3bn0.66%	0.66%	Added +186.1k	+186,100 0.3%
53	DOMINION ENERGY INC COM D	D	18,303,470	$1.2bn0.65%	0.65%	Reduced -1.2m	-1,174,050 -6.0%
54	BAXTER INTL INC COM BAX	BAX	58,386,345	$1.2bn0.65%	0.65%	Added +1.1m	+1,131,775 2.0%
55	SANOFI SPONSORED ADR SNY	SNY	28,088,274	$1.2bn0.63%	0.63%	Reduced -1.4m	-1,416,358 -4.8%
56	AVANTOR INC COM AVTR	AVTR	120,020,974	$1.2bn0.62%	0.62%	Added +372.6k	+372,645 0.3%
57	AMERICAN ELEC PWR CO INC COM AEP	AEP	8,674,355	$1.2bn0.62%	0.62%	Reduced -65.5k	-65,480 -0.8%
58	SUN CMNTYS INC COM SUI	SUI	9,500,781	$1.1bn0.60%	0.60%	Reduced -4.8m	-4,765,249 -33.4%
59	FEDEX FGHT HLDG CO INC COMMON STOCK FDXF	FDXF	7,182,771	$1.1bn0.57%	0.57%	New
60	ARCHER DANIELS MIDLAND CO COM ADM	ADM	14,182,325	$1.1bn0.57%	0.57%	Reduced -1.6m	-1,574,815 -10.0%
61	TELEDYNE TECHNOLOGIES INC COM TDY	TDY	1,612,837	$1.1bn0.56%	0.56%	Added +8.6k	+8,572 0.5%
62	T-MOBILE US INC COM TMUS	TMUS	6,335,783	$1.1bn0.56%	0.56%	Added +178.0k	+177,984 2.9%
63	RALLIANT CORP COM RAL	RAL	14,005,203	$1.0bn0.54%	0.54%	Added +257.7k	+257,652 1.9%
64	CREDICORP LTD COM BAP	BAP	2,614,315	$1.0bn0.53%	0.53%	Reduced -795.9k	-795,860 -23.3%
65	NOVO-NORDISK A S ADR NVO	NVO	20,397,110	$977.8m0.51%	0.51%	Added +1.1m	+1,063,360 5.5%
66	CONOCOPHILLIPS COM COP	COP	9,266,284	$963.3m0.50%	0.50%	Reduced -379.6k	-379,574 -3.9%
67	CEMEX SAB DE CV SPON ADR NEW CX	CX	80,187,637	$962.3m0.50%	0.50%	Reduced -5.0m	-5,048,933 -5.9%
68	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	9,957,970	$955.8m0.50%	0.50%	Added +40.2k	+40,200 0.4%
69	NEUROCRINE BIOSCIENCES INC COM NBIX	NBIX	5,584,707	$941.2m0.49%	0.49%	Added +123.7k	+123,670 2.3%
70	HP INC COM HPQ	HPQ	42,627,828	$935.3m0.49%	0.49%	Added +1.0m	+1,035,287 2.5%
71	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	14,844,930	$849.4m0.44%	0.44%	Added +283.2k	+283,171 1.9%
72	FIRST CTZNS BANCSHARES INC N CL A FCNCA	FCNCA	404,215	$841.1m0.44%	0.44%	Added +11.1k	+11,128 2.8%
73	NORFOLK SOUTHN CORP COM NSC	NSC	2,508,128	$789.0m0.41%	0.41%	Reduced -3.7m	-3,749,622 -59.9%
74	MILLICOM INTL CELLULAR S A COM STK TIGO	TIGO	8,218,532	$745.9m0.39%	0.39%	Added +56.1k	+56,100 0.7%
75	MOLSON COORS BEVERAGE CO CL B TAP	TAP	19,065,434	$742.8m0.39%	0.39%	Added +542.4k	+542,385 2.9%
76	KKR & CO INC COM KKR	KKR	8,060,515	$739.8m0.39%	0.39%	New
77	CELANESE CORP DEL COM CE	CE	15,282,234	$703.0m0.37%	0.37%	Reduced -63.7k	-63,676 -0.4%
78	LINDE PLC SHS LIN	LIN	1,326,590	$688.4m0.36%	0.36%	Unchanged
79	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	1,440,767	$688.1m0.36%	0.36%	Added +1.3m	+1,332,967 1236.5%
