Dodge & Cox

San Francisco, CA · CIK 200217 · 13F filing filed 2023-05-12

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)

Kindmutual funds, futures
Others nearbySan Francisco, CA

As an employer

Offices in1 country
Private fundsother private 2

US visa salary filings

Filings FY2024–202616
Median salary offered$142,000
Middle half$137,750 – $143,500
Job titles10

Job title	Filings	Median	Range
Equity Research AssociateSan Francisco, CA	6	$142,500	$121,000 – $210,000
Research Associate - Chinese EquitiesSan Francisco, CA	2	$124,500	$107,000 – $165,000
Application Development Lead (Software Developer)San Ramon, CA	1	$216,000	$216,000 – $250,000
Quantitative Equity Trader “ AsiaSan Francisco, CA	1	$145,000	$145,000 – $210,000
Portfolio Strategy Research AssociateSan Francisco, CA	1	$142,000	$142,000 – $180,000
Global Bond Macroeconomics Research AssociateSan Francisco, CA	1	$142,000	$142,000 – $225,000
Equity Research Associate (Financial Analyst)San Francisco, CA	1	$142,000	$142,000 – $185,000
Research Associate – Chinese EquitiesSan Francisco, CA	1	$142,000	$142,000 – $160,000
Trading Strategy AssociateSan Francisco, CA	1	$125,000	$125,000 – $225,000
Research Associate - Japanese EquitiesSan Francisco, CA	1	$107,000	$107,000 – $144,000

Source: US Department of Labor, Labor Condition Application disclosure data (certified, full-time, yearly equivalent). These are the salaries the employer committed to pay the visa roles it filed for, at least the prevailing wage for the job and place; they are not the pay of all its staff. Filed by: Dodge & Cox.

