Dodge & Cox

San Francisco, CA · CIK 200217 · 13F filing filed 2025-05-14

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)

$175.5bn reported value +2.1% vs Q4 2024

214positions

28.9%in top 10

4 new 47 added 114 reduced 4 sold out vs Q4 2024

Also in the report of:

Dorsey & Whitney Trust CO LLC – $447.0k of shares are in both reports

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

Holdings, Q1 2025

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	88,750,655	$6.9bn3.96%	3.96%	Reduced -618.9k	-618,873 -0.7%
2	FISERV INC COM FISV	FISV	30,590,491	$6.8bn3.85%	3.85%	Reduced -1.6m	-1,601,904 -5.0%
3	JOHNSON CTLS INTL PLC SHS JCI	JCI	70,818,054	$5.7bn3.23%	3.23%	Reduced -9.6m	-9,551,817 -11.9%
4	RTX CORPORATION COM RTX	RTX	42,353,562	$5.6bn3.20%	3.20%	Reduced -2.1m	-2,137,841 -4.8%
5	CVS HEALTH CORP COM CVS	CVS	73,459,122	$5.0bn2.84%	2.84%	Added +3.4m	+3,353,223 4.8%
6	METLIFE INC COM MET	MET	53,913,177	$4.3bn2.47%	2.47%	Reduced -241.4k	-241,377 -0.5%
7	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	11,506,120	$4.2bn2.42%	2.42%	Reduced -41.1k	-41,056 -0.4%
8	WELLS FARGO CO NEW COM WFC	WFC	57,628,115	$4.1bn2.36%	2.36%	Reduced -12.8m	-12,824,735 -18.2%
9	SANOFI SPONSORED ADR SNY	SNY	73,193,057	$4.1bn2.31%	2.31%	Reduced -2.0m	-2,027,531 -2.7%
10	OCCIDENTAL PETE CORP COM OXY	OXY	80,839,070	$4.0bn2.27%	2.27%	Added +10.8m	+10,836,568 15.5%
11	GILEAD SCIENCES INC COM GILD	GILD	32,694,791	$3.7bn2.09%	2.09%	Reduced -252.9k	-252,926 -0.8%
12	BOOKING HOLDINGS INC COM BKNG	BKNG	776,008	$3.6bn2.04%	2.04%	Reduced -7.6k	-7,564 -1.0%
13	BANK NEW YORK MELLON CORP COM BNY	BNY	41,976,640	$3.5bn2.01%	2.01%	Reduced -2.7m	-2,722,558 -6.1%
14	COMCAST CORP NEW CL A CMCSA	CMCSA	94,217,741	$3.5bn1.98%	1.98%	Added +15.1m	+15,115,074 19.1%
15	FEDEX CORP COM FDX	FDX	13,833,068	$3.4bn1.92%	1.92%	Reduced -56.6k	-56,556 -0.4%
16	MICROSOFT CORP COM MSFT	MSFT	8,880,353	$3.3bn1.90%	1.90%	Reduced -180.7k	-180,738 -2.0%
17	AMAZON COM INC COM AMZN	AMZN	16,532,632	$3.1bn1.79%	1.79%	Reduced -640.3k	-640,325 -3.7%
18	GSK PLC SPONSORED ADR GSK	GSK	78,651,833	$3.0bn1.74%	1.74%	Added +10.2m	+10,210,921 14.9%
19	THE CIGNA GROUP COM CI	CI	8,889,733	$2.9bn1.67%	1.67%	Added +117.1k	+117,125 1.3%
20	CAPITAL ONE FINL CORP COM COF	COF	16,276,312	$2.9bn1.66%	1.66%	Reduced -1.0m	-1,008,685 -5.8%
21	HUMANA INC COM HUM	HUM	10,755,215	$2.8bn1.62%	1.62%	Added +557.2k	+557,175 5.5%
22	GE AEROSPACE COM NEW GE	GE	13,986,351	$2.8bn1.60%	1.60%	Reduced -175.0k	-174,953 -1.2%
23	ALPHABET INC CAP STK CL C GOOG	GOOG	17,048,361	$2.7bn1.52%	1.52%	Reduced -1.1m	-1,083,396 -6.0%
