Dodge & Cox

San Francisco, CA · CIK 200217 · 13F filing filed 2024-02-22

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)

$157.6bn reported value +6.2% vs Q3 2023

197positions

28.5%in top 10

10 new 32 added 109 reduced 5 sold out vs Q3 2023

Holdings, Q4 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	SCHWAB CHARLES CORP COM SCHW	SCHW	86,421,986	$5.9bn3.77%	3.77%	Added +8.2m	+8,182,467 10.5%
2	WELLS FARGO CO NEW COM WFC	WFC	117,252,015	$5.8bn3.66%	3.66%	Reduced -881.0k	-881,030 -0.8%
3	OCCIDENTAL PETE CORP COM OXY	OXY	80,992,508	$4.8bn3.07%	3.07%	Reduced -9.5m	-9,456,795 -10.5%
4	FISERV INC COM FISV	FISV	34,866,570	$4.6bn2.94%	2.94%	Reduced -181.9k	-181,900 -0.5%
5	ALPHABET INC CAP STK CL C GOOG	GOOG	31,236,915	$4.4bn2.79%	2.79%	Reduced -4.1m	-4,126,910 -11.7%
6	MICROSOFT CORP COM MSFT	MSFT	10,821,120	$4.1bn2.58%	2.58%	Reduced -591.7k	-591,680 -5.2%
7	THE CIGNA GROUP COM CI	CI	13,207,966	$4.0bn2.51%	2.51%	Reduced -220.5k	-220,516 -1.6%
8	JOHNSON CTLS INTL PLC SHS JCI	JCI	67,792,459	$3.9bn2.48%	2.48%	Added +4.1m	+4,096,187 6.4%
9	SANOFI SPONSORED ADR SNY	SNY	78,250,193	$3.9bn2.47%	2.47%	Reduced -258.3k	-258,279 -0.3%
10	RTX CORPORATION COM RTX	RTX	42,189,300	$3.5bn2.25%	2.25%	Added +9.7m	+9,659,760 29.7%
11	METLIFE INC COM MET	MET	53,443,191	$3.5bn2.24%	2.24%	Reduced -236.8k	-236,825 -0.4%
12	FEDEX CORP COM FDX	FDX	13,572,703	$3.4bn2.18%	2.18%	Reduced -898.4k	-898,431 -6.2%
13	CAPITAL ONE FINL CORP COM COF	COF	25,220,598	$3.3bn2.10%	2.10%	Reduced -3.2m	-3,182,206 -11.2%
14	COMCAST CORP NEW CL A CMCSA	CMCSA	74,602,208	$3.3bn2.08%	2.08%	Reduced -1.2m	-1,179,585 -1.6%
15	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	8,399,842	$3.3bn2.07%	2.07%	Reduced -66.1k	-66,135 -0.8%
16	BANK NEW YORK MELLON CORP COM BNY	BNY	58,771,100	$3.1bn1.94%	1.94%	Reduced -259.1k	-259,058 -0.4%
17	UBS GROUP AG SHS UBS	UBS	92,331,951	$2.9bn1.82%	1.82%	Reduced -44.6m	-44,571,466 -32.6%
18	BOOKING HOLDINGS INC COM BKNG	BKNG	793,922	$2.8bn1.79%	1.79%	Reduced -5.2k	-5,233 -0.7%
19	GILEAD SCIENCES INC COM GILD	GILD	33,295,023	$2.7bn1.71%	1.71%	Reduced -238.7k	-238,715 -0.7%
20	AMAZON COM INC COM AMZN	AMZN	17,634,545	$2.7bn1.70%	1.70%	Reduced -390.5k	-390,530 -2.2%
21	GSK PLC SPONSORED ADR GSK	GSK	69,026,793	$2.6bn1.62%	1.62%	Reduced -254.4k	-254,390 -0.4%
22	CVS HEALTH CORP COM CVS	CVS	30,413,390	$2.4bn1.52%	1.52%	Added +3.7m	+3,690,408 13.8%
23	FIDELITY NATL INFORMATION SV COM FIS	FIS	37,620,210	$2.3bn1.43%	1.43%	Added +958.3k	+958,260 2.6%
24	BANK AMERICA CORP COM BAC	BAC	66,342,835	$2.2bn1.42%	1.42%	Reduced -294.3k	-294,300 -0.4%