$146.8bn reported value +0.6% vs Q4 2022

203positions

28.6%in top 10

18 new 44 added 108 reduced 3 sold out vs Q4 2022

Holdings, Q1 2023

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	OCCIDENTAL PETE CORP COM OXY	OXY	92,156,069	$5.8bn3.92%	3.92%	Reduced -801.2k	-801,155 -0.9%
2	ALPHABET INC CAP STK CL C GOOG	GOOG	43,488,919	$4.5bn3.08%	3.08%	Added +543.6k	+543,627 1.3%
3	WELLS FARGO CO NEW COM WFC	WFC	120,385,253	$4.5bn3.07%	3.07%	Added +1.7m	+1,662,877 1.4%
4	SANOFI SPONSORED ADR SNY	SNY	82,517,326	$4.5bn3.06%	3.06%	Reduced -1.7m	-1,671,748 -2.0%
5	SCHWAB CHARLES CORP COM SCHW	SCHW	78,462,490	$4.1bn2.80%	2.80%	Added +1.0m	+1,033,760 1.3%
6	FISERV INC COM FISV	FISV	36,250,709	$4.1bn2.79%	2.79%	Reduced -68.5k	-68,535 -0.2%
7	FEDEX CORP COM FDX	FDX	16,885,389	$3.9bn2.63%	2.63%	Reduced -446.5k	-446,506 -2.6%
8	JOHNSON CTLS INTL PLC SHS JCI	JCI	62,220,537	$3.7bn2.55%	2.55%	Reduced -393.6k	-393,578 -0.6%
9	MICROSOFT CORP COM MSFT	MSFT	12,181,618	$3.5bn2.39%	2.39%	Reduced -86.3k	-86,309 -0.7%
10	CAPITAL ONE FINL CORP COM COF	COF	35,170,355	$3.4bn2.30%	2.30%	Reduced -201.8k	-201,841 -0.6%
11	VMWARE INC CL A COM VMW	VMW	26,621,128	$3.3bn2.26%	2.26%	Reduced -682.0k	-682,023 -2.5%
12	GE AEROSPACE COM NEW GE	GE	34,581,481	$3.3bn2.25%	2.25%	Reduced -2.6m	-2,595,175 -7.0%
13	UBS GROUP AG SHS UBS	UBS	155,111,813	$3.3bn2.24%	2.24%	Reduced -4.2m	-4,203,904 -2.6%
14	RTX CORPORATION COM RTX	RTX	33,399,832	$3.3bn2.23%	2.23%	Reduced -159.4k	-159,425 -0.5%
15	METLIFE INC COM MET	MET	54,069,754	$3.1bn2.13%	2.13%	Added +486.5k	+486,544 0.9%
16	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	8,683,257	$3.1bn2.12%	2.12%	Added +211.7k	+211,744 2.5%
17	COMCAST CORP NEW CL A CMCSA	CMCSA	77,718,806	$2.9bn2.01%	2.01%	Reduced -1.9m	-1,863,457 -2.3%
18	THE CIGNA GROUP COM CI	CI	11,462,143	$2.9bn2.00%	2.00%	Reduced -86.4k	-86,414 -0.8%
19	GILEAD SCIENCES INC COM GILD	GILD	34,701,762	$2.9bn1.96%	1.96%	Reduced -1.2m	-1,183,390 -3.3%
20	BANK NEW YORK MELLON CORP COM BNY	BNY	59,834,458	$2.7bn1.85%	1.85%	Added +19.2k	+19,211 0.0%
21	GSK PLC SPONSORED ADR GSK	GSK	69,707,068	$2.5bn1.69%	1.69%	Added +4.8m	+4,774,116 7.3%
22	CISCO SYS INC COM CSCO	CSCO	41,985,724	$2.2bn1.50%	1.50%	Reduced -940.9k	-940,853 -2.2%
23	BOOKING HOLDINGS INC COM BKNG	BKNG	826,731	$2.2bn1.49%	1.49%	Reduced -5.6k	-5,563 -0.7%
24	TE CONNECTIVITY LTD SHS TEL1USD	TEL1USD	16,140,880	$2.1bn1.44%	1.44%	Reduced -106.4k	-106,405 -0.7%
25	REGENERON PHARMACEUTICALS COM REGN	REGN	2,384,701	$2.0bn1.34%	1.34%	Added +161.6k	+161,642 7.3%
26	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	22,899,386	$1.9bn1.31%	1.31%	Reduced -469.3k	-469,280 -2.0%
27	AMAZON COM INC COM AMZN	AMZN	18,360,370	$1.9bn1.29%	1.29%	Added +3.3m	+3,299,870 21.9%
28	GOLDMAN SACHS GROUP INC COM GS	GS	5,740,305	$1.9bn1.28%	1.28%	Reduced -402.8k	-402,786 -6.6%
29	NOVARTIS AG SPONSORED ADR NVS	NVS	20,312,680	$1.9bn1.27%	1.27%	Reduced -438.7k	-438,692 -2.1%
30	ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR BUD	BUD	25,302,353	$1.7bn1.15%	1.15%	Reduced -37.3k	-37,318 -0.1%
31	STATE STR CORP COM STT	STT	21,830,987	$1.7bn1.13%	1.13%	Reduced -112.8k	-112,767 -0.5%
32	UNITEDHEALTH GROUP INC COM UNH	UNH	3,489,512	$1.6bn1.12%	1.12%	Reduced -39.2k	-39,198 -1.1%
33	T-MOBILE US INC COM TMUS	TMUS	11,126,724	$1.6bn1.10%	1.10%	Reduced -463.6k	-463,610 -4.0%