80	ADOBE INC COM ADBE	ADBE	3,114,932	$638.6m0.33%	0.33%	Added +619.3k	+619,337 24.8%
81	MEDTRONIC PLC SHS MDT	MDT	7,875,898	$616.1m0.32%	0.32%	Added +181.3k	+181,290 2.4%
82	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	13,773,135	$613.3m0.32%	0.32%	Added +315.0k	+314,978 2.3%
83	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	1,955,393	$588.6m0.31%	0.31%	Added +26.1k	+26,140 1.4%
84	FOX CORP CL A COM FOXA	FOXA	11,223,096	$585.4m0.31%	0.31%	Added +326.3k	+326,254 3.0%
85	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	14,542,493	$563.2m0.29%	0.29%	Added +269.6k	+269,586 1.9%
86	XP INC CL A XP	XP	32,564,312	$529.5m0.28%	0.28%	Reduced -162.4k	-162,376 -0.5%
87	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	5,533,359	$504.6m0.26%	0.26%	Reduced -596.4k	-596,357 -9.7%
88	AEGON LTD AMER REG 1 CERT AEG	AEG	44,635,184	$376.7m0.20%	0.20%	Reduced -5.9m	-5,921,325 -11.7%
89	V F CORP COM VFC	VFC	22,406,175	$373.7m0.20%	0.20%	Reduced -10.6m	-10,618,450 -32.1%
90	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	4,550,000	$347.1m0.18%	0.18%	Added +12.4k	+12,400 0.3%
91	BIONTECH SE SPONSORED ADS BNTX	BNTX	3,677,591	$342.2m0.18%	0.18%	Added +800	+800 0.0%
92	YUM CHINA HLDGS INC COM YUMC	YUMC	8,365,562	$341.9m0.18%	0.18%	Added +13.8k	+13,800 0.2%
93	FOX CORP CL B COM FOX	FOX	7,266,093	$340.3m0.18%	0.18%	Added +87.2k	+87,199 1.2%
94	TC ENERGY CORP COM TRP	TRP	5,034,800	$333.8m0.17%	0.17%	Reduced -3.9m	-3,857,600 -43.4%
95	NEWS CORP NEW CL A NWSA	NWSA	12,538,190	$311.3m0.16%	0.16%	Added +281.9k	+281,944 2.3%
96	JD.COM INC SPON ADS CL A JD	JD	12,194,648	$310.7m0.16%	0.16%	Unchanged
97	NETEASE INC SPONSORED ADS NTES	NTES	2,162,476	$277.1m0.15%	0.15%	Added +5.5k	+5,500 0.2%
98	GE AEROSPACE COM NEW GE	GE	598,052	$223.5m0.12%	0.12%	Reduced -139.9k	-139,947 -19.0%
99	COHERENT CORP COM COHR	COHR	544,160	$214.7m0.11%	0.11%	Reduced -14.8k	-14,760 -2.6%
100	HDFC BANK LTD SPONSORED ADS HDB	HDB	6,678,700	$172.5m0.09%	0.09%	Added +990.4k	+990,400 17.4%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
LYONDELLBASELL INDUSTRIES N LYB	LYB	16,839,152	$1.4bn16.8m shares
LIBERTY GLOBAL LTD LBTYK	LBTYK	5,255,568	$61.6m5.3m shares
HONEYWELL INTL INC		4,010	$1.8m4.0k shares
EBAY INC. EBAY	EBAY	11,750	$1.1m11.8k shares
PRICESMART INC PSMT	PSMT	6,156	$926.5k6.2k shares
LOMA NEGRA C I A S A MTN 14 LOMA	LOMA	72,182	$800.5k72.2k shares
DUPONT DE NEMOURS INC DWDP	DWDP	4,892	$672.2k4.9k shares
INTUITIVE SURGICAL INC ISRG	ISRG	500	$230.5k500 shares
HALLIBURTON CO HAL	HAL	5,500	$214.4k5.5k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on. The largest 25 of 29.

