Dodge & Cox

San Francisco, CA · CIK 200217 · 13F filing filed 2023-11-14

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)

$148.4bn reported value -1.0% vs Q2 2023

192positions

28.9%in top 10

4 new 24 added 116 reduced 3 sold out vs Q2 2023

Holdings, Q3 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	90,449,303	$5.9bn3.95%	3.95%	Reduced -854.3k	-854,337 -0.9%
2	WELLS FARGO CO NEW COM WFC	WFC	118,133,045	$4.8bn3.25%	3.25%	Reduced -2.0m	-2,009,660 -1.7%
3	ALPHABET INC CAP STK CL C GOOG	GOOG	35,363,825	$4.7bn3.14%	3.14%	Reduced -4.9m	-4,881,725 -12.1%
4	SCHWAB CHARLES CORP COM SCHW	SCHW	78,239,519	$4.3bn2.89%	2.89%	Reduced -160.0k	-159,960 -0.2%
5	SANOFI SPONSORED ADR SNY	SNY	78,508,472	$4.2bn2.84%	2.84%	Reduced -2.0m	-1,991,902 -2.5%
6	FISERV INC COM FISV	FISV	35,048,470	$4.0bn2.67%	2.67%	Reduced -610.5k	-610,461 -1.7%
7	THE CIGNA GROUP COM CI	CI	13,428,482	$3.8bn2.59%	2.59%	Added +1.4m	+1,403,076 11.7%
8	FEDEX CORP COM FDX	FDX	14,471,134	$3.8bn2.58%	2.58%	Reduced -383.1k	-383,100 -2.6%
9	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	8,465,977	$3.7bn2.51%	2.51%	Reduced -101.3k	-101,324 -1.2%
10	MICROSOFT CORP COM MSFT	MSFT	11,412,800	$3.6bn2.43%	2.43%	Reduced -241.4k	-241,436 -2.1%
11	JOHNSON CTLS INTL PLC SHS JCI	JCI	63,696,272	$3.4bn2.28%	2.28%	Added +2.3m	+2,297,718 3.7%
12	UBS GROUP AG SHS UBS	UBS	136,903,417	$3.4bn2.28%	2.28%	Reduced -18.4m	-18,435,275 -11.9%
13	METLIFE INC COM MET	MET	53,680,016	$3.4bn2.28%	2.28%	Reduced -473.7k	-473,683 -0.9%
14	COMCAST CORP NEW CL A CMCSA	CMCSA	75,781,793	$3.4bn2.26%	2.26%	Reduced -951.0k	-951,002 -1.2%
15	VMWARE INC CL A COM VMW	VMW	19,732,814	$3.3bn2.21%	2.21%	Reduced -6.3m	-6,333,836 -24.3%
16	CAPITAL ONE FINL CORP COM COF	COF	28,402,804	$2.8bn1.86%	1.86%	Reduced -6.3m	-6,311,611 -18.2%
17	BANK NEW YORK MELLON CORP COM BNY	BNY	59,030,158	$2.5bn1.70%	1.70%	Reduced -305.2k	-305,210 -0.5%
18	GILEAD SCIENCES INC COM GILD	GILD	33,533,738	$2.5bn1.69%	1.69%	Reduced -446.0k	-446,019 -1.3%
19	GSK PLC SPONSORED ADR GSK	GSK	69,281,183	$2.5bn1.69%	1.69%	Reduced -330.1k	-330,085 -0.5%
20	BOOKING HOLDINGS INC COM BKNG	BKNG	799,155	$2.5bn1.66%	1.66%	Reduced -7.6k	-7,624 -0.9%
21	GE AEROSPACE COM NEW GE	GE	22,283,581	$2.5bn1.66%	1.66%	Reduced -2.1m	-2,107,500 -8.6%
22	RTX CORPORATION COM RTX	RTX	32,529,540	$2.3bn1.58%	1.58%	Reduced -143.7k	-143,650 -0.4%
23	AMAZON COM INC COM AMZN	AMZN	18,025,075	$2.3bn1.54%	1.54%	Reduced -252.2k	-252,240 -1.4%
24	FIDELITY NATL INFORMATION SV COM FIS	FIS	36,661,950	$2.0bn1.37%	1.37%	Added +8.9m	+8,889,475 32.0%