34	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	16,445,242	$1.5bn1.05%	1.05%	Reduced -123.2k	-123,250 -0.7%
35	META PLATFORMS INC CL A META	META	7,245,857	$1.5bn1.05%	1.05%	Reduced -4.4m	-4,428,333 -37.9%
36	HP INC COM HPQ	HPQ	51,619,005	$1.5bn1.03%	1.03%	Reduced -832.2k	-832,220 -1.6%
37	FIDELITY NATL INFORMATION SV COM FIS	FIS	27,493,640	$1.5bn1.02%	1.02%	Added +1.3m	+1,273,025 4.9%
38	MOLSON COORS BEVERAGE CO CL B TAP	TAP	28,120,054	$1.5bn0.99%	0.99%	Added +1.0m	+1,032,150 3.8%
39	CONOCOPHILLIPS COM COP	COP	14,084,769	$1.4bn0.95%	0.95%	Reduced -454.7k	-454,713 -3.1%
40	INCYTE CORP COM INCY	INCY	19,332,310	$1.4bn0.95%	0.95%	Reduced -30.6k	-30,625 -0.2%
41	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	14,329,313	$1.4bn0.95%	0.95%	Reduced -54.4k	-54,350 -0.4%
42	SUNCOR ENERGY INC NEW COM SU	SU	44,855,854	$1.4bn0.95%	0.95%	Added +3.0m	+2,988,400 7.1%
43	FOX CORP CL A COM FOXA	FOXA	40,057,178	$1.4bn0.93%	0.93%	Reduced -10.2k	-10,187 -0.0%
44	ALPHABET INC CAP STK CL A GOOGL	GOOGL	12,841,330	$1.3bn0.91%	0.91%	Added +3.4m	+3,381,255 35.7%
45	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	15,810,644	$1.3bn0.88%	0.88%	New
46	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	12,633,812	$1.3bn0.88%	0.88%	Reduced -1.3m	-1,345,258 -9.6%
47	BANK AMERICA CORP COM BAC	BAC	43,175,036	$1.2bn0.84%	0.84%	Added +803.4k	+803,447 1.9%
48	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	20,030,272	$1.2bn0.83%	0.83%	Reduced -313.5k	-313,485 -1.5%
49	JUNIPER NETWORKS INC COM JNPR	JNPR	35,134,252	$1.2bn0.82%	0.82%	Reduced -398.0k	-398,000 -1.1%
50	HONDA MOTOR LTD ADR ECH CNV IN 3 HMC	HMC	45,265,991	$1.2bn0.82%	0.82%	Added +926.2k	+926,171 2.1%
51	WILLIAMS COS INC COM WMB	WMB	39,227,254	$1.2bn0.80%	0.80%	Reduced -130.0k	-130,011 -0.3%
52	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	16,469,182	$1.1bn0.78%	0.78%	Reduced -75.2k	-75,162 -0.5%
53	TECK RESOURCES LTD CL B TECK	TECK	27,691,040	$1.0bn0.69%	0.69%	Added +616.7k	+616,700 2.3%
54	BAKER HUGHES COMPANY CL A BKR	BKR	34,072,354	$983.3m0.67%	0.67%	Added +3.1m	+3,065,517 9.9%
55	OVINTIV INC COM OVV	OVV	27,016,020	$974.7m0.66%	0.66%	Added +5.4m	+5,361,244 24.8%
56	CVS HEALTH CORP COM CVS	CVS	12,606,849	$936.8m0.64%	0.64%	Added +6.0k	+5,962 0.1%
57	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	57,477,275	$915.6m0.62%	0.62%	Reduced -3.2m	-3,165,393 -5.2%
58	HALEON PLC SPON ADS HLN	HLN	112,055,605	$912.1m0.62%	0.62%	Added +15.5m	+15,545,632 16.1%
59	NUTRIEN LTD COM NTR	NTR	11,533,359	$851.7m0.58%	0.58%	Added +789.3k	+789,300 7.3%
60	DOMINION ENERGY INC COM D	D	14,825,633	$828.9m0.56%	0.56%	New
61	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	84,774,075	$796.9m0.54%	0.54%	Reduced -1.0k	-1,000 0.0%
62	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	3,894,535	$780.2m0.53%	0.53%	Reduced -696.2k	-696,247 -15.2%
63	NETEASE INC SPONSORED ADS NTES	NTES	8,752,269	$774.1m0.53%	0.53%	Reduced -44.2k	-44,189 -0.5%
64	CELANESE CORP DEL COM CE	CE	7,077,852	$770.7m0.53%	0.53%	Reduced -31.7k	-31,672 -0.5%
65	DELL TECHNOLOGIES INC CL C DELL	DELL	18,472,951	$742.8m0.51%	0.51%	Reduced -745.0k	-745,008 -3.9%
66	COHERENT CORP COM COHR	COHR	19,342,695	$736.6m0.50%	0.50%	Added +286.2k	+286,246 1.5%
67	CREDICORP LTD COM BAP	BAP	5,540,562	$733.5m0.50%	0.50%	Added +435.9k	+435,900 8.5%