Company	Ticker	Stake	Change	Schedule	Last filed
AVANTOR INC AVTR · 13G · filed 2025-08-13	AVTR	17.2%≈ $1.2bn	+2.6 pts	13G	2025-08-13
ELANCO ANIMAL HEALTH INC ELAN · 13G · filed 2026-05-14	ELAN	13.9%≈ $1.7bn	-2.0 pts	13G	2026-05-14
FORTIVE CORP FTV · 13G · filed 2026-02-13	FTV	13.9%≈ $2.7bn	+1.3 pts	13G	2026-02-13
CELANESE CORP DEL CE · 13G · filed 2025-05-14	CE	13.8%≈ $708.0m	+1.3 pts	13G	2025-05-14
INTERNATIONAL FLAVORS&FRAGRA IFF · 13G · filed 2025-08-13	IFF	13.7%≈ $2.8bn	+1.4 pts	13G	2025-08-13
SUNBELT RENTALS HOLDINGS INC SUNB · 13G · filed 2026-04-07	SUNB	12.8%≈ $4.0bn	new	13G	2026-04-07
CHARTER COMMUNICATIONS INC N CHTR · 13G · filed 2026-08-13	CHTR	12.6%≈ $2.1bn	+1.3 pts	13G	2026-08-13
ZIMMER BIOMET HOLDINGS INC ZBH · 13G · filed 2026-08-13	ZBH	12.5%≈ $2.1bn	+1.3 pts	13G	2026-08-13
RALLIANT CORP RAL · 13G · filed 2026-05-14	RAL	12.3%≈ $1.0bn	+1.6 pts	13G	2026-05-14
TRANSUNION TRU · 13G · filed 2026-06-05	TRU	12.1%≈ $1.7bn	+3.7 pts	13G	2026-06-05
BAXTER INTL INC BAX · 13G · filed 2025-11-13	BAX	11.2%≈ $1.2bn	+1.1 pts	13G	2025-11-13
SBA COMMUNICATIONS CORP NEW SBAC · 13G · filed 2025-11-06	SBAC	10.7%≈ $2.0bn	+1.7 pts	13G	2025-11-06
GE HEALTHCARE TECHNOLOGIES I GEHC · 13G · filed 2026-08-07	GEHC	10.5%≈ $3.0bn	+2.2 pts	13G	2026-08-07
MOLSON COORS BEVERAGE CO TAP · 13G · filed 2025-10-06	TAP	10.0%≈ $725.9m		13G	2025-10-06
HUMANA INC HUM · 13G · filed 2026-05-14	HUM	9.5%≈ $4.5bn	+1.0 pts	13G	2026-05-14
FIDELITY NATL INFORMATION SV FIS · 13G · filed 2026-02-13	FIS	9.5%≈ $1.9bn	+1.2 pts	13G	2026-02-13
JOHNSON CTLS INTL PLC JCI · 13G · filed 2026-05-14	JCI	9.4%≈ $8.4bn	-1.3 pts	13G	2026-05-14
FISERV INC FISV · 13G · filed 2026-02-13	FISV	9.2%≈ $2.4bn	+2.1 pts	13G	2026-02-13
WILLIS TOWERS WATSON PLC LTD WTW · 13G · filed 2026-08-13	WTW	8.5%≈ $2.1bn	+1.3 pts	13G	2026-08-13
XP INC XP · 13G · filed 2025-08-13	XP	7.9%≈ $557.9m	-2.0 pts	13G	2025-08-13
SUN CMNTYS INC SUI · 13G · filed 2026-08-07	SUI	7.7%≈ $1.1bn	-3.4 pts	13G	2026-08-07
OCCIDENTAL PETE CORP OXY · 13G · filed 2026-05-14	OXY	7.5%≈ $3.6bn	-1.3 pts	13G	2026-05-14
ROPER TECHNOLOGIES INC ROP · 13G · filed 2026-08-13	ROP	7.0%≈ $2.4bn	new	13G	2026-08-13
INCYTE CORP INCY · 13G · filed 2026-05-14	INCY	6.2%≈ $1.4bn		13G	2026-05-14
V F CORP VFC · 13G · filed 2026-08-13	VFC	5.7%≈ $373.7m	-2.7 pts	13G	2026-08-13