24	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	33,774,607	$2.6bn1.49%	1.49%	Added +2.3m	+2,336,844 7.4%
25	FIDELITY NATL INFORMATION SV COM FIS	FIS	34,808,298	$2.6bn1.48%	1.48%	Added +480.8k	+480,771 1.4%
26	AIR PRODS & CHEMS INC COM APD	APD	8,759,722	$2.6bn1.47%	1.47%	Added +2.1m	+2,096,568 31.5%
27	ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR BUD	BUD	41,116,138	$2.5bn1.44%	1.44%	Added +1.1m	+1,119,308 2.8%
28	NORFOLK SOUTHN CORP COM NSC	NSC	10,666,554	$2.5bn1.44%	1.44%	Reduced -22.7k	-22,655 -0.2%
29	TE CONNECTIVITY PLC ORD SHS TEL	TEL	16,022,480	$2.3bn1.29%	1.29%	Added +56.9k	+56,871 0.4%
30	UBS GROUP AG SHS UBS	UBS	72,608,792	$2.2bn1.27%	1.27%	Reduced -888.2k	-888,250 -1.2%
31	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	19,564,454	$2.2bn1.26%	1.26%	Added +446.0k	+446,018 2.3%
32	UNITEDHEALTH GROUP INC COM UNH	UNH	4,020,368	$2.1bn1.20%	1.20%	Reduced -72.9k	-72,860 -1.8%
33	META PLATFORMS INC CL A META	META	3,524,514	$2.0bn1.16%	1.16%	Reduced -286.3k	-286,323 -7.5%
34	BAKER HUGHES COMPANY CL A BKR	BKR	44,655,095	$2.0bn1.12%	1.12%	Reduced -1.0m	-1,003,035 -2.2%
35	SBA COMMUNICATIONS CORP NEW CL A SBAC	SBAC	8,485,264	$1.9bn1.06%	1.06%	Added +1.1m	+1,139,009 15.5%
36	GOLDMAN SACHS GROUP INC COM GS	GS	3,351,539	$1.8bn1.04%	1.04%	Reduced -519.0k	-518,997 -13.4%
37	ALPHABET INC CAP STK CL A GOOGL	GOOGL	11,595,682	$1.8bn1.02%	1.02%	Reduced -409.5k	-409,480 -3.4%
38	BAXTER INTL INC COM BAX	BAX	51,458,925	$1.8bn1.00%	1.00%	Added +1.1m	+1,081,631 2.1%
39	SUN CMNTYS INC COM SUI	SUI	13,647,820	$1.8bn1.00%	1.00%	Added +4.0m	+4,041,802 42.1%
40	HALEON PLC SPON ADS HLN	HLN	169,150,936	$1.7bn0.99%	0.99%	Reduced -9.6m	-9,593,990 -5.4%
41	AVANTOR INC COM AVTR	AVTR	100,262,723	$1.6bn0.93%	0.93%	Added +1.1m	+1,116,953 1.1%
42	FORTIVE CORP COM FTV	FTV	21,900,363	$1.6bn0.91%	0.91%	Added +14.1m	+14,120,456 181.5%
43	WILLIAMS COS INC COM WMB	WMB	26,259,123	$1.6bn0.89%	0.89%	Reduced -10.1m	-10,089,391 -27.8%
44	T-MOBILE US INC COM TMUS	TMUS	5,832,553	$1.6bn0.89%	0.89%	Reduced -3.6m	-3,550,128 -37.8%
45	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	11,319,570	$1.5bn0.85%	0.85%	Reduced -3.2m	-3,150,200 -21.8%
46	REGENERON PHARMACEUTICALS COM REGN	REGN	2,324,085	$1.5bn0.84%	0.84%	Added +2.8k	+2,769 0.1%
47	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	18,270,347	$1.4bn0.80%	0.80%	Reduced -60.0k	-60,050 -0.3%
48	CISCO SYS INC COM CSCO	CSCO	21,722,716	$1.3bn0.76%	0.76%	Reduced -2.0m	-2,015,954 -8.5%
49	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	16,585,509	$1.3bn0.76%	0.76%	Reduced -90.0k	-89,999 -0.5%