68	TRUIST FINL CORP COM TFC	TFC	20,410,797	$696.0m0.47%	0.47%	Added +1.6m	+1,614,219 8.6%
69	CARRIER GLOBAL CORPORATION COM CARR	CARR	14,893,181	$681.4m0.46%	0.46%	Reduced -1.5m	-1,490,975 -9.1%
70	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	4,921,750	$635.9m0.43%	0.43%	Reduced -25.7k	-25,700 -0.5%
71	JD.COM INC SPON ADS CL A JD	JD	14,221,949	$624.2m0.43%	0.43%	Added +188.1k	+188,100 1.3%
72	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	14,319,379	$587.1m0.40%	0.40%	Reduced -79.3k	-79,259 -0.6%
73	MEDTRONIC PLC SHS MDT	MDT	7,183,890	$579.2m0.39%	0.39%	Added +3.1m	+3,088,831 75.4%
74	AEGON N V NY REGISTRY SHS NY REGISTRY SHS		125,808,795	$541.0m0.37%	0.37%	Reduced -302.6k	-302,600 -0.2%
75	LINDE PLC SHS LIN	LIN	1,355,190	$481.7m0.33%	0.33%	New
76	BAIDU INC SPON ADR REP A BIDU	BIDU	3,148,215	$475.1m0.32%	0.32%	Reduced -3.2m	-3,189,440 -50.3%
77	OTIS WORLDWIDE CORP COM OTIS	OTIS	5,209,672	$439.7m0.30%	0.30%	Reduced -13.6k	-13,550 -0.3%
78	XP INC CL A XP	XP	35,799,725	$424.9m0.29%	0.29%	Added +6.0m	+6,030,094 20.3%
79	TC ENERGY CORP COM TRP	TRP	10,320,000	$401.6m0.27%	0.27%	Added +24.0k	+24,000 0.2%
80	BRIGHTHOUSE FINL INC COM BHF	BHF	8,989,968	$396.5m0.27%	0.27%	Reduced -105.7k	-105,715 -1.2%
81	GAP INC COM GAP	GAP	37,722,126	$378.7m0.26%	0.26%	Reduced -258.3k	-258,300 -0.7%
82	DISH NETWORK CORPORATION CL A DISH	DISH	39,326,466	$366.9m0.25%	0.25%	Added +33.6k	+33,600 0.1%
83	FOX CORP CL B COM FOX	FOX	11,669,678	$365.4m0.25%	0.25%	Reduced -117.7k	-117,716 -1.0%
84	GRUPO TELEVISA S A B SPON ADR REP ORD TV	TV	65,012,920	$343.9m0.23%	0.23%	Added +164.0k	+164,000 0.2%
85	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	6,231,679	$324.4m0.22%	0.22%	Reduced -84.0k	-84,032 -1.3%
86	NEWS CORP NEW CL A NWSA	NWSA	10,677,309	$184.4m0.13%	0.13%	Reduced -73.3k	-73,264 -0.7%
87	LIBERTY GLOBAL PLC SHS CL C LBTYK	LBTYK	8,961,768	$182.6m0.12%	0.12%	Unchanged
88	JACKSON FINANCIAL INC COM CL A JXN	JXN	4,186,406	$156.6m0.11%	0.11%	Added +104.9k	+104,900 2.6%
89	LINCOLN NATL CORP IND COM LNC	LNC	4,357,141	$97.9m0.07%	0.07%	Added +46.4k	+46,379 1.1%
90	LIBERTY GLOBAL PLC SHS CL A LBTYA	LBTYA	4,875,669	$95.1m0.06%	0.06%	Unchanged
91	FRESENIUS MEDICAL CARE AG SPONSORED ADR FMS	FMS	4,223,110	$89.8m0.06%	0.06%	Added +718.9k	+718,910 20.5%
92	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	18,325,705	$89.2m0.06%	0.06%	Added +3.0m	+3,049,600 20.0%
93	AMERICAN EXPRESS CO COM AXP	AXP	515,146	$85.0m0.06%	0.06%	Reduced -3.8m	-3,752,665 -87.9%
94	CADENCE DESIGN SYSTEM INC COM CDNS	CDNS	295,339	$62.0m0.04%	0.04%	Reduced -2.0k	-2,038 -0.7%
95	UNION PAC CORP COM UNP	UNP	272,040	$54.8m0.04%	0.04%	Reduced -3.4k	-3,410 -1.2%
96	SCHLUMBERGER LTD COM STK SLB	SLB	986,423	$48.4m0.03%	0.03%	Reduced -3.0m	-2,985,780 -75.2%
97	JPMORGAN CHASE & CO COM JPM	JPM	362,800	$47.3m0.03%	0.03%	Reduced -51.2k	-51,200 -12.4%
98	ICICI BANK LIMITED ADR IBN	IBN	2,081,100	$44.9m0.03%	0.03%	Added +97.7k	+97,700 4.9%
99	DISNEY WALT CO COM DIS	DIS	376,014	$37.7m0.03%	0.03%	Reduced -19.7k	-19,742 -5.0%
100	NVIDIA CORPORATION COM NVDA	NVDA	118,804	$33.0m0.02%	0.02%	New

Sold out since Q4 2022

Security	Ticker	Shares held before	Value then
LINDE PLC 99952EUR	99952EUR	1,355,190	$443.1m1.4m shares
MICRO FOCUS INTL PLC MFGP	MFGP	33,422,617	$210.9m33.4m shares
CHUBB LIMITED CB	CB	1,407	$310.4k1.4k 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