Fund · 13F holdings
Dodge & Cox
· San Francisco, CA · Founded 1930
Dodge & Cox is a San Francisco investment firm founded in 1930, one of the oldest and most respected value managers in the United States. It is employee-owned and runs its funds by investment committee rather than star manager, with a patient, low-turnover, price-disciplined approach to high-quality businesses.
Best known for the Dodge & Cox Stock Fund and its international and bond funds, the firm holds positions for years. The 13F reflects a broad, diversified book of large-cap value equities.
How to read these tables. A Form 13F reports each holding's market value as of the quarter-end date and the share count — not the price the fund paid, when it bought, or any short positions. Buys and sells are inferred by comparing share counts across quarters. Put/call lines are options (often hedges), and their value is notional rather than a straight equity stake. Figures are the fund's US-listed 13(f) holdings only; private positions appear when the manager reports them.
History
1930
Dodge & Cox founded
Van Duyn Dodge and Morris Cox start the firm in San Francisco during the Depression.
1965
Stock Fund launched
The flagship Dodge & Cox Stock Fund begins its long value-investing record.
2020s
Committee-run, low turnover
The firm stays employee-owned and committee-managed, holding value names for the long term.
2026 Q2 holdings
Period end
Filed
Portfolio value
$191.01B
Positions
222
We track
33
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Johnson Controls International Plc | SHS | $8.15B | 55.8M | 4.3% | TRIM |
| 2 | SCHWThe Charles Schwab Corporation★ | COM | $7.10B | 77.0M | 3.7% | ADD |
| 3 | Rtx CORP. | COM | $6.66B | 35.1M | 3.5% | TRIM |
| 4 | Cvs Health CORP. | COM | $5.17B | 50.0M | 2.7% | TRIM |
| 5 | MSFTMicrosoft Corporation★ | COM | $4.79B | 12.8M | 2.5% | ADD |
| 6 | Booking Holdings, INC. | COM | $4.55B | 25.5M | 2.4% | ADD |
| 7 | Humana, INC. | COM | $4.35B | 10.9M | 2.3% | TRIM |
| 8 | GOOGLAlphabet Inc.★ | CAP STK CL C | $4.23B | 12.0M | 2.2% | TRIM |
| 9 | Metlife, INC. | COM | $4.10B | 48.4M | 2.1% | TRIM |
| 10 | Sunbelt Rentals Holdings, INC. | SHS | $4.10B | 54.8M | 2.1% | ADD |
| 11 | AMZNAmazon.com, Inc.★ | COM | $3.98B | 16.7M | 2.1% | ADD |
| 12 | GOOGLAlphabet Inc.★ | CAP STK CL A | $3.81B | 10.7M | 2.0% | ADD |
| 13 | UNHUnitedHealth Group Incorporated★ | COM | $3.77B | 9.1M | 2.0% | TRIM |
| 14 | METAMeta Platforms, Inc.★ | CL A | $3.66B | 6.5M | 1.9% | ADD |
| 15 | OXYOccidental Petroleum Corporation★ | COM | $3.53B | 72.8M | 1.9% | TRIM |
| 16 | Te Connectivity Plc | ORD SHS | $3.42B | 17.0M | 1.8% | ADD |
| 17 | The Cigna Group | COM | $3.36B | 12.2M | 1.8% | ADD |
| 18 | Regeneron Pharmaceuticals, INC. | COM | $3.04B | 4.9M | 1.6% | ADD |
| 19 | Gilead Sciences, INC. | COM | $2.99B | 23.7M | 1.6% | TRIM |
| 20 | International Flavors & Fragrances, INC. | COM | $2.93B | 37.0M | 1.5% | ADD |
| 21 | Aon Plc | SHS CL A | $2.85B | 8.6M | 1.5% | ADD |
| 22 | Comcast CORP. | CL A | $2.85B | 115.9M | 1.5% | ADD |
