Dodge & Cox

San Francisco, CA · CIK 200217 · 13F filing filed 2023-08-14

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)

$149.9bn reported value +2.1% vs Q1 2023

191positions

29.6%in top 10

1 new 33 added 111 reduced 13 sold out vs Q1 2023

Holdings, Q2 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	91,303,640	$5.4bn3.58%	3.58%	Reduced -852.4k	-852,429 -0.9%
2	WELLS FARGO CO NEW COM WFC	WFC	120,142,705	$5.1bn3.42%	3.42%	Reduced -242.5k	-242,548 -0.2%
3	ALPHABET INC CAP STK CL C GOOG	GOOG	40,245,550	$4.9bn3.25%	3.25%	Reduced -3.2m	-3,243,369 -7.5%
4	FISERV INC COM FISV	FISV	35,658,931	$4.5bn3.00%	3.00%	Reduced -591.8k	-591,778 -1.6%
5	SCHWAB CHARLES CORP COM SCHW	SCHW	78,399,479	$4.4bn2.97%	2.97%	Reduced -63.0k	-63,011 -0.1%
6	SANOFI SPONSORED ADR SNY	SNY	80,500,374	$4.3bn2.90%	2.90%	Reduced -2.0m	-2,016,952 -2.4%
7	JOHNSON CTLS INTL PLC SHS JCI	JCI	61,398,554	$4.2bn2.79%	2.79%	Reduced -822.0k	-821,983 -1.3%
8	MICROSOFT CORP COM MSFT	MSFT	11,654,236	$4.0bn2.65%	2.65%	Reduced -527.4k	-527,382 -4.3%
9	CAPITAL ONE FINL CORP COM COF	COF	34,714,415	$3.8bn2.53%	2.53%	Reduced -455.9k	-455,940 -1.3%
10	VMWARE INC CL A COM VMW	VMW	26,066,650	$3.7bn2.50%	2.50%	Reduced -554.5k	-554,478 -2.1%
11	FEDEX CORP COM FDX	FDX	14,854,234	$3.7bn2.46%	2.46%	Reduced -2.0m	-2,031,155 -12.0%
12	THE CIGNA GROUP COM CI	CI	12,025,406	$3.4bn2.25%	2.25%	Added +563.3k	+563,263 4.9%
13	RTX CORPORATION COM RTX	RTX	32,673,190	$3.2bn2.14%	2.14%	Reduced -726.6k	-726,642 -2.2%
14	COMCAST CORP NEW CL A CMCSA	CMCSA	76,732,795	$3.2bn2.13%	2.13%	Reduced -986.0k	-986,011 -1.3%
15	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	8,567,301	$3.1bn2.10%	2.10%	Reduced -116.0k	-115,956 -1.3%
16	UBS GROUP AG SHS UBS	UBS	155,338,692	$3.1bn2.10%	2.10%	Added +226.9k	+226,879 0.1%
17	METLIFE INC COM MET	MET	54,153,699	$3.1bn2.04%	2.04%	Added +83.9k	+83,945 0.2%
18	GE AEROSPACE COM NEW GE	GE	24,391,081	$2.7bn1.79%	1.79%	Reduced -10.2m	-10,190,400 -29.5%
19	BANK NEW YORK MELLON CORP COM BNY	BNY	59,335,368	$2.6bn1.76%	1.76%	Reduced -499.1k	-499,090 -0.8%
20	GILEAD SCIENCES INC COM GILD	GILD	33,979,757	$2.6bn1.75%	1.75%	Reduced -722.0k	-722,005 -2.1%
21	GSK PLC SPONSORED ADR GSK	GSK	69,611,268	$2.5bn1.66%	1.66%	Reduced -95.8k	-95,800 -0.1%
22	AMAZON COM INC COM AMZN	AMZN	18,277,315	$2.4bn1.59%	1.59%	Reduced -83.1k	-83,055 -0.5%
23	TE CONNECTIVITY LTD SHS TEL1USD	TEL1USD	15,973,199	$2.2bn1.49%	1.49%	Reduced -167.7k	-167,681 -1.0%
24	BOOKING HOLDINGS INC COM BKNG	BKNG	806,779	$2.2bn1.45%	1.45%	Reduced -20.0k	-19,952 -2.4%
25	CISCO SYS INC COM CSCO	CSCO	40,085,024	$2.1bn1.38%	1.38%	Reduced -1.9m	-1,900,700 -4.5%
