Dodge & Cox

San Francisco, CA · CIK 200217 · 13F filing filed 2024-05-14

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)

$172.4bn reported value +9.4% vs Q4 2023

199positions

29.5%in top 10

5 new 38 added 102 reduced 3 sold out vs Q4 2023

Holdings, Q1 2024

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	WELLS FARGO CO NEW COM WFC	WFC	115,176,052	$6.7bn3.87%	3.87%	Reduced -2.1m	-2,075,963 -1.8%
2	SCHWAB CHARLES CORP COM SCHW	SCHW	86,297,094	$6.2bn3.62%	3.62%	Reduced -124.9k	-124,892 -0.1%
3	FISERV INC COM FISV	FISV	34,610,009	$5.5bn3.21%	3.21%	Reduced -256.6k	-256,561 -0.7%
4	JOHNSON CTLS INTL PLC SHS JCI	JCI	79,938,324	$5.2bn3.03%	3.03%	Added +12.1m	+12,145,865 17.9%
5	OCCIDENTAL PETE CORP COM OXY	OXY	79,525,798	$5.2bn3.00%	3.00%	Reduced -1.5m	-1,466,710 -1.8%
6	THE CIGNA GROUP COM CI	CI	13,127,891	$4.8bn2.77%	2.77%	Reduced -80.1k	-80,075 -0.6%
7	ALPHABET INC CAP STK CL C GOOG	GOOG	30,941,859	$4.7bn2.73%	2.73%	Reduced -295.1k	-295,056 -0.9%
8	RTX CORPORATION COM RTX	RTX	44,303,200	$4.3bn2.51%	2.51%	Added +2.1m	+2,113,900 5.0%
9	METLIFE INC COM MET	MET	56,509,034	$4.2bn2.43%	2.43%	Added +3.1m	+3,065,843 5.7%
10	MICROSOFT CORP COM MSFT	MSFT	9,490,609	$4.0bn2.32%	2.32%	Reduced -1.3m	-1,330,511 -12.3%
11	FEDEX CORP COM FDX	FDX	13,520,438	$3.9bn2.27%	2.27%	Reduced -52.3k	-52,265 -0.4%
12	SANOFI SPONSORED ADR SNY	SNY	78,125,609	$3.8bn2.20%	2.20%	Reduced -124.6k	-124,584 -0.2%
13	CAPITAL ONE FINL CORP COM COF	COF	24,382,817	$3.6bn2.11%	2.11%	Reduced -837.8k	-837,781 -3.3%
14	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	11,563,786	$3.4bn1.95%	1.95%	Added +3.2m	+3,163,944 37.7%
15	CVS HEALTH CORP COM CVS	CVS	41,012,543	$3.3bn1.90%	1.90%	Added +10.6m	+10,599,153 34.9%
16	BANK NEW YORK MELLON CORP COM BNY	BNY	55,407,885	$3.2bn1.85%	1.85%	Reduced -3.4m	-3,363,215 -5.7%
17	COMCAST CORP NEW CL A CMCSA	CMCSA	73,143,940	$3.2bn1.84%	1.84%	Reduced -1.5m	-1,458,268 -1.9%
18	AMAZON COM INC COM AMZN	AMZN	17,401,360	$3.1bn1.82%	1.82%	Reduced -233.2k	-233,185 -1.3%
19	FIDELITY NATL INFORMATION SV COM FIS	FIS	41,502,450	$3.1bn1.79%	1.79%	Added +3.9m	+3,882,240 10.3%
20	GSK PLC SPONSORED ADR GSK	GSK	68,862,308	$3.0bn1.71%	1.71%	Reduced -164.5k	-164,485 -0.2%
21	BOOKING HOLDINGS INC COM BKNG	BKNG	792,046	$2.9bn1.67%	1.67%	Reduced -1.9k	-1,876 -0.2%
22	GE AEROSPACE COM NEW GE	GE	16,139,821	$2.8bn1.64%	1.64%	Reduced -679.1k	-679,060 -4.0%
23	BANK AMERICA CORP COM BAC	BAC	70,889,360	$2.7bn1.56%	1.56%	Added +4.5m	+4,546,525 6.8%
24	GILEAD SCIENCES INC COM GILD	GILD	33,167,487	$2.4bn1.41%	1.41%	Reduced -127.5k	-127,536 -0.4%
