Dodge & Cox

In Q2 2026, Dodge & Cox held 219 US-listed stocks worth $191bn. Its biggest move was cutting Humana (4% fewer shares, now 2.3%), followed by adding to Visa (630555% more shares, now 1.0%). It started 7 new positions and sold out of 6. Its largest holding is Johnson Controls International at 4.3%.

Source: SEC Form 13F for Q2 2026, filed 13 Aug 2026, and the funds’ Form N-PORT filings. How we use them

Latest 13F

Q2 2026

Filed 13 Aug 2026

Fund assets

$81bn

2 US-registered funds

Q3 2026 13F due

26 days

Expected Fri 13 Nov

What changed in Q2 2026

New positions

Fedex Freight Holding0.6% of the portfolio
KKR & Co.0.4% of the portfolio
Seaunder 0.1% of the portfolio
Honeywell Aerospaceunder 0.1% of the portfolio
Futu Holdingsunder 0.1% of the portfolio

Added to

Visa+630555% shares, now 1.0%
Thermo Fisher Scientific+11767% shares, now 0.8%
Roper Technologies+111% shares, now 1.3%
Amazon.com+11% shares, now 2.1%
Taiwan Semiconductor Manufacturing+1237% shares, now 0.4%

Trimmed

Occidental Petroleum-1.8% shares, now 1.9%
FedEx-27% shares, now 1.2%
Norfolk Southern-60% shares, now 0.4%
Goldman Sachs Group-90% shares, now 0.1%
Novartis-89% shares, now 0.1%

Sold out

LyondellBasell Industrieswas 0.8%
Pricesmartwas under 0.1%
Loma Negra Compania Industrial Argentinawas under 0.1%
Intuitive Surgicalwas under 0.1%
Ebaywas under 0.1%

Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.

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64% of the $79bn of shares held in Dodge & Cox’s 2 US-registered funds, by value, are not in its 13F. Those holdings are marked with a gold dot below.

US holdings from the 13F

Q2 2026, filed 13 Aug 2026 (filing): 7 new, 68 added to, 95 trimmed, 6 sold out. Select a row to see it over time. How this works

Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.

