Dodge & Cox

San Francisco, CA · CIK 200217 · 13F filing filed 2026-02-13

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)

$185.3bn reported value -0.0% vs Q3 2025

222positions

27.2%in top 10

10 new 39 added 118 reduced 7 sold out vs Q3 2025

Also in the report of:

Dorsey & Whitney Trust CO LLC

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

Holdings, Q4 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	76,513,926	$7.6bn4.13%	4.13%	Reduced -6.5m	-6,529,327 -7.9%
2	JOHNSON CTLS INTL PLC SHS JCI	JCI	60,382,969	$7.2bn3.90%	3.90%	Reduced -3.8m	-3,827,676 -6.0%
3	RTX CORPORATION COM RTX	RTX	37,571,811	$6.9bn3.72%	3.72%	Reduced -2.5m	-2,527,555 -6.3%
4	CVS HEALTH CORP COM CVS	CVS	62,509,988	$5.0bn2.68%	2.68%	Reduced -10.7m	-10,666,598 -14.6%
5	FEDEX CORP COM FDX	FDX	15,582,168	$4.5bn2.43%	2.43%	Reduced -643.0k	-642,992 -4.0%
6	METLIFE INC COM MET	MET	52,252,050	$4.1bn2.23%	2.23%	Reduced -1.4m	-1,407,614 -2.6%
7	ALPHABET INC CAP STK CL C GOOG	GOOG	12,875,798	$4.0bn2.18%	2.18%	Reduced -1.1m	-1,116,939 -8.0%
8	BOOKING HOLDINGS INC COM BKNG	BKNG	732,081	$3.9bn2.12%	2.12%	Added +57.0k	+56,999 8.4%
9	MICROSOFT CORP COM MSFT	MSFT	7,441,750	$3.6bn1.94%	1.94%	Reduced -430.4k	-430,411 -5.5%
10	REGENERON PHARMACEUTICALS COM REGN	REGN	4,596,358	$3.5bn1.92%	1.92%	Added +45.5k	+45,513 1.0%
11	AMAZON COM INC COM AMZN	AMZN	15,230,394	$3.5bn1.90%	1.90%	Reduced -1.1m	-1,065,936 -6.5%
12	ALPHABET INC CAP STK CL A GOOGL	GOOGL	10,833,118	$3.4bn1.83%	1.83%	Reduced -505.7k	-505,659 -4.5%
13	TE CONNECTIVITY PLC ORD SHS TEL	TEL	14,873,850	$3.4bn1.83%	1.83%	Reduced -1.2m	-1,165,904 -7.3%
14	COMCAST CORP NEW CL A CMCSA	CMCSA	112,967,514	$3.4bn1.82%	1.82%	Added +399.6k	+399,596 0.3%
15	GSK PLC SPONSORED ADR GSK	GSK	68,517,969	$3.4bn1.81%	1.81%	Reduced -9.9m	-9,885,765 -12.6%
16	FISERV INC COM FISV	FISV	49,474,622	$3.3bn1.79%	1.79%	Added +10.8m	+10,840,613 28.1%
17	META PLATFORMS INC CL A META	META	5,019,837	$3.3bn1.79%	1.79%	Added +1.1m	+1,056,630 26.7%
18	OCCIDENTAL PETE CORP COM OXY	OXY	79,473,071	$3.3bn1.76%	1.76%	Reduced -410.3k	-410,300 -0.5%
19	FIDELITY NATL INFORMATION SV COM FIS	FIS	49,113,297	$3.3bn1.76%	1.76%	Added +6.0m	+6,008,090 13.9%
20	GILEAD SCIENCES INC COM GILD	GILD	26,283,511	$3.2bn1.74%	1.74%	Reduced -3.8m	-3,849,620 -12.8%
21	THE CIGNA GROUP COM CI	CI	11,138,614	$3.1bn1.65%	1.65%	Added +1.8m	+1,833,389 19.7%
22	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	14,609,220	$3.0bn1.65%	1.65%	Added +2.8m	+2,801,671 23.7%
23	UNITEDHEALTH GROUP INC COM UNH	UNH	9,172,769	$3.0bn1.63%	1.63%	Reduced -332.9k	-332,867 -3.5%