| 23 | Air Products & Chemicals, INC. | COM | $2.75B | 9.4M | 1.4% | ADD |
| 24 | Fortive CORP. | COM | $2.69B | 44.0M | 1.4% | ADD |
| 25 | Brookfield CORP. | CL A LTD VT SH | $2.61B | 61.2M | 1.4% | ADD |
| 26 | Wells Fargo & CO. | COM | $2.59B | 31.3M | 1.4% | ADD |
| 27 | Gsk Plc | SPONSORED ADR | $2.53B | 48.2M | 1.3% | TRIM |
| 28 | Fiserv, INC. | COM | $2.46B | 50.2M | 1.3% | TRIM |
| 29 | Anheuser-busch Inbev Sa/nv | SPONSORED ADR | $2.43B | 29.5M | 1.3% | TRIM |
| 30 | Ge Healthcare Technologies, INC. | COMMON STOCK | $2.42B | 37.9M | 1.3% | ADD |
| 31 | The Bank Of New York Mellon CORP. | COM | $2.40B | 16.6M | 1.3% | TRIM |
| 32 | Roper Technologies, INC. | COM | $2.39B | 7.1M | 1.3% | ADD |
| 33 | Fedex CORP. | COM | $2.26B | 7.2M | 1.2% | TRIM |
| 34 | Sba Communications CORP. | CL A | $2.17B | 12.3M | 1.1% | ADD |
| 35 | Arthur J Gallagher & CO. | COM | $2.15B | 9.4M | 1.1% | ADD |
| 36 | Charter Communications, INC. | CL A | $2.14B | 15.0M | 1.1% | ADD |
| 37 | Willis Towers Watson Plc | SHS | $2.10B | 8.0M | 1.1% | ADD |
| 38 | Zimmer Biomet Holdings, INC. | COM | $2.08B | 24.1M | 1.1% | ADD |
| 39 | Carrier Global CORP. | COM | $2.02B | 27.5M | 1.1% | ADD |
| 40 | Baker Hughes CO. | CL A | $1.93B | 34.9M | 1.0% | TRIM |
| 41 | Fidelity National Information Services, INC. | COM | $1.91B | 49.1M | 1.0% | TRIM |
| 42 | VVisa Inc.★ | COM CL A | $1.86B | 5.4M | 1.0% | ADD |
| 43 | Capital One Financial CORP. | COM | $1.83B | 9.1M | 1.0% | ADD |
| 44 | Transunion | COM | $1.75B | 24.2M | 0.9% | ADD |
| 45 | Ubs Group Ag | SHS | $1.67B | 33.6M | 0.9% | TRIM |
| 46 | Elanco Animal Health, INC. | COM | $1.66B | 67.4M | 0.9% | TRIM |
| 47 | Thermo Fisher Scientific, INC. | COM | $1.53B | 3.1M | 0.8% | ADD |
| 48 | Haleon Plc | SPON ADS | $1.40B | 149.9M | 0.7% | ADD |
| 49 | Suncor Energy, INC. | COM | $1.36B | 25.4M | 0.7% | TRIM |
| 50 | Incyte CORP. | COM | $1.36B | 12.0M | 0.7% | TRIM |
| 51 | Lpl Financial Holdings, INC. | COM | $1.29B | 4.6M | 0.7% | ADD |
| 52 | Coupang, INC. | CL A | $1.25B | 72.2M | 0.7% | ADD |
| 53 | Dominion Energy, INC. | COM | $1.25B | 18.3M | 0.7% | TRIM |
| 54 | Baxter International, INC. | COM | $1.24B | 58.4M | 0.7% | ADD |
| 55 | Sanofi Sa | SPONSORED ADR | $1.20B | 28.1M | 0.6% | TRIM |
| 56 | Avantor, INC. | COM | $1.19B | 120.0M | 0.6% | ADD |
| 57 | American Electric Power CO., INC. | COM | $1.19B | 8.7M | 0.6% | TRIM |
| 58 | Sun Communities, INC. | COM | $1.14B | 9.5M | 0.6% | TRIM |
| 59 | Fedex Freight Holding CO., INC. | COMMON STOCK | $1.08B | 7.2M | 0.6% | NEW |
| 60 | Archer-daniels-midland CO. | COM | $1.08B | 14.2M | 0.6% | TRIM |
| 61 | Teledyne Technologies, INC. | COM | $1.08B | 1.6M | 0.6% | ADD |
| 62 | T-mobile U.S., INC. | COM | $1.06B | 6.3M | 0.6% | ADD |
| 63 | Ralliant CORP. | COM | $1.03B | 14.0M | 0.5% | ADD |
| 64 | Credicorp, LTD. | COM | $1.02B | 2.6M | 0.5% | TRIM |
| 65 | Novo Nordisk A/s | ADR | $977.8M | 20.4M | 0.5% | ADD |
| 66 | Conocophillips | COM | $963.3M | 9.3M | 0.5% | TRIM |
| 67 | Cemex Sab De Cv | SPON ADR NEW | $962.3M | 80.2M | 0.5% | TRIM |