13F holdings with change from the previous quarter

Johnson Controls InternationalJCI	$8.1bn	55,776,006	4.3%$8.1bn	Trimmed -3.0%	4.1%
AlphabetGOOG	$8.0bn	22,619,957	4.2%$8.0bn	Trimmed -1.0%	3.6%
Charles SchwabSCHW	$7.1bn	76,968,323	3.7%$7.1bn	Added +2.6%	3.9%
RTXRTX	$6.7bn	35,113,249	3.5%$6.7bn	Trimmed -1.0%	3.8%
CVS HealthCVS	$5.2bn	50,012,765	2.7%$5.2bn	Trimmed -3.4%	2.0%
MicrosoftMSFT	$4.8bn	12,836,229	2.5%$4.8bn	Added +7.3%	2.4%
Booking HoldingsBKNG	$4.6bn	25,536,950	2.4%$4.6bn	Added +2.4%	2.3%
HumanaHUM	$4.3bn	10,940,380	2.3%$4.3bn	Trimmed -3.9%	1.1%
MetLifeMET	$4.1bn	48,431,150	2.1%$4.1bn	Trimmed -5.3%	2.0%
Sunbelt Rentals HoldingsSUNB	$4.1bn	54,761,610	2.1%$4.1bn	Added +3.1%	1.9%
Amazon.comAMZN	$4.0bn	16,708,513	2.1%$4.0bn	Added +11%	1.7%
UnitedHealth GroupUNH	$3.8bn	9,072,258	2.0%$3.8bn	Trimmed -4.2%	1.4%
Meta PlatformsMETA	$3.7bn	6,489,255	1.9%$3.7bn	Added +29%	1.6%
Occidental PetroleumOXY	$3.5bn	72,764,944	1.9%$3.5bn	Trimmed -1.8%	2.6%
TE ConnectivityTEL	$3.4bn	16,968,886	1.8%$3.4bn	Added +16%	1.7%
Cigna GroupCI	$3.4bn	12,173,875	1.8%$3.4bn	Added +5.3%	1.7%
Regeneron PharmaceuticalsREGN	$3.0bn	4,871,137	1.6%$3.0bn	Added +9.3%	1.9%
Gilead SciencesGILD	$3.0bn	23,677,567	1.6%$3.0bn	Trimmed -2.4%	1.9%
International Flavors & FragrancesIFF	$2.9bn	37,007,037	1.5%$2.9bn	Added +1.5%	1.4%
AonAON	$2.9bn	8,593,144	1.5%$2.9bn	Added +5.9%	1.4%
ComcastCMCSA	$2.8bn	115,903,125	1.5%$2.8bn	Added +2.5%	1.8%
Air Products & ChemicalsAPD	$2.8bn	9,393,493	1.4%$2.8bn	Added +1.8%	1.5%
FortiveFTV	$2.7bn	43,979,772	1.4%$2.7bn	Added +1.9%	1.3%
BrookfieldBN	$2.6bn	61,210,651	1.4%$2.6bn	Added +3.4%	1.3%
Wells Fargo & CompanyWFC	$2.6bn	31,328,076	1.4%$2.6bn	Added +0.5%	1.4%
GSKGSK	$2.5bn	48,197,514	1.3%$2.5bn	Trimmed -18%	1.8%
FiservFISV	$2.5bn	50,194,946	1.3%$2.5bn	Trimmed -0.1%	1.5%
Anheuser Busch InbevBUD	$2.4bn	29,477,348	1.3%$2.4bn	Trimmed -0.7%	1.1%
GE HealthCare TechnologiesGEHC	$2.4bn	37,864,164	1.3%$2.4bn	Added +21%	1.2%
BNYBK	$2.4bn	16,608,370	1.3%$2.4bn	Trimmed -29%	1.5%
Roper TechnologiesROP	$2.4bn	7,060,583	1.3%$2.4bn	Added +111%	0.7%
FedExFDX	$2.3bn	7,233,269	1.2%$2.3bn	Trimmed -27%	1.9%
SBA CommunicationsSBAC	$2.2bn	12,323,254	1.1%$2.2bn	Added +2.0%	1.1%
Arthur J Gallagher & CoAJG	$2.1bn	9,363,634	1.1%$2.1bn	Added +27%	0.9%
Charter CommunicationsCHTR	$2.1bn	15,032,214	1.1%$2.1bn	Added +2.8%	1.7%
Willis Towers WatsonWTW	$2.1bn	8,025,392	1.1%$2.1bn	Added +9.5%	1.2%
Zimmer Biomet HoldingsZBH	$2.1bn	24,124,735	1.1%$2.1bn	Added +2.5%	1.2%
Carrier GlobalCARR	$2.0bn	27,475,603	1.1%$2.0bn	Added +3.2%	0.8%
Baker HughesBKR	$1.9bn	34,854,482	1.0%$1.9bn	Trimmed -2.8%	1.2%
Fidelity National Information ServicesFIS	$1.9bn	49,069,080	1.0%$1.9bn	Trimmed 0.0%	1.3%
VisaV	$1.9bn	5,417,326	1.0%$1.9bn	Added +630555%	0.0%
Capital One FinancialCOF	$1.8bn	9,117,926	1.0%$1.8bn	Added +3.9%	0.9%
TransUnionTRU	$1.7bn	24,196,211	0.9%$1.7bn	Added +50%	0.6%
UBS GroupUBS	$1.7bn	33,630,342	0.9%$1.7bn	Trimmed 0.0%	0.7%
Elanco Animal HealthELAN	$1.7bn	67,397,025	0.9%$1.7bn	Trimmed -2.2%	0.9%