25	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	27,729,011	$2.4bn1.38%	1.38%	Added +12.3m	+12,288,286 79.6%
26	UBS GROUP AG SHS UBS	UBS	75,422,942	$2.3bn1.35%	1.35%	Reduced -16.9m	-16,909,009 -18.3%
27	TE CONNECTIVITY LTD SHS TEL1USD	TEL1USD	15,814,523	$2.3bn1.33%	1.33%	Added +147.1k	+147,149 0.9%
28	GOLDMAN SACHS GROUP INC COM GS	GS	5,473,633	$2.3bn1.33%	1.33%	Reduced -8.6k	-8,634 -0.2%
29	REGENERON PHARMACEUTICALS COM REGN	REGN	2,359,864	$2.3bn1.32%	1.32%	Reduced -7.8k	-7,816 -0.3%
30	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	16,419,270	$2.2bn1.26%	1.26%	Added +4.9m	+4,944,735 43.1%
31	NORFOLK SOUTHN CORP COM NSC	NSC	8,125,067	$2.1bn1.20%	1.20%	Reduced -108.3k	-108,305 -1.3%
32	TRUIST FINL CORP COM TFC	TFC	51,941,210	$2.0bn1.17%	1.17%	Reduced -1.2m	-1,232,630 -2.3%
33	UNITEDHEALTH GROUP INC COM UNH	UNH	3,946,005	$2.0bn1.13%	1.13%	Added +539.8k	+539,813 15.8%
34	ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR BUD	BUD	31,708,733	$1.9bn1.12%	1.12%	Reduced -8.5k	-8,505 -0.0%
35	META PLATFORMS INC CL A META	META	3,831,944	$1.9bn1.08%	1.08%	Reduced -545.4k	-545,414 -12.5%
36	ALPHABET INC CAP STK CL A GOOGL	GOOGL	12,250,918	$1.8bn1.07%	1.07%	Added +27.8k	+27,758 0.2%
37	T-MOBILE US INC COM TMUS	TMUS	11,041,654	$1.8bn1.05%	1.05%	Reduced -287.7k	-287,714 -2.5%
38	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	16,227,752	$1.7bn0.96%	0.96%	Added +17.0k	+16,975 0.1%
39	AVANTOR INC COM AVTR	AVTR	63,680,306	$1.6bn0.94%	0.94%	Added +2.5m	+2,483,975 4.1%
40	BAKER HUGHES COMPANY CL A BKR	BKR	46,165,024	$1.5bn0.90%	0.90%	Added +4.0m	+3,971,300 9.4%
41	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	16,813,784	$1.5bn0.89%	0.89%	Reduced -165.6k	-165,644 -1.0%
42	HALEON PLC SPON ADS HLN	HLN	176,953,251	$1.5bn0.87%	0.87%	Added +66.3m	+66,290,153 59.9%
43	SUNCOR ENERGY INC NEW COM SU	SU	40,018,854	$1.5bn0.86%	0.86%	Reduced -3.8m	-3,797,700 -8.7%
44	CONOCOPHILLIPS COM COP	COP	11,598,067	$1.5bn0.86%	0.86%	Reduced -166.2k	-166,206 -1.4%
45	STATE STR CORP COM STT	STT	19,046,599	$1.5bn0.85%	0.85%	Reduced -1.4m	-1,368,295 -6.7%
46	WILLIAMS COS INC COM WMB	WMB	37,785,026	$1.5bn0.85%	0.85%	Reduced -139.0k	-138,992 -0.4%
47	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	83,848,850	$1.4bn0.79%	0.79%	Reduced -132.1k	-132,050 -0.2%
48	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	18,498,499	$1.4bn0.79%	0.79%	Reduced -74.1k	-74,138 -0.4%
49	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	18,074,270	$1.3bn0.76%	0.76%	Added +879.7k	+879,700 5.1%
