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 | |
|---|---|---|---|---|---|---|
101
HDFC Bank
HDB
$119B
| $142M | 0.08% |
5,688,300
+186,500
| +3% | +$5.8M |
|
102
Coherent
COHR
$64B
| $133M | 0.07% |
558,920
-110,935
| -17% | -$25.4M |
|
103
GE Vernova
GEV
$279B
| $113M | 0.06% |
129,182
-9,032
| -7% | -$7.05M |
|
104
Bank of America
BAC
$448B
| $88.7M | 0.05% |
1,819,565
-189,457
| -9% | -$9.78M |
|
105
Fresenius Medical Care
FMS
$12.6B
| $86.3M | 0.05% |
3,826,910
| – | – |
|
106
American Express
AXP
$232B
| $83.9M | 0.05% |
277,490
-15,059
| -5% | -$5.05M |
|
107
Williams Companies
WMB
$89.3B
| $70.3M | 0.04% |
966,347
-34,545
| -3% | -$2.39M |
|
108
Cadence Design Systems
CDNS
$89.2B
| $64.2M | 0.04% |
230,899
-6,464
| -3% | -$1.93M |
|
109
Flutter Entertainment
FLUT
$17.1B
| $64.1M | 0.04% |
628,878
| – | – |
|
110
Union Pacific
UNP
$177B
| $63.3M | 0.03% |
260,952
-2,164
| -0.8% | -$530K |
|
111
Liberty Global Class C
LBTYK
$3.48B
| $61.6M | 0.03% |
5,255,568
-1,426,500
| -21% | -$16.4M |
|
112
Chevron
CVX
$388B
| $42.4M | 0.02% |
205,109
-7,605
| -4% | -$1.39M |
|
113
Eli Lilly
LLY
$1.08T
| $38.6M | 0.02% |
42,012
-480
| -1% | -$487K |
|
114
TSMC
TSM
$2.23T
| $36.4M | 0.02% |
107,800
| – | – |
|
115
JPMorgan Chase
JPM
$965B
| $34.8M | 0.02% |
118,455
-5,950
| -5% | -$1.81M |
|
|
NESR
116
National Energy Services Reunited Corp
NESR
$3.62B
| $34.4M | 0.02% |
1,599,994
-329,100
| -17% | -$6.86M |
|
117
Caterpillar
CAT
$393B
| $28.3M | 0.02% |
39,994
-730
| -2% | -$506K |
|
118
Travelers Companies
TRV
$77.2B
| $27.1M | 0.01% |
92,776
-2,006
| -2% | -$588K |
|
119
Liberty Global Class A
LBTYA
$3.58B
| $25.9M | 0.01% |
2,139,861
-2,341,200
| -52% | -$27.3M |
|
120
Walt Disney
DIS
$181B
| $25.7M | 0.01% |
266,866
-3,473
| -1% | -$367K |
|
121
Walmart Inc
WMT
$921B
| $21.7M | 0.01% |
174,310
-5,225
| -3% | -$641K |
|
122
Merck
MRK
$334B
| $16.4M | 0.01% |
136,050
-2,155
| -2% | -$249K |
|
123
Kaspi.kz JSC
KSPI
$18.9B
| $15.6M | 0.01% |
210,226
+26,500
| +14% | +$2M |
|
124
Procter & Gamble
PG
$335B
| $13.1M | 0.01% |
90,756
-75
| -0.1% | -$11.4K |
|
125
Thermo Fisher Scientific
TMO
$220B
| $12.7M | 0.01% |
25,741
| – | – |
|
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.