| 68 | BABAAlibaba Group Holding Limited★ | SPONSORED ADS | $955.8M | 10.0M | 0.5% | ADD |
| 69 | Neurocrine Biosciences, INC. | COM | $941.2M | 5.6M | 0.5% | ADD |
| 70 | Hp, INC. | COM | $935.3M | 42.6M | 0.5% | ADD |
| 71 | Biomarin Pharmaceutical, INC. | COM | $849.4M | 14.8M | 0.4% | ADD |
| 72 | First Citizens Bancshares, INC. | CL A | $841.1M | 404K | 0.4% | ADD |
| 73 | Norfolk Southern CORP. | COM | $789.0M | 2.5M | 0.4% | TRIM |
| 74 | Millicom International Cellular Sa | COM STK | $745.9M | 8.2M | 0.4% | ADD |
| 75 | Molson Coors Beverage CO. | CL B | $742.8M | 19.1M | 0.4% | ADD |
| 76 | Kkr & CO., INC. | COM | $739.8M | 8.1M | 0.4% | NEW |
| 77 | Celanese CORP. | COM | $703.0M | 15.3M | 0.4% | TRIM |
| 78 | Linde Plc | SHS | $688.4M | 1.3M | 0.4% | HOLD |
| 79 | TSMTaiwan Semiconductor Manufacturing Company Limited★ | SPONSORED ADS | $688.1M | 1.4M | 0.4% | ADD |
| 80 | ADBEAdobe Inc.★ | COM | $638.6M | 3.1M | 0.3% | ADD |
| 81 | Medtronic Plc | SHS | $616.1M | 7.9M | 0.3% | ADD |
| 82 | Gaming & Leisure Properties, INC. | COM | $613.3M | 13.8M | 0.3% | ADD |
| 83 | Alnylam Pharmaceuticals, INC. | COM | $588.6M | 2.0M | 0.3% | ADD |
| 84 | Fox CORP. | CL A COM | $585.4M | 11.2M | 0.3% | ADD |
| 85 | Cognizant Technology Solutions CORP. | CL A | $563.2M | 14.5M | 0.3% | ADD |
| 86 | Xp, INC. | CL A | $529.5M | 32.6M | 0.3% | TRIM |
| 87 | Microchip Technology, INC. | COM | $504.6M | 5.5M | 0.3% | TRIM |
| 88 | Aegon, LTD. | AMER REG 1 CERT | $376.7M | 44.6M | 0.2% | TRIM |
| 89 | Vf CORP. | COM | $373.7M | 22.4M | 0.2% | TRIM |
| 90 | Pdd Holdings, INC. | SPONSORED ADS | $347.1M | 4.5M | 0.2% | ADD |
| 91 | Biontech Se | SPONSORED ADS | $342.2M | 3.7M | 0.2% | ADD |
| 92 | Yum China Holdings, INC. | COM | $341.9M | 8.4M | 0.2% | ADD |
| 93 | Fox CORP. | CL B COM | $340.3M | 7.3M | 0.2% | ADD |
| 94 | Tc Energy CORP. | COM | $333.8M | 5.0M | 0.2% | TRIM |
| 95 | News CORP. | CL A | $311.3M | 12.5M | 0.2% | ADD |
| 96 | JD.COM, INC. | SPON ADS CL A | $310.7M | 12.2M | 0.2% | HOLD |
| 97 | Netease, INC. | SPONSORED ADS | $277.1M | 2.2M | 0.1% | ADD |
| 98 | GEGE Aerospace★ | COM NEW | $223.5M | 598K | 0.1% | TRIM |
| 99 | Coherent CORP. | COM | $214.7M | 544K | 0.1% | TRIM |
| 100 | Hdfc Bank, LTD. | SPONSORED ADS | $172.5M | 6.7M | 0.1% | ADD |
Notable 2026 Q2 moves
New positions
- Fedex Freight Holding CO., INC. $1.08B
- Kkr & CO., INC. $739.8M
- Sea, LTD. $2.2M
- Honeywell International, INC. $898K
- Honeywell Aerospace, INC. $886K
- Dupont De Nemours, INC. $638K
- Futu Holdings, LTD. $394K
- Vanguard S&p 500 Etf $206K
- Affiliated Managers Group, INC. $203K
Exited
- Lyondellbasell Industries Nv was $1.36B
- Liberty Global, LTD. was $61.6M
- Honeywell International, INC. was $1.8M
- Ebay, INC. was $1.1M
- Pricesmart, INC. was $926K
- Loma Negra Cia Industrial Argentina Sa was $800K
- Dupont De Nemours, INC. was $672K
- Intuitive Surgical, INC. was $230K
- Halliburton CO. was $214K
Position history in tracked names
Quarter-end value of each holding that has a page on R40, most recent first.
