Dodge & Cox

San Francisco, CA · CIK 200217 · 13F filing filed 2025-11-13

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)

$185.3bn reported value +4.1% vs Q2 2025

219positions

28.1%in top 10

6 new 50 added 106 reduced 6 sold out vs Q2 2025

Holdings, Q3 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	83,043,253	$7.9bn4.28%	4.28%	Reduced -1.3m	-1,314,632 -1.6%
2	JOHNSON CTLS INTL PLC SHS JCI	JCI	64,210,645	$7.1bn3.81%	3.81%	Reduced -2.7m	-2,712,122 -4.0%
3	RTX CORPORATION COM RTX	RTX	40,099,366	$6.7bn3.62%	3.62%	Reduced -1.7m	-1,654,568 -4.0%
4	CVS HEALTH CORP COM CVS	CVS	73,176,586	$5.5bn2.98%	2.98%	Reduced -112.2k	-112,180 -0.1%
5	FISERV INC COM FISV	FISV	38,634,009	$5.0bn2.69%	2.69%	Added +8.9m	+8,914,473 30.0%
6	METLIFE INC COM MET	MET	53,659,664	$4.4bn2.38%	2.38%	Added +477.8k	+477,783 0.9%
7	MICROSOFT CORP COM MSFT	MSFT	7,872,161	$4.1bn2.20%	2.20%	Reduced -270.1k	-270,099 -3.3%
8	FEDEX CORP COM FDX	FDX	16,225,160	$3.8bn2.06%	2.06%	Added +1.7m	+1,742,666 12.0%
9	BANK NEW YORK MELLON CORP COM BNY	BNY	34,842,944	$3.8bn2.05%	2.05%	Reduced -2.8m	-2,776,430 -7.4%
10	OCCIDENTAL PETE CORP COM OXY	OXY	79,883,371	$3.8bn2.04%	2.04%	Reduced -371.0k	-371,001 -0.5%
11	BOOKING HOLDINGS INC COM BKNG	BKNG	675,082	$3.6bn1.97%	1.97%	Reduced -55.4k	-55,391 -7.6%
12	AMAZON COM INC COM AMZN	AMZN	16,296,330	$3.6bn1.93%	1.93%	Reduced -295.8k	-295,820 -1.8%
13	COMCAST CORP NEW CL A CMCSA	CMCSA	112,567,918	$3.5bn1.91%	1.91%	Added +1.3m	+1,295,598 1.2%
14	TE CONNECTIVITY PLC ORD SHS TEL	TEL	16,039,754	$3.5bn1.90%	1.90%	Reduced -1.0m	-1,000,049 -5.9%
15	ALPHABET INC CAP STK CL C GOOG	GOOG	13,992,737	$3.4bn1.84%	1.84%	Reduced -186.7k	-186,686 -1.3%
16	GSK PLC SPONSORED ADR GSK	GSK	78,403,734	$3.4bn1.83%	1.83%	Reduced -354.1k	-354,135 -0.5%
17	GILEAD SCIENCES INC COM GILD	GILD	30,133,131	$3.3bn1.80%	1.80%	Reduced -685.2k	-685,191 -2.2%
18	UNITEDHEALTH GROUP INC COM UNH	UNH	9,505,636	$3.3bn1.77%	1.77%	Added +755.1k	+755,076 8.6%
19	NORFOLK SOUTHN CORP COM NSC	NSC	10,874,249	$3.3bn1.76%	1.76%	Added +15.1k	+15,128 0.1%
20	WELLS FARGO CO NEW COM WFC	WFC	38,887,925	$3.3bn1.76%	1.76%	Reduced -11.9m	-11,857,936 -23.4%
21	SANOFI SPONSORED ADR SNY	SNY	68,931,747	$3.3bn1.76%	1.76%	Reduced -2.8m	-2,786,568 -3.9%
22	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	11,807,549	$3.2bn1.75%	1.75%	Added +681.1k	+681,063 6.1%
23	HUMANA INC COM HUM	HUM	11,338,186	$2.9bn1.59%	1.59%	Reduced -14.7k	-14,734 -0.1%
24	META PLATFORMS INC CL A META	META	3,963,207	$2.9bn1.57%	1.57%	Reduced -200.0k	-200,046 -4.8%
