Dodge & Cox

San Francisco, CA · CIK 200217 · 13F filing filed 2024-11-13

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)

$176.8bn reported value +6.1% vs Q2 2024

205positions

28.1%in top 10

5 new 27 added 111 reduced 2 sold out vs Q2 2024

Holdings, Q3 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	JOHNSON CTLS INTL PLC SHS JCI	JCI	85,367,376	$6.6bn3.75%	3.75%	Added +94.4k	+94,387 0.1%
2	FISERV INC COM FISV	FISV	32,723,767	$5.9bn3.32%	3.32%	Reduced -1.6m	-1,647,611 -4.8%
3	SCHWAB CHARLES CORP COM SCHW	SCHW	89,587,838	$5.8bn3.28%	3.28%	Added +3.8m	+3,800,785 4.4%
4	RTX CORPORATION COM RTX	RTX	44,398,916	$5.4bn3.04%	3.04%	Added +114.4k	+114,375 0.3%
5	WELLS FARGO CO NEW COM WFC	WFC	86,949,610	$4.9bn2.78%	2.78%	Reduced -5.3m	-5,327,877 -5.8%
6	METLIFE INC COM MET	MET	54,656,581	$4.5bn2.55%	2.55%	Reduced -1.7m	-1,696,700 -3.0%
7	SANOFI SPONSORED ADR SNY	SNY	76,297,183	$4.4bn2.49%	2.49%	Reduced -812.5k	-812,450 -1.1%
8	ALPHABET INC CAP STK CL C GOOG	GOOG	24,893,268	$4.2bn2.35%	2.35%	Reduced -4.5m	-4,528,217 -15.4%
9	OCCIDENTAL PETE CORP COM OXY	OXY	78,011,048	$4.0bn2.27%	2.27%	Reduced -350.0k	-349,960 -0.5%
10	CVS HEALTH CORP COM CVS	CVS	63,030,690	$4.0bn2.24%	2.24%	Added +1.3m	+1,347,347 2.2%
11	MICROSOFT CORP COM MSFT	MSFT	9,100,792	$3.9bn2.21%	2.21%	Reduced -313.5k	-313,489 -3.3%
12	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	11,637,303	$3.8bn2.13%	2.13%	Reduced -43.8k	-43,804 -0.4%
13	FEDEX CORP COM FDX	FDX	13,155,356	$3.6bn2.04%	2.04%	Reduced -239.3k	-239,260 -1.8%
14	BANK NEW YORK MELLON CORP COM BNY	BNY	48,524,949	$3.5bn1.97%	1.97%	Reduced -6.2m	-6,246,833 -11.4%
15	FIDELITY NATL INFORMATION SV COM FIS	FIS	41,073,296	$3.4bn1.95%	1.95%	Reduced -362.0k	-362,015 -0.9%
16	BOOKING HOLDINGS INC COM BKNG	BKNG	789,158	$3.3bn1.88%	1.88%	Reduced -646	-646 -0.1%
17	AMAZON COM INC COM AMZN	AMZN	17,280,920	$3.2bn1.82%	1.82%	Reduced -53.4k	-53,431 -0.3%
18	COMCAST CORP NEW CL A CMCSA	CMCSA	74,062,844	$3.1bn1.75%	1.75%	Added +1.3m	+1,323,500 1.8%
19	THE CIGNA GROUP COM CI	CI	8,789,414	$3.0bn1.72%	1.72%	Reduced -63.4k	-63,395 -0.7%
20	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	28,082,382	$2.9bn1.67%	1.67%	Reduced -124.2k	-124,225 -0.4%
21	CAPITAL ONE FINL CORP COM COF	COF	18,662,292	$2.8bn1.58%	1.58%	Reduced -1.3m	-1,276,726 -6.4%
22	GSK PLC SPONSORED ADR GSK	GSK	68,087,163	$2.8bn1.57%	1.57%	Reduced -250.0k	-249,975 -0.4%
23	GILEAD SCIENCES INC COM GILD	GILD	33,045,737	$2.8bn1.57%	1.57%	Reduced -76.6k	-76,600 -0.2%
