Dodge & Cox Portfolio holdings
Dodge & Cox, founded in 1930 by Van Duyn Dodge and E. Morris Cox in San Francisco, California, is an independent, employee-owned investment management firm renowned for its disciplined, value-oriented approach to long-term investing. Managing over $350 billion in assets as of late 2024, the firm offers a concise lineup of mutual funds and separate accounts focusing on U.S. and international equities, fixed income, and balanced portfolios, serving individual and institutional investors with a low-turnover, research-driven strategy. Known for its team-based decision-making and contrarian stance—buying undervalued securities others overlook—Dodge & Cox has maintained a consistent philosophy through decades, avoiding trend-chasing and emphasizing fundamentals, even during market volatility like the 2008 crisis. With a tight-knit team of about 300 employees and no proprietary trading, the firm’s commitment to simplicity, low fees, and client alignment has earned it a loyal following and a reputation as a steadfast player in asset management.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Visa
V
|
+$1.74B |
| 2 |
Thermo Fisher Scientific
TMO
|
+$1.45B |
| 3 |
Roper Technologies
ROP
|
+$1.27B |
| 4 |
FDXF
FedEx Freight
FDXF
|
+$1.18B |
| 5 |
Meta Platforms (Facebook)
META
|
+$902M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
LyondellBasell Industries
LYB
|
+$1.36B |
| 2 |
Goldman Sachs
GS
|
+$1.22B |
| 3 |
Norfolk Southern
NSC
|
+$1.16B |
| 4 |
FedEx
FDX
|
+$999M |
| 5 |
Novartis
NVS
|
+$931M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 23.01% |
| 2 | Financials | 20.17% |
| 3 | Industrials | 13.38% |
| 4 | Technology | 12.31% |
| 5 | Communication Services | 10.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Johnson Controls International
JCI
$84.6B
| $8.15B | 4.27% |
55,776,006
-1,730,208
| -3% | -$244M |
|
|
SCHW
2
Charles Schwab
SCHW
$191B
| $7.1B | 3.72% |
76,968,323
+1,965,442
| +3% | +$179M |
|
3
RTX Corp
RTX
$285B
| $6.66B | 3.49% |
35,113,249
-360,130
| -1% | -$66M |
|
4
CVS Health
CVS
$119B
| $5.17B | 2.71% |
50,012,765
-1,767,351
| -3% | -$158M |
|
5
Microsoft
MSFT
$3.81T
| $4.79B | 2.51% |
12,836,229
+876,294
| +7% | +$355M |
|
6
Booking.com
BKNG
$155B
| $4.55B | 2.38% |
25,536,950
+599,500
| +2% | +$102M |
|
7
Humana
HUM
$46.3B
| $4.35B | 2.28% |
10,940,380
-440,293
| -4% | -$125M |
|
8
Alphabet (Google) Class C
GOOG
$4.19T
| $4.23B | 2.21% |
11,961,097
-267,421
| -2% | -$95.6M |
|
9
MetLife
MET
$61.3B
| $4.1B | 2.15% |
48,431,150
-2,683,626
| -5% | -$216M |
|
|
SUNB
10
Sunbelt Rentals Holdings
SUNB
$30B
| $4.1B | 2.14% |
54,761,610
+1,659,763
| +3% | +$124M |
|
11
Amazon
AMZN
$2.87T
| $3.98B | 2.08% |
16,708,513
+1,598,614
| +11% | +$401M |
|
|
12
Alphabet (Google) Class A
GOOGL
$4.24T
| $3.81B | 1.99% |
10,658,860
+34,445
| +0.3% | +$12.4M |
|
13
UnitedHealth
UNH
$353B
| $3.77B | 1.97% |
9,072,258
-394,498
| -4% | -$146M |
|
|
14
Meta Platforms (Facebook)
META
$1.47T
| $3.66B | 1.91% |
6,489,255
+1,474,936
| +29% | +$902M |
|
15
Occidental Petroleum
OXY
$59.1B
| $3.53B | 1.85% |
72,764,944
-1,320,628
| -2% | -$75M |
|
16
TE Connectivity
TEL
$58.7B
| $3.42B | 1.79% |
16,968,886
+2,279,936
| +16% | +$486M |
|
17
Cigna
CI
$73.7B
| $3.36B | 1.76% |
12,173,875
+618,088
| +5% | +$175M |
|
18
Regeneron Pharmaceuticals
REGN
$81.8B
| $3.04B | 1.59% |
4,871,137
+412,899
| +9% | +$281M |
|
19
Gilead Sciences
GILD
$181B
| $2.99B | 1.57% |
23,677,567
-573,259
| -2% | -$75.5M |
|
20
International Flavors & Fragrances
IFF
$22.4B
| $2.93B | 1.53% |
37,007,037
+534,095
| +1% | +$39.8M |
|
21
Aon
AON
$75.4B
| $2.85B | 1.49% |
8,593,144
+477,049
| +6% | +$154M |
|
22
Comcast
CMCSA
$96B
| $2.85B | 1.49% |
115,903,125
+2,794,881
| +2% | +$72.1M |
|
23
Air Products & Chemicals
APD
$68.6B
| $2.75B | 1.44% |
9,393,493
+161,918
| +2% | +$47.1M |
|
24
Fortive
FTV
$18B
| $2.69B | 1.41% |
43,979,772
+823,575
| +2% | +$49.4M |
|
25
Brookfield
BN
$92.3B
| $2.61B | 1.36% |
61,210,651
+2,023,796
| +3% | +$90.5M |
|
Similar funds
Dodge & Cox's Q2 2026 Portfolio in Review
As of Q2 2026, Dodge & Cox held 229 positions worth $191B, up 5% from $182B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Dodge & Cox's Q2 2026 filing shows 7 new, 71 increased, 94 reduced and 7 closed positions. Its largest new stake was FedEx Freight: 7,182,771 shares worth $1.08B. The largest sale was LyondellBasell Industries, an estimated $1.36B.
By sector, the portfolio is most concentrated in Healthcare at 23% of assets, up from 21% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q2 2026 buy was FedEx Freight: 7,182,771 shares worth $1.08B.
- Dodge & Cox added most to Visa in Q2 2026, an estimated $1.74B increase.
- Dodge & Cox's biggest Q2 2026 reduction was Goldman Sachs, cutting an estimated $1.22B.
- Dodge & Cox fully exited LyondellBasell Industries in Q2 2026, selling an estimated $1.36B.
- Dodge & Cox's ten largest holdings make up 28% of its $191B portfolio in Q2 2026.
- Dodge & Cox opened 7 new positions and closed 7 in Q2 2026.
- Dodge & Cox's portfolio value rose 5% quarter-over-quarter to $191B.
Based on Dodge & Cox's 13F filing for Q2 2026, filed 13 Aug 2026.