Dodge & Cox

San Francisco, CA · CIK 200217 · 13F filing filed 2024-08-13

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)

$166.6bn reported value -3.3% vs Q1 2024

202positions

29.7%in top 10

6 new 26 added 107 reduced 3 sold out vs Q1 2024

Holdings, Q2 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	SCHWAB CHARLES CORP COM SCHW	SCHW	85,787,053	$6.3bn3.79%	3.79%	Reduced -510.0k	-510,041 -0.6%
2	JOHNSON CTLS INTL PLC SHS JCI	JCI	85,272,989	$5.7bn3.40%	3.40%	Added +5.3m	+5,334,665 6.7%
3	WELLS FARGO CO NEW COM WFC	WFC	92,277,487	$5.5bn3.29%	3.29%	Reduced -22.9m	-22,898,565 -19.9%
4	ALPHABET INC CAP STK CL C GOOG	GOOG	29,421,485	$5.4bn3.24%	3.24%	Reduced -1.5m	-1,520,374 -4.9%
5	FISERV INC COM FISV	FISV	34,371,378	$5.1bn3.07%	3.07%	Reduced -238.6k	-238,631 -0.7%
6	OCCIDENTAL PETE CORP COM OXY	OXY	78,361,008	$4.9bn2.96%	2.96%	Reduced -1.2m	-1,164,790 -1.5%
7	RTX CORPORATION COM RTX	RTX	44,284,541	$4.4bn2.67%	2.67%	Reduced -18.7k	-18,659 -0.0%
8	MICROSOFT CORP COM MSFT	MSFT	9,414,281	$4.2bn2.53%	2.53%	Reduced -76.3k	-76,328 -0.8%
9	FEDEX CORP COM FDX	FDX	13,394,616	$4.0bn2.41%	2.41%	Reduced -125.8k	-125,822 -0.9%
10	METLIFE INC COM MET	MET	56,353,281	$4.0bn2.37%	2.37%	Reduced -155.8k	-155,753 -0.3%
11	SANOFI SPONSORED ADR SNY	SNY	77,109,633	$3.7bn2.25%	2.25%	Reduced -1.0m	-1,015,976 -1.3%
12	CVS HEALTH CORP COM CVS	CVS	61,683,343	$3.6bn2.19%	2.19%	Added +20.7m	+20,670,800 50.4%
13	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	11,681,107	$3.5bn2.10%	2.10%	Added +117.3k	+117,321 1.0%
14	AMAZON COM INC COM AMZN	AMZN	17,334,351	$3.3bn2.01%	2.01%	Reduced -67.0k	-67,009 -0.4%
15	BANK NEW YORK MELLON CORP COM BNY	BNY	54,771,782	$3.3bn1.97%	1.97%	Reduced -636.1k	-636,103 -1.1%
16	BOOKING HOLDINGS INC COM BKNG	BKNG	789,804	$3.1bn1.88%	1.88%	Reduced -2.2k	-2,242 -0.3%
17	FIDELITY NATL INFORMATION SV COM FIS	FIS	41,435,311	$3.1bn1.87%	1.87%	Reduced -67.1k	-67,139 -0.2%
18	THE CIGNA GROUP COM CI	CI	8,852,809	$2.9bn1.76%	1.76%	Reduced -4.3m	-4,275,082 -32.6%
19	COMCAST CORP NEW CL A CMCSA	CMCSA	72,739,344	$2.8bn1.71%	1.71%	Reduced -404.6k	-404,596 -0.6%
20	CAPITAL ONE FINL CORP COM COF	COF	19,939,018	$2.8bn1.66%	1.66%	Reduced -4.4m	-4,443,799 -18.2%
21	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	28,206,607	$2.7bn1.61%	1.61%	Added +477.6k	+477,596 1.7%
22	GSK PLC SPONSORED ADR GSK	GSK	68,337,138	$2.6bn1.58%	1.58%	Reduced -525.2k	-525,170 -0.8%
23	GOLDMAN SACHS GROUP INC COM GS	GS	5,423,532	$2.5bn1.47%	1.47%	Reduced -50.1k	-50,101 -0.9%
