Dodge & Cox

San Francisco, CA · CIK 200217 · 13F filing filed 2026-05-14

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)

$182.0bn reported value -1.8% vs Q4 2025

222positions

27.1%in top 10

7 new 50 added 109 reduced 7 sold out vs Q4 2025

Holdings, Q1 2026

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	JOHNSON CTLS INTL PLC SHS JCI	JCI	57,506,214	$7.5bn4.14%	4.14%	Reduced -2.9m	-2,876,755 -4.8%
2	SCHWAB CHARLES CORP COM SCHW	SCHW	75,002,881	$7.0bn3.87%	3.87%	Reduced -1.5m	-1,511,045 -2.0%
3	RTX CORPORATION COM RTX	RTX	35,473,379	$6.8bn3.76%	3.76%	Reduced -2.1m	-2,098,432 -5.6%
4	OCCIDENTAL PETE CORP COM OXY	OXY	74,085,572	$4.8bn2.65%	2.65%	Reduced -5.4m	-5,387,499 -6.8%
5	MICROSOFT CORP COM MSFT	MSFT	11,959,935	$4.4bn2.43%	2.43%	Added +4.5m	+4,518,185 60.7%
6	BOOKING HOLDINGS INC COM BKNG	BKNG	997,498	$4.2bn2.31%	2.31%	Added +265.4k	+265,417 36.3%
7	CVS HEALTH CORP COM CVS	CVS	51,780,116	$3.7bn2.04%	2.04%	Reduced -10.7m	-10,729,872 -17.2%
8	METLIFE INC COM MET	MET	51,114,776	$3.6bn1.99%	1.99%	Reduced -1.1m	-1,137,274 -2.2%
9	FEDEX CORP COM FDX	FDX	9,983,449	$3.6bn1.95%	1.95%	Reduced -5.6m	-5,598,719 -35.9%
10	ALPHABET INC CAP STK CL C GOOG	GOOG	12,228,518	$3.5bn1.93%	1.93%	Reduced -647.3k	-647,280 -5.0%
11	SUNBELT RENTALS HOLDINGS INC SHS SUNB	SUNB	53,101,847	$3.5bn1.90%	1.90%	New
12	REGENERON PHARMACEUTICALS COM REGN	REGN	4,458,238	$3.4bn1.89%	1.89%	Reduced -138.1k	-138,120 -3.0%
13	GILEAD SCIENCES INC COM GILD	GILD	24,250,826	$3.4bn1.86%	1.86%	Reduced -2.0m	-2,032,685 -7.7%
14	COMCAST CORP NEW CL A CMCSA	CMCSA	113,108,244	$3.2bn1.78%	1.78%	Added +140.7k	+140,730 0.1%
15	GSK PLC SPONSORED ADR GSK	GSK	58,662,974	$3.2bn1.78%	1.78%	Reduced -9.9m	-9,854,995 -14.4%
16	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	14,627,209	$3.2bn1.74%	1.74%	Added +18.0k	+17,989 0.1%
17	AMAZON COM INC COM AMZN	AMZN	15,109,899	$3.1bn1.73%	1.73%	Reduced -120.5k	-120,495 -0.8%
18	THE CIGNA GROUP COM CI	CI	11,555,787	$3.1bn1.69%	1.69%	Added +417.2k	+417,173 3.8%
19	TE CONNECTIVITY PLC ORD SHS TEL	TEL	14,688,950	$3.1bn1.69%	1.69%	Reduced -184.9k	-184,900 -1.2%
20	ALPHABET INC CAP STK CL A GOOGL	GOOGL	10,624,415	$3.1bn1.68%	1.68%	Reduced -208.7k	-208,703 -1.9%
21	META PLATFORMS INC CL A META	META	5,014,319	$2.9bn1.58%	1.58%	Reduced -5.5k	-5,518 -0.1%
22	FISERV INC COM FISV	FISV	50,260,950	$2.8bn1.54%	1.54%	Added +786.3k	+786,328 1.6%
23	BANK NEW YORK MELLON CORP COM BNY	BNY	23,401,794	$2.8bn1.53%	1.53%	Reduced -2.4m	-2,409,445 -9.3%
24	AIR PRODS & CHEMS INC COM APD	APD	9,231,575	$2.7bn1.47%	1.47%	Reduced -5.0k	-5,035 -0.1%
