Dodge & Cox

San Francisco, CA · CIK 200217 · 13F filing filed 2023-02-14

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)

$145.8bn reported value +10.5% vs Q3 2022

188positions

30.1%in top 10

3 new 29 added 115 reduced 6 sold out vs Q3 2022

Holdings, Q4 2022

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	SCHWAB CHARLES CORP COM SCHW	SCHW	77,428,730	$6.4bn4.42%	4.42%	Reduced -3.1m	-3,082,411 -3.8%
2	OCCIDENTAL PETE CORP COM OXY	OXY	92,957,224	$5.9bn4.02%	4.02%	Reduced -2.0m	-2,021,164 -2.1%
3	WELLS FARGO CO NEW COM WFC	WFC	118,722,376	$4.9bn3.36%	3.36%	Reduced -2.9m	-2,903,978 -2.4%
4	SANOFI SPONSORED ADR SNY	SNY	84,189,074	$4.1bn2.80%	2.80%	Added +8.5m	+8,538,408 11.3%
5	JOHNSON CTLS INTL PLC SHS JCI	JCI	62,614,115	$4.0bn2.75%	2.75%	Reduced -2.2m	-2,190,043 -3.4%
6	METLIFE INC COM MET	MET	53,583,210	$3.9bn2.66%	2.66%	Reduced -2.2m	-2,232,900 -4.0%
7	THE CIGNA GROUP COM CI	CI	11,548,557	$3.8bn2.62%	2.62%	Reduced -557.3k	-557,269 -4.6%
8	ALPHABET INC CAP STK CL C GOOG	GOOG	42,945,292	$3.8bn2.61%	2.61%	Added +1.1m	+1,141,120 2.7%
9	FISERV INC COM FISV	FISV	36,319,244	$3.7bn2.52%	2.52%	Reduced -348.6k	-348,595 -0.9%
10	RTX CORPORATION COM RTX	RTX	33,559,257	$3.4bn2.32%	2.32%	Reduced -1.0m	-1,032,180 -3.0%
11	VMWARE INC CL A COM VMW	VMW	27,303,151	$3.4bn2.30%	2.30%	Added +34.5k	+34,526 0.1%
12	CAPITAL ONE FINL CORP COM COF	COF	35,372,196	$3.3bn2.25%	2.25%	Reduced -459.4k	-459,430 -1.3%
13	GE AEROSPACE COM NEW GE	GE	37,176,656	$3.1bn2.14%	2.14%	Added +91.2k	+91,200 0.2%
14	GILEAD SCIENCES INC COM GILD	GILD	35,885,152	$3.1bn2.11%	2.11%	Reduced -484.1k	-484,100 -1.3%
15	FEDEX CORP COM FDX	FDX	17,331,895	$3.0bn2.06%	2.06%	Added +90.2k	+90,200 0.5%
16	UBS GROUP AG SHS UBS	UBS	159,315,717	$3.0bn2.04%	2.04%	Added +1.7m	+1,711,400 1.1%
17	MICROSOFT CORP COM MSFT	MSFT	12,267,927	$2.9bn2.02%	2.02%	Added +1.3m	+1,318,225 12.0%
18	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	8,471,513	$2.9bn1.97%	1.97%	Added +1.7m	+1,746,242 26.0%
19	COMCAST CORP NEW CL A CMCSA	CMCSA	79,582,263	$2.8bn1.91%	1.91%	Reduced -2.8m	-2,774,316 -3.4%
20	BANK NEW YORK MELLON CORP COM BNY	BNY	59,815,247	$2.7bn1.87%	1.87%	Added +1.7m	+1,733,535 3.0%
21	GSK PLC SPONSORED ADR GSK	GSK	64,932,952	$2.3bn1.56%	1.56%	Added +6.3m	+6,348,963 10.8%
22	GOLDMAN SACHS GROUP INC COM GS	GS	6,143,091	$2.1bn1.45%	1.45%	Reduced -1.2m	-1,237,158 -16.8%
23	CISCO SYS INC COM CSCO	CSCO	42,926,577	$2.0bn1.40%	1.40%	Reduced -3.4m	-3,377,450 -7.3%
24	NOVARTIS AG SPONSORED ADR NVS	NVS	20,751,372	$1.9bn1.29%	1.29%	Reduced -297.3k	-297,285 -1.4%
25	UNITEDHEALTH GROUP INC COM UNH	UNH	3,528,710	$1.9bn1.28%	1.28%	Reduced -273.7k	-273,705 -7.2%