24	WELLS FARGO CO NEW COM WFC	WFC	32,311,711	$3.0bn1.63%	1.63%	Reduced -6.6m	-6,576,214 -16.9%
25	BANK NEW YORK MELLON CORP COM BNY	BNY	25,811,239	$3.0bn1.62%	1.62%	Reduced -9.0m	-9,031,705 -25.9%
26	HUMANA INC COM HUM	HUM	11,290,435	$2.9bn1.56%	1.56%	Reduced -47.8k	-47,751 -0.4%
27	NORFOLK SOUTHN CORP COM NSC	NSC	9,623,885	$2.8bn1.50%	1.50%	Reduced -1.3m	-1,250,364 -11.5%
28	AON PLC SHS CL A AON	AON	7,852,456	$2.8bn1.50%	1.50%	Added +4.4m	+4,387,773 126.6%
29	SANOFI SPONSORED ADR SNY	SNY	56,492,599	$2.7bn1.48%	1.48%	Reduced -12.4m	-12,439,148 -18.1%
30	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	31,211,229	$2.6bn1.38%	1.38%	Added +3.7m	+3,693,918 13.4%
31	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	36,401,042	$2.5bn1.32%	1.32%	Reduced -571.6k	-571,596 -1.6%
32	FORTIVE CORP COM FTV	FTV	44,157,822	$2.4bn1.32%	1.32%	Added +1.6m	+1,562,028 3.7%
33	SBA COMMUNICATIONS CORP NEW CL A SBAC	SBAC	11,996,134	$2.3bn1.25%	1.25%	Added +2.3m	+2,328,837 24.1%
34	AIR PRODS & CHEMS INC COM APD	APD	9,236,610	$2.3bn1.23%	1.23%	Added +231.7k	+231,718 2.6%
35	WILLIS TOWERS WATSON PLC LTD SHS WTW	WTW	6,925,525	$2.3bn1.23%	1.23%	Added +3.3m	+3,293,334 90.7%
36	CAPITAL ONE FINL CORP COM COF	COF	9,163,067	$2.2bn1.20%	1.20%	Reduced -2.9m	-2,944,850 -24.3%
37	ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR BUD	BUD	33,113,431	$2.1bn1.14%	1.14%	Reduced -3.4m	-3,432,790 -9.4%
38	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	23,506,849	$2.1bn1.14%	1.14%	Added +290.7k	+290,676 1.2%
39	BROOKFIELD CORP CL A LTD VT SH BN	BN	41,280,320	$1.9bn1.02%	1.02%	New
40	BAKER HUGHES COMPANY CL A BKR	BKR	40,759,438	$1.9bn1.00%	1.00%	Reduced -3.3m	-3,294,050 -7.5%
41	SUN CMNTYS INC COM SUI	SUI	14,491,865	$1.8bn0.97%	0.97%	Added +11.1k	+11,050 0.1%
42	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	79,084,305	$1.8bn0.97%	0.97%	Reduced -3.7m	-3,675,532 -4.4%
43	GE AEROSPACE COM NEW GE	GE	5,191,577	$1.6bn0.86%	0.86%	Reduced -1.1m	-1,080,045 -17.2%
44	UBS GROUP AG SHS UBS	UBS	33,665,342	$1.6bn0.84%	0.84%	Reduced -9.0m	-8,976,100 -21.1%
45	HALEON PLC SPON ADS HLN	HLN	151,755,452	$1.5bn0.83%	0.83%	Reduced -2.6m	-2,629,170 -1.7%
46	GOLDMAN SACHS GROUP INC COM GS	GS	1,709,674	$1.5bn0.81%	0.81%	Reduced -499.0k	-498,951 -22.6%
47	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	10,016,870	$1.5bn0.79%	0.79%	Reduced -958.5k	-958,500 -8.7%
48	LPL FINL HLDGS INC COM LPLA	LPLA	3,948,970	$1.4bn0.76%	0.76%	Added +619.7k	+619,715 18.6%
49	AVANTOR INC COM AVTR	AVTR	117,065,143	$1.3bn0.72%	0.72%	Reduced -681.7k	-681,745 -0.6%
50	INCYTE CORP COM INCY	INCY	13,261,742	$1.3bn0.71%	0.71%	Reduced -670.7k	-670,674 -4.8%