25	TE CONNECTIVITY LTD SHS TEL1USD	TEL1USD	15,667,374	$2.2bn1.40%	1.40%	Reduced -190.8k	-190,820 -1.2%
26	GE AEROSPACE COM NEW GE	GE	16,818,881	$2.1bn1.36%	1.36%	Reduced -5.5m	-5,464,700 -24.5%
27	GOLDMAN SACHS GROUP INC COM GS	GS	5,482,267	$2.1bn1.34%	1.34%	Reduced -59.0k	-58,990 -1.1%
28	REGENERON PHARMACEUTICALS COM REGN	REGN	2,367,680	$2.1bn1.32%	1.32%	Reduced -5.3k	-5,318 -0.2%
29	ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR BUD	BUD	31,717,238	$2.0bn1.30%	1.30%	Reduced -127.3k	-127,300 -0.4%
30	TRUIST FINL CORP COM TFC	TFC	53,173,840	$2.0bn1.25%	1.25%	Added +121.9k	+121,890 0.2%
31	NORFOLK SOUTHN CORP COM NSC	NSC	8,233,372	$1.9bn1.24%	1.24%	Added +1.8m	+1,810,658 28.2%
32	T-MOBILE US INC COM TMUS	TMUS	11,329,368	$1.8bn1.15%	1.15%	Reduced -35.3k	-35,340 -0.3%
33	UNITEDHEALTH GROUP INC COM UNH	UNH	3,406,192	$1.8bn1.14%	1.14%	Reduced -41.0k	-40,998 -1.2%
34	ALPHABET INC CAP STK CL A GOOGL	GOOGL	12,223,160	$1.7bn1.08%	1.08%	Reduced -204.9k	-204,875 -1.6%
35	STATE STR CORP COM STT	STT	20,414,894	$1.6bn1.00%	1.00%	Reduced -226.4k	-226,375 -1.1%
36	META PLATFORMS INC CL A META	META	4,377,358	$1.5bn0.98%	0.98%	Reduced -49.3k	-49,255 -1.1%
37	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	16,210,777	$1.5bn0.98%	0.98%	Reduced -8.7k	-8,715 -0.1%
38	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	16,449,259	$1.5bn0.94%	0.94%	Reduced -854.6k	-854,625 -4.9%
39	BAKER HUGHES COMPANY CL A BKR	BKR	42,193,724	$1.4bn0.92%	0.92%	Reduced -442.1k	-442,050 -1.0%
40	SUNCOR ENERGY INC NEW COM SU	SU	43,816,554	$1.4bn0.89%	0.89%	Reduced -1.1m	-1,062,900 -2.4%
41	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	18,572,637	$1.4bn0.89%	0.89%	Reduced -894.1k	-894,060 -4.6%
42	AVANTOR INC COM AVTR	AVTR	61,196,331	$1.4bn0.89%	0.89%	Added +47.9m	+47,904,427 360.4%
43	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	11,474,535	$1.4bn0.89%	0.89%	Added +6.6m	+6,647,810 137.7%
44	CONOCOPHILLIPS COM COP	COP	11,764,273	$1.4bn0.87%	0.87%	Reduced -1.7m	-1,666,586 -12.4%
45	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	13,994,063	$1.3bn0.86%	0.86%	Reduced -159.4k	-159,440 -1.1%
46	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	17,194,570	$1.3bn0.85%	0.85%	Added +1.1m	+1,103,100 6.9%
47	NOVARTIS AG SPONSORED ADR NVS	NVS	13,165,538	$1.3bn0.84%	0.84%	Reduced -3.1m	-3,098,683 -19.1%
48	WILLIAMS COS INC COM WMB	WMB	37,924,018	$1.3bn0.84%	0.84%	Reduced -419.0k	-419,039 -1.1%
49	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	16,979,428	$1.3bn0.83%	0.83%	Reduced -153.6k	-153,564 -0.9%
