Dodge & Cox

San Francisco, CA · CIK 200217 · 13F filing filed 2025-02-13

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)

$171.8bn reported value -2.8% vs Q3 2024

214positions

28.9%in top 10

12 new 45 added 101 reduced 3 sold out vs Q3 2024

Also in the report of:

Dorsey & Whitney Trust CO LLC – $453.3k of shares are in both reports

Shares in two reports are counted once in each security's totals.

Holdings, Q4 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	89,369,528	$6.6bn3.85%	3.85%	Reduced -218.3k	-218,310 -0.2%
2	FISERV INC COM FISV	FISV	32,192,395	$6.6bn3.85%	3.85%	Reduced -531.4k	-531,372 -1.6%
3	JOHNSON CTLS INTL PLC SHS JCI	JCI	80,369,871	$6.3bn3.69%	3.69%	Reduced -5.0m	-4,997,505 -5.8%
4	RTX CORPORATION COM RTX	RTX	44,491,403	$5.1bn3.00%	3.00%	Added +92.5k	+92,487 0.2%
5	WELLS FARGO CO NEW COM WFC	WFC	70,452,850	$4.9bn2.88%	2.88%	Reduced -16.5m	-16,496,760 -19.0%
6	METLIFE INC COM MET	MET	54,154,554	$4.4bn2.58%	2.58%	Reduced -502.0k	-502,027 -0.9%
7	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	11,547,176	$4.0bn2.30%	2.30%	Reduced -90.1k	-90,127 -0.8%
8	FEDEX CORP COM FDX	FDX	13,889,624	$3.9bn2.27%	2.27%	Added +734.3k	+734,268 5.6%
9	BOOKING HOLDINGS INC COM BKNG	BKNG	783,572	$3.9bn2.27%	2.27%	Reduced -5.6k	-5,586 -0.7%
10	MICROSOFT CORP COM MSFT	MSFT	9,061,091	$3.8bn2.22%	2.22%	Reduced -39.7k	-39,701 -0.4%
11	AMAZON COM INC COM AMZN	AMZN	17,172,957	$3.8bn2.19%	2.19%	Reduced -108.0k	-107,963 -0.6%
12	SANOFI SPONSORED ADR SNY	SNY	75,220,588	$3.6bn2.11%	2.11%	Reduced -1.1m	-1,076,595 -1.4%
13	OCCIDENTAL PETE CORP COM OXY	OXY	70,002,502	$3.5bn2.01%	2.01%	Reduced -8.0m	-8,008,546 -10.3%
14	ALPHABET INC CAP STK CL C GOOG	GOOG	18,131,757	$3.5bn2.01%	2.01%	Reduced -6.8m	-6,761,511 -27.2%
15	BANK NEW YORK MELLON CORP COM BNY	BNY	44,699,198	$3.4bn2.00%	2.00%	Reduced -3.8m	-3,825,751 -7.9%
16	CVS HEALTH CORP COM CVS	CVS	70,105,899	$3.1bn1.83%	1.83%	Added +7.1m	+7,075,209 11.2%
17	CAPITAL ONE FINL CORP COM COF	COF	17,284,997	$3.1bn1.79%	1.79%	Reduced -1.4m	-1,377,295 -7.4%
18	GILEAD SCIENCES INC COM GILD	GILD	32,947,717	$3.0bn1.77%	1.77%	Reduced -98.0k	-98,020 -0.3%
19	COMCAST CORP NEW CL A CMCSA	CMCSA	79,102,667	$3.0bn1.73%	1.73%	Added +5.0m	+5,039,823 6.8%
20	FIDELITY NATL INFORMATION SV COM FIS	FIS	34,327,527	$2.8bn1.61%	1.61%	Reduced -6.7m	-6,745,769 -16.4%
21	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	31,437,763	$2.7bn1.55%	1.55%	Added +3.4m	+3,355,381 11.9%
22	HUMANA INC COM HUM	HUM	10,198,040	$2.6bn1.51%	1.51%	Added +5.3m	+5,264,045 106.7%