51	DOMINION ENERGY INC COM D	D	22,149,918	$1.3bn0.70%	0.70%	Reduced -630.1k	-630,115 -2.8%
52	T-MOBILE US INC COM TMUS	TMUS	6,185,972	$1.3bn0.68%	0.68%	Added +2.4m	+2,442,450 65.2%
53	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	14,983,337	$1.2bn0.67%	0.67%	Reduced -1.2m	-1,218,305 -7.5%
54	NOVARTIS AG SPONSORED ADR NVS	NVS	9,014,641	$1.2bn0.67%	0.67%	Reduced -1.6m	-1,570,504 -14.8%
55	SUNCOR ENERGY INC NEW COM SU	SU	27,257,754	$1.2bn0.65%	0.65%	Reduced -214.2k	-214,200 -0.8%
56	COUPANG INC CL A CPNG	CPNG	49,233,320	$1.2bn0.63%	0.63%	Added +2.3m	+2,285,600 4.9%
57	CREDICORP LTD COM BAP	BAP	3,870,940	$1.1bn0.60%	0.60%	Reduced -1.0m	-1,028,775 -21.0%
58	BAXTER INTL INC COM BAX	BAX	56,999,970	$1.1bn0.59%	0.59%	Reduced -396.4k	-396,400 -0.7%
59	AMERICAN ELEC PWR CO INC COM AEP	AEP	9,342,540	$1.1bn0.58%	0.58%	Reduced -181.0k	-180,976 -1.9%
60	ARCHER DANIELS MIDLAND CO COM ADM	ADM	17,084,645	$982.2m0.53%	0.53%	Added +2.0m	+2,016,101 13.4%
61	CEMEX SAB DE CV SPON ADR NEW CX	CX	84,794,670	$974.3m0.53%	0.53%	Reduced -11.9m	-11,939,700 -12.3%
62	CONOCOPHILLIPS COM COP	COP	10,290,169	$963.3m0.52%	0.52%	Reduced -36.8k	-36,831 -0.4%
63	MOLSON COORS BEVERAGE CO CL B TAP	TAP	18,610,924	$868.8m0.47%	0.47%	Reduced -20.3k	-20,300 -0.1%
64	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	14,572,384	$866.0m0.47%	0.47%	Reduced -114.4k	-114,417 -0.8%
65	TELEDYNE TECHNOLOGIES INC COM TDY	TDY	1,685,340	$860.8m0.46%	0.46%	Added +4.4k	+4,378 0.3%
66	FOX CORP CL A COM FOXA	FOXA	11,613,443	$848.6m0.46%	0.46%	Reduced -1.5m	-1,538,526 -11.7%
67	TRANSUNION COM TRU	TRU	9,842,006	$844.0m0.46%	0.46%	New
68	NEUROCRINE BIOSCIENCES INC COM NBIX	NBIX	5,508,042	$781.2m0.42%	0.42%	Reduced -48.6k	-48,576 -0.9%
69	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	1,964,415	$781.1m0.42%	0.42%	Reduced -356.8k	-356,815 -15.4%
70	HP INC COM HPQ	HPQ	34,503,131	$768.7m0.41%	0.41%	Reduced -180.2k	-180,200 -0.5%
71	ADOBE INC COM ADBE	ADBE	2,164,475	$757.5m0.41%	0.41%	Added +571.0k	+570,969 35.8%
72	MEDTRONIC PLC SHS MDT	MDT	7,738,043	$743.3m0.40%	0.40%	Added +13.0k	+12,972 0.2%
73	V F CORP COM VFC	VFC	40,679,850	$735.5m0.40%	0.40%	Reduced -297.6k	-297,550 -0.7%
74	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	16,879,077	$730.9m0.39%	0.39%	Reduced -90.0k	-89,985 -0.5%
75	CARRIER GLOBAL CORPORATION COM CARR	CARR	13,421,292	$709.2m0.38%	0.38%	Reduced -6.4k	-6,405 -0.1%
76	CELANESE CORP DEL COM CE	CE	15,304,050	$647.1m0.35%	0.35%	Reduced -57.6k	-57,554 -0.4%
77	RALLIANT CORP COM RAL	RAL	12,214,679	$621.8m0.34%	0.34%	Added +1.4m	+1,434,376 13.3%