25	FIDELITY NATL INFORMATION SV COM FIS	FIS	43,105,207	$2.8bn1.53%	1.53%	Added +7.8m	+7,830,710 22.2%
26	ALPHABET INC CAP STK CL A GOOGL	GOOGL	11,338,777	$2.8bn1.49%	1.49%	Added +63.6k	+63,559 0.6%
27	THE CIGNA GROUP COM CI	CI	9,305,225	$2.7bn1.45%	1.45%	Added +354.6k	+354,615 4.0%
28	CAPITAL ONE FINL CORP COM COF	COF	12,107,917	$2.6bn1.39%	1.39%	Reduced -748.5k	-748,539 -5.8%
29	REGENERON PHARMACEUTICALS COM REGN	REGN	4,550,845	$2.6bn1.38%	1.38%	Added +724.6k	+724,562 18.9%
30	AIR PRODS & CHEMS INC COM APD	APD	9,004,892	$2.5bn1.33%	1.33%	Added +183.5k	+183,492 2.1%
31	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	23,216,173	$2.3bn1.23%	1.23%	Added +1.1m	+1,118,710 5.1%
32	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	36,972,638	$2.3bn1.23%	1.23%	Added +1.9m	+1,925,251 5.5%
33	ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR BUD	BUD	36,546,221	$2.2bn1.18%	1.18%	Reduced -1.9m	-1,931,321 -5.0%
34	BAKER HUGHES COMPANY CL A BKR	BKR	44,053,488	$2.1bn1.16%	1.16%	Reduced -529.3k	-529,325 -1.2%
35	FORTIVE CORP COM FTV	FTV	42,595,794	$2.1bn1.13%	1.13%	Added +9.4m	+9,422,189 28.4%
36	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	27,517,311	$2.1bn1.12%	1.12%	Added +3.9m	+3,949,361 16.8%
37	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	10,975,370	$2.0bn1.06%	1.06%	Added +11.1k	+11,100 0.1%
38	GE AEROSPACE COM NEW GE	GE	6,271,622	$1.9bn1.02%	1.02%	Reduced -2.8m	-2,794,189 -30.8%
39	SBA COMMUNICATIONS CORP NEW CL A SBAC	SBAC	9,667,297	$1.9bn1.01%	1.01%	Added +1.1m	+1,058,803 12.3%
40	SUN CMNTYS INC COM SUI	SUI	14,480,815	$1.9bn1.01%	1.01%	Added +282.1k	+282,055 2.0%
41	GOLDMAN SACHS GROUP INC COM GS	GS	2,208,625	$1.8bn0.95%	0.95%	Reduced -1.1m	-1,097,949 -33.2%
42	UBS GROUP AG SHS UBS	UBS	42,641,442	$1.8bn0.95%	0.95%	Reduced -3.0m	-2,994,500 -6.6%
43	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	82,759,837	$1.7bn0.90%	0.90%	Reduced -135.4k	-135,395 -0.2%
44	COUPANG INC CL A CPNG	CPNG	46,947,720	$1.5bn0.82%	0.82%	Added +333.2k	+333,200 0.7%
45	AVANTOR INC COM AVTR	AVTR	117,746,888	$1.5bn0.79%	0.79%	Added +313.4k	+313,404 0.3%
46	DOMINION ENERGY INC COM D	D	22,780,033	$1.4bn0.75%	0.75%	Reduced -145.2k	-145,215 -0.6%
47	HALEON PLC SPON ADS HLN	HLN	154,384,622	$1.4bn0.75%	0.75%	Reduced -1.1m	-1,087,377 -0.7%
48	NOVARTIS AG SPONSORED ADR NVS	NVS	10,585,145	$1.4bn0.73%	0.73%	Reduced -62.5k	-62,484 -0.6%
49	BAXTER INTL INC COM BAX	BAX	57,396,370	$1.3bn0.71%	0.71%	Added +5.3m	+5,274,750 10.1%
50	CREDICORP LTD COM BAP	BAP	4,899,715	$1.3bn0.70%	0.70%	Reduced -247.7k	-247,665 -4.8%