24	REGENERON PHARMACEUTICALS COM REGN	REGN	2,315,686	$2.4bn1.46%	1.46%	Reduced -44.2k	-44,178 -1.9%
25	BANK AMERICA CORP COM BAC	BAC	60,616,153	$2.4bn1.45%	1.45%	Reduced -10.3m	-10,273,207 -14.5%
26	TE CONNECTIVITY LTD SHS TEL1USD	TEL1USD	15,766,921	$2.4bn1.42%	1.42%	Reduced -47.6k	-47,602 -0.3%
27	NORFOLK SOUTHN CORP COM NSC	NSC	10,794,867	$2.3bn1.39%	1.39%	Added +2.7m	+2,669,800 32.9%
28	GE AEROSPACE COM NEW GE	GE	14,312,511	$2.3bn1.37%	1.37%	Reduced -1.8m	-1,827,310 -11.3%
29	GILEAD SCIENCES INC COM GILD	GILD	33,122,337	$2.3bn1.36%	1.36%	Reduced -45.1k	-45,150 -0.1%
30	ALPHABET INC CAP STK CL A GOOGL	GOOGL	12,202,672	$2.2bn1.33%	1.33%	Reduced -48.2k	-48,246 -0.4%
31	UBS GROUP AG SHS UBS	UBS	73,442,242	$2.2bn1.29%	1.29%	Reduced -2.0m	-1,980,700 -2.6%
32	TRUIST FINL CORP COM TFC	TFC	51,665,856	$2.0bn1.20%	1.20%	Reduced -275.4k	-275,354 -0.5%
33	UNITEDHEALTH GROUP INC COM UNH	UNH	3,921,445	$2.0bn1.20%	1.20%	Reduced -24.6k	-24,560 -0.6%
34	META PLATFORMS INC CL A META	META	3,829,095	$1.9bn1.16%	1.16%	Reduced -2.8k	-2,849 -0.1%
35	ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR BUD	BUD	31,470,885	$1.8bn1.10%	1.10%	Reduced -237.8k	-237,848 -0.8%
36	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	16,745,630	$1.8bn1.09%	1.09%	Added +326.4k	+326,360 2.0%
37	T-MOBILE US INC COM TMUS	TMUS	9,827,889	$1.7bn1.04%	1.04%	Reduced -1.2m	-1,213,765 -11.0%
38	BAKER HUGHES COMPANY CL A BKR	BKR	46,058,888	$1.6bn0.97%	0.97%	Reduced -106.1k	-106,136 -0.2%
39	HUMANA INC COM HUM	HUM	4,308,536	$1.6bn0.97%	0.97%	New
40	WILLIAMS COS INC COM WMB	WMB	37,547,551	$1.6bn0.96%	0.96%	Reduced -237.5k	-237,475 -0.6%
41	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	16,158,867	$1.5bn0.93%	0.93%	Reduced -68.9k	-68,885 -0.4%
42	HALEON PLC SPON ADS HLN	HLN	180,170,635	$1.5bn0.89%	0.89%	Added +3.2m	+3,217,384 1.8%
43	AVANTOR INC COM AVTR	AVTR	65,364,190	$1.4bn0.83%	0.83%	Added +1.7m	+1,683,884 2.6%
44	CONOCOPHILLIPS COM COP	COP	11,475,600	$1.3bn0.79%	0.79%	Reduced -122.5k	-122,467 -1.1%
45	NOVARTIS AG SPONSORED ADR NVS	NVS	12,236,526	$1.3bn0.78%	0.78%	Reduced -117.5k	-117,459 -0.9%
46	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	16,713,150	$1.3bn0.78%	0.78%	Reduced -100.6k	-100,634 -0.6%
47	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	18,034,070	$1.3bn0.78%	0.78%	Reduced -40.2k	-40,200 -0.2%
48	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	18,458,724	$1.3bn0.75%	0.75%	Reduced -39.8k	-39,775 -0.2%
49	JUNIPER NETWORKS INC COM JNPR	JNPR	34,212,790	$1.2bn0.75%	0.75%	Reduced -46.7k	-46,725 -0.1%