26	TE CONNECTIVITY LTD SHS TEL1USD	TEL1USD	16,247,285	$1.9bn1.28%	1.28%	Reduced -663.8k	-663,809 -3.9%
27	FIDELITY NATL INFORMATION SV COM FIS	FIS	26,220,615	$1.8bn1.22%	1.22%	Added +16.4m	+16,376,810 166.4%
28	CONOCOPHILLIPS COM COP	COP	14,539,482	$1.7bn1.18%	1.18%	Reduced -6.1m	-6,060,740 -29.4%
29	STATE STR CORP COM STT	STT	21,943,754	$1.7bn1.17%	1.17%	Reduced -109.7k	-109,675 -0.5%
30	BOOKING HOLDINGS INC COM BKNG	BKNG	832,294	$1.7bn1.15%	1.15%	Reduced -19.6k	-19,580 -2.3%
31	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	23,368,666	$1.6bn1.13%	1.13%	Reduced -7.7m	-7,734,395 -24.9%
32	T-MOBILE US INC COM TMUS	TMUS	11,590,334	$1.6bn1.11%	1.11%	Reduced -4.3m	-4,282,822 -27.0%
33	REGENERON PHARMACEUTICALS COM REGN	REGN	2,223,059	$1.6bn1.10%	1.10%	Reduced -63.5k	-63,450 -2.8%
34	INCYTE CORP COM INCY	INCY	19,362,935	$1.6bn1.07%	1.07%	Reduced -430.5k	-430,465 -2.2%
35	ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR BUD	BUD	25,339,671	$1.5bn1.04%	1.04%	Reduced -34.1k	-34,075 -0.1%
36	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	14,383,663	$1.5bn1.02%	1.02%	Reduced -390.3k	-390,300 -2.6%
37	HP INC COM HPQ	HPQ	52,451,225	$1.4bn0.97%	0.97%	Reduced -2.0m	-1,987,754 -3.6%
38	META PLATFORMS INC CL A META	META	11,674,190	$1.4bn0.96%	0.96%	Reduced -91.3k	-91,331 -0.8%
39	BANK AMERICA CORP COM BAC	BAC	42,371,589	$1.4bn0.96%	0.96%	Reduced -2.2m	-2,214,200 -5.0%
40	MOLSON COORS BEVERAGE CO CL B TAP	TAP	27,087,904	$1.4bn0.96%	0.96%	Reduced -711.2k	-711,232 -2.6%
41	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	16,568,492	$1.4bn0.94%	0.94%	Added +2.1m	+2,130,359 14.8%
42	SUNCOR ENERGY INC NEW COM SU	SU	41,867,454	$1.3bn0.91%	0.91%	Reduced -304.4k	-304,400 -0.7%
43	WILLIAMS COS INC COM WMB	WMB	39,357,265	$1.3bn0.89%	0.89%	Reduced -10.4m	-10,373,231 -20.9%
44	AMAZON COM INC COM AMZN	AMZN	15,060,500	$1.3bn0.87%	0.87%	Added +5.7m	+5,695,545 60.8%
45	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	13,979,070	$1.2bn0.84%	0.84%	Reduced -195.2k	-195,200 -1.4%
46	FOX CORP CL A COM FOXA	FOXA	40,067,365	$1.2bn0.83%	0.83%	Reduced -2.4m	-2,426,147 -5.7%
47	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	16,544,344	$1.2bn0.82%	0.82%	Reduced -231.2k	-231,218 -1.4%
48	CVS HEALTH CORP COM CVS	CVS	12,600,887	$1.2bn0.81%	0.81%	Reduced -871.9k	-871,885 -6.5%
49	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	20,343,757	$1.2bn0.80%	0.80%	Reduced -3.8m	-3,762,089 -15.6%
50	JUNIPER NETWORKS INC COM JNPR	JNPR	35,532,252	$1.1bn0.78%	0.78%	Reduced -3.3m	-3,318,506 -8.5%