| Stock | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 |
|---|---|---|---|---|
| GOOGLAlphabet, INC. | $8.04B | $6.56B | $7.43B | $6.16B |
| SCHWThe Charles Schwab CORP. | $7.10B | $7.05B | $7.64B | $7.93B |
| MSFTMicrosoft CORP. | $4.79B | $4.43B | $3.60B | $4.08B |
| AMZNAMAZON.COM, INC. | $3.98B | $3.15B | $3.52B | $3.58B |
| UNHUnitedhealth Group, INC. | $3.77B | $2.56B | $3.03B | $3.28B |
| METAMeta Platforms, INC. | $3.66B | $2.87B | $3.31B | $2.91B |
| OXYOccidental Petroleum CORP. | $3.53B | $4.82B | $3.27B | $3.77B |
| VVisa, INC. | $1.86B | $260K | $301K | $293K |
| BABAAlibaba Group Holding, LTD. | $955.8M | $1.24B | $1.47B | $1.96B |
| TSMTaiwan Semiconductor Manufacturing CO., LTD. | $688.1M | $36.4M | $32.8M | $30.1M |
| ADBEAdobe, INC. | $638.6M | $606.6M | $757.5M | $562.1M |
| GEGe Aerospace | $223.5M | $209.4M | $1.60B | $1.89B |
| GEVGe Vernova, INC. | $144.4M | $112.8M | $90.3M | $94.5M |
| GSThe Goldman Sachs Group, INC. | $135.7M | $1.17B | $1.50B | $1.76B |
| BACBank Of America CORP. | $99.3M | $88.7M | $110.5M | $791.8M |
| LLYEli Lilly & CO. | $49.5M | $38.6M | $45.7M | $33.1M |
| JPMJpmorgan Chase & CO. | $38.3M | $34.8M | $40.1M | $61.4M |
| CVXChevron CORP. | $33.6M | $42.4M | $32.4M | $34.7M |
| WMTWalmart, INC. | $19.5M | $21.7M | $20.0M | $18.6M |
| PGThe Procter & Gamble CO. | $13.3M | $13.1M | $13.0M | $14.0M |
| CSCOCisco Systems, INC. | $10.4M | $8.2M | $12.6M | $14.9M |
| XOMExxon Mobil CORP. | $10.1M | $12.5M | $9.0M | $8.6M |
| AAPLApple, INC. | $9.1M | $8.0M | $8.6M | $8.0M |
| GLWCorning, INC. | $8.9M | $4.9M | $3.2M | $3.3M |
| BRK-BBerkshire Hathaway, INC. | $8.7M | $8.4M | $8.8M | $8.8M |
| HDThe Home Depot, INC. | $7.9M | $7.4M | $8.0M | $9.4M |
| DELLDell Technologies, INC. | $7.4M | $3.1M | $2.4M | $3.4M |
| AVGOBroadcom, INC. | $7.3M | $6.0M | $7.1M | $6.9M |
| JNJJohnson & Johnson | $5.3M | $5.1M | $4.3M | $3.9M |
| BIDUBaidu, INC. | $3.0M | $3.1M | $2.2M | $580.4M |
| ABBVAbbvie, INC. | $2.6M | $2.3M | $2.4M | $2.4M |
| KOThe Coca-cola CO. | $2.0M | $1.8M | $1.7M | $1.6M |
| NVDANvidia CORP. | $680K | $593K | $634K | $634K |
| PYPLPaypal Holdings, INC. | — | — | $261K | $300K |