Dodge & Cox

San Francisco, CA · CIK 200217 · 13F filing filed 2025-08-13

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)

$178.0bn reported value +1.4% vs Q1 2025

219positions

29.3%in top 10

9 new 60 added 108 reduced 4 sold out vs Q1 2025

Also in the report of:

Dorsey & Whitney Trust CO LLC – $591.7k of shares are in both reports

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

Holdings, Q2 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	84,357,885	$7.7bn4.32%	4.32%	Reduced -4.4m	-4,392,770 -5.0%
2	JOHNSON CTLS INTL PLC SHS JCI	JCI	66,922,767	$7.1bn3.97%	3.97%	Reduced -3.9m	-3,895,287 -5.5%
3	RTX CORPORATION COM RTX	RTX	41,753,934	$6.1bn3.43%	3.43%	Reduced -599.6k	-599,628 -1.4%
4	FISERV INC COM FISV	FISV	29,719,536	$5.1bn2.88%	2.88%	Reduced -871.0k	-870,955 -2.9%
5	CVS HEALTH CORP COM CVS	CVS	73,288,766	$5.1bn2.84%	2.84%	Reduced -170.4k	-170,356 -0.2%
6	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	11,126,486	$4.5bn2.56%	2.56%	Reduced -379.6k	-379,634 -3.3%
7	METLIFE INC COM MET	MET	53,181,881	$4.3bn2.40%	2.40%	Reduced -731.3k	-731,296 -1.4%
8	BOOKING HOLDINGS INC COM BKNG	BKNG	730,473	$4.2bn2.38%	2.38%	Reduced -45.5k	-45,535 -5.9%
9	WELLS FARGO CO NEW COM WFC	WFC	50,745,861	$4.1bn2.28%	2.28%	Reduced -6.9m	-6,882,254 -11.9%
10	MICROSOFT CORP COM MSFT	MSFT	8,142,260	$4.1bn2.28%	2.28%	Reduced -738.1k	-738,093 -8.3%
11	COMCAST CORP NEW CL A CMCSA	CMCSA	111,272,320	$4.0bn2.23%	2.23%	Added +17.1m	+17,054,579 18.1%
12	AMAZON COM INC COM AMZN	AMZN	16,592,150	$3.6bn2.05%	2.05%	Added +59.5k	+59,518 0.4%
13	SANOFI SPONSORED ADR SNY	SNY	71,718,315	$3.5bn1.95%	1.95%	Reduced -1.5m	-1,474,742 -2.0%
14	BANK NEW YORK MELLON CORP COM BNY	BNY	37,619,374	$3.4bn1.93%	1.93%	Reduced -4.4m	-4,357,266 -10.4%
15	GILEAD SCIENCES INC COM GILD	GILD	30,818,322	$3.4bn1.92%	1.92%	Reduced -1.9m	-1,876,469 -5.7%
16	OCCIDENTAL PETE CORP COM OXY	OXY	80,254,372	$3.4bn1.89%	1.89%	Reduced -584.7k	-584,698 -0.7%
17	FEDEX CORP COM FDX	FDX	14,482,494	$3.3bn1.85%	1.85%	Added +649.4k	+649,426 4.7%
18	META PLATFORMS INC CL A META	META	4,163,253	$3.1bn1.73%	1.73%	Added +638.7k	+638,739 18.1%
19	GSK PLC SPONSORED ADR GSK	GSK	78,757,869	$3.0bn1.70%	1.70%	Added +106.0k	+106,036 0.1%
20	THE CIGNA GROUP COM CI	CI	8,950,610	$3.0bn1.66%	1.66%	Added +60.9k	+60,877 0.7%
21	TE CONNECTIVITY PLC ORD SHS TEL	TEL	17,039,803	$2.9bn1.61%	1.61%	Added +1.0m	+1,017,323 6.3%
22	FIDELITY NATL INFORMATION SV COM FIS	FIS	35,274,497	$2.9bn1.61%	1.61%	Added +466.2k	+466,199 1.3%
23	NORFOLK SOUTHN CORP COM NSC	NSC	10,859,121	$2.8bn1.56%	1.56%	Added +192.6k	+192,567 1.8%
