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 | |
|---|---|---|---|---|---|---|
|
VSNT
101
Versant Media Group
VSNT
$5.49B
| $161M | 0.08% |
4,472,367
-38,589
| -0.9% | -$1.55M |
|
102
Itaú Unibanco
ITUB
$83B
| $149M | 0.08% |
18,185,181
-984,200
| -5% | -$8.16M |
|
103
GE Vernova
GEV
$254B
| $144M | 0.08% |
122,871
-6,311
| -5% | -$6.44M |
|
|
104
Goldman Sachs
GS
$303B
| $136M | 0.07% |
134,131
-1,246,324
| -90% | -$1.22B |
|
|
105
Novartis
NVS
$294B
| $119M | 0.06% |
759,373
-6,208,010
| -89% | -$931M |
|
106
Bank of America
BAC
$428B
| $99.3M | 0.05% |
1,741,970
-77,595
| -4% | -$4.13M |
|
107
American Express
AXP
$226B
| $91.8M | 0.05% |
271,279
-6,211
| -2% | -$1.99M |
|
108
Fresenius Medical Care
FMS
$12.4B
| $86.5M | 0.05% |
3,826,910
| – | – |
|
109
Cadence Design Systems
CDNS
$95.7B
| $85.6M | 0.04% |
228,012
-2,887
| -1% | -$1.01M |
|
110
Union Pacific
UNP
$183B
| $71M | 0.04% |
260,902
-50
| -0% | -$13.1K |
|
111
Williams Companies
WMB
$90.7B
| $70.2M | 0.04% |
944,450
-21,897
| -2% | -$1.61M |
|
112
Flutter Entertainment
FLUT
$16.5B
| $64.3M | 0.03% |
628,878
| – | – |
|
113
Eli Lilly
LLY
$1.05T
| $49.5M | 0.03% |
41,258
-754
| -2% | -$770K |
|
114
Danaher
DHR
$152B
| $49M | 0.03% |
257,039
+240,589
| +1,463% | +$43.7M |
|
|
NESR
115
National Energy Services Reunited Corp
NESR
$3.53B
| $47.8M | 0.03% |
1,595,994
-4,000
| -0.3% | -$99K |
|
116
Caterpillar
CAT
$376B
| $42M | 0.02% |
39,404
-590
| -1% | -$518K |
|
117
JPMorgan Chase
JPM
$942B
| $38.3M | 0.02% |
117,130
-1,325
| -1% | -$411K |
|
118
Chevron
CVX
$392B
| $33.6M | 0.02% |
202,503
-2,606
| -1% | -$485K |
|
119
Travelers Companies
TRV
$77B
| $29.8M | 0.02% |
90,119
-2,657
| -3% | -$805K |
|
120
Liberty Global Class A
LBTYA
$3.6B
| $26.9M | 0.01% |
2,444,614
+304,753
| +14% | +$3.64M |
|
121
Walt Disney
DIS
$184B
| $25.1M | 0.01% |
261,007
-5,859
| -2% | -$597K |
|
122
Kaspi.kz JSC
KSPI
$20B
| $21.9M | 0.01% |
252,826
+42,600
| +20% | +$3.61M |
|
123
Walmart Inc
WMT
$817B
| $19.5M | 0.01% |
172,435
-1,875
| -1% | -$233K |
|
124
Merck
MRK
$369B
| $17.4M | 0.01% |
135,750
-300
| -0.2% | -$35.1K |
|
125
ACM Research
ACMR
$5.61B
| $14.8M | 0.01% |
116,392
-3,500
| -3% | -$247K |
|
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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.