24	NORFOLK SOUTHN CORP COM NSC	NSC	10,862,839	$2.7bn1.53%	1.53%	Added +68.0k	+67,972 0.6%
25	GE AEROSPACE COM NEW GE	GE	14,177,036	$2.7bn1.51%	1.51%	Reduced -135.5k	-135,475 -0.9%
26	GOLDMAN SACHS GROUP INC COM GS	GS	5,380,092	$2.7bn1.51%	1.51%	Reduced -43.4k	-43,440 -0.8%
27	REGENERON PHARMACEUTICALS COM REGN	REGN	2,311,935	$2.4bn1.37%	1.37%	Reduced -3.8k	-3,751 -0.2%
28	TE CONNECTIVITY PLC ORD SHS TEL	TEL	15,990,186	$2.4bn1.37%	1.37%	New
29	UNITEDHEALTH GROUP INC COM UNH	UNH	3,902,210	$2.3bn1.29%	1.29%	Reduced -19.2k	-19,235 -0.5%
30	UBS GROUP AG SHS UBS	UBS	73,371,442	$2.3bn1.28%	1.28%	Reduced -70.8k	-70,800 -0.1%
31	META PLATFORMS INC CL A META	META	3,812,714	$2.2bn1.23%	1.23%	Reduced -16.4k	-16,381 -0.4%
32	BANK AMERICA CORP COM BAC	BAC	53,207,803	$2.1bn1.19%	1.19%	Reduced -7.4m	-7,408,350 -12.2%
33	ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR BUD	BUD	31,325,890	$2.1bn1.17%	1.17%	Reduced -145.0k	-144,995 -0.5%
34	ALPHABET INC CAP STK CL A GOOGL	GOOGL	11,988,817	$2.0bn1.12%	1.12%	Reduced -213.9k	-213,855 -1.8%
35	T-MOBILE US INC COM TMUS	TMUS	9,571,049	$2.0bn1.12%	1.12%	Reduced -256.8k	-256,840 -2.6%
36	AIR PRODS & CHEMS INC COM APD	APD	6,598,194	$2.0bn1.11%	1.11%	Added +6.6m	+6,595,294 227423.9%
37	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	18,086,570	$1.9bn1.09%	1.09%	Added +52.5k	+52,500 0.3%
38	HALEON PLC SPON ADS HLN	HLN	179,172,383	$1.9bn1.07%	1.07%	Reduced -998.3k	-998,252 -0.6%
39	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	17,073,791	$1.8bn1.04%	1.04%	Added +328.2k	+328,161 2.0%
40	AVANTOR INC COM AVTR	AVTR	68,418,097	$1.8bn1.00%	1.00%	Added +3.1m	+3,053,907 4.7%
41	WILLIAMS COS INC COM WMB	WMB	37,271,626	$1.7bn0.96%	0.96%	Reduced -275.9k	-275,925 -0.7%
42	BAXTER INTL INC COM BAX	BAX	44,598,194	$1.7bn0.96%	0.96%	Added +17.1m	+17,075,449 62.0%
43	BAKER HUGHES COMPANY CL A BKR	BKR	45,830,238	$1.7bn0.94%	0.94%	Reduced -228.7k	-228,650 -0.5%
44	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	16,663,641	$1.6bn0.88%	0.88%	Reduced -49.5k	-49,509 -0.3%
45	HUMANA INC COM HUM	HUM	4,933,995	$1.6bn0.88%	0.88%	Added +625.5k	+625,459 14.5%
46	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	16,114,467	$1.5bn0.87%	0.87%	Reduced -44.4k	-44,400 -0.3%
47	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	18,349,574	$1.4bn0.80%	0.80%	Reduced -109.2k	-109,150 -0.6%
48	NOVARTIS AG SPONSORED ADR NVS	NVS	12,221,876	$1.4bn0.79%	0.79%	Reduced -14.7k	-14,650 -0.1%
49	DOMINION ENERGY INC COM D	D	22,687,873	$1.3bn0.74%	0.74%	Reduced -124.6k	-124,575 -0.6%