24	HUMANA INC COM HUM	HUM	11,352,920	$2.8bn1.56%	1.56%	Added +597.7k	+597,705 5.6%
25	CAPITAL ONE FINL CORP COM COF	COF	12,856,456	$2.7bn1.54%	1.54%	Reduced -3.4m	-3,419,856 -21.0%
26	UNITEDHEALTH GROUP INC COM UNH	UNH	8,750,560	$2.7bn1.53%	1.53%	Added +4.7m	+4,730,192 117.7%
27	ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR BUD	BUD	38,477,542	$2.6bn1.49%	1.49%	Reduced -2.6m	-2,638,596 -6.4%
28	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	35,047,387	$2.6bn1.45%	1.45%	Added +1.3m	+1,272,780 3.8%
29	ALPHABET INC CAP STK CL C GOOG	GOOG	14,179,423	$2.5bn1.41%	1.41%	Reduced -2.9m	-2,868,938 -16.8%
30	AIR PRODS & CHEMS INC COM APD	APD	8,821,400	$2.5bn1.40%	1.40%	Added +61.7k	+61,678 0.7%
31	GOLDMAN SACHS GROUP INC COM GS	GS	3,306,574	$2.3bn1.31%	1.31%	Reduced -45.0k	-44,965 -1.3%
32	GE AEROSPACE COM NEW GE	GE	9,065,811	$2.3bn1.31%	1.31%	Reduced -4.9m	-4,920,540 -35.2%
33	SBA COMMUNICATIONS CORP NEW CL A SBAC	SBAC	8,608,494	$2.0bn1.14%	1.14%	Added +123.2k	+123,230 1.4%
34	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	22,097,463	$2.0bn1.13%	1.13%	Added +2.5m	+2,533,009 12.9%
35	REGENERON PHARMACEUTICALS COM REGN	REGN	3,826,283	$2.0bn1.13%	1.13%	Added +1.5m	+1,502,198 64.6%
36	ALPHABET INC CAP STK CL A GOOGL	GOOGL	11,275,218	$2.0bn1.12%	1.12%	Reduced -320.5k	-320,464 -2.8%
37	SUN CMNTYS INC COM SUI	SUI	14,198,760	$1.8bn1.01%	1.01%	Added +550.9k	+550,940 4.0%
38	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	23,567,950	$1.7bn0.98%	0.98%	Added +7.0m	+6,982,441 42.1%
39	FORTIVE CORP COM FTV	FTV	33,173,605	$1.7bn0.97%	0.97%	Added +11.3m	+11,273,242 51.5%
40	BAKER HUGHES COMPANY CL A BKR	BKR	44,582,813	$1.7bn0.96%	0.96%	Reduced -72.3k	-72,282 -0.2%
41	HALEON PLC SPON ADS HLN	HLN	155,471,999	$1.6bn0.91%	0.91%	Reduced -13.7m	-13,678,937 -8.1%
42	AVANTOR INC COM AVTR	AVTR	117,433,484	$1.6bn0.89%	0.89%	Added +17.2m	+17,170,761 17.1%
43	BAXTER INTL INC COM BAX	BAX	52,121,620	$1.6bn0.89%	0.89%	Added +662.7k	+662,695 1.3%
44	UBS GROUP AG SHS UBS	UBS	45,635,942	$1.5bn0.87%	0.87%	Reduced -27.0m	-26,972,850 -37.1%
45	COUPANG INC CL A CPNG	CPNG	46,614,520	$1.4bn0.78%	0.78%	Added +5.8m	+5,829,600 14.3%
46	DOMINION ENERGY INC COM D	D	22,925,248	$1.3bn0.73%	0.73%	Reduced -383.1k	-383,130 -1.6%
47	NOVARTIS AG SPONSORED ADR NVS	NVS	10,647,629	$1.3bn0.72%	0.72%	Reduced -1.2m	-1,170,473 -9.9%
48	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	16,267,302	$1.3bn0.71%	0.71%	Reduced -2.0m	-2,003,045 -11.0%