23	NORFOLK SOUTHN CORP COM NSC	NSC	10,689,209	$2.5bn1.46%	1.46%	Reduced -173.6k	-173,630 -1.6%
24	THE CIGNA GROUP COM CI	CI	8,772,608	$2.4bn1.41%	1.41%	Reduced -16.8k	-16,806 -0.2%
25	GE AEROSPACE COM NEW GE	GE	14,161,304	$2.4bn1.37%	1.37%	Reduced -15.7k	-15,732 -0.1%
26	GSK PLC SPONSORED ADR GSK	GSK	68,440,912	$2.3bn1.35%	1.35%	Added +353.7k	+353,749 0.5%
27	TE CONNECTIVITY PLC ORD SHS TEL	TEL	15,965,609	$2.3bn1.33%	1.33%	Reduced -24.6k	-24,577 -0.1%
28	ALPHABET INC CAP STK CL A GOOGL	GOOGL	12,005,162	$2.3bn1.32%	1.32%	Added +16.3k	+16,345 0.1%
29	UBS GROUP AG SHS UBS	UBS	73,497,042	$2.2bn1.30%	1.30%	Added +125.6k	+125,600 0.2%
30	META PLATFORMS INC CL A META	META	3,810,837	$2.2bn1.30%	1.30%	Reduced -1.9k	-1,877 -0.1%
31	GOLDMAN SACHS GROUP INC COM GS	GS	3,870,536	$2.2bn1.29%	1.29%	Reduced -1.5m	-1,509,556 -28.1%
32	AVANTOR INC COM AVTR	AVTR	99,145,770	$2.1bn1.22%	1.22%	Added +30.7m	+30,727,673 44.9%
33	T-MOBILE US INC COM TMUS	TMUS	9,382,681	$2.1bn1.21%	1.21%	Reduced -188.4k	-188,368 -2.0%
34	UNITEDHEALTH GROUP INC COM UNH	UNH	4,093,228	$2.1bn1.20%	1.20%	Added +191.0k	+191,018 4.9%
35	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	19,118,436	$2.0bn1.18%	1.18%	Added +2.0m	+2,044,645 12.0%
36	ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR BUD	BUD	39,996,830	$2.0bn1.17%	1.17%	Added +8.7m	+8,670,940 27.7%
37	WILLIAMS COS INC COM WMB	WMB	36,348,514	$2.0bn1.14%	1.14%	Reduced -923.1k	-923,112 -2.5%
38	AIR PRODS & CHEMS INC COM APD	APD	6,663,154	$1.9bn1.12%	1.12%	Added +65.0k	+64,960 1.0%
39	BAKER HUGHES COMPANY CL A BKR	BKR	45,658,130	$1.9bn1.09%	1.09%	Reduced -172.1k	-172,108 -0.4%
40	HALEON PLC SPON ADS HLN	HLN	178,744,926	$1.7bn0.99%	0.99%	Reduced -427.5k	-427,457 -0.2%
41	REGENERON PHARMACEUTICALS COM REGN	REGN	2,321,316	$1.7bn0.96%	0.96%	Added +9.4k	+9,381 0.4%
42	SBA COMMUNICATIONS CORP NEW CL A SBAC	SBAC	7,346,255	$1.5bn0.87%	0.87%	Added +5.7m	+5,722,740 352.5%
43	BAXTER INTL INC COM BAX	BAX	50,377,294	$1.5bn0.85%	0.85%	Added +5.8m	+5,779,100 13.0%
44	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	18,330,397	$1.4bn0.82%	0.82%	Reduced -19.2k	-19,177 -0.1%
45	CISCO SYS INC COM CSCO	CSCO	23,738,670	$1.4bn0.82%	0.82%	Reduced -82.9k	-82,877 -0.3%
46	BANK AMERICA CORP COM BAC	BAC	31,060,084	$1.4bn0.79%	0.79%	Reduced -22.1m	-22,147,719 -41.6%
47	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	16,675,508	$1.3bn0.76%	0.76%	Added +11.9k	+11,867 0.1%
48	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	16,965,832	$1.3bn0.73%	0.73%	Added +851.4k	+851,365 5.3%