50	HP INC COM HPQ	HPQ	35,098,525	$1.2bn0.74%	0.74%	Reduced -252.1k	-252,086 -0.7%
51	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	83,583,150	$1.2bn0.72%	0.72%	Reduced -265.7k	-265,700 -0.3%
52	SUNCOR ENERGY INC NEW COM SU	SU	30,255,854	$1.2bn0.69%	0.69%	Reduced -9.8m	-9,763,000 -24.4%
53	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	13,930,493	$1.1bn0.69%	0.69%	Reduced -62.5k	-62,450 -0.5%
54	CISCO SYS INC COM CSCO	CSCO	23,912,097	$1.1bn0.68%	0.68%	Reduced -57.2k	-57,212 -0.2%
55	DOMINION ENERGY INC COM D	D	22,812,448	$1.1bn0.67%	0.67%	Reduced -53.2k	-53,250 -0.2%
56	AMERICAN ELEC PWR CO INC COM AEP	AEP	11,831,805	$1.0bn0.62%	0.62%	Added +467.5k	+467,500 4.1%
57	COHERENT CORP COM COHR	COHR	14,013,619	$1.0bn0.61%	0.61%	Reduced -1.1m	-1,084,769 -7.2%
58	FOX CORP CL A COM FOXA	FOXA	28,594,326	$982.8m0.59%	0.59%	Reduced -290.4k	-290,450 -1.0%
59	STATE STR CORP COM STT	STT	12,914,714	$955.7m0.57%	0.57%	Reduced -6.1m	-6,131,885 -32.2%
60	INCYTE CORP COM INCY	INCY	15,279,343	$926.2m0.56%	0.56%	Reduced -136.7k	-136,700 -0.9%
61	BAXTER INTL INC COM BAX	BAX	27,522,745	$920.6m0.55%	0.55%	Added +20.9k	+20,850 0.1%
62	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	3,780,185	$918.6m0.55%	0.55%	Reduced -31.3k	-31,295 -0.8%
63	CELANESE CORP DEL COM CE	CE	6,808,019	$918.3m0.55%	0.55%	Reduced -18.6k	-18,633 -0.3%
64	CARRIER GLOBAL CORPORATION COM CARR	CARR	14,367,024	$906.3m0.54%	0.54%	Reduced -14.7k	-14,677 -0.1%
65	CREDICORP LTD COM BAP	BAP	5,474,280	$883.2m0.53%	0.53%	Reduced -43.8k	-43,800 -0.8%
66	MOLSON COORS BEVERAGE CO CL B TAP	TAP	14,574,964	$740.8m0.44%	0.44%	Added +60.2k	+60,225 0.4%
67	AEGON LTD AMER REG 1 CERT AEG	AEG	118,143,251	$724.2m0.43%	0.43%	Reduced -7.1m	-7,126,766 -5.7%
68	HONDA MOTOR LTD ADR ECH CNV IN 3 HMC	HMC	22,135,475	$713.6m0.43%	0.43%	Reduced -108.9k	-108,900 -0.5%
69	GAP INC COM GAP	GAP	28,971,846	$692.1m0.42%	0.42%	Reduced -7.2m	-7,161,582 -19.8%
70	SUN CMNTYS INC COM SUI	SUI	5,576,740	$671.1m0.40%	0.40%	Added +158.1k	+158,125 2.9%
71	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	15,766,898	$654.8m0.39%	0.39%	Reduced -500.1k	-500,143 -3.1%
72	NUTRIEN LTD COM NTR	NTR	12,199,059	$621.1m0.37%	0.37%	Reduced -56.4k	-56,400 -0.5%
73	XP INC CL A XP	XP	34,352,845	$604.3m0.36%	0.36%	Added +4.7m	+4,667,800 15.7%
74	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	14,270,270	$587.4m0.35%	0.35%	Reduced -3.3k	-3,300 -0.0%
75	LINDE PLC SHS LIN	LIN	1,326,990	$582.3m0.35%	0.35%	Unchanged