26	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	21,755,868	$1.9bn1.30%	1.30%	Reduced -1.1m	-1,143,518 -5.0%
27	GOLDMAN SACHS GROUP INC COM GS	GS	5,602,485	$1.8bn1.21%	1.21%	Reduced -137.8k	-137,820 -2.4%
28	REGENERON PHARMACEUTICALS COM REGN	REGN	2,394,355	$1.7bn1.15%	1.15%	Added +9.7k	+9,654 0.4%
29	UNITEDHEALTH GROUP INC COM UNH	UNH	3,446,770	$1.7bn1.11%	1.11%	Reduced -42.7k	-42,742 -1.2%
30	NOVARTIS AG SPONSORED ADR NVS	NVS	16,407,113	$1.7bn1.10%	1.10%	Reduced -3.9m	-3,905,567 -19.2%
31	T-MOBILE US INC COM TMUS	TMUS	11,506,948	$1.6bn1.07%	1.07%	Added +380.2k	+380,224 3.4%
32	STATE STR CORP COM STT	STT	21,725,474	$1.6bn1.06%	1.06%	Reduced -105.5k	-105,513 -0.5%
33	FIDELITY NATL INFORMATION SV COM FIS	FIS	27,772,475	$1.5bn1.01%	1.01%	Added +278.8k	+278,835 1.0%
34	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	16,376,292	$1.5bn1.00%	1.00%	Reduced -69.0k	-68,950 -0.4%
35	ALPHABET INC CAP STK CL A GOOGL	GOOGL	12,473,910	$1.5bn1.00%	1.00%	Reduced -367.4k	-367,420 -2.9%
36	ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR BUD	BUD	25,285,728	$1.4bn0.96%	0.96%	Reduced -16.6k	-16,625 -0.1%
37	CONOCOPHILLIPS COM COP	COP	13,669,601	$1.4bn0.95%	0.95%	Reduced -415.2k	-415,168 -3.0%
38	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	17,305,424	$1.4bn0.94%	0.94%	Added +1.5m	+1,494,780 9.4%
39	BAKER HUGHES COMPANY CL A BKR	BKR	43,880,654	$1.4bn0.93%	0.93%	Added +9.8m	+9,808,300 28.8%
40	HONDA MOTOR LTD ADR ECH CNV IN 3 HMC	HMC	44,228,775	$1.3bn0.89%	0.89%	Reduced -1.0m	-1,037,216 -2.3%
41	SUNCOR ENERGY INC NEW COM SU	SU	45,030,054	$1.3bn0.88%	0.88%	Added +174.2k	+174,200 0.4%
42	FOX CORP CL A COM FOXA	FOXA	38,699,261	$1.3bn0.88%	0.88%	Reduced -1.4m	-1,357,917 -3.4%
43	META PLATFORMS INC CL A META	META	4,577,494	$1.3bn0.88%	0.88%	Reduced -2.7m	-2,668,363 -36.8%
44	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	19,640,747	$1.3bn0.86%	0.86%	Reduced -389.5k	-389,525 -1.9%
45	WILLIAMS COS INC COM WMB	WMB	39,014,106	$1.3bn0.85%	0.85%	Reduced -213.1k	-213,148 -0.5%
46	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	14,290,303	$1.2bn0.83%	0.83%	Reduced -39.0k	-39,010 -0.3%
47	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	14,598,170	$1.2bn0.81%	0.81%	Added +2.0m	+1,964,358 15.6%
48	HP INC COM HPQ	HPQ	39,509,098	$1.2bn0.81%	0.81%	Reduced -12.1m	-12,109,907 -23.5%
49	BANK AMERICA CORP COM BAC	BAC	42,225,480	$1.2bn0.81%	0.81%	Reduced -949.6k	-949,556 -2.2%
50	INCYTE CORP COM INCY	INCY	19,277,960	$1.2bn0.80%	0.80%	Reduced -54.4k	-54,350 -0.3%
51	MOLSON COORS BEVERAGE CO CL B TAP	TAP	18,153,474	$1.2bn0.80%	0.80%	Reduced -10.0m	-9,966,580 -35.4%
52	OVINTIV INC COM OVV	OVV	29,360,276	$1.1bn0.75%	0.75%	Added +2.3m	+2,344,256 8.7%