49	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	14,469,770	$1.2bn0.71%	0.71%	Reduced -3.6m	-3,616,800 -20.0%
50	DOMINION ENERGY INC COM D	D	22,623,133	$1.2bn0.71%	0.71%	Reduced -64.7k	-64,740 -0.3%
51	NOVARTIS AG SPONSORED ADR NVS	NVS	12,214,665	$1.2bn0.69%	0.69%	Reduced -7.2k	-7,211 -0.1%
52	SUN CMNTYS INC COM SUI	SUI	9,606,018	$1.2bn0.69%	0.69%	Added +3.6m	+3,644,853 61.1%
53	CONOCOPHILLIPS COM COP	COP	11,423,586	$1.1bn0.66%	0.66%	Reduced -7.8k	-7,845 -0.1%
54	HP INC COM HPQ	HPQ	33,745,905	$1.1bn0.64%	0.64%	Reduced -76.3k	-76,270 -0.2%
55	AMERICAN ELEC PWR CO INC COM AEP	AEP	11,575,220	$1.1bn0.62%	0.62%	Reduced -5.3k	-5,285 -0.1%
56	INCYTE CORP COM INCY	INCY	14,919,633	$1.0bn0.60%	0.60%	Reduced -356.5k	-356,460 -2.3%
57	FOX CORP CL A COM FOXA	FOXA	21,098,016	$1.0bn0.60%	0.60%	Reduced -7.4m	-7,357,231 -25.9%
58	SUNCOR ENERGY INC NEW COM SU	SU	28,452,054	$1.0bn0.59%	0.59%	Reduced -958.2k	-958,200 -3.3%
59	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	83,180,666	$1.0bn0.59%	0.59%	Reduced -134.9k	-134,884 -0.2%
60	CREDICORP LTD COM BAP	BAP	5,337,180	$978.4m0.57%	0.57%	Reduced -73.7k	-73,700 -1.4%
61	CARRIER GLOBAL CORPORATION COM CARR	CARR	14,305,840	$976.5m0.57%	0.57%	Reduced -40.7k	-40,659 -0.3%
62	COHERENT CORP COM COHR	COHR	10,239,099	$969.9m0.56%	0.56%	Reduced -400.3k	-400,275 -3.8%
63	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	14,746,235	$969.3m0.56%	0.56%	Added +847.9k	+847,917 6.1%
64	CELANESE CORP DEL COM CE	CE	13,618,062	$942.5m0.55%	0.55%	Added +6.8m	+6,818,993 100.3%
65	V F CORP COM VFC	VFC	42,447,650	$910.9m0.53%	0.53%	Reduced -65.2k	-65,200 -0.1%
66	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	15,402,468	$871.2m0.51%	0.51%	Reduced -225.3k	-225,275 -1.4%
67	MOLSON COORS BEVERAGE CO CL B TAP	TAP	14,571,189	$835.2m0.49%	0.49%	Reduced -48.3k	-48,275 -0.3%
68	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	3,540,262	$833.1m0.48%	0.48%	Reduced -82.3k	-82,273 -2.3%
69	STATE STR CORP COM STT	STT	7,425,244	$728.8m0.42%	0.42%	Reduced -2.0m	-2,030,568 -21.5%
70	AEGON LTD AMER REG 1 CERT AEG	AEG	117,764,090	$693.6m0.40%	0.40%	Reduced -20.0k	-19,992 -0.0%
71	GAP INC COM GAP	GAP	28,824,721	$681.1m0.40%	0.40%	Reduced -48.6k	-48,625 -0.2%
72	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	13,498,634	$650.1m0.38%	0.38%	Added +5.8m	+5,797,299 75.3%
73	HONDA MOTOR LTD ADR ECH CNV IN 3 HMC	HMC	22,074,900	$630.2m0.37%	0.37%	Reduced -1.5k	-1,475 -0.0%
74	MEDTRONIC PLC SHS MDT	MDT	7,661,125	$612.0m0.36%	0.36%	Added +897.6k	+897,635 13.3%