25	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	36,472,942	$2.6bn1.45%	1.45%	Added +71.9k	+71,900 0.2%
26	AON PLC SHS CL A AON	AON	8,116,095	$2.6bn1.44%	1.44%	Added +263.6k	+263,639 3.4%
27	UNITEDHEALTH GROUP INC COM UNH	UNH	9,466,756	$2.6bn1.41%	1.41%	Added +294.0k	+293,987 3.2%
28	WELLS FARGO CO NEW COM WFC	WFC	31,168,331	$2.5bn1.36%	1.36%	Reduced -1.1m	-1,143,380 -3.5%
29	BROOKFIELD CORP CL A LTD VT SH BN	BN	59,186,855	$2.4bn1.32%	1.32%	Added +17.9m	+17,906,535 43.4%
30	FORTIVE CORP COM FTV	FTV	43,156,197	$2.4bn1.31%	1.31%	Reduced -1.0m	-1,001,625 -2.3%
31	FIDELITY NATL INFORMATION SV COM FIS	FIS	49,073,157	$2.3bn1.27%	1.27%	Reduced -40.1k	-40,140 -0.1%
32	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	31,312,064	$2.2bn1.22%	1.22%	Added +100.8k	+100,835 0.3%
33	BAKER HUGHES COMPANY CL A BKR	BKR	35,871,558	$2.2bn1.20%	1.20%	Reduced -4.9m	-4,887,880 -12.0%
34	WILLIS TOWERS WATSON PLC LTD SHS WTW	WTW	7,332,414	$2.1bn1.17%	1.17%	Added +406.9k	+406,889 5.9%
35	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	23,542,700	$2.1bn1.17%	1.17%	Added +35.9k	+35,851 0.1%
36	SBA COMMUNICATIONS CORP NEW CL A SBAC	SBAC	12,080,284	$2.1bn1.14%	1.14%	Added +84.2k	+84,150 0.7%
37	ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR BUD	BUD	29,683,736	$2.1bn1.13%	1.13%	Reduced -3.4m	-3,429,695 -10.4%
38	HUMANA INC COM HUM	HUM	11,380,673	$2.0bn1.08%	1.08%	Added +90.2k	+90,238 0.8%
39	SUN CMNTYS INC COM SUI	SUI	14,266,030	$1.8bn0.99%	0.99%	Reduced -225.8k	-225,835 -1.6%
40	NORFOLK SOUTHN CORP COM NSC	NSC	6,257,750	$1.8bn0.99%	0.99%	Reduced -3.4m	-3,366,135 -35.0%
41	SUNCOR ENERGY INC NEW COM SU	SU	26,262,454	$1.7bn0.95%	0.95%	Reduced -995.3k	-995,300 -3.6%
42	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	68,944,100	$1.6bn0.91%	0.91%	Reduced -10.1m	-10,140,205 -12.8%
43	CAPITAL ONE FINL CORP COM COF	COF	8,774,932	$1.6bn0.88%	0.88%	Reduced -388.1k	-388,135 -4.2%
44	GALLAGHER ARTHUR J & CO COM AJG	AJG	7,354,915	$1.6bn0.88%	0.88%	Added +6.5m	+6,474,330 735.2%
45	CARRIER GLOBAL CORPORATION COM CARR	CARR	26,622,273	$1.5bn0.82%	0.82%	Added +13.2m	+13,200,981 98.4%
46	HALEON PLC SPON ADS HLN	HLN	146,539,663	$1.5bn0.81%	0.81%	Reduced -5.2m	-5,215,789 -3.4%
47	SANOFI SPONSORED ADR SNY	SNY	29,504,632	$1.4bn0.78%	0.78%	Reduced -27.0m	-26,987,967 -47.8%
48	COUPANG INC CL A CPNG	CPNG	72,008,120	$1.4bn0.75%	0.75%	Added +22.8m	+22,774,800 46.3%
49	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	16,839,152	$1.4bn0.75%	0.75%	Reduced -39.9k	-39,925 -0.2%
50	UBS GROUP AG SHS UBS	UBS	33,644,642	$1.3bn0.72%	0.72%	Reduced -20.7k	-20,700 -0.1%