Thermo Fisher ScientificTMO	$1.5bn	3,054,778	0.8%$1.5bn	Added +11767%	0.0%
HaleonHLN	$1.4bn	149,934,507	0.7%$1.4bn	Added +2.3%	0.8%
Suncor EnergySU	$1.4bn	25,366,554	0.7%$1.4bn	Trimmed -3.4%	0.9%
IncyteINCY	$1.4bn	11,957,326	0.7%$1.4bn	Trimmed -2.4%	0.6%
LPL Financial HoldingsLPLA	$1.3bn	4,578,679	0.7%$1.3bn	Added +10%	0.7%
CoupangCPNG	$1.3bn	72,194,220	0.7%$1.3bn	Added +0.3%	0.8%
Dominion EnergyD	$1.2bn	18,303,470	0.7%$1.2bn	Trimmed -6.0%	0.7%
Baxter InternationalBAX	$1.2bn	58,386,345	0.7%$1.2bn	Added +2.0%	0.5%
SanofiSNY	$1.2bn	28,088,274	0.6%$1.2bn	Trimmed -4.8%	0.8%
AvantorAVTR	$1.2bn	120,020,974	0.6%$1.2bn	Added +0.3%	0.5%
American Electric PowerAEP	$1.2bn	8,674,355	0.6%$1.2bn	Trimmed -0.7%	0.6%
Sun CommunitiesSUI	$1.1bn	9,500,781	0.6%$1.1bn	Trimmed -33%	1.0%
Fedex Freight HoldingFDXF	$1.1bn	7,182,771	0.6%$1.1bn	New	–
Archer-Daniels-MidlandADM	$1.1bn	14,182,325	0.6%$1.1bn	Trimmed -10%	0.6%
Teledyne TechnologiesTDY	$1.1bn	1,612,837	0.6%$1.1bn	Added +0.5%	0.5%
T-Mobile USTMUS	$1.1bn	6,335,783	0.6%$1.1bn	Added +2.9%	0.7%
RalliantRAL	$1.0bn	14,005,203	0.5%$1.0bn	Added +1.9%	0.3%
CredicorpBAP	$1.0bn	2,614,315	0.5%$1.0bn	Trimmed -23%	0.6%
Novo-NordiskNVO	$978m	20,397,110	0.5%$978m	Added +5.5%	0.4%
ConocoPhillipsCOP	$963m	9,266,284	0.5%$963m	Trimmed -3.9%	0.7%
CemexCX	$962m	80,187,637	0.5%$962m	Trimmed -5.9%	0.5%
Alibaba Group HoldingBABA	$956m	9,957,970	0.5%$956m	Added +0.4%	0.7%
Neurocrine BiosciencesNBIX	$941m	5,584,707	0.5%$941m	Added +2.3%	0.4%
HPHPQ	$935m	42,627,828	0.5%$935m	Added +2.5%	0.4%
FOXFOX	$926m	18,489,189	0.5%$926m	Added +2.3%	0.6%
BioMarin PharmaceuticalBMRN	$849m	14,844,930	0.4%$849m	Added +1.9%	0.5%
First Citizens BancsharesFCNCA	$841m	404,215	0.4%$841m	Added +2.8%	0.4%
Norfolk SouthernNSC	$789m	2,508,128	0.4%$789m	Trimmed -60%	1.0%
Millicom International CellularTIGO	$746m	8,218,532	0.4%$746m	Added +0.7%	0.3%
Molson Coors Brewing CompanyTAP	$743m	19,065,434	0.4%$743m	Added +2.9%	0.4%
KKR & Co.KKR	$740m	8,060,515	0.4%$740m	New	–
CelaneseCE	$703m	15,282,234	0.4%$703m	Trimmed -0.4%	0.6%
LindeLIN	$688m	1,326,590	0.4%$688m	Unchanged	0.4%
Taiwan Semiconductor ManufacturingTSM	$688m	1,440,767	0.4%$688m	Added +1237%	0.0%
AdobeADBE	$639m	3,114,932	0.3%$639m	Added +25%	0.3%
MedtronicMDT	$616m	7,875,898	0.3%$616m	Added +2.4%	0.4%
Gaming & Leisure PptysGLPI	$613m	13,773,135	0.3%$613m	Added +2.3%	0.3%
Alnylam PharmaceuticalsALNY	$589m	1,955,393	0.3%$589m	Added +1.4%	0.3%
Cognizant Technology SolutionsCTSH	$563m	14,542,493	0.3%$563m	Added +1.9%	0.5%
XPXP	$529m	32,564,312	0.3%$529m	Trimmed -0.5%	0.3%
Microchip TechnologyMCHP	$505m	5,533,359	0.3%$505m	Trimmed -9.7%	0.2%
AegonAEG	$377m	44,635,184	0.2%$377m	Trimmed -12%	0.2%
VFVFC	$374m	22,406,175	0.2%$374m	Trimmed -32%	0.3%
PDD HoldingsPDD	$347m	4,550,000	0.2%$347m	Added +0.3%	0.3%
BioNTechBNTX	$342m	3,677,591	0.2%$342m	Added 0.0%	0.2%
Yum China HoldingsYUMC	$342m	8,365,562	0.2%$342m	Added +0.2%	0.2%
Tc EnergyTRP	$334m	5,034,800	0.2%$334m	Trimmed -43%	0.3%