50	JUNIPER NETWORKS INC COM JNPR	JNPR	34,259,515	$1.3bn0.74%	0.74%	Reduced -209.6k	-209,590 -0.6%
51	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	13,992,943	$1.2bn0.71%	0.71%	Reduced -1.1k	-1,120 -0.0%
52	CISCO SYS INC COM CSCO	CSCO	23,969,309	$1.2bn0.69%	0.69%	Reduced -121.9k	-121,903 -0.5%
53	NOVARTIS AG SPONSORED ADR NVS	NVS	12,353,985	$1.2bn0.69%	0.69%	Reduced -811.6k	-811,553 -6.2%
54	BAXTER INTL INC COM BAX	BAX	27,501,895	$1.2bn0.68%	0.68%	Added +120.4k	+120,430 0.4%
55	CELANESE CORP DEL COM CE	CE	6,826,652	$1.2bn0.68%	0.68%	Reduced -22.7k	-22,675 -0.3%
56	DOMINION ENERGY INC COM D	D	22,865,698	$1.1bn0.65%	0.65%	Added +65.3k	+65,315 0.3%
57	HP INC COM HPQ	HPQ	35,350,611	$1.1bn0.62%	0.62%	Reduced -62.7k	-62,696 -0.2%
58	GAP INC COM GAP	GAP	36,133,428	$995.5m0.58%	0.58%	Reduced -957.2k	-957,250 -2.6%
59	AMERICAN ELEC PWR CO INC COM AEP	AEP	11,364,305	$978.5m0.57%	0.57%	New
60	MOLSON COORS BEVERAGE CO CL B TAP	TAP	14,514,739	$976.1m0.57%	0.57%	Reduced -137.3k	-137,275 -0.9%
61	CREDICORP LTD COM BAP	BAP	5,518,080	$934.9m0.54%	0.54%	Reduced -12.9k	-12,900 -0.2%
62	COHERENT CORP COM COHR	COHR	15,098,388	$915.3m0.53%	0.53%	Reduced -3.6m	-3,637,020 -19.4%
63	FOX CORP CL A COM FOXA	FOXA	28,884,776	$903.2m0.52%	0.52%	Reduced -129.9k	-129,871 -0.5%
64	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	16,267,041	$882.2m0.51%	0.51%	Added +66.8k	+66,757 0.4%
65	INCYTE CORP COM INCY	INCY	15,416,043	$878.3m0.51%	0.51%	Reduced -674.4k	-674,378 -4.2%
66	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	48,493,872	$859.8m0.50%	0.50%	Reduced -5.7m	-5,688,801 -10.5%
67	CARRIER GLOBAL CORPORATION COM CARR	CARR	14,381,701	$836.0m0.48%	0.48%	Reduced -43.1k	-43,055 -0.3%
68	HONDA MOTOR LTD ADR ECH CNV IN 3 HMC	HMC	22,244,375	$828.2m0.48%	0.48%	Reduced -9.4m	-9,404,685 -29.7%
69	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	8,688,028	$779.4m0.45%	0.45%	Reduced -7.8m	-7,761,231 -47.2%
70	XP INC CL A XP	XP	29,685,045	$761.7m0.44%	0.44%	Reduced -543.8k	-543,800 -1.8%
71	AEGON LTD AMER REG 1 CERT AEG	AEG	125,270,017	$757.9m0.44%	0.44%	Added +294.3k	+294,300 0.2%
72	SUN CMNTYS INC COM SUI	SUI	5,418,615	$696.7m0.40%	0.40%	New
73	NUTRIEN LTD COM NTR	NTR	12,255,459	$665.6m0.39%	0.39%	Added +804.5k	+804,500 7.0%
74	JD.COM INC SPON ADS CL A JD	JD	23,931,049	$655.5m0.38%	0.38%	Added +2.0m	+1,986,500 9.1%
75	LINDE PLC SHS LIN	LIN	1,326,990	$616.1m0.36%	0.36%	Unchanged
76	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	14,273,570	$615.2m0.36%	0.36%	Reduced -1.5k	-1,500 -0.0%