76	JD.COM INC SPON ADS CL A JD	JD	22,479,249	$580.9m0.35%	0.35%	Reduced -1.5m	-1,451,800 -6.1%
77	V F CORP COM VFC	VFC	42,556,750	$574.5m0.34%	0.34%	Added +7.1m	+7,126,700 20.1%
78	MEDTRONIC PLC SHS MDT	MDT	6,791,555	$534.6m0.32%	0.32%	Added +2.2k	+2,240 0.0%
79	BAIDU INC SPON ADR REP A BIDU	BIDU	5,883,215	$508.8m0.31%	0.31%	Added +2.1m	+2,099,500 55.5%
80	TECK RESOURCES LTD CL B TECK	TECK	10,554,840	$505.6m0.30%	0.30%	Reduced -5.5k	-5,500 -0.1%
81	TC ENERGY CORP COM TRP	TRP	11,860,400	$449.5m0.27%	0.27%	Unchanged
82	FOX CORP CL B COM FOX	FOX	11,366,057	$363.9m0.22%	0.22%	Added +22.7k	+22,734 0.2%
83	YUM CHINA HLDGS INC COM YUMC	YUMC	10,681,262	$329.4m0.20%	0.20%	Added +4.0m	+3,961,400 59.0%
84	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	6,524,863	$295.0m0.18%	0.18%	Added +92.5k	+92,476 1.4%
85	BRIGHTHOUSE FINL INC COM BHF	BHF	6,688,783	$289.9m0.17%	0.17%	Reduced -2.1m	-2,050,513 -23.5%
86	NEWS CORP NEW CL A NWSA	NWSA	10,457,182	$288.3m0.17%	0.17%	Reduced -9.2k	-9,150 -0.1%
87	COUPANG INC CL A CPNG	CPNG	12,114,152	$253.8m0.15%	0.15%	New
88	ECHOSTAR CORP CL A ECHO	ECHO	13,564,286	$241.6m0.14%	0.14%	Reduced -92.2k	-92,228 -0.7%
89	GRUPO TELEVISA S A B SPON ADR REP ORD TV	TV	64,212,690	$177.9m0.11%	0.11%	Unchanged
90	NEUROCRINE BIOSCIENCES INC COM NBIX	NBIX	1,280,820	$176.3m0.11%	0.11%	Added +15.6k	+15,576 1.2%
91	LIBERTY GLOBAL LTD COM CL C LBTYK	LBTYK	8,786,768	$156.8m0.09%	0.09%	Unchanged
92	HDFC BANK LTD SPONSORED ADS HDB	HDB	2,364,300	$152.1m0.09%	0.09%	Added +295.0k	+294,958 14.2%
93	FLUTTER ENTMT PLC SHS FLUT	FLUT	624,478	$113.9m0.07%	0.07%	Unchanged
94	NETEASE INC SPONSORED ADS NTES	NTES	1,080,952	$103.3m0.06%	0.06%	Added +133.8k	+133,826 14.1%
95	AMERICAN EXPRESS CO COM AXP	AXP	416,269	$96.4m0.06%	0.06%	Reduced -12.3k	-12,347 -2.9%
96	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	15,228,405	$88.9m0.05%	0.05%	Reduced -578.5k	-578,500 -3.7%
97	LIBERTY GLOBAL LTD COM CL A LBTYA	LBTYA	4,767,561	$83.1m0.05%	0.05%	Unchanged
98	FRESENIUS MEDICAL CARE AG SPONSORED ADR FMS	FMS	4,223,110	$80.6m0.05%	0.05%	Unchanged
99	CADENCE DESIGN SYSTEM INC COM CDNS	CDNS	261,118	$80.4m0.05%	0.05%	Reduced -3.9k	-3,947 -1.5%
100	UNION PAC CORP COM UNP	UNP	282,582	$63.9m0.04%	0.04%	Reduced -609	-609 -0.2%

Sold out since Q1 2024

Security	Ticker	Shares held before	Value then
OVINTIV INC OVV	OVV	8,665,010	$449.7m8.7m shares
ICICI BANK LIMITED IBN	IBN	19,950	$526.9k19.9k shares
LINCOLN NATL CORP IND LNC	LNC	8,500	$271.4k8.5k 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