50	CISCO SYS INC COM CSCO	CSCO	23,821,547	$1.3bn0.72%	0.72%	Reduced -90.5k	-90,550 -0.4%
51	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	83,315,550	$1.2bn0.69%	0.69%	Reduced -267.6k	-267,600 -0.3%
52	HP INC COM HPQ	HPQ	33,822,175	$1.2bn0.69%	0.69%	Reduced -1.3m	-1,276,350 -3.6%
53	FOX CORP CL A COM FOXA	FOXA	28,455,247	$1.2bn0.68%	0.68%	Reduced -139.1k	-139,079 -0.5%
54	CONOCOPHILLIPS COM COP	COP	11,431,431	$1.2bn0.68%	0.68%	Reduced -44.2k	-44,169 -0.4%
55	AMERICAN ELEC PWR CO INC COM AEP	AEP	11,580,505	$1.2bn0.67%	0.67%	Reduced -251.3k	-251,300 -2.1%
56	CARRIER GLOBAL CORPORATION COM CARR	CARR	14,346,499	$1.2bn0.65%	0.65%	Reduced -20.5k	-20,525 -0.1%
57	TRUIST FINL CORP COM TFC	TFC	25,750,060	$1.1bn0.62%	0.62%	Reduced -25.9m	-25,915,796 -50.2%
58	SUNCOR ENERGY INC NEW COM SU	SU	29,410,254	$1.1bn0.61%	0.61%	Reduced -845.6k	-845,600 -2.8%
59	INCYTE CORP COM INCY	INCY	15,276,093	$1.0bn0.57%	0.57%	Reduced -3.2k	-3,250 -0.0%
60	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	3,622,535	$996.3m0.56%	0.56%	Reduced -157.7k	-157,650 -4.2%
61	CREDICORP LTD COM BAP	BAP	5,410,880	$979.2m0.55%	0.55%	Reduced -63.4k	-63,400 -1.2%
62	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	13,898,318	$976.9m0.55%	0.55%	Reduced -32.2k	-32,175 -0.2%
63	COHERENT CORP COM COHR	COHR	10,639,374	$945.9m0.53%	0.53%	Reduced -3.4m	-3,374,245 -24.1%
64	CELANESE CORP DEL COM CE	CE	6,799,069	$924.4m0.52%	0.52%	Reduced -8.9k	-8,950 -0.1%
65	JD.COM INC SPON ADS CL A JD	JD	22,482,449	$899.3m0.51%	0.51%	Added +3.2k	+3,200 0.0%
66	V F CORP COM VFC	VFC	42,512,850	$848.1m0.48%	0.48%	Reduced -43.9k	-43,900 -0.1%
67	MOLSON COORS BEVERAGE CO CL B TAP	TAP	14,619,464	$840.9m0.48%	0.48%	Added +44.5k	+44,500 0.3%
68	STATE STR CORP COM STT	STT	9,455,812	$836.6m0.47%	0.47%	Reduced -3.5m	-3,458,902 -26.8%
69	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	15,627,743	$808.6m0.46%	0.46%	Reduced -139.2k	-139,155 -0.9%
70	SUN CMNTYS INC COM SUI	SUI	5,961,165	$805.7m0.46%	0.46%	Added +384.4k	+384,425 6.9%
71	AEGON LTD AMER REG 1 CERT AEG	AEG	117,784,082	$752.6m0.43%	0.43%	Reduced -359.2k	-359,169 -0.3%
72	HONDA MOTOR LTD ADR ECH CNV IN 3 HMC	HMC	22,076,375	$700.5m0.40%	0.40%	Reduced -59.1k	-59,100 -0.3%
73	GAP INC COM GAP	GAP	28,873,346	$636.7m0.36%	0.36%	Reduced -98.5k	-98,500 -0.3%
74	LINDE PLC SHS LIN	LIN	1,326,990	$632.8m0.36%	0.36%	Unchanged
75	XP INC CL A XP	XP	34,861,745	$625.4m0.35%	0.35%	Added +508.9k	+508,900 1.5%
76	BAIDU INC SPON ADR REP A BIDU	BIDU	5,894,215	$620.6m0.35%	0.35%	Added +11.0k	+11,000 0.2%
