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 | |
|---|---|---|---|---|---|---|
26
Wells Fargo
WFC
$260B
| $2.59B | 1.36% |
31,328,076
+159,745
| +0.5% | +$12.8M |
|
27
GSK
GSK
$101B
| $2.53B | 1.32% |
48,197,514
-10,465,460
| -18% | -$553M |
|
|
FISV
28
Fiserv Inc
FISV
$28.6B
| $2.46B | 1.29% |
50,194,946
-66,004
| -0.1% | -$3.69M |
|
29
AB InBev
BUD
$156B
| $2.43B | 1.27% |
29,477,348
-206,388
| -0.7% | -$16.2M |
|
30
GE HealthCare
GEHC
$32.5B
| $2.42B | 1.27% |
37,864,164
+6,552,100
| +21% | +$431M |
|
|
BNY
31
Bank of New York Mellon
BNY
$110B
| $2.4B | 1.26% |
16,608,370
-6,793,424
| -29% | -$929M |
|
|
32
Roper Technologies
ROP
$42.1B
| $2.39B | 1.25% |
7,060,583
+3,716,889
| +111% | +$1.27B |
|
|
33
FedEx
FDX
$78.3B
| $2.26B | 1.19% |
7,233,269
-2,750,180
| -28% | -$999M |
|
34
SBA Communications
SBAC
$20.1B
| $2.17B | 1.14% |
12,323,254
+242,970
| +2% | +$50.1M |
|
35
Arthur J. Gallagher & Co
AJG
$68.6B
| $2.15B | 1.13% |
9,363,634
+2,008,719
| +27% | +$427M |
|
36
Charter Communications
CHTR
$18.3B
| $2.14B | 1.12% |
15,032,214
+405,005
| +3% | +$67.6M |
|
37
Willis Towers Watson
WTW
$32B
| $2.1B | 1.1% |
8,025,392
+692,978
| +9% | +$185M |
|
38
Zimmer Biomet
ZBH
$19.1B
| $2.08B | 1.09% |
24,124,735
+582,035
| +2% | +$51M |
|
39
Carrier Global
CARR
$47.6B
| $2.02B | 1.06% |
27,475,603
+853,330
| +3% | +$55.8M |
|
40
Baker Hughes
BKR
$61.7B
| $1.93B | 1.01% |
34,854,482
-1,017,076
| -3% | -$64.3M |
|
41
Fidelity National Information Services
FIS
$21.5B
| $1.91B | 1% |
49,069,080
-4,077
| -0% | -$176K |
|
|
42
Visa
V
$716B
| $1.86B | 0.97% |
5,417,326
+5,416,467
| +630,555% | +$1.74B |
|
43
Capital One
COF
$134B
| $1.83B | 0.96% |
9,117,926
+342,994
| +4% | +$65.6M |
|
44
TransUnion
TRU
$16.5B
| $1.75B | 0.91% |
24,196,211
+8,006,700
| +49% | +$561M |
|
45
UBS Group
UBS
$168B
| $1.67B | 0.87% |
33,630,342
-14,300
| -0% | -$651K |
|
46
Elanco Animal Health
ELAN
$12.1B
| $1.66B | 0.87% |
67,397,025
-1,547,075
| -2% | -$35.8M |
|
|
47
Thermo Fisher Scientific
TMO
$230B
| $1.53B | 0.8% |
3,054,778
+3,029,037
| +11,767% | +$1.45B |
|
48
Haleon
HLN
$44.2B
| $1.4B | 0.73% |
149,934,507
+3,394,844
| +2% | +$31.6M |
|
49
Suncor Energy
SU
$76.8B
| $1.36B | 0.71% |
25,366,554
-895,900
| -3% | -$56.7M |
|
50
Incyte
INCY
$25.5B
| $1.36B | 0.71% |
11,957,326
-295,030
| -2% | -$29.3M |
|
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.