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 |
SUNB
Sunbelt Rentals Holdings
SUNB
|
+$3.73B |
| 2 |
Microsoft
MSFT
|
+$1.89B |
| 3 |
Arthur J. Gallagher & Co
AJG
|
+$1.5B |
| 4 |
Roper Technologies
ROP
|
+$1.23B |
| 5 |
Booking.com
BKNG
|
+$1.22B |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$1.94B |
| 2 |
GE Aerospace
GE
|
+$1.4B |
| 3 |
Sanofi
SNY
|
+$1.26B |
| 4 |
Norfolk Southern
NSC
|
+$1B |
| 5 |
CVS Health
CVS
|
+$827M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.3% |
| 2 | Financials | 19.23% |
| 3 | Industrials | 13.8% |
| 4 | Technology | 11.38% |
| 5 | Communication Services | 10.77% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Aon
AON
$75.7B
| $2.62B | 1.44% |
8,116,095
+263,639
| +3% | +$87.6M |
|
27
UnitedHealth
UNH
$358B
| $2.56B | 1.41% |
9,466,756
+293,987
| +3% | +$87.6M |
|
28
Wells Fargo
WFC
$266B
| $2.48B | 1.36% |
31,168,331
-1,143,380
| -4% | -$98.2M |
|
29
Brookfield
BN
$111B
| $2.4B | 1.32% |
59,186,855
+17,906,535
| +43% | +$794M |
|
30
Fortive
FTV
$18.7B
| $2.39B | 1.31% |
43,156,197
-1,001,625
| -2% | -$56.2M |
|
31
Fidelity National Information Services
FIS
$22.8B
| $2.3B | 1.27% |
49,073,157
-40,140
| -0.1% | -$2.16M |
|
32
GE HealthCare
GEHC
$33.3B
| $2.23B | 1.22% |
31,312,064
+100,835
| +0.3% | +$7.95M |
|
33
Baker Hughes
BKR
$63B
| $2.19B | 1.2% |
35,871,558
-4,887,880
| -12% | -$283M |
|
34
Willis Towers Watson
WTW
$31B
| $2.13B | 1.17% |
7,332,414
+406,889
| +6% | +$125M |
|
35
Zimmer Biomet
ZBH
$19B
| $2.13B | 1.17% |
23,542,700
+35,851
| +0.2% | +$3.29M |
|
36
SBA Communications
SBAC
$19.8B
| $2.08B | 1.14% |
12,080,284
+84,150
| +0.7% | +$15.8M |
|
37
AB InBev
BUD
$158B
| $2.06B | 1.13% |
29,683,736
-3,429,695
| -10% | -$248M |
|
38
Humana
HUM
$46.2B
| $1.97B | 1.08% |
11,380,673
+90,238
| +0.8% | +$18.5M |
|
39
Sun Communities
SUI
$14.6B
| $1.8B | 0.99% |
14,266,030
-225,835
| -2% | -$29.2M |
|
|
40
Norfolk Southern
NSC
$75.9B
| $1.8B | 0.99% |
6,257,750
-3,366,135
| -35% | -$1B |
|
41
Suncor Energy
SU
$76.5B
| $1.74B | 0.95% |
26,262,454
-995,300
| -4% | -$55M |
|
42
Elanco Animal Health
ELAN
$11.2B
| $1.65B | 0.91% |
68,944,100
-10,140,205
| -13% | -$248M |
|
43
Capital One
COF
$137B
| $1.6B | 0.88% |
8,774,932
-388,135
| -4% | -$81.2M |
|
|
44
Arthur J. Gallagher & Co
AJG
$65B
| $1.59B | 0.88% |
7,354,915
+6,474,330
| +735% | +$1.5B |
|
45
Carrier Global
CARR
$52.2B
| $1.5B | 0.82% |
26,622,273
+13,200,981
| +98% | +$781M |
|
46
Haleon
HLN
$43.2B
| $1.47B | 0.81% |
146,539,663
-5,215,789
| -3% | -$54.3M |
|
|
47
Sanofi
SNY
$105B
| $1.42B | 0.78% |
29,504,632
-26,987,967
| -48% | -$1.26B |
|
48
Coupang
CPNG
$29.3B
| $1.36B | 0.75% |
72,008,120
+22,774,800
| +46% | +$446M |
|
49
LyondellBasell Industries
LYB
$20.2B
| $1.36B | 0.75% |
16,839,152
-39,925
| -0.2% | -$2.37M |
|
50
UBS Group
UBS
$176B
| $1.31B | 0.72% |
33,644,642
-20,700
| -0.1% | -$886K |
|
Similar funds
Dodge & Cox's Q1 2026 Portfolio in Review
As of Q1 2026, Dodge & Cox held 228 positions worth $182B, down 1.8% from $185B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Dodge & Cox's Q1 2026 filing shows 6 new, 50 increased, 110 reduced and 6 closed positions. Its largest new stake was Sunbelt Rentals Holdings: 53,101,847 shares worth $3.46B. The largest sale was FedEx, an estimated $1.94B.
By sector, the portfolio is most concentrated in Healthcare at 21% of assets, down from 24% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q1 2026 buy was Sunbelt Rentals Holdings: 53,101,847 shares worth $3.46B.
- Dodge & Cox added most to Microsoft in Q1 2026, an estimated $1.89B increase.
- Dodge & Cox's biggest Q1 2026 reduction was FedEx, cutting an estimated $1.94B.
- Dodge & Cox fully exited Amrize Ltd in Q1 2026, selling an estimated $293M.
- Dodge & Cox's ten largest holdings make up 27% of its $182B portfolio in Q1 2026.
- Dodge & Cox opened 6 new positions and closed 6 in Q1 2026.
- Dodge & Cox's portfolio value fell 1.8% quarter-over-quarter to $182B.
Based on Dodge & Cox's 13F filing for Q1 2026, filed 14 May 2026.