49	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	10,964,270	$1.2bn0.70%	0.70%	Reduced -355.3k	-355,300 -3.1%
50	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	82,895,232	$1.2bn0.67%	0.67%	Reduced -25.4k	-25,350 -0.0%
51	CREDICORP LTD COM BAP	BAP	5,147,380	$1.2bn0.65%	0.65%	Reduced -162.4k	-162,400 -3.1%
52	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	3,197,096	$1.0bn0.59%	0.59%	Reduced -154.7k	-154,666 -4.6%
53	SUNCOR ENERGY INC NEW COM SU	SU	27,401,654	$1.0bn0.58%	0.58%	Reduced -953.8k	-953,800 -3.4%
54	LPL FINL HLDGS INC COM LPLA	LPLA	2,701,709	$1.0bn0.57%	0.57%	Added +1.2m	+1,178,249 77.3%
55	CONOCOPHILLIPS COM COP	COP	11,235,453	$1.0bn0.57%	0.57%	Added +13.8k	+13,754 0.1%
56	INCYTE CORP COM INCY	INCY	14,595,181	$993.9m0.56%	0.56%	Reduced -269.1k	-269,147 -1.8%
57	AMERICAN ELEC PWR CO INC COM AEP	AEP	9,572,403	$993.2m0.56%	0.56%	Reduced -1.2m	-1,239,147 -11.5%
58	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	16,969,997	$981.9m0.55%	0.55%	Added +74.0k	+73,965 0.4%
59	T-MOBILE US INC COM TMUS	TMUS	4,100,279	$976.9m0.55%	0.55%	Reduced -1.7m	-1,732,274 -29.7%
60	CARRIER GLOBAL CORPORATION COM CARR	CARR	12,776,049	$935.1m0.53%	0.53%	Reduced -1.5m	-1,512,301 -10.6%
61	HP INC COM HPQ	HPQ	34,943,498	$854.7m0.48%	0.48%	Added +1.5m	+1,537,945 4.6%
62	CELANESE CORP DEL COM CE	CE	15,324,667	$847.9m0.48%	0.48%	Reduced -66.7k	-66,749 -0.4%
63	BANK AMERICA CORP COM BAC	BAC	17,860,502	$845.2m0.47%	0.47%	Reduced -3.1m	-3,144,420 -15.0%
64	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	15,108,310	$830.5m0.47%	0.47%	Added +153.1k	+153,070 1.0%
65	STATE STR CORP COM STT	STT	7,412,414	$788.2m0.44%	0.44%	Added +80.9k	+80,855 1.1%
66	FOX CORP CL A COM FOXA	FOXA	14,017,947	$785.6m0.44%	0.44%	Reduced -5.6m	-5,619,195 -28.6%
67	TELEDYNE TECHNOLOGIES INC COM TDY	TDY	1,497,740	$767.3m0.43%	0.43%	New
68	NEUROCRINE BIOSCIENCES INC COM NBIX	NBIX	5,566,814	$699.7m0.39%	0.39%	Added +32.2k	+32,190 0.6%
69	XP INC CL A XP	XP	34,308,445	$693.0m0.39%	0.39%	Reduced -8.2m	-8,229,400 -19.4%
70	MOLSON COORS BEVERAGE CO CL B TAP	TAP	14,396,195	$692.3m0.39%	0.39%	Added +327.9k	+327,885 2.3%
71	MEDTRONIC PLC SHS MDT	MDT	7,740,383	$674.7m0.38%	0.38%	Added +31.6k	+31,550 0.4%
72	CEMEX SAB DE CV SPON ADR NEW CX	CX	95,023,835	$658.5m0.37%	0.37%	Added +24.7m	+24,703,035 35.1%
73	AEGON LTD AMER REG 1 CERT AEG	AEG	88,737,090	$642.5m0.36%	0.36%	Reduced -28.8m	-28,804,015 -24.5%
74	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	13,618,357	$635.7m0.36%	0.36%	Added +108.7k	+108,748 0.8%
75	LINDE PLC SHS LIN	LIN	1,329,590	$623.8m0.35%	0.35%	Unchanged
