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 | |
|---|---|---|---|---|---|---|
51
LPL Financial
LPLA
$28.4B
| $1.29B | 0.68% |
4,578,679
+432,132
| +10% | +$130M |
|
52
Coupang
CPNG
$29.7B
| $1.25B | 0.66% |
72,194,220
+186,100
| +0.3% | +$3.36M |
|
53
Dominion Energy
D
$58.8B
| $1.25B | 0.65% |
18,303,470
-1,174,050
| -6% | -$76.3M |
|
54
Baxter International
BAX
$13.7B
| $1.24B | 0.65% |
58,386,345
+1,131,775
| +2% | +$21.1M |
|
55
Sanofi
SNY
$109B
| $1.2B | 0.63% |
28,088,274
-1,416,358
| -5% | -$63.3M |
|
56
Avantor
AVTR
$9.81B
| $1.19B | 0.62% |
120,020,974
+372,645
| +0.3% | +$3.21M |
|
57
American Electric Power
AEP
$67.2B
| $1.19B | 0.62% |
8,674,355
-65,480
| -0.7% | -$8.63M |
|
58
Sun Communities
SUI
$15.3B
| $1.14B | 0.6% |
9,500,781
-4,765,249
| -33% | -$596M |
|
|
FDXF
59
FedEx Freight
FDXF
$19.6B
| $1.08B | 0.57% |
+7,182,771
| New | +$1.18B |
|
60
Archer Daniels Midland
ADM
$38.6B
| $1.08B | 0.57% |
14,182,325
-1,574,815
| -10% | -$120M |
|
61
Teledyne Technologies
TDY
$29.4B
| $1.08B | 0.56% |
1,612,837
+8,572
| +0.5% | +$5.4M |
|
62
T-Mobile US
TMUS
$193B
| $1.06B | 0.56% |
6,335,783
+177,984
| +3% | +$33.7M |
|
|
RAL
63
Ralliant Corp
RAL
$7.07B
| $1.03B | 0.54% |
14,005,203
+257,652
| +2% | +$14.4M |
|
64
Credicorp
BAP
$30.4B
| $1.02B | 0.53% |
2,614,315
-795,860
| -23% | -$272M |
|
|
NVO
65
Novo Nordisk
NVO
$209B
| $978M | 0.51% |
20,397,110
+1,063,360
| +6% | +$45.7M |
|
66
ConocoPhillips
COP
$157B
| $963M | 0.5% |
9,266,284
-379,574
| -4% | -$45M |
|
67
Cemex
CX
$15.8B
| $962M | 0.5% |
80,187,637
-5,048,933
| -6% | -$62.7M |
|
68
Alibaba
BABA
$287B
| $956M | 0.5% |
9,957,970
+40,200
| +0.4% | +$5.04M |
|
69
Neurocrine Biosciences
NBIX
$15.9B
| $941M | 0.49% |
5,584,707
+123,670
| +2% | +$18.3M |
|
70
HP
HPQ
$27.9B
| $935M | 0.49% |
42,627,828
+1,035,287
| +2% | +$22.9M |
|
71
BioMarin Pharmaceuticals
BMRN
$12.7B
| $849M | 0.44% |
14,844,930
+283,171
| +2% | +$15.5M |
|
72
First Citizens BancShares
FCNCA
$24.6B
| $841M | 0.44% |
404,215
+11,128
| +3% | +$22.3M |
|
|
73
Norfolk Southern
NSC
$79.2B
| $789M | 0.41% |
2,508,128
-3,749,622
| -60% | -$1.16B |
|
74
Millicom
TIGO
$16.1B
| $746M | 0.39% |
8,218,532
+56,100
| +0.7% | +$4.73M |
|
75
Molson Coors Class B
TAP
$7.85B
| $743M | 0.39% |
19,065,434
+542,385
| +3% | +$22.7M |
|
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.