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 | |
|---|---|---|---|---|---|---|
76
KKR & Co
KKR
$97.4B
| $740M | 0.39% |
+8,060,515
| New | +$782M |
|
77
Celanese
CE
$4.91B
| $703M | 0.37% |
15,282,234
-63,676
| -0.4% | -$3.69M |
|
78
Linde
LIN
$226B
| $688M | 0.36% |
1,326,590
| – | – |
|
79
TSMC
TSM
$2.17T
| $688M | 0.36% |
1,440,767
+1,332,967
| +1,237% | +$541M |
|
80
Adobe
ADBE
$109B
| $639M | 0.33% |
3,114,932
+619,337
| +25% | +$147M |
|
81
Medtronic
MDT
$118B
| $616M | 0.32% |
7,875,898
+181,290
| +2% | +$14.6M |
|
82
Gaming and Leisure Properties
GLPI
$12.4B
| $613M | 0.32% |
13,773,135
+314,978
| +2% | +$14.7M |
|
83
Alnylam Pharmaceuticals
ALNY
$32B
| $589M | 0.31% |
1,955,393
+26,140
| +1% | +$7.88M |
|
84
Fox Class A
FOXA
$29.3B
| $585M | 0.31% |
11,223,096
+326,254
| +3% | +$20.2M |
|
85
Cognizant
CTSH
$28B
| $563M | 0.29% |
14,542,493
+269,586
| +2% | +$14.2M |
|
86
XP
XP
$9.04B
| $529M | 0.28% |
32,564,312
-162,376
| -0.5% | -$2.89M |
|
87
Microchip Technology
MCHP
$40.2B
| $505M | 0.26% |
5,533,359
-596,357
| -10% | -$53.2M |
|
88
Aegon
AEG
$13.7B
| $377M | 0.2% |
44,635,184
-5,921,325
| -12% | -$48.8M |
|
89
VF Corp
VFC
$5.46B
| $374M | 0.2% |
22,406,175
-10,618,450
| -32% | -$190M |
|
90
Pinduoduo
PDD
$123B
| $347M | 0.18% |
4,550,000
+12,400
| +0.3% | +$1.15M |
|
91
BioNTech
BNTX
$28.3B
| $342M | 0.18% |
3,677,591
+800
| +0% | +$75.3K |
|
92
Yum China
YUMC
$16.1B
| $342M | 0.18% |
8,365,562
+13,800
| +0.2% | +$632K |
|
93
Fox Class B
FOX
$26.2B
| $340M | 0.18% |
7,266,093
+87,199
| +1% | +$4.84M |
|
94
TC Energy
TRP
$65.5B
| $334M | 0.17% |
5,034,800
-3,857,600
| -43% | -$255M |
|
95
News Corp Class A
NWSA
$16.6B
| $311M | 0.16% |
12,538,190
+281,944
| +2% | +$7.31M |
|
96
JD.com
JD
$38.9B
| $311M | 0.16% |
12,194,648
| – | – |
|
97
NetEase
NTES
$79B
| $277M | 0.15% |
2,162,476
+5,500
| +0.3% | +$649K |
|
98
GE Aerospace
GE
$368B
| $224M | 0.12% |
598,052
-139,947
| -19% | -$43.8M |
|
99
Coherent
COHR
$57.6B
| $215M | 0.11% |
544,160
-14,760
| -3% | -$5.22M |
|
100
HDFC Bank
HDB
$119B
| $173M | 0.09% |
6,678,700
+990,400
| +17% | +$24.8M |
|
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.