51	OVINTIV INC COM OVV	OVV	21,654,776	$1.1bn0.75%	0.75%	Reduced -489.9k	-489,900 -2.2%
52	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	4,590,782	$1.1bn0.75%	0.75%	Reduced -298.5k	-298,515 -6.1%
53	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	84,775,075	$1.0bn0.71%	0.71%	Added +31.8m	+31,773,735 60.0%
54	TECK RESOURCES LTD CL B TECK	TECK	27,074,340	$1.0bn0.70%	0.70%	Added +359.0k	+359,009 1.3%
55	HONDA MOTOR LTD ADR ECH CNV IN 3 HMC	HMC	44,339,820	$1.0bn0.70%	0.70%	Reduced -1.2m	-1,153,750 -2.5%
56	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	60,642,668	$967.9m0.66%	0.66%	Reduced -3.8m	-3,771,704 -5.9%
57	BAKER HUGHES COMPANY CL A BKR	BKR	31,006,837	$915.6m0.63%	0.63%	Added +7.1m	+7,092,483 29.7%
58	ALPHABET INC CAP STK CL A GOOGL	GOOGL	9,460,075	$834.7m0.57%	0.57%	Added +3.5m	+3,462,405 57.7%
59	TRUIST FINL CORP COM TFC	TFC	18,796,578	$808.8m0.55%	0.55%	Reduced -609.6k	-609,643 -3.1%
60	JD.COM INC SPON ADS CL A JD	JD	14,033,849	$787.7m0.54%	0.54%	Reduced -1.3m	-1,281,600 -8.4%
61	NUTRIEN LTD COM NTR	NTR	10,744,059	$784.6m0.54%	0.54%	Added +402.2k	+402,200 3.9%
62	DELL TECHNOLOGIES INC CL C DELL	DELL	19,217,959	$772.9m0.53%	0.53%	Reduced -544.9k	-544,880 -2.8%
63	HALEON PLC SPON ADS HLN	HLN	96,509,973	$772.1m0.53%	0.53%	Added +23.1m	+23,144,401 31.6%
64	CELANESE CORP DEL COM CE	CE	7,109,524	$726.9m0.50%	0.50%	Reduced -315.1k	-315,120 -4.2%
65	BAIDU INC SPON ADR REP A BIDU	BIDU	6,337,655	$724.9m0.50%	0.50%	Reduced -405.4k	-405,400 -6.0%
66	CREDICORP LTD COM BAP	BAP	5,104,662	$692.5m0.47%	0.47%	Reduced -57.1k	-57,100 -1.1%
67	CARRIER GLOBAL CORPORATION COM CARR	CARR	16,384,156	$675.8m0.46%	0.46%	Reduced -1.3m	-1,339,025 -7.6%
68	COHERENT CORP COM COHR	COHR	19,056,449	$668.9m0.46%	0.46%	Added +2.0m	+2,010,932 11.8%
69	NETEASE INC SPONSORED ADS NTES	NTES	8,796,458	$638.9m0.44%	0.44%	Added +2.2m	+2,168,958 32.7%
70	AEGON N V NY REGISTRY SHS NY REGISTRY SHS		126,111,395	$635.6m0.44%	0.44%	Reduced -2.7m	-2,717,402 -2.1%
71	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	4,947,450	$630.8m0.43%	0.43%	Reduced -407.1k	-407,050 -7.6%
72	AMERICAN EXPRESS CO COM AXP	AXP	4,267,811	$630.6m0.43%	0.43%	Reduced -1.7m	-1,671,778 -28.1%
73	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	14,398,638	$593.7m0.41%	0.41%	Reduced -108.0k	-108,025 -0.7%
74	DISH NETWORK CORPORATION CL A DISH	DISH	39,292,866	$551.7m0.38%	0.38%	Reduced -71.3k	-71,300 -0.2%
75	PAYPAL HLDGS INC COM PYPL	PYPL	7,525,650	$536.0m0.37%	0.37%	Reduced -119.5k	-119,525 -1.6%
76	BRIGHTHOUSE FINL INC COM BHF	BHF	9,095,683	$466.3m0.32%	0.32%	Reduced -98.8k	-98,811 -1.1%
77	XP INC CL A XP	XP	29,769,631	$456.7m0.31%	0.31%	Reduced -97.1k	-97,100 -0.3%
