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 | |
|---|---|---|---|---|---|---|
51
T-Mobile US
TMUS
$197B
| $1.29B | 0.71% |
6,157,799
-28,173
| -0.5% | -$5.79M |
|
52
ConocoPhillips
COP
$150B
| $1.27B | 0.7% |
9,645,858
-644,311
| -6% | -$71.3M |
|
53
LPL Financial
LPLA
$29.5B
| $1.25B | 0.69% |
4,146,547
+197,577
| +5% | +$66.3M |
|
54
Alibaba
BABA
$293B
| $1.24B | 0.68% |
9,917,770
-99,100
| -1% | -$14.9M |
|
55
Dominion Energy
D
$60.3B
| $1.2B | 0.66% |
19,477,520
-2,672,398
| -12% | -$165M |
|
|
56
Roper Technologies
ROP
$39.3B
| $1.18B | 0.65% |
+3,343,694
| New | +$1.23B |
|
57
Goldman Sachs
GS
$304B
| $1.17B | 0.64% |
1,380,455
-329,219
| -19% | -$294M |
|
58
Credicorp
BAP
$29.8B
| $1.16B | 0.64% |
3,410,175
-460,765
| -12% | -$154M |
|
59
Incyte
INCY
$24.4B
| $1.15B | 0.63% |
12,252,356
-1,009,386
| -8% | -$101M |
|
60
American Electric Power
AEP
$68.3B
| $1.15B | 0.63% |
8,739,835
-602,705
| -6% | -$75.4M |
|
61
Archer Daniels Midland
ADM
$38.6B
| $1.15B | 0.63% |
15,757,140
-1,327,505
| -8% | -$89.6M |
|
62
TransUnion
TRU
$15.5B
| $1.12B | 0.62% |
16,189,511
+6,347,505
| +64% | +$486M |
|
63
Novartis
NVS
$288B
| $1.06B | 0.58% |
6,967,383
-2,047,258
| -23% | -$314M |
|
64
Celanese
CE
$4.86B
| $1.01B | 0.55% |
15,345,910
+41,860
| +0.3% | +$2.19M |
|
65
Cemex
CX
$16B
| $975M | 0.54% |
85,236,570
+441,900
| +0.5% | +$5.27M |
|
66
Teledyne Technologies
TDY
$31.2B
| $971M | 0.53% |
1,604,265
-81,075
| -5% | -$50.6M |
|
67
Baxter International
BAX
$14B
| $962M | 0.53% |
57,254,570
+254,600
| +0.4% | +$4.93M |
|
68
Avantor
AVTR
$9.37B
| $938M | 0.52% |
119,648,329
+2,583,186
| +2% | +$25.4M |
|
69
Cognizant
CTSH
$26.7B
| $876M | 0.48% |
14,272,907
-710,430
| -5% | -$50.8M |
|
70
BioMarin Pharmaceuticals
BMRN
$13.3B
| $823M | 0.45% |
14,561,759
-10,625
| -0.1% | -$620K |
|
71
HP
HPQ
$28.6B
| $799M | 0.44% |
41,592,541
+7,089,410
| +21% | +$138M |
|
72
Molson Coors Class B
TAP
$7.85B
| $798M | 0.44% |
18,523,049
-87,875
| -0.5% | -$4.17M |
|
73
First Citizens BancShares
FCNCA
$25.6B
| $741M | 0.41% |
393,087
+361,521
| +1,145% | +$726M |
|
74
Neurocrine Biosciences
NBIX
$15.3B
| $719M | 0.4% |
5,461,037
-47,005
| -0.9% | -$6.24M |
|
|
NVO
75
Novo Nordisk
NVO
$205B
| $711M | 0.39% |
+19,333,750
| New | +$916M |
|
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.