76	AMRIZE LTD SHS AMRZ	AMRZ	12,470,706	$622.1m0.35%	0.35%	New
77	JD.COM INC SPON ADS CL A JD	JD	18,705,949	$610.6m0.34%	0.34%	Added +643.0k	+643,000 3.6%
78	NUTRIEN LTD COM NTR	NTR	10,076,659	$586.9m0.33%	0.33%	Reduced -2.4m	-2,385,600 -19.1%
79	RALLIANT CORP COM RAL	RAL	10,797,506	$523.6m0.29%	0.29%	New
80	V F CORP COM VFC	VFC	40,954,100	$481.2m0.27%	0.27%	Reduced -7.4k	-7,375 -0.0%
81	TC ENERGY CORP COM TRP	TRP	9,645,800	$470.6m0.26%	0.26%	Reduced -840.8k	-840,800 -8.0%
82	BAIDU INC SPON ADR REP A BIDU	BIDU	5,427,715	$465.5m0.26%	0.26%	Reduced -13.1k	-13,100 -0.2%
83	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	6,339,800	$446.1m0.25%	0.25%	Added +5.7m	+5,740,827 958.5%
84	WILLIS TOWERS WATSON PLC LTD SHS WTW	WTW	1,278,423	$391.8m0.22%	0.22%	New
85	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	8,436,759	$390.5m0.22%	0.22%	Reduced -4.6m	-4,593,803 -35.2%
86	NEWS CORP NEW CL A NWSA	NWSA	13,016,220	$386.8m0.22%	0.22%	Reduced -830.1k	-830,078 -6.0%
87	YUM CHINA HLDGS INC COM YUMC	YUMC	8,516,462	$380.8m0.21%	0.21%	Added +3.3k	+3,300 0.0%
88	FOX CORP CL B COM FOX	FOX	7,308,816	$377.4m0.21%	0.21%	Reduced -2.8m	-2,790,468 -27.6%
89	ECHOSTAR CORP CL A ECHO	ECHO	13,398,270	$371.1m0.21%	0.21%	Reduced -9.7k	-9,683 -0.1%
90	NETEASE INC SPONSORED ADS NTES	NTES	2,745,776	$369.5m0.21%	0.21%	Reduced -57.9k	-57,888 -2.1%
91	ARCHER DANIELS MIDLAND CO COM ADM	ADM	6,549,624	$345.7m0.19%	0.19%	New
92	TECK RESOURCES LTD CL B TECK	TECK	8,467,540	$341.9m0.19%	0.19%	Reduced -15.8k	-15,800 -0.2%
93	MILLICOM INTL CELLULAR S A COM STK TIGO	TIGO	8,836,132	$331.1m0.19%	0.19%	Added +134.4k	+134,400 1.5%
94	HDFC BANK LTD SPONSORED ADS HDB	HDB	2,982,400	$228.7m0.13%	0.13%	Reduced -249.9k	-249,900 -7.7%
95	FLUTTER ENTMT PLC SHS FLUT	FLUT	628,878	$179.7m0.10%	0.10%	Unchanged
96	COHERENT CORP COM COHR	COHR	1,731,595	$154.5m0.09%	0.09%	Reduced -4.7m	-4,706,174 -73.1%
97	GRUPO TELEVISA S A B SPON ADR REP ORD TV	TV	64,208,690	$140.6m0.08%	0.08%	Reduced -4.0k	-4,000 -0.0%
98	SUNRISE COMMUNICATIONS AG ADS CL A SNRE	SNRE	2,289,925	$129.5m0.07%	0.07%	Unchanged
99	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	17,675,815	$120.0m0.07%	0.07%	Added +182.4k	+182,400 1.0%
100	GAP INC COM GAP	GAP	5,439,326	$118.6m0.07%	0.07%	Reduced -23.3m	-23,295,385 -81.1%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
ISHARES TR IWD	IWD	17,100	$3.2m17.1k shares
BANCOLOMBIA S A CIB	CIB	20,946	$842.0k20.9k shares
BECTON DICKINSON & CO BDX	BDX	980	$224.5k980 shares
QURATE RETAIL INC		22,000	$4.4k22.0k 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