53	CVS HEALTH CORP COM CVS	CVS	16,024,422	$1.1bn0.74%	0.74%	Added +3.4m	+3,417,573 27.1%
54	JUNIPER NETWORKS INC COM JNPR	JNPR	34,983,530	$1.1bn0.73%	0.73%	Reduced -150.7k	-150,722 -0.4%
55	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	16,404,346	$1.0bn0.70%	0.70%	Reduced -64.8k	-64,836 -0.4%
56	COHERENT CORP COM COHR	COHR	19,921,620	$1.0bn0.68%	0.68%	Added +578.9k	+578,925 3.0%
57	NORFOLK SOUTHN CORP COM NSC	NSC	4,306,139	$976.5m0.65%	0.65%	Added +4.3m	+4,302,589 121199.7%
58	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	55,283,423	$928.8m0.62%	0.62%	Reduced -2.2m	-2,193,852 -3.8%
59	HALEON PLC SPON ADS HLN	HLN	110,626,894	$927.1m0.62%	0.62%	Reduced -1.4m	-1,428,711 -1.3%
60	TRUIST FINL CORP COM TFC	TFC	30,391,734	$922.4m0.62%	0.62%	Added +10.0m	+9,980,937 48.9%
61	DELL TECHNOLOGIES INC CL C DELL	DELL	16,563,958	$896.3m0.60%	0.60%	Reduced -1.9m	-1,908,993 -10.3%
62	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	84,621,350	$851.3m0.57%	0.57%	Reduced -152.7k	-152,725 -0.2%
63	TECK RESOURCES LTD CL B TECK	TECK	19,765,040	$832.1m0.56%	0.56%	Reduced -7.9m	-7,926,000 -28.6%
64	CELANESE CORP DEL COM CE	CE	7,017,687	$812.6m0.54%	0.54%	Reduced -60.2k	-60,165 -0.8%
65	XP INC CL A XP	XP	34,406,121	$807.2m0.54%	0.54%	Reduced -1.4m	-1,393,604 -3.9%
66	DOMINION ENERGY INC COM D	D	15,429,108	$799.1m0.53%	0.53%	Added +603.5k	+603,475 4.1%
67	CREDICORP LTD COM BAP	BAP	5,400,431	$797.3m0.53%	0.53%	Reduced -140.1k	-140,131 -2.5%
68	CARRIER GLOBAL CORPORATION COM CARR	CARR	14,663,181	$728.9m0.49%	0.49%	Reduced -230.0k	-230,000 -1.5%
69	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	3,789,525	$719.8m0.48%	0.48%	Reduced -105.0k	-105,010 -2.7%
70	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	4,864,500	$708.3m0.47%	0.47%	Reduced -57.2k	-57,250 -1.2%
71	NUTRIEN LTD COM NTR	NTR	11,572,059	$683.3m0.46%	0.46%	Added +38.7k	+38,700 0.3%
72	AEGON N V NY REGISTRY SHS NY REGISTRY SHS		126,016,146	$638.9m0.43%	0.43%	Added +207.4k	+207,351 0.2%
73	MEDTRONIC PLC SHS MDT	MDT	7,031,090	$619.4m0.41%	0.41%	Reduced -152.8k	-152,800 -2.1%
74	JD.COM INC SPON ADS CL A JD	JD	16,237,049	$554.2m0.37%	0.37%	Added +2.0m	+2,015,100 14.2%
75	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	14,298,818	$533.6m0.36%	0.36%	Reduced -20.6k	-20,561 -0.1%
76	LINDE PLC SHS LIN	LIN	1,355,190	$516.4m0.34%	0.34%	Unchanged
77	NETEASE INC SPONSORED ADS NTES	NTES	5,077,959	$491.0m0.33%	0.33%	Reduced -3.7m	-3,674,310 -42.0%
78	TC ENERGY CORP COM TRP	TRP	12,122,400	$489.9m0.33%	0.33%	Added +1.8m	+1,802,400 17.5%
79	OTIS WORLDWIDE CORP COM OTIS	OTIS	5,173,022	$460.5m0.31%	0.31%	Reduced -36.6k	-36,650 -0.7%
80	BAIDU INC SPON ADR REP A BIDU	BIDU	3,187,515	$436.4m0.29%	0.29%	Added +39.3k	+39,300 1.2%
