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 | |
|---|---|---|---|---|---|---|
1
Johnson Controls International
JCI
$91.7B
| $7.53B | 4.14% |
57,506,214
-2,876,755
| -5% | -$372M |
|
|
SCHW
2
Charles Schwab
SCHW
$190B
| $7.05B | 3.87% |
75,002,881
-1,511,045
| -2% | -$148M |
|
3
RTX Corp
RTX
$297B
| $6.84B | 3.76% |
35,473,379
-2,098,432
| -6% | -$417M |
|
4
Occidental Petroleum
OXY
$57.7B
| $4.82B | 2.65% |
74,085,572
-5,387,499
| -7% | -$271M |
|
|
5
Microsoft
MSFT
$3.69T
| $4.43B | 2.43% |
11,959,935
+4,518,185
| +61% | +$1.89B |
|
|
6
Booking.com
BKNG
$160B
| $4.2B | 2.31% |
24,937,450
+6,635,425
| +36% | +$1.22B |
|
|
7
CVS Health
CVS
$121B
| $3.72B | 2.04% |
51,780,116
-10,729,872
| -17% | -$827M |
|
8
MetLife
MET
$61.9B
| $3.61B | 1.99% |
51,114,776
-1,137,274
| -2% | -$85.1M |
|
|
9
FedEx
FDX
$80.3B
| $3.56B | 1.95% |
9,983,449
-5,598,719
| -36% | -$1.94B |
|
10
Alphabet (Google) Class C
GOOG
$4.21T
| $3.51B | 1.93% |
12,228,518
-647,280
| -5% | -$203M |
|
|
SUNB
11
Sunbelt Rentals Holdings
SUNB
$33.3B
| $3.46B | 1.9% |
+53,101,847
| New | +$3.73B |
|
12
Regeneron Pharmaceuticals
REGN
$83B
| $3.44B | 1.89% |
4,458,238
-138,120
| -3% | -$106M |
|
13
Gilead Sciences
GILD
$171B
| $3.38B | 1.86% |
24,250,826
-2,032,685
| -8% | -$285M |
|
14
Comcast
CMCSA
$92.9B
| $3.25B | 1.78% |
113,108,244
+140,730
| +0.1% | +$4.21M |
|
15
GSK
GSK
$101B
| $3.24B | 1.78% |
58,662,974
-9,854,995
| -14% | -$534M |
|
16
Charter Communications
CHTR
$18.7B
| $3.16B | 1.74% |
14,627,209
+17,989
| +0.1% | +$3.9M |
|
17
Amazon
AMZN
$2.86T
| $3.15B | 1.73% |
15,109,899
-120,495
| -0.8% | -$26.5M |
|
18
Cigna
CI
$73.5B
| $3.08B | 1.69% |
11,555,787
+417,173
| +4% | +$115M |
|
19
TE Connectivity
TEL
$62.2B
| $3.07B | 1.69% |
14,688,950
-184,900
| -1% | -$40.8M |
|
|
20
Alphabet (Google) Class A
GOOGL
$4.24T
| $3.06B | 1.68% |
10,624,415
-208,703
| -2% | -$65.6M |
|
21
Meta Platforms (Facebook)
META
$1.52T
| $2.87B | 1.58% |
5,014,319
-5,518
| -0.1% | -$3.54M |
|
|
FISV
22
Fiserv Inc
FISV
$29.5B
| $2.8B | 1.54% |
50,260,950
+786,328
| +2% | +$48.7M |
|
|
BNY
23
Bank of New York Mellon
BNY
$110B
| $2.78B | 1.53% |
23,401,794
-2,409,445
| -9% | -$287M |
|
24
Air Products & Chemicals
APD
$68B
| $2.68B | 1.47% |
9,231,575
-5,035
| -0.1% | -$1.39M |
|
25
International Flavors & Fragrances
IFF
$21.4B
| $2.65B | 1.45% |
36,472,942
+71,900
| +0.2% | +$5.28M |
|
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.