50	NOVARTIS AG SPONSORED ADR NVS	NVS	11,818,102	$1.3bn0.75%	0.75%	Reduced -396.6k	-396,563 -3.2%
51	DOMINION ENERGY INC COM D	D	23,308,378	$1.3bn0.74%	0.74%	Added +685.2k	+685,245 3.0%
52	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	16,896,032	$1.2bn0.68%	0.68%	Reduced -69.8k	-69,800 -0.4%
53	AMERICAN ELEC PWR CO INC COM AEP	AEP	10,811,550	$1.2bn0.67%	0.67%	Reduced -763.7k	-763,670 -6.6%
54	CONOCOPHILLIPS COM COP	COP	11,221,699	$1.2bn0.67%	0.67%	Reduced -201.9k	-201,887 -1.8%
55	FOX CORP CL A COM FOXA	FOXA	19,637,142	$1.1bn0.63%	0.63%	Reduced -1.5m	-1,460,874 -6.9%
56	SUNCOR ENERGY INC NEW COM SU	SU	28,355,454	$1.1bn0.63%	0.63%	Reduced -96.6k	-96,600 -0.3%
57	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	14,955,240	$1.1bn0.60%	0.60%	Added +209.0k	+209,005 1.4%
58	CREDICORP LTD COM BAP	BAP	5,309,780	$988.5m0.56%	0.56%	Reduced -27.4k	-27,400 -0.5%
59	HP INC COM HPQ	HPQ	33,405,553	$925.0m0.53%	0.53%	Reduced -340.4k	-340,352 -1.0%
60	CARRIER GLOBAL CORPORATION COM CARR	CARR	14,288,350	$905.9m0.52%	0.52%	Reduced -17.5k	-17,490 -0.1%
61	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	3,351,762	$905.0m0.52%	0.52%	Reduced -188.5k	-188,500 -5.3%
62	INCYTE CORP COM INCY	INCY	14,864,328	$900.0m0.51%	0.51%	Reduced -55.3k	-55,305 -0.4%
63	COUPANG INC CL A CPNG	CPNG	40,784,920	$894.4m0.51%	0.51%	Added +20.6m	+20,555,600 101.6%
64	BANK AMERICA CORP COM BAC	BAC	21,004,922	$876.5m0.50%	0.50%	Reduced -10.1m	-10,055,162 -32.4%
65	CELANESE CORP DEL COM CE	CE	15,391,416	$873.8m0.50%	0.50%	Added +1.8m	+1,773,354 13.0%
66	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	82,920,582	$870.7m0.50%	0.50%	Reduced -260.1k	-260,084 -0.3%
67	MOLSON COORS BEVERAGE CO CL B TAP	TAP	14,068,310	$856.3m0.49%	0.49%	Reduced -502.9k	-502,879 -3.5%
68	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	13,030,562	$794.7m0.45%	0.45%	Reduced -2.4m	-2,371,906 -15.4%
69	AEGON LTD AMER REG 1 CERT AEG	AEG	117,541,105	$774.6m0.44%	0.44%	Reduced -223.0k	-222,985 -0.2%
70	JD.COM INC SPON ADS CL A JD	JD	18,062,949	$742.7m0.42%	0.42%	Added +1.3m	+1,339,508 8.0%
71	MEDTRONIC PLC SHS MDT	MDT	7,708,833	$692.7m0.39%	0.39%	Added +47.7k	+47,708 0.6%
72	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	13,509,609	$687.6m0.39%	0.39%	Added +11.0k	+10,975 0.1%
73	STATE STR CORP COM STT	STT	7,331,559	$656.4m0.37%	0.37%	Reduced -93.7k	-93,685 -1.3%
74	V F CORP COM VFC	VFC	40,961,475	$635.7m0.36%	0.36%	Reduced -1.5m	-1,486,175 -3.5%
75	LINDE PLC SHS LIN	LIN	1,329,590	$619.1m0.35%	0.35%	Unchanged