25	TE CONNECTIVITY LTD SHS TEL1USD	TEL1USD	15,858,194	$2.0bn1.32%	1.32%	Reduced -115.0k	-115,005 -0.7%
26	REGENERON PHARMACEUTICALS COM REGN	REGN	2,372,998	$2.0bn1.32%	1.32%	Reduced -21.4k	-21,357 -0.9%
27	CVS HEALTH CORP COM CVS	CVS	26,722,982	$1.9bn1.26%	1.26%	Added +10.7m	+10,698,560 66.8%
28	BANK AMERICA CORP COM BAC	BAC	66,637,135	$1.8bn1.23%	1.23%	Added +24.4m	+24,411,655 57.8%
29	GOLDMAN SACHS GROUP INC COM GS	GS	5,541,257	$1.8bn1.21%	1.21%	Reduced -61.2k	-61,228 -1.1%
30	ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR BUD	BUD	31,844,538	$1.8bn1.19%	1.19%	Added +6.6m	+6,558,810 25.9%
31	UNITEDHEALTH GROUP INC COM UNH	UNH	3,447,190	$1.7bn1.17%	1.17%	Added +420	+420 0.0%
32	NOVARTIS AG SPONSORED ADR NVS	NVS	16,264,221	$1.7bn1.12%	1.12%	Reduced -142.9k	-142,892 -0.9%
33	ALPHABET INC CAP STK CL A GOOGL	GOOGL	12,428,035	$1.6bn1.10%	1.10%	Reduced -45.9k	-45,875 -0.4%
34	CONOCOPHILLIPS COM COP	COP	13,430,859	$1.6bn1.08%	1.08%	Reduced -238.7k	-238,742 -1.8%
35	T-MOBILE US INC COM TMUS	TMUS	11,364,708	$1.6bn1.07%	1.07%	Reduced -142.2k	-142,240 -1.2%
36	CISCO SYS INC COM CSCO	CSCO	28,779,116	$1.5bn1.04%	1.04%	Reduced -11.3m	-11,305,908 -28.2%
37	SUNCOR ENERGY INC NEW COM SU	SU	44,879,454	$1.5bn1.04%	1.04%	Reduced -150.6k	-150,600 -0.3%
38	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	16,219,492	$1.5bn1.04%	1.04%	Reduced -156.8k	-156,800 -1.0%
39	TRUIST FINL CORP COM TFC	TFC	53,051,950	$1.5bn1.02%	1.02%	Added +22.7m	+22,660,216 74.6%
40	BAKER HUGHES COMPANY CL A BKR	BKR	42,635,774	$1.5bn1.01%	1.01%	Reduced -1.2m	-1,244,880 -2.8%
41	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	16,091,470	$1.4bn0.94%	0.94%	Added +1.5m	+1,493,300 10.2%
42	HONDA MOTOR LTD ADR ECH CNV IN 3 HMC	HMC	41,324,800	$1.4bn0.94%	0.94%	Reduced -2.9m	-2,903,975 -6.6%
43	STATE STR CORP COM STT	STT	20,641,269	$1.4bn0.93%	0.93%	Reduced -1.1m	-1,084,205 -5.0%
44	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	17,303,884	$1.4bn0.91%	0.91%	Reduced -4.5m	-4,451,984 -20.5%
45	OVINTIV INC COM OVV	OVV	28,307,076	$1.3bn0.91%	0.91%	Reduced -1.1m	-1,053,200 -3.6%
46	META PLATFORMS INC CL A META	META	4,426,613	$1.3bn0.90%	0.90%	Reduced -150.9k	-150,881 -3.3%
47	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	19,466,697	$1.3bn0.89%	0.89%	Reduced -174.1k	-174,050 -0.9%
48	WILLIAMS COS INC COM WMB	WMB	38,343,057	$1.3bn0.87%	0.87%	Reduced -671.0k	-671,049 -1.7%
49	NORFOLK SOUTHN CORP COM NSC	NSC	6,422,714	$1.3bn0.85%	0.85%	Added +2.1m	+2,116,575 49.1%
