Dodge & Cox’s Norfolk Southern NSC Stock Holding History

Dodge & Cox’s Portfolio NSC Stock Details NSC Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	$1.8B	Sell	6,257,750 -3,366,135	-35%	-$1B	0.99%	40
2025 Q4	$2.78B	Sell	9,623,885 -1,250,364	-11%	-$362M	1.5%	27
2025 Q3	$3.27B	Buy	10,874,249 +15,128	+0.1%	+$4.2M	1.76%	19
2025 Q2	$2.78B	Buy	10,859,121 +192,567	+2%	+$45.4M	1.56%	23
2025 Q1	$2.53B	Sell	10,666,554 -22,655	-0.2%	-$5.52M	1.44%	28
2024 Q4	$2.51B	Sell	10,689,209 -173,630	-2%	-$44.1M	1.46%	23
2024 Q3	$2.7B	Buy	10,862,839 +67,972	+0.6%	+$16.3M	1.53%	24
2024 Q2	$2.32B	Buy	10,794,867 +2,669,800	+33%	+$619M	1.39%	27
2024 Q1	$2.07B	Sell	8,125,067 -108,305	-1%	-$26.8M	1.2%	31
2023 Q4	$1.95B	Buy	8,233,372 +1,810,658	+28%	+$379M	1.24%	31
2023 Q3	$1.26B	Buy	6,422,714 +2,116,575	+49%	+$458M	0.85%	49
2023 Q2	$976M	Buy	4,306,139 +4,302,589	+121,200%	+$914M	0.65%	57
2023 Q1	$753K	Hold	3,550	–	–	﹤0.01%	169
2022 Q4	$875K	Sell	3,550 -1,400	-28%	-$331K	﹤0.01%	159
2022 Q3	$1.04M	Hold	4,950	–	–	﹤0.01%	151
2022 Q2	$1.13M	Hold	4,950	–	–	﹤0.01%	152
2022 Q1	$1.41M	Hold	4,950	–	–	﹤0.01%	152
2021 Q4	$1.47M	Hold	4,950	–	–	﹤0.01%	146
2021 Q3	$1.18M	Sell	4,950 -200	-4%	-$51.3K	﹤0.01%	144
2021 Q2	$1.37M	Buy	5,150 +2,900	+129%	+$800K	﹤0.01%	142
2021 Q1	$604K	Sell	2,250 -800	-26%	-$203K	﹤0.01%	158
2020 Q4	$725K	Hold	3,050	–	–	﹤0.01%	154
2020 Q3	$653K	Hold	3,050	–	–	﹤0.01%	157
2020 Q2	$535K	Hold	3,050	–	–	﹤0.01%	159
2020 Q1	$445K	Hold	3,050	–	–	﹤0.01%	153
2019 Q4	$592K	Hold	3,050	–	–	﹤0.01%	157
2019 Q3	$548K	Hold	3,050	–	–	﹤0.01%	156
2019 Q2	$608K	Sell	3,050 -74	-2%	-$14.7K	﹤0.01%	152
2019 Q1	$584K	Sell	3,124 -100	-3%	-$17.3K	﹤0.01%	148
2018 Q4	$482K	Sell	3,224 -573	-15%	-$94.2K	﹤0.01%	154
2018 Q3	$685K	Hold	3,797	–	–	﹤0.01%	148
2018 Q2	$573K	Hold	3,797	–	–	﹤0.01%	147
2018 Q1	$516K	Sell	3,797 -200	-5%	-$28.8K	﹤0.01%	148
2017 Q4	$579K	Hold	3,997	–	–	﹤0.01%	149
2017 Q3	$529K	Sell	3,997 -100	-2%	-$12.2K	﹤0.01%	152
2017 Q2	$499K	Sell	4,097 -700	-15%	-$82.3K	﹤0.01%	155
2017 Q1	$537K	Sell	4,797 -600	-11%	-$70.2K	﹤0.01%	151
2016 Q4	$583K	Sell	5,397 -100	-2%	-$10.1K	﹤0.01%	151
2016 Q3	$534K	Hold	5,497	–	–	﹤0.01%	149
2016 Q2	$468K	Sell	5,497 -1,000	-15%	-$85K	﹤0.01%	150
2016 Q1	$541K	Buy	6,497 +2,000	+44%	+$151K	﹤0.01%	150
2015 Q4	$380K	Sell	4,497 -1,100	-20%	-$94.2K	﹤0.01%	163
2015 Q3	$428K	Sell	5,597 -600	-10%	-$48.8K	﹤0.01%	154
2015 Q2	$541K	Hold	6,197	–	–	﹤0.01%	142
2015 Q1	$638K	Sell	6,197 -1,100	-15%	-$118K	﹤0.01%	139
2014 Q4	$800K	Sell	7,297 -1,047	-13%	-$115K	﹤0.01%	138
2014 Q3	$931K	Buy	8,344 +1,047	+14%	+$111K	﹤0.01%	133
2014 Q2	$752K	Hold	7,297	–	–	﹤0.01%	138
2014 Q1	$709K	Hold	7,297	–	–	﹤0.01%	137
2013 Q4	$677K	Hold	7,297	–	–	﹤0.01%	136
2013 Q3	$564K	Sell	7,297 -100	-1%	-$7.49K	﹤0.01%	140
2013 Q2	$537K	Buy	+7,397	New	+$565K	﹤0.01%	143

Other funds holding NSC

BlackRock New York $5.72T AUM 30.48% 1-Year Est. Return

VCM

Vanguard Capital Management Malvern, Pennsylvania $4.04T AUM

State Street Boston, Massachusetts $2.9T AUM 29.55% 1-Year Est. Return

Geode Capital Management Boston, Massachusetts $1.61T AUM 30.72% 1-Year Est. Return

Millennium Management New York $240B AUM 35.51% 1-Year Est. Return

VPM

Vanguard Portfolio Management Malvern, Pennsylvania $1.91T AUM

PCM

Pentwater Capital Management Naples, Florida $19.3B AUM 58.13% 1-Year Est. Return

Bank of America Charlotte, North Carolina $1.37T AUM 24.88% 1-Year Est. Return

Northern Trust Chicago, Illinois $757B AUM 28.64% 1-Year Est. Return

Morgan Stanley New York $1.66T AUM 25.57% 1-Year Est. Return

Dodge & Cox's NSC Position: Q1 2026 in Review

Dodge & Cox reduced its Norfolk Southern (NSC) stake by 35% in Q1 2026, selling an estimated $1B and leaving 6,257,750 shares worth $1.8B. The position accounts for 0.99% of the portfolio, ranked #40.

Dodge & Cox first reported a position in NSC in Q2 2013 and has held it in 52 quarters since. The position peaked at $3.27B in Q3 2025. 1,829 funds tracked by Wall St. Rank hold NSC as of Q1 2026.

Dodge & Cox held 6,257,750 shares of Norfolk Southern worth $1.8B as of Q1 2026.
Dodge & Cox sold 3,366,135 Norfolk Southern shares in Q1 2026, an estimated $1B.
Norfolk Southern made up 0.99% of Dodge & Cox's portfolio in Q1 2026, its #40 holding.
Dodge & Cox first reported a position in Norfolk Southern in Q2 2013 and has held it in 52 quarters since.
Dodge & Cox's Norfolk Southern position peaked at $3.27B in Q3 2025.
1,829 funds tracked by Wall St. Rank held Norfolk Southern as of Q1 2026.

Based on Dodge & Cox's 13F filing for Q1 2026, filed 14 May 2026.