76	NUTRIEN LTD COM NTR	NTR	12,462,259	$619.0m0.35%	0.35%	Reduced -61.0k	-61,000 -0.5%
77	NEUROCRINE BIOSCIENCES INC COM NBIX	NBIX	5,534,624	$612.1m0.35%	0.35%	Added +2.5m	+2,518,199 83.5%
78	GAP INC COM GAP	GAP	28,734,711	$592.2m0.34%	0.34%	Reduced -90.0k	-90,010 -0.3%
79	XP INC CL A XP	XP	42,537,845	$584.9m0.33%	0.33%	Reduced -615.4k	-615,400 -1.4%
80	HONDA MOTOR LTD ADR ECH CNV IN 3 HMC	HMC	21,020,005	$570.3m0.33%	0.33%	Reduced -1.1m	-1,054,895 -4.8%
81	FOX CORP CL B COM FOX	FOX	10,099,284	$532.3m0.30%	0.30%	Reduced -1.2m	-1,241,916 -10.9%
82	BAIDU INC SPON ADR REP A BIDU	BIDU	5,440,815	$500.7m0.29%	0.29%	Reduced -475.4k	-475,400 -8.0%
83	LPL FINL HLDGS INC COM LPLA	LPLA	1,523,460	$498.4m0.28%	0.28%	Added +1.1m	+1,053,351 224.1%
84	TC ENERGY CORP COM TRP	TRP	10,486,600	$495.1m0.28%	0.28%	Reduced -466.6k	-466,600 -4.3%
85	YUM CHINA HLDGS INC COM YUMC	YUMC	8,513,162	$443.2m0.25%	0.25%	Added +1.0k	+1,000 0.0%
86	COHERENT CORP COM COHR	COHR	6,437,769	$418.1m0.24%	0.24%	Reduced -3.8m	-3,801,330 -37.1%
87	CEMEX SAB DE CV SPON ADR NEW CX	CX	70,320,800	$394.5m0.22%	0.22%	Added +20.7m	+20,698,791 41.7%
88	NEWS CORP NEW CL A NWSA	NWSA	13,846,298	$376.9m0.21%	0.21%	Added +2.2m	+2,183,613 18.7%
89	ECHOSTAR CORP CL A ECHO	ECHO	13,407,953	$343.0m0.20%	0.20%	Reduced -8.1k	-8,050 -0.1%
90	TECK RESOURCES LTD CL B TECK	TECK	8,483,340	$309.0m0.18%	0.18%	Reduced -75.6k	-75,600 -0.9%
91	NETEASE INC SPONSORED ADS NTES	NTES	2,803,664	$288.6m0.16%	0.16%	Added +153.8k	+153,788 5.8%
92	MILLICOM INTL CELLULAR S A COM STK TIGO	TIGO	8,701,732	$263.4m0.15%	0.15%	New
93	HDFC BANK LTD SPONSORED ADS HDB	HDB	3,232,300	$214.8m0.12%	0.12%	Reduced -39.3k	-39,300 -1.2%
94	FLUTTER ENTMT PLC SHS FLUT	FLUT	628,878	$139.3m0.08%	0.08%	Unchanged
95	GRUPO TELEVISA S A B SPON ADR REP ORD TV	TV	64,212,690	$112.4m0.06%	0.06%	Unchanged
96	SUNRISE COMMUNICATIONS AG ADS CL A SNRE	SNRE	2,289,925	$110.6m0.06%	0.06%	Unchanged
97	FRESENIUS MEDICAL CARE AG SPONSORED ADR FMS	FMS	4,173,510	$103.9m0.06%	0.06%	Unchanged
98	AMERICAN EXPRESS CO COM AXP	AXP	374,172	$100.7m0.06%	0.06%	Reduced -25.2k	-25,168 -6.3%
99	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	17,493,415	$96.2m0.05%	0.05%	Added +872.4k	+872,410 5.2%
100	LIBERTY GLOBAL LTD COM CL C LBTYK	LBTYK	6,682,068	$80.0m0.05%	0.05%	Unchanged

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
OCCIDENTAL PETE CORP OXY.WS	OXY.WS	14,252,820	$392.7m14.3m shares
BRIGHTHOUSE FINL INC BHF	BHF	6,669,575	$320.4m6.7m shares
NOAH HLDGS LTD NOAH	NOAH	26,840	$314.3k26.8k shares
US BANCORP DEL USB	USB	5,800	$277.4k5.8k 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