78	LINDE PLC SHS 99952EUR	99952EUR	1,355,190	$443.1m0.30%	0.30%	Unchanged
79	GAP INC COM GAP	GAP	37,980,426	$428.4m0.29%	0.29%	Reduced -287.7k	-287,700 -0.8%
80	TC ENERGY CORP COM TRP	TRP	10,296,000	$410.4m0.28%	0.28%	Unchanged
81	OTIS WORLDWIDE CORP COM OTIS	OTIS	5,223,222	$409.0m0.28%	0.28%	Reduced -33.4k	-33,400 -0.6%
82	FOX CORP CL B COM FOX	FOX	11,787,394	$335.4m0.23%	0.23%	Reduced -662.8k	-662,813 -5.3%
83	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	6,315,711	$329.0m0.23%	0.23%	Added +11.7k	+11,672 0.2%
84	MEDTRONIC PLC SHS MDT	MDT	4,095,059	$318.3m0.22%	0.22%	Reduced -119.6k	-119,562 -2.8%
85	GRUPO TELEVISA S A B SPON ADR REP ORD TV	TV	64,848,920	$295.7m0.20%	0.20%	Reduced -150.0k	-150,000 -0.2%
86	SCHLUMBERGER LTD COM STK SLB	SLB	3,972,203	$212.4m0.15%	0.15%	Reduced -21.7m	-21,733,270 -84.5%
87	MICRO FOCUS INTL PLC SPON ADR NEW MFGP	MFGP	33,422,617	$210.9m0.14%	0.14%	Reduced -360.6k	-360,618 -1.1%
88	NEWS CORP NEW CL A NWSA	NWSA	10,750,573	$195.7m0.13%	0.13%	Reduced -129.7k	-129,650 -1.2%
89	LIBERTY GLOBAL PLC SHS CL C LBTYK	LBTYK	8,961,768	$174.1m0.12%	0.12%	Unchanged
90	JACKSON FINANCIAL INC COM CL A JXN	JXN	4,081,506	$142.0m0.10%	0.10%	Reduced -86.1k	-86,100 -2.1%
91	LINCOLN NATL CORP IND COM LNC	LNC	4,310,762	$132.4m0.09%	0.09%	Added +20.2k	+20,250 0.5%
92	LIBERTY GLOBAL PLC SHS CL A LBTYA	LBTYA	4,875,669	$92.3m0.06%	0.06%	Unchanged
93	QURATE RETAIL INC COM SER A COM SER A		48,026,011	$78.3m0.05%	0.05%	Reduced -1.3m	-1,328,700 -2.7%
94	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	15,276,105	$72.0m0.05%	0.05%	Reduced -8.9m	-8,875,400 -36.8%
95	FRESENIUS MEDICAL CARE AG SPONSORED ADR FMS	FMS	3,504,200	$57.3m0.04%	0.04%	Added +2.2m	+2,228,800 174.8%
96	UNION PAC CORP COM UNP	UNP	275,450	$57.0m0.04%	0.04%	Reduced -7.6k	-7,572 -2.7%
97	JPMORGAN CHASE & CO COM JPM	JPM	414,000	$55.5m0.04%	0.04%	Reduced -38.4k	-38,360 -8.5%
98	CADENCE DESIGN SYSTEM INC COM CDNS	CDNS	297,377	$47.8m0.03%	0.03%	Reduced -1.7k	-1,703 -0.6%
99	ICICI BANK LIMITED ADR IBN	IBN	1,983,400	$43.4m0.03%	0.03%	Reduced -849.6k	-849,600 -30.0%
100	CHEVRON CORP NEW COM CVX	CVX	202,282	$36.3m0.02%	0.02%	Reduced -18.2k	-18,226 -8.3%

Sold out since Q3 2022

Security	Ticker	Shares held before	Value then
MARSH & MCLENNAN COS INC MRSH	MRSH	2,860	$427.0k2.9k shares
CITRIX SYS INC CTXS	CTXS	3,850	$400.0k3.9k shares
QUALCOMM INC QCOM	QCOM	3,500	$395.0k3.5k shares
CARMAX INC KMX	KMX	3,350	$221.0k3.4k shares
EQUINIX INC EQIX	EQIX	385	$219.0k385 shares
BALL CORP BALL	BALL	4,240	$205.0k4.2k 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