51	WILLIS TOWERS WATSON PLC LTD SHS WTW	WTW	3,632,191	$1.3bn0.68%	0.68%	Added +2.4m	+2,353,768 184.1%
52	AON PLC SHS CL A AON	AON	3,464,683	$1.2bn0.67%	0.67%	New
53	INCYTE CORP COM INCY	INCY	13,932,416	$1.2bn0.64%	0.64%	Reduced -662.8k	-662,765 -4.5%
54	SUNCOR ENERGY INC NEW COM SU	SU	27,471,954	$1.1bn0.62%	0.62%	Added +70.3k	+70,300 0.3%
55	LPL FINL HLDGS INC COM LPLA	LPLA	3,329,255	$1.1bn0.60%	0.60%	Added +627.5k	+627,546 23.2%
56	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	16,201,642	$1.1bn0.59%	0.59%	Reduced -65.7k	-65,660 -0.4%
57	AMERICAN ELEC PWR CO INC COM AEP	AEP	9,523,516	$1.1bn0.58%	0.58%	Reduced -48.9k	-48,887 -0.5%
58	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	2,321,230	$1.1bn0.57%	0.57%	Reduced -875.9k	-875,866 -27.4%
59	TELEDYNE TECHNOLOGIES INC COM TDY	TDY	1,680,962	$985.1m0.53%	0.53%	Added +183.2k	+183,222 12.2%
60	CONOCOPHILLIPS COM COP	COP	10,327,000	$976.8m0.53%	0.53%	Reduced -908.5k	-908,453 -8.1%
61	HP INC COM HPQ	HPQ	34,683,331	$944.4m0.51%	0.51%	Reduced -260.2k	-260,167 -0.7%
62	ECHOSTAR CORP CL A ECHO	ECHO	11,791,127	$900.4m0.49%	0.49%	Reduced -1.6m	-1,607,143 -12.0%
63	ARCHER DANIELS MIDLAND CO COM ADM	ADM	15,068,544	$900.2m0.49%	0.49%	Added +8.5m	+8,518,920 130.1%
64	T-MOBILE US INC COM TMUS	TMUS	3,743,522	$896.1m0.48%	0.48%	Reduced -356.8k	-356,757 -8.7%
65	CEMEX SAB DE CV SPON ADR NEW CX	CX	96,734,370	$869.6m0.47%	0.47%	Added +1.7m	+1,710,535 1.8%
66	MOLSON COORS BEVERAGE CO CL B TAP	TAP	18,631,224	$843.1m0.45%	0.45%	Added +4.2m	+4,235,029 29.4%
67	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	16,969,062	$832.2m0.45%	0.45%	Reduced -935	-935 -0.0%
68	FOX CORP CL A COM FOXA	FOXA	13,151,969	$829.4m0.45%	0.45%	Reduced -866.0k	-865,978 -6.2%
69	CARRIER GLOBAL CORPORATION COM CARR	CARR	13,427,697	$801.6m0.43%	0.43%	Added +651.6k	+651,648 5.1%
70	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	14,686,801	$795.4m0.43%	0.43%	Reduced -421.5k	-421,509 -2.8%
71	BANK AMERICA CORP COM BAC	BAC	15,347,021	$791.8m0.43%	0.43%	Reduced -2.5m	-2,513,481 -14.1%
72	STATE STR CORP COM STT	STT	6,795,174	$788.3m0.43%	0.43%	Reduced -617.2k	-617,240 -8.3%
73	NEUROCRINE BIOSCIENCES INC COM NBIX	NBIX	5,556,618	$780.0m0.42%	0.42%	Reduced -10.2k	-10,196 -0.2%
74	MEDTRONIC PLC SHS MDT	MDT	7,725,071	$735.7m0.40%	0.40%	Reduced -15.3k	-15,312 -0.2%
75	AEGON LTD AMER REG 1 CERT AEG	AEG	85,783,505	$685.4m0.37%	0.37%	Reduced -3.0m	-2,953,585 -3.3%
76	JD.COM INC SPON ADS CL A JD	JD	18,792,249	$657.4m0.35%	0.35%	Added +86.3k	+86,300 0.5%
77	XP INC CL A XP	XP	34,478,145	$647.8m0.35%	0.35%	Added +169.7k	+169,700 0.5%