51	T-MOBILE US INC COM TMUS	TMUS	6,157,799	$1.3bn0.71%	0.71%	Reduced -28.2k	-28,173 -0.5%
52	CONOCOPHILLIPS COM COP	COP	9,645,858	$1.3bn0.70%	0.70%	Reduced -644.3k	-644,311 -6.3%
53	LPL FINL HLDGS INC COM LPLA	LPLA	4,146,547	$1.2bn0.69%	0.69%	Added +197.6k	+197,577 5.0%
54	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	9,917,770	$1.2bn0.68%	0.68%	Reduced -99.1k	-99,100 -1.0%
55	DOMINION ENERGY INC COM D	D	19,477,520	$1.2bn0.66%	0.66%	Reduced -2.7m	-2,672,398 -12.1%
56	ROPER TECHNOLOGIES INC COM ROP	ROP	3,343,694	$1.2bn0.65%	0.65%	New
57	GOLDMAN SACHS GROUP INC COM GS	GS	1,380,455	$1.2bn0.64%	0.64%	Reduced -329.2k	-329,219 -19.3%
58	CREDICORP LTD COM BAP	BAP	3,410,175	$1.2bn0.64%	0.64%	Reduced -460.8k	-460,765 -11.9%
59	INCYTE CORP COM INCY	INCY	12,252,356	$1.2bn0.63%	0.63%	Reduced -1.0m	-1,009,386 -7.6%
60	AMERICAN ELEC PWR CO INC COM AEP	AEP	8,739,835	$1.1bn0.63%	0.63%	Reduced -602.7k	-602,705 -6.5%
61	ARCHER DANIELS MIDLAND CO COM ADM	ADM	15,757,140	$1.1bn0.63%	0.63%	Reduced -1.3m	-1,327,505 -7.8%
62	TRANSUNION COM TRU	TRU	16,189,511	$1.1bn0.62%	0.62%	Added +6.3m	+6,347,505 64.5%
63	NOVARTIS AG SPONSORED ADR NVS	NVS	6,967,383	$1.1bn0.58%	0.58%	Reduced -2.0m	-2,047,258 -22.7%
64	CELANESE CORP DEL COM CE	CE	15,345,910	$1.0bn0.55%	0.55%	Added +41.9k	+41,860 0.3%
65	CEMEX SAB DE CV SPON ADR NEW CX	CX	85,236,570	$975.1m0.54%	0.54%	Added +441.9k	+441,900 0.5%
66	TELEDYNE TECHNOLOGIES INC COM TDY	TDY	1,604,265	$970.6m0.53%	0.53%	Reduced -81.1k	-81,075 -4.8%
67	BAXTER INTL INC COM BAX	BAX	57,254,570	$961.9m0.53%	0.53%	Added +254.6k	+254,600 0.5%
68	AVANTOR INC COM AVTR	AVTR	119,648,329	$938.0m0.52%	0.52%	Added +2.6m	+2,583,186 2.2%
69	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	14,272,907	$875.6m0.48%	0.48%	Reduced -710.4k	-710,430 -4.7%
70	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	14,561,759	$822.6m0.45%	0.45%	Reduced -10.6k	-10,625 -0.1%
71	HP INC COM HPQ	HPQ	41,592,541	$799.0m0.44%	0.44%	Added +7.1m	+7,089,410 20.6%
72	MOLSON COORS BEVERAGE CO CL B TAP	TAP	18,523,049	$797.6m0.44%	0.44%	Reduced -87.9k	-87,875 -0.5%
73	FIRST CTZNS BANCSHARES INC N CL A FCNCA	FCNCA	393,087	$740.8m0.41%	0.41%	Added +361.5k	+361,521 1145.3%
74	NEUROCRINE BIOSCIENCES INC COM NBIX	NBIX	5,461,037	$719.4m0.40%	0.40%	Reduced -47.0k	-47,005 -0.8%
75	NOVO-NORDISK A S ADR NVO	NVO	19,333,750	$710.5m0.39%	0.39%	New
76	MEDTRONIC PLC SHS MDT	MDT	7,694,608	$666.7m0.37%	0.37%	Reduced -43.4k	-43,435 -0.6%
77	LINDE PLC SHS LIN	LIN	1,326,590	$657.7m0.36%	0.36%	Reduced -3.0k	-3,000 -0.2%
78	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	1,929,253	$638.3m0.35%	0.35%	Reduced -35.2k	-35,162 -1.8%