50	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	14,153,503	$1.3bn0.84%	0.84%	Reduced -136.8k	-136,800 -1.0%
51	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	17,132,992	$1.2bn0.79%	0.79%	Reduced -172.4k	-172,432 -1.0%
52	JUNIPER NETWORKS INC COM JNPR	JNPR	34,712,980	$964.7m0.65%	0.65%	Reduced -270.6k	-270,550 -0.8%
53	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	54,750,973	$951.0m0.64%	0.64%	Reduced -532.5k	-532,450 -1.0%
54	INCYTE CORP COM INCY	INCY	16,416,111	$948.4m0.64%	0.64%	Reduced -2.9m	-2,861,849 -14.8%
55	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	84,203,300	$946.4m0.64%	0.64%	Reduced -418.1k	-418,050 -0.5%
56	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	16,233,108	$942.2m0.63%	0.63%	Reduced -171.2k	-171,238 -1.0%
57	FOX CORP CL A COM FOXA	FOXA	30,041,880	$937.3m0.63%	0.63%	Reduced -8.7m	-8,657,381 -22.4%
58	MOLSON COORS BEVERAGE CO CL B TAP	TAP	14,688,664	$934.1m0.63%	0.63%	Reduced -3.5m	-3,464,810 -19.1%
59	HP INC COM HPQ	HPQ	35,784,082	$919.7m0.62%	0.62%	Reduced -3.7m	-3,725,016 -9.4%
60	HALEON PLC SPON ADS HLN	HLN	109,397,859	$911.3m0.61%	0.61%	Reduced -1.2m	-1,229,035 -1.1%
61	CELANESE CORP DEL COM CE	CE	6,955,237	$873.0m0.59%	0.59%	Reduced -62.5k	-62,450 -0.9%
62	CARRIER GLOBAL CORPORATION COM CARR	CARR	14,505,956	$800.7m0.54%	0.54%	Reduced -157.2k	-157,225 -1.1%
63	TECK RESOURCES LTD CL B TECK	TECK	18,511,240	$797.6m0.54%	0.54%	Reduced -1.3m	-1,253,800 -6.3%
64	DELL TECHNOLOGIES INC CL C DELL	DELL	10,974,166	$756.1m0.51%	0.51%	Reduced -5.6m	-5,589,792 -33.8%
65	DOMINION ENERGY INC COM D	D	16,328,283	$729.4m0.49%	0.49%	Added +899.2k	+899,175 5.8%
66	NUTRIEN LTD COM NTR	NTR	11,550,359	$713.4m0.48%	0.48%	Reduced -21.7k	-21,700 -0.2%
67	XP INC CL A XP	XP	30,280,445	$698.0m0.47%	0.47%	Reduced -4.1m	-4,125,676 -12.0%
68	CREDICORP LTD COM BAP	BAP	5,425,162	$694.3m0.47%	0.47%	Added +24.7k	+24,731 0.5%
69	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	3,747,155	$663.6m0.45%	0.45%	Reduced -42.4k	-42,370 -1.1%
70	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	14,295,756	$618.3m0.42%	0.42%	Reduced -3.1k	-3,062 -0.0%
71	COHERENT CORP COM COHR	COHR	18,727,789	$611.3m0.41%	0.41%	Reduced -1.2m	-1,193,831 -6.0%
72	AEGON N V NY REGISTRY SHS NY REGISTRY SHS		125,535,817	$602.6m0.41%	0.41%	Reduced -480.3k	-480,329 -0.4%
73	V F CORP COM VFC	VFC	32,115,750	$567.5m0.38%	0.38%	New
74	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	4,826,725	$541.7m0.37%	0.37%	Reduced -37.8k	-37,775 -0.8%
75	MEDTRONIC PLC SHS MDT	MDT	6,864,405	$537.9m0.36%	0.36%	Reduced -166.7k	-166,685 -2.4%