50	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	83,980,900	$1.3bn0.79%	0.79%	Reduced -222.4k	-222,400 -0.3%
51	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	15,440,725	$1.3bn0.79%	0.79%	New
52	CISCO SYS INC COM CSCO	CSCO	24,091,212	$1.2bn0.77%	0.77%	Reduced -4.7m	-4,687,904 -16.3%
53	DOMINION ENERGY INC COM D	D	22,800,383	$1.1bn0.68%	0.68%	Added +6.5m	+6,472,100 39.6%
54	HP INC COM HPQ	HPQ	35,413,307	$1.1bn0.68%	0.68%	Reduced -370.8k	-370,775 -1.0%
55	CELANESE CORP DEL COM CE	CE	6,849,327	$1.1bn0.68%	0.68%	Reduced -105.9k	-105,910 -1.5%
56	BAXTER INTL INC COM BAX	BAX	27,381,465	$1.1bn0.67%	0.67%	Added +17.5m	+17,533,024 178.0%
57	JUNIPER NETWORKS INC COM JNPR	JNPR	34,469,105	$1.0bn0.64%	0.64%	Reduced -243.9k	-243,875 -0.7%
58	INCYTE CORP COM INCY	INCY	16,090,421	$1.0bn0.64%	0.64%	Reduced -325.7k	-325,690 -2.0%
59	OVINTIV INC COM OVV	OVV	22,955,251	$1.0bn0.64%	0.64%	Reduced -5.4m	-5,351,825 -18.9%
60	HONDA MOTOR LTD ADR ECH CNV IN 3 HMC	HMC	31,649,060	$978.3m0.62%	0.62%	Reduced -9.7m	-9,675,740 -23.4%
61	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	54,182,673	$920.0m0.58%	0.58%	Reduced -568.3k	-568,300 -1.0%
62	HALEON PLC SPON ADS HLN	HLN	110,663,098	$910.8m0.58%	0.58%	Added +1.3m	+1,265,239 1.2%
63	MOLSON COORS BEVERAGE CO CL B TAP	TAP	14,652,014	$896.8m0.57%	0.57%	Reduced -36.6k	-36,650 -0.2%
64	FOX CORP CL A COM FOXA	FOXA	29,014,647	$860.9m0.55%	0.55%	Reduced -1.0m	-1,027,233 -3.4%
65	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	16,200,284	$831.2m0.53%	0.53%	Reduced -32.8k	-32,824 -0.2%
66	CREDICORP LTD COM BAP	BAP	5,530,980	$829.3m0.53%	0.53%	Added +105.8k	+105,818 1.9%
67	CARRIER GLOBAL CORPORATION COM CARR	CARR	14,424,756	$828.7m0.53%	0.53%	Reduced -81.2k	-81,200 -0.6%
68	COHERENT CORP COM COHR	COHR	18,735,408	$815.6m0.52%	0.52%	Added +7.6k	+7,619 0.0%
69	XP INC CL A XP	XP	30,228,845	$788.1m0.50%	0.50%	Reduced -51.6k	-51,600 -0.2%
70	GAP INC COM GAP	GAP	37,090,678	$775.6m0.49%	0.49%	Reduced -247.7k	-247,700 -0.7%
71	TECK RESOURCES LTD CL B TECK	TECK	18,313,640	$774.1m0.49%	0.49%	Reduced -197.6k	-197,600 -1.1%
72	AEGON LTD AMER REG 1 CERT AEG	AEG	124,975,717	$719.9m0.46%	0.46%	New
73	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	3,674,310	$703.3m0.45%	0.45%	Reduced -72.8k	-72,845 -1.9%
74	NUTRIEN LTD COM NTR	NTR	11,450,959	$645.0m0.41%	0.41%	Reduced -99.4k	-99,400 -0.9%
75	JD.COM INC SPON ADS CL A JD	JD	21,944,549	$634.0m0.40%	0.40%	Added +3.5m	+3,482,900 18.9%
76	V F CORP COM VFC	VFC	32,308,600	$607.4m0.39%	0.39%	Added +192.8k	+192,850 0.6%
77	MEDTRONIC PLC SHS MDT	MDT	6,779,865	$558.5m0.35%	0.35%	Reduced -84.5k	-84,540 -1.2%