79	FOX CORP CL A COM FOXA	FOXA	10,896,842	$636.4m0.35%	0.35%	Reduced -716.6k	-716,601 -6.2%
80	XP INC CL A XP	XP	32,726,688	$623.1m0.34%	0.34%	Reduced -1.2m	-1,233,857 -3.6%
81	MILLICOM INTL CELLULAR S A COM STK TIGO	TIGO	8,162,432	$611.7m0.34%	0.34%	Added +29.3k	+29,300 0.4%
82	ADOBE INC COM ADBE	ADBE	2,495,595	$606.6m0.33%	0.33%	Added +331.1k	+331,120 15.3%
83	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	13,458,157	$597.1m0.33%	0.33%	Reduced -131.8k	-131,805 -1.0%
84	RALLIANT CORP COM RAL	RAL	13,747,551	$571.8m0.31%	0.31%	Added +1.5m	+1,532,872 12.6%
85	V F CORP COM VFC	VFC	33,024,625	$561.1m0.31%	0.31%	Reduced -7.7m	-7,655,225 -18.8%
86	TC ENERGY CORP COM TRP	TRP	8,892,400	$556.7m0.31%	0.31%	Reduced -401.9k	-401,900 -4.3%
87	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	4,537,600	$463.7m0.25%	0.25%	Added +97.8k	+97,800 2.2%
88	STATE STR CORP COM STT	STT	3,499,879	$442.9m0.24%	0.24%	Reduced -1.2m	-1,244,275 -26.2%
89	YUM CHINA HLDGS INC COM YUMC	YUMC	8,351,762	$407.4m0.22%	0.22%	Reduced -202.2k	-202,200 -2.4%
90	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	6,129,716	$396.0m0.22%	0.22%	Reduced -57.8k	-57,758 -0.9%
91	FOX CORP CL B COM FOX	FOX	7,178,894	$381.2m0.21%	0.21%	Reduced -78.9k	-78,933 -1.1%
92	AEGON LTD AMER REG 1 CERT AEG	AEG	50,556,509	$367.0m0.20%	0.20%	Reduced -20.0m	-19,966,322 -28.3%
93	JD.COM INC SPON ADS CL A JD	JD	12,194,648	$360.6m0.20%	0.20%	Unchanged
94	BIONTECH SE SPONSORED ADS BNTX	BNTX	3,676,791	$326.8m0.18%	0.18%	Added +62.3k	+62,300 1.7%
95	NEWS CORP NEW CL A NWSA	NWSA	12,256,246	$305.5m0.17%	0.17%	Reduced -193.0k	-193,049 -1.6%
96	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	4,622,820	$280.4m0.15%	0.15%	Reduced -2.5m	-2,455,430 -34.7%
97	NETEASE INC SPONSORED ADS NTES	NTES	2,156,976	$241.5m0.13%	0.13%	Added +2.6k	+2,600 0.1%
98	GE AEROSPACE COM NEW GE	GE	737,999	$209.4m0.12%	0.12%	Reduced -4.5m	-4,453,578 -85.8%
99	VERSANT MEDIA GROUP INC COM CL A VSNT	VSNT	4,510,956	$167.0m0.09%	0.09%	New
100	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	19,169,381	$160.6m0.09%	0.09%	Added +49.3k	+49,271 0.3%

Sold out since Q4 2025

Security	Ticker	Shares held before	Value then
AMRIZE LTD AMRZ	AMRZ	5,385,441	$293.4m5.4m shares
IDEX CORP IEX	IEX	1,262,550	$224.7m1.3m shares
ASTRAZENECA PLC		60,522	$11.1m60.5k shares
ECHOSTAR CORP ECHO	ECHO	32,443	$3.5m32.4k shares
GRUPO CIBEST SA CIB	CIB	12,046	$766.2k12.0k shares
VANGUARD INDEX FDS VOO	VOO	600	$376.4k600 shares
PAYPAL HLDGS INC PYPL	PYPL	4,475	$261.3k4.5k 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