78	STATE STR CORP COM STT	STT	4,744,154	$612.0m0.33%	0.33%	Reduced -2.1m	-2,051,020 -30.2%
79	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	13,589,962	$607.3m0.33%	0.33%	Added +7.1k	+7,105 0.1%
80	LINDE PLC SHS LIN	LIN	1,329,590	$566.9m0.31%	0.31%	Unchanged
81	XP INC CL A XP	XP	33,960,545	$555.9m0.30%	0.30%	Reduced -517.6k	-517,600 -1.5%
82	AEGON LTD AMER REG 1 CERT AEG	AEG	70,522,831	$543.7m0.29%	0.29%	Reduced -15.3m	-15,260,674 -17.8%
83	TC ENERGY CORP COM TRP	TRP	9,294,300	$511.3m0.28%	0.28%	Reduced -351.5k	-351,500 -3.6%
84	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	4,439,800	$503.4m0.27%	0.27%	New
85	FOX CORP CL B COM FOX	FOX	7,257,827	$471.3m0.25%	0.25%	Reduced -27.4k	-27,364 -0.4%
86	MILLICOM INTL CELLULAR S A COM STK TIGO	TIGO	8,133,132	$450.9m0.24%	0.24%	Reduced -315.5k	-315,500 -3.7%
87	YUM CHINA HLDGS INC COM YUMC	YUMC	8,553,962	$408.4m0.22%	0.22%	Added +33.1k	+33,100 0.4%
88	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	6,187,474	$394.3m0.21%	0.21%	Reduced -24.4k	-24,390 -0.4%
89	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	7,078,250	$381.8m0.21%	0.21%	Reduced -345.6k	-345,570 -4.7%
90	JD.COM INC SPON ADS CL A JD	JD	12,194,648	$350.0m0.19%	0.19%	Reduced -6.6m	-6,597,601 -35.1%
91	BIONTECH SE SPONSORED ADS BNTX	BNTX	3,614,491	$344.1m0.19%	0.19%	Reduced -32.6k	-32,600 -0.9%
92	NEWS CORP NEW CL A NWSA	NWSA	12,449,295	$325.2m0.18%	0.18%	Reduced -27.1k	-27,150 -0.2%
93	NETEASE INC SPONSORED ADS NTES	NTES	2,154,376	$296.5m0.16%	0.16%	Reduced -138.2k	-138,200 -6.0%
94	AMRIZE LTD SHS AMRZ	AMRZ	5,385,441	$293.4m0.16%	0.16%	Reduced -401.1k	-401,100 -6.9%
95	GALLAGHER ARTHUR J & CO COM AJG	AJG	880,585	$227.9m0.12%	0.12%	New
96	IDEX CORP COM IEX	IEX	1,262,550	$224.7m0.12%	0.12%	Added +918.2k	+918,208 266.7%
97	HDFC BANK LTD SPONSORED ADS HDB	HDB	5,501,800	$201.0m0.11%	0.11%	Reduced -713.0k	-713,000 -11.5%
98	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	19,120,110	$136.9m0.07%	0.07%	Added +497.9k	+497,895 2.7%
99	FLUTTER ENTMT PLC SHS FLUT	FLUT	628,878	$135.2m0.07%	0.07%	Unchanged
100	COHERENT CORP COM COHR	COHR	669,855	$123.6m0.07%	0.07%	Reduced -75.0k	-75,024 -10.1%

Sold out since Q3 2025

Security	Ticker	Shares held before	Value then
TECK RESOURCES LTD TECK	TECK	7,871,440	$345.5m7.9m shares
GRUPO TELEVISA S A B TV	TV	64,208,690	$172.7m64.2m shares
GAP INC GAP	GAP	5,429,526	$116.1m5.4m shares
UNILEVER PLC		23,900	$1.4m23.9k shares
AFFILIATED MANAGERS GROUP IN AMG	AMG	2,400	$572.2k2.4k shares
HALLIBURTON CO HAL	HAL	14,700	$361.6k14.7k shares
ZOETIS INC ZTS	ZTS	1,500	$219.5k1.5k 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