78	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	14,275,070	$555.7m0.35%	0.35%	Reduced -20.7k	-20,686 -0.1%
79	LINDE PLC SHS LIN	LIN	1,326,990	$545.0m0.35%	0.35%	Reduced -28.2k	-28,200 -2.1%
80	TC ENERGY CORP COM TRP	TRP	11,860,400	$463.6m0.29%	0.29%	Reduced -262.0k	-262,000 -2.2%
81	BRIGHTHOUSE FINL INC COM BHF	BHF	8,757,834	$463.5m0.29%	0.29%	Reduced -58.3k	-58,327 -0.7%
82	OTIS WORLDWIDE CORP COM OTIS	OTIS	5,026,497	$449.7m0.29%	0.29%	Reduced -78.1k	-78,100 -1.5%
83	BAIDU INC SPON ADR REP A BIDU	BIDU	3,150,115	$375.1m0.24%	0.24%	Reduced -36.9k	-36,900 -1.2%
84	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	6,402,581	$316.0m0.20%	0.20%	Added +302.1k	+302,140 5.0%
85	FOX CORP CL B COM FOX	FOX	11,303,523	$312.5m0.20%	0.20%	Reduced -123.4k	-123,397 -1.1%
86	NEWS CORP NEW CL A NWSA	NWSA	10,477,457	$257.2m0.16%	0.16%	Reduced -82.3k	-82,287 -0.8%
87	DISH NETWORK CORPORATION CL A DISH	DISH	38,886,766	$224.4m0.14%	0.14%	Reduced -283.6k	-283,600 -0.7%
88	GRUPO TELEVISA S A B SPON ADR REP ORD TV	TV	64,405,090	$215.1m0.14%	0.14%	Reduced -607.8k	-607,830 -0.9%
89	NETEASE INC SPONSORED ADS NTES	NTES	1,799,026	$167.6m0.11%	0.11%	Reduced -950.5k	-950,500 -34.6%
90	NEUROCRINE BIOSCIENCES INC COM NBIX	NBIX	1,259,744	$166.0m0.11%	0.11%	Added +1.0m	+1,046,142 489.8%
91	LIBERTY GLOBAL LTD COM CL C LBTYK	LBTYK	8,786,768	$163.8m0.10%	0.10%	New
92	JACKSON FINANCIAL INC COM CL A JXN	JXN	3,071,598	$157.3m0.10%	0.10%	Reduced -1.1m	-1,102,708 -26.4%
93	YUM CHINA HLDGS INC COM YUMC	YUMC	3,165,531	$134.3m0.09%	0.09%	Added +3.2m	+3,152,269 23769.2%
94	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	15,910,905	$110.6m0.07%	0.07%	Reduced -2.3m	-2,317,300 -12.7%
95	FRESENIUS MEDICAL CARE AG SPONSORED ADR FMS	FMS	4,223,110	$88.0m0.06%	0.06%	Unchanged
96	LIBERTY GLOBAL LTD COM CL A LBTYA	LBTYA	4,767,561	$84.7m0.05%	0.05%	New
97	AMERICAN EXPRESS CO COM AXP	AXP	434,097	$81.3m0.05%	0.05%	Reduced -9.6k	-9,577 -2.2%
98	CADENCE DESIGN SYSTEM INC COM CDNS	CDNS	274,851	$74.9m0.05%	0.05%	Reduced -7.7k	-7,714 -2.7%
99	UNION PAC CORP COM UNP	UNP	284,628	$69.9m0.04%	0.04%	Added +18.5k	+18,514 7.0%
100	BROADCOM INC COM AVGO	AVGO	55,745	$62.2m0.04%	0.04%	New

Sold out since Q3 2023

Security	Ticker	Shares held before	Value then
VMWARE INC VMW	VMW	19,732,814	$3.3bn19.7m shares
AEGON N V		125,535,817	$602.6m125.5m shares
LIBERTY GLOBAL PLC LBTYK	LBTYK	8,961,768	$166.3m9.0m shares
LIBERTY GLOBAL PLC LBTYA	LBTYA	4,855,669	$83.1m4.9m shares
LIBERTY MEDIA CORP DEL LMCA 1.375 10.15.23	LMCA 1.375 10.15.23	550,000	$607.4k550.0k 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