78	CELANESE CORP DEL COM CE	CE	15,361,604	$646.4m0.35%	0.35%	Added +36.9k	+36,937 0.2%
79	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	13,582,857	$633.1m0.34%	0.34%	Reduced -35.5k	-35,500 -0.3%
80	LINDE PLC SHS LIN	LIN	1,329,590	$631.6m0.34%	0.34%	Unchanged
81	V F CORP COM VFC	VFC	40,977,400	$591.3m0.32%	0.32%	Added +23.3k	+23,300 0.1%
82	BAIDU INC SPON ADR REP A BIDU	BIDU	4,404,415	$580.4m0.31%	0.31%	Reduced -1.0m	-1,023,300 -18.9%
83	ADOBE INC COM ADBE	ADBE	1,593,506	$562.1m0.30%	0.30%	Added +1.6m	+1,573,849 8006.6%
84	TC ENERGY CORP COM TRP	TRP	9,645,800	$524.8m0.28%	0.28%	Unchanged
85	RALLIANT CORP COM RAL	RAL	10,780,303	$471.4m0.25%	0.25%	Reduced -17.2k	-17,203 -0.2%
86	FOX CORP CL B COM FOX	FOX	7,285,191	$417.4m0.23%	0.23%	Reduced -23.6k	-23,625 -0.3%
87	MILLICOM INTL CELLULAR S A COM STK TIGO	TIGO	8,448,632	$410.1m0.22%	0.22%	Reduced -387.5k	-387,500 -4.4%
88	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	6,211,864	$398.9m0.22%	0.22%	Reduced -127.9k	-127,936 -2.0%
89	NEWS CORP NEW CL A NWSA	NWSA	12,476,445	$383.2m0.21%	0.21%	Reduced -539.8k	-539,775 -4.2%
90	YUM CHINA HLDGS INC COM YUMC	YUMC	8,520,862	$365.7m0.20%	0.20%	Added +4.4k	+4,400 0.1%
91	BIONTECH SE SPONSORED ADS BNTX	BNTX	3,647,091	$359.7m0.19%	0.19%	Added +2.8m	+2,769,654 315.6%
92	NETEASE INC SPONSORED ADS NTES	NTES	2,292,576	$348.4m0.19%	0.19%	Reduced -453.2k	-453,200 -16.5%
93	TECK RESOURCES LTD CL B TECK	TECK	7,871,440	$345.5m0.19%	0.19%	Reduced -596.1k	-596,100 -7.0%
94	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	7,423,820	$334.8m0.18%	0.18%	Reduced -1.0m	-1,012,939 -12.0%
95	AMRIZE LTD SHS AMRZ	AMRZ	5,786,541	$280.4m0.15%	0.15%	Reduced -6.7m	-6,684,165 -53.6%
96	HDFC BANK LTD SPONSORED ADS HDB	HDB	6,214,800	$212.3m0.11%	0.11%	Added +250.0k	+250,000 4.2%
97	GRUPO TELEVISA S A B SPON ADR REP ORD TV	TV	64,208,690	$172.7m0.09%	0.09%	Unchanged
98	FLUTTER ENTMT PLC SHS FLUT	FLUT	628,878	$159.7m0.09%	0.09%	Unchanged
99	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	18,622,215	$136.7m0.07%	0.07%	Added +946.4k	+946,400 5.3%
100	GAP INC COM GAP	GAP	5,429,526	$116.1m0.06%	0.06%	Reduced -9.8k	-9,800 -0.2%

Sold out since Q2 2025

Security	Ticker	Shares held before	Value then
NUTRIEN LTD NTR	NTR	10,076,659	$586.9m10.1m shares
SUNRISE COMMUNICATIONS AG SNRE	SNRE	2,289,925	$129.5m2.3m shares
HESS CORP HES	HES	44,525	$6.2m44.5k shares
JUNIPER NETWORKS INC JNPR	JNPR	66,959	$2.7m67.0k shares
HONDA MOTOR LTD HMC	HMC	78,950	$2.3m79.0k shares
RIO TINTO PLC RIO	RIO	4,000	$233.3k4.0k 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