76	JD.COM INC SPON ADS CL A JD	JD	18,461,649	$537.8m0.36%	0.36%	Added +2.2m	+2,224,600 13.7%
77	LINDE PLC SHS LIN	LIN	1,355,190	$504.6m0.34%	0.34%	Unchanged
78	BRIGHTHOUSE FINL INC COM BHF	BHF	8,816,161	$431.5m0.29%	0.29%	Reduced -158.3k	-158,338 -1.8%
79	BAIDU INC SPON ADR REP A BIDU	BIDU	3,187,015	$428.2m0.29%	0.29%	Reduced -500	-500 -0.0%
80	TC ENERGY CORP COM TRP	TRP	12,122,400	$417.1m0.28%	0.28%	Unchanged
81	OTIS WORLDWIDE CORP COM OTIS	OTIS	5,104,597	$410.0m0.28%	0.28%	Reduced -68.4k	-68,425 -1.3%
82	GAP INC COM GAP	GAP	37,338,378	$396.9m0.27%	0.27%	Reduced -139.8k	-139,850 -0.4%
83	BAXTER INTL INC COM BAX	BAX	9,848,441	$371.7m0.25%	0.25%	New
84	FOX CORP CL B COM FOX	FOX	11,426,920	$330.0m0.22%	0.22%	Reduced -310.4k	-310,425 -2.6%
85	AVANTOR INC COM AVTR	AVTR	13,291,904	$280.2m0.19%	0.19%	New
86	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	6,100,441	$277.9m0.19%	0.19%	Reduced -46.7k	-46,678 -0.8%
87	NETEASE INC SPONSORED ADS NTES	NTES	2,749,526	$275.4m0.19%	0.19%	Reduced -2.3m	-2,328,433 -45.9%
88	DISH NETWORK CORPORATION CL A DISH	DISH	39,170,366	$229.5m0.15%	0.15%	Reduced -120.2k	-120,200 -0.3%
89	NEWS CORP NEW CL A NWSA	NWSA	10,559,744	$211.8m0.14%	0.14%	Reduced -49.0k	-49,050 -0.5%
90	GRUPO TELEVISA S A B SPON ADR REP ORD TV	TV	65,012,920	$198.3m0.13%	0.13%	Unchanged
91	LIBERTY GLOBAL PLC SHS CL C LBTYK	LBTYK	8,961,768	$166.3m0.11%	0.11%	Unchanged
92	JACKSON FINANCIAL INC COM CL A JXN	JXN	4,174,306	$159.5m0.11%	0.11%	Reduced -2.4k	-2,400 -0.1%
93	LINCOLN NATL CORP IND COM LNC	LNC	4,276,511	$105.6m0.07%	0.07%	Reduced -58.7k	-58,700 -1.4%
94	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	18,228,205	$97.9m0.07%	0.07%	Reduced -278.7k	-278,700 -1.5%
95	FRESENIUS MEDICAL CARE AG SPONSORED ADR FMS	FMS	4,223,110	$91.0m0.06%	0.06%	Unchanged
96	LIBERTY GLOBAL PLC SHS CL A LBTYA	LBTYA	4,855,669	$83.1m0.06%	0.06%	Reduced -20.0k	-20,000 -0.4%
97	CADENCE DESIGN SYSTEM INC COM CDNS	CDNS	282,565	$66.2m0.04%	0.04%	Reduced -3.6k	-3,595 -1.3%
98	AMERICAN EXPRESS CO COM AXP	AXP	443,674	$66.2m0.04%	0.04%	Reduced -25.3k	-25,274 -5.4%
99	UNION PAC CORP COM UNP	UNP	266,114	$54.2m0.04%	0.04%	Reduced -2.5k	-2,476 -0.9%
100	SCHLUMBERGER LTD COM STK SLB	SLB	835,147	$48.7m0.03%	0.03%	Reduced -86.2k	-86,250 -9.4%

Sold out since Q2 2023

Security	Ticker	Shares held before	Value then
ISHARES TR IWD	IWD	16,000	$2.5m16.0k shares
CARMAX INC KMX	KMX	2,550	$213.4k2.5k shares
VERIZON COMMUNICATIONS INC VZ	VZ	5,500	$204.5k5.5k 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