77	MEDTRONIC PLC SHS MDT	MDT	6,763,490	$608.9m0.34%	0.34%	Reduced -28.1k	-28,065 -0.4%
78	NUTRIEN LTD COM NTR	NTR	12,482,459	$599.9m0.34%	0.34%	Added +283.4k	+283,400 2.3%
79	JUNIPER NETWORKS INC COM JNPR	JNPR	13,509,238	$526.6m0.30%	0.30%	Reduced -20.7m	-20,703,552 -60.5%
80	TC ENERGY CORP COM TRP	TRP	10,953,200	$520.7m0.29%	0.29%	Reduced -907.2k	-907,200 -7.7%
81	COUPANG INC CL A CPNG	CPNG	20,105,420	$493.6m0.28%	0.28%	Added +8.0m	+7,991,268 66.0%
82	TECK RESOURCES LTD CL B TECK	TECK	9,284,842	$485.0m0.27%	0.27%	Reduced -1.3m	-1,269,998 -12.0%
83	YUM CHINA HLDGS INC COM YUMC	YUMC	10,684,762	$481.0m0.27%	0.27%	Added +3.5k	+3,500 0.0%
84	FOX CORP CL B COM FOX	FOX	11,331,015	$439.6m0.25%	0.25%	Reduced -35.0k	-35,042 -0.3%
85	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	14,254,370	$423.6m0.24%	0.24%	Reduced -15.9k	-15,900 -0.1%
86	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	7,701,335	$396.2m0.22%	0.22%	Added +1.2m	+1,176,472 18.0%
87	SBA COMMUNICATIONS CORP NEW CL A SBAC	SBAC	1,623,515	$390.8m0.22%	0.22%	New
88	ECHOSTAR CORP CL A ECHO	ECHO	13,467,353	$334.3m0.19%	0.19%	Reduced -96.9k	-96,933 -0.7%
89	BRIGHTHOUSE FINL INC COM BHF	BHF	6,669,575	$300.3m0.17%	0.17%	Reduced -19.2k	-19,208 -0.3%
90	NEWS CORP NEW CL A NWSA	NWSA	10,417,407	$277.4m0.16%	0.16%	Reduced -39.8k	-39,775 -0.4%
91	NETEASE INC SPONSORED ADS NTES	NTES	2,633,976	$246.3m0.14%	0.14%	Added +1.6m	+1,553,024 143.7%
92	HDFC BANK LTD SPONSORED ADS HDB	HDB	2,915,300	$182.4m0.10%	0.10%	Added +551.0k	+551,000 23.3%
93	GRUPO TELEVISA S A B SPON ADR REP ORD TV	TV	64,212,690	$164.4m0.09%	0.09%	Unchanged
94	NEUROCRINE BIOSCIENCES INC COM NBIX	NBIX	1,287,820	$148.4m0.08%	0.08%	Added +7.0k	+7,000 0.6%
95	FLUTTER ENTMT PLC SHS FLUT	FLUT	624,478	$148.2m0.08%	0.08%	Unchanged
96	LIBERTY GLOBAL LTD COM CL C LBTYK	LBTYK	6,682,068	$144.4m0.08%	0.08%	Reduced -2.1m	-2,104,700 -23.9%
97	AMERICAN EXPRESS CO COM AXP	AXP	410,665	$111.4m0.06%	0.06%	Reduced -5.6k	-5,604 -1.4%
98	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	15,562,605	$103.5m0.06%	0.06%	Added +334.2k	+334,200 2.2%
99	LIBERTY GLOBAL LTD COM CL A LBTYA	LBTYA	4,767,561	$100.6m0.06%	0.06%	Unchanged
100	FRESENIUS MEDICAL CARE AG SPONSORED ADR FMS	FMS	4,173,510	$88.9m0.05%	0.05%	Reduced -49.6k	-49,600 -1.2%

Sold out since Q2 2024

Security	Ticker	Shares held before	Value then
TE CONNECTIVITY LTD TEL1USD	TEL1USD	15,766,921	$2.4bn15.8m shares
ALPHA & OMEGA SEMICONDUCTOR AOSL	AOSL	50,694	$1.9m50.7k 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