77	MEDTRONIC PLC SHS MDT	MDT	6,789,315	$591.7m0.34%	0.34%	Added +9.4k	+9,450 0.1%
78	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	3,811,480	$569.6m0.33%	0.33%	Added +137.2k	+137,170 3.7%
79	V F CORP COM VFC	VFC	35,430,050	$543.5m0.32%	0.32%	Added +3.1m	+3,121,450 9.7%
80	TECK RESOURCES LTD CL B TECK	TECK	10,560,340	$483.5m0.28%	0.28%	Reduced -7.8m	-7,753,300 -42.3%
81	TC ENERGY CORP COM TRP	TRP	11,860,400	$476.8m0.28%	0.28%	Unchanged
82	BRIGHTHOUSE FINL INC COM BHF	BHF	8,739,296	$450.4m0.26%	0.26%	Reduced -18.5k	-18,538 -0.2%
83	OVINTIV INC COM OVV	OVV	8,665,010	$449.7m0.26%	0.26%	Reduced -14.3m	-14,290,241 -62.2%
84	BAIDU INC SPON ADR REP A BIDU	BIDU	3,783,715	$398.3m0.23%	0.23%	Added +633.6k	+633,600 20.1%
85	FOX CORP CL B COM FOX	FOX	11,343,323	$324.6m0.19%	0.19%	Added +39.8k	+39,800 0.3%
86	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	6,432,387	$296.3m0.17%	0.17%	Added +29.8k	+29,806 0.5%
87	NEWS CORP NEW CL A NWSA	NWSA	10,466,332	$274.0m0.16%	0.16%	Reduced -11.1k	-11,125 -0.1%
88	YUM CHINA HLDGS INC COM YUMC	YUMC	6,719,862	$267.4m0.16%	0.16%	Added +3.6m	+3,554,331 112.3%
89	GRUPO TELEVISA S A B SPON ADR REP ORD TV	TV	64,212,690	$205.5m0.12%	0.12%	Reduced -192.4k	-192,400 -0.3%
90	ECHOSTAR CORP CL A ECHO	ECHO	13,656,514	$194.6m0.11%	0.11%	New
91	NEUROCRINE BIOSCIENCES INC COM NBIX	NBIX	1,265,244	$174.5m0.10%	0.10%	Added +5.5k	+5,500 0.4%
92	LIBERTY GLOBAL LTD COM CL C LBTYK	LBTYK	8,786,768	$155.0m0.09%	0.09%	Unchanged
93	FLUTTER ENTMT PLC SHS FLUT	FLUT	624,478	$123.3m0.07%	0.07%	New
94	HDFC BANK LTD SPONSORED ADS HDB	HDB	2,069,342	$115.8m0.07%	0.07%	Added +1.5m	+1,507,873 268.6%
95	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	15,806,905	$109.5m0.06%	0.06%	Reduced -104.0k	-104,000 -0.7%
96	NETEASE INC SPONSORED ADS NTES	NTES	947,126	$98.0m0.06%	0.06%	Reduced -851.9k	-851,900 -47.4%
97	AMERICAN EXPRESS CO COM AXP	AXP	428,616	$97.6m0.06%	0.06%	Reduced -5.5k	-5,481 -1.3%
98	CADENCE DESIGN SYSTEM INC COM CDNS	CDNS	265,065	$82.5m0.05%	0.05%	Reduced -9.8k	-9,786 -3.6%
99	FRESENIUS MEDICAL CARE AG SPONSORED ADR FMS	FMS	4,223,110	$81.4m0.05%	0.05%	Unchanged
100	LIBERTY GLOBAL LTD COM CL A LBTYA	LBTYA	4,767,561	$80.7m0.05%	0.05%	Unchanged

Sold out since Q4 2023

Security	Ticker	Shares held before	Value then
DISH NETWORK CORPORATION DISH	DISH	38,886,766	$224.4m38.9m shares
JACKSON FINANCIAL INC JXN	JXN	3,071,598	$157.3m3.1m shares
VERALTO CORP VLTO	VLTO	3,382	$278.2k3.4k 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