81	BRIGHTHOUSE FINL INC COM BHF	BHF	8,974,499	$424.9m0.28%	0.28%	Reduced -15.5k	-15,469 -0.2%
82	FOX CORP CL B COM FOX	FOX	11,737,345	$374.3m0.25%	0.25%	Added +67.7k	+67,667 0.6%
83	GAP INC COM GAP	GAP	37,478,228	$334.7m0.22%	0.22%	Reduced -243.9k	-243,898 -0.7%
84	GRUPO TELEVISA S A B SPON ADR REP ORD TV	TV	65,012,920	$333.5m0.22%	0.22%	Unchanged
85	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	6,147,119	$297.9m0.20%	0.20%	Reduced -84.6k	-84,560 -1.4%
86	DISH NETWORK CORPORATION CL A DISH	DISH	39,290,566	$258.9m0.17%	0.17%	Reduced -35.9k	-35,900 -0.1%
87	NEWS CORP NEW CL A NWSA	NWSA	10,608,794	$206.9m0.14%	0.14%	Reduced -68.5k	-68,515 -0.6%
88	LIBERTY GLOBAL PLC SHS CL C LBTYK	LBTYK	8,961,768	$159.3m0.11%	0.11%	Unchanged
89	JACKSON FINANCIAL INC COM CL A JXN	JXN	4,176,706	$127.8m0.09%	0.09%	Reduced -9.7k	-9,700 -0.2%
90	LINCOLN NATL CORP IND COM LNC	LNC	4,335,211	$111.7m0.07%	0.07%	Reduced -21.9k	-21,930 -0.5%
91	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	18,506,905	$109.2m0.07%	0.07%	Added +181.2k	+181,200 1.0%
92	FRESENIUS MEDICAL CARE AG SPONSORED ADR FMS	FMS	4,223,110	$101.1m0.07%	0.07%	Unchanged
93	LIBERTY GLOBAL PLC SHS CL A LBTYA	LBTYA	4,875,669	$82.2m0.05%	0.05%	Unchanged
94	AMERICAN EXPRESS CO COM AXP	AXP	468,948	$81.7m0.05%	0.05%	Reduced -46.2k	-46,198 -9.0%
95	CADENCE DESIGN SYSTEM INC COM CDNS	CDNS	286,160	$67.1m0.04%	0.04%	Reduced -9.2k	-9,179 -3.1%
96	UNION PAC CORP COM UNP	UNP	268,590	$55.0m0.04%	0.04%	Reduced -3.5k	-3,450 -1.3%
97	JPMORGAN CHASE & CO COM JPM	JPM	346,385	$50.4m0.03%	0.03%	Reduced -16.4k	-16,415 -4.5%
98	ICICI BANK LIMITED ADR IBN	IBN	1,997,600	$46.1m0.03%	0.03%	Reduced -83.5k	-83,500 -4.0%
99	SCHLUMBERGER LTD COM STK SLB	SLB	921,397	$45.3m0.03%	0.03%	Reduced -65.0k	-65,026 -6.6%
100	DISNEY WALT CO COM DIS	DIS	364,763	$32.6m0.02%	0.02%	Reduced -11.3k	-11,251 -3.0%

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
NVIDIA CORPORATION NVDA	NVDA	118,804	$33.0m118.8k shares
SNOWFLAKE INC SNOW	SNOW	169,760	$26.2m169.8k shares
C3 AI INC AI	AI	180,000	$6.0m180.0k shares
HORIZON THERAPEUTICS PUB L HZNP	HZNP	22,463	$2.5m22.5k shares
PURE STORAGE INC P	P	50,000	$1.3m50.0k shares
SMARTSHEET INC SMAR	SMAR	15,024	$718.1k15.0k shares
NATIONAL ENERGY SERVICES REU NESR	NESR	120,701	$634.9k120.7k shares
YEXT INC YEXT	YEXT	61,840	$594.3k61.8k shares
CORCEPT THERAPEUTICS INC CORT	CORT	21,528	$466.3k21.5k shares
NETAPP INC NTAP	NTAP	6,300	$402.3k6.3k shares
GRAINGER W W INC GWW	GWW	500	$344.4k500 shares
UNITED PARCEL SERVICE INC UPS	UPS	1,500	$291.0k1.5k shares
NIKE INC NKE	NKE	1,700	$208.5k1.7k 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