75	FORTIVE CORP COM FTV	FTV	7,779,907	$583.5m0.34%	0.34%	New
76	JD.COM INC SPON ADS CL A JD	JD	16,723,441	$579.8m0.34%	0.34%	Reduced -5.8m	-5,759,008 -25.6%
77	NUTRIEN LTD COM NTR	NTR	12,523,259	$560.4m0.33%	0.33%	Added +40.8k	+40,800 0.3%
78	LINDE PLC SHS LIN	LIN	1,329,590	$556.7m0.32%	0.32%	Added +2.6k	+2,600 0.2%
79	FOX CORP CL B COM FOX	FOX	11,341,200	$518.7m0.30%	0.30%	Added +10.2k	+10,185 0.1%
80	XP INC CL A XP	XP	43,153,245	$511.4m0.30%	0.30%	Added +8.3m	+8,291,500 23.8%
81	TC ENERGY CORP COM TRP	TRP	10,953,200	$509.7m0.30%	0.30%	Unchanged
82	BAIDU INC SPON ADR REP A BIDU	BIDU	5,916,215	$498.8m0.29%	0.29%	Added +22.0k	+22,000 0.4%
83	COUPANG INC CL A CPNG	CPNG	20,229,320	$444.6m0.26%	0.26%	Added +123.9k	+123,900 0.6%
84	NEUROCRINE BIOSCIENCES INC COM NBIX	NBIX	3,016,425	$411.7m0.24%	0.24%	Added +1.7m	+1,728,605 134.2%
85	YUM CHINA HLDGS INC COM YUMC	YUMC	8,512,162	$410.0m0.24%	0.24%	Reduced -2.2m	-2,172,600 -20.3%
86	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	14,252,820	$392.7m0.23%	0.23%	Reduced -1.6k	-1,550 -0.0%
87	TECK RESOURCES LTD CL B TECK	TECK	8,558,940	$346.9m0.20%	0.20%	Reduced -725.9k	-725,902 -7.8%
88	NEWS CORP NEW CL A NWSA	NWSA	11,662,685	$321.2m0.19%	0.19%	Added +1.2m	+1,245,278 11.9%
89	BRIGHTHOUSE FINL INC COM BHF	BHF	6,669,575	$320.4m0.19%	0.19%	Unchanged
90	ECHOSTAR CORP CL A ECHO	ECHO	13,416,003	$307.2m0.18%	0.18%	Reduced -51.4k	-51,350 -0.4%
91	CEMEX SAB DE CV SPON ADR NEW CX	CX	49,622,009	$279.9m0.16%	0.16%	Added +48.9m	+48,942,309 7200.6%
92	NETEASE INC SPONSORED ADS NTES	NTES	2,649,876	$236.4m0.14%	0.14%	Added +15.9k	+15,900 0.6%
93	HDFC BANK LTD SPONSORED ADS HDB	HDB	3,271,600	$208.9m0.12%	0.12%	Added +356.3k	+356,300 12.2%
94	FLUTTER ENTMT PLC SHS FLUT	FLUT	628,878	$162.5m0.09%	0.09%	Added +4.4k	+4,400 0.7%
95	LPL FINL HLDGS INC COM LPLA	LPLA	470,109	$153.5m0.09%	0.09%	Added +454.6k	+454,553 2922.0%
96	AMERICAN EXPRESS CO COM AXP	AXP	399,340	$118.5m0.07%	0.07%	Reduced -11.3k	-11,325 -2.8%
97	GRUPO TELEVISA S A B SPON ADR REP ORD TV	TV	64,212,690	$107.9m0.06%	0.06%	Unchanged
98	SUNRISE COMMUNICATIONS AG ADS CL A SNRE	SNRE	2,289,925	$98.6m0.06%	0.06%	New
99	FRESENIUS MEDICAL CARE AG SPONSORED ADR FMS	FMS	4,173,510	$94.5m0.05%	0.05%	Unchanged
100	LIBERTY GLOBAL LTD COM CL C LBTYK	LBTYK	6,682,068	$87.8m0.05%	0.05%	Unchanged

Sold out since Q3 2024

Security	Ticker	Shares held before	Value then
BLACKROCK INC BLK	BLK	750	$712.1k750 shares
KE HLDGS INC BEKE	BEKE	18,440	$367.1k18.4k shares
CHUBB LIMITED CB	CB	722	$208.2k722 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