NewsNWSA	$311m	12,538,190	0.2%$311m	Added +2.3%	0.2%
JD.comJD	$311m	12,194,648	0.2%$311m	Unchanged	0.2%
NetEaseNTES	$277m	2,162,476	0.1%$277m	Added +0.3%	0.1%
GE AerospaceGE	$224m	598,052	0.1%$224m	Trimmed -19%	0.1%
CoherentCOHR	$215m	544,160	0.1%$215m	Trimmed -2.6%	0.1%
HDFC BankHDB	$173m	6,678,700	0.1%$173m	Added +17%	0.1%
Versant Media GroupVSNT	$161m	4,472,367	0.1%$161m	Trimmed -0.9%	0.1%
ITAU Unibanco Holdings S.A. ADITUB	$149m	18,185,181	0.1%$149m	Trimmed -5.1%	0.1%
Ge VernovaGEV	$144m	122,871	0.1%$144m	Trimmed -4.9%	0.1%
Goldman Sachs GroupGS	$136m	134,131	0.1%$136m	Trimmed -90%	0.6%
NovartisNVS	$119m	759,373	0.1%$119m	Trimmed -89%	0.6%
Bank of AmericaBAC	$99.3m	1,741,970	0.1%$99.3m	Trimmed -4.3%	0.1%
American ExpressAXP	$91.8m	271,279	0.1%$91.8m	Trimmed -2.2%	0.1%
Fresenius Medical CareFMS	$86.5m	3,826,910	0.1%$86.5m	Unchanged	0.1%
Cadence Design SystemsCDNS	$85.6m	228,012	0.0%$85.6m	Trimmed -1.3%	0.0%
Union PacificUNP	$71.0m	260,902	0.0%$71.0m	Trimmed 0.0%	0.0%
Williams CompaniesWMB	$70.2m	944,450	0.0%$70.2m	Trimmed -2.3%	0.0%
Flutter EntertainmentFLUT	$64.3m	628,878	0.0%$64.3m	Unchanged	0.0%
Eli Lilly & CoLLY	$49.5m	41,258	0.0%$49.5m	Trimmed -1.8%	0.0%
DanaherDHR	$49.0m	257,039	0.0%$49.0m	Added +1463%	0.0%
National Energy Services ReunitedNESR	$47.8m	1,595,994	0.0%$47.8m	Trimmed -0.3%	0.0%
CaterpillarCAT	$42.0m	39,404	0.0%$42.0m	Trimmed -1.5%	0.0%
JPMorgan ChaseJPM	$38.3m	117,130	0.0%$38.3m	Trimmed -1.1%	0.0%
ChevronCVX	$33.6m	202,503	0.0%$33.6m	Trimmed -1.3%	0.0%
Travelers CompaniesTRV	$29.8m	90,119	0.0%$29.8m	Trimmed -2.9%	0.0%
Liberty GlobalLBTYA	$26.9m	2,444,614	0.0%$26.9m	Trimmed -67%	0.1%
Walt DisneyDIS	$25.1m	261,007	0.0%$25.1m	Trimmed -2.2%	0.0%
Kaspi Kz JscKSPI	$21.9m	252,826	0.0%$21.9m	Added +20%	0.0%
WalmartWMT	$19.5m	172,435	0.0%$19.5m	Trimmed -1.1%	0.0%
Merck & Co.MRK	$17.4m	135,750	0.0%$17.4m	Trimmed -0.2%	0.0%
Acm ResearchACMR	$14.8m	116,392	0.0%$14.8m	Trimmed -2.9%	0.0%
Procter & GamblePG	$13.3m	90,706	0.0%$13.3m	Trimmed -0.1%	0.0%
International Business MachinesIBM	$12.9m	45,995	0.0%$12.9m	Trimmed -1.3%	0.0%
TargetTGT	$12.5m	95,639	0.0%$12.5m	Trimmed -1.1%	0.0%
AstrazenecaAZN	$10.6m	55,949	0.0%$10.6m	Trimmed -2.7%	0.0%
Cisco SystemsCSCO	$10.4m	88,409	0.0%$10.4m	Trimmed -16%	0.0%
Exxon MobilEXMOC	$10.1m	73,858	0.0%$10.1m	Unchanged	0.0%
AppleAAPL	$9.1m	31,382	0.0%$9.1m	Trimmed -0.7%	0.0%
CorningGLW	$8.9m	34,665	0.0%$8.9m	Trimmed -4.6%	0.0%
Berkshire HathawayBRK.B	$8.7m	11,444	0.0%$8.7m	Unchanged	0.0%
Deere & CoDE	$8.0m	12,626	0.0%$8.0m	Unchanged	0.0%
Home DepotHD	$7.9m	22,382	0.0%$7.9m	Trimmed -0.3%	0.0%
Analog DevicesADI	$7.6m	19,210	0.0%$7.6m	Trimmed -4.1%	0.0%
Dell TechnologiesDELL	$7.4m	17,250	0.0%$7.4m	Trimmed -8.7%	0.0%
BroadcomAVGO	$7.3m	19,290	0.0%$7.3m	Unchanged	0.0%
Vulcan Materials OrdVMC	$7.1m	24,000	0.0%$7.1m	Unchanged	0.0%
State StreetSTT	$5.7m	33,325	0.0%$5.7m	Trimmed -99%	0.2%
Johnson & JohnsonJNJ	$5.3m	20,947	0.0%$5.3m	Unchanged	0.0%
AmgenAMGN	$4.6m	12,817	0.0%$4.6m	Trimmed -4.1%	0.0%
SchlumbergerSLB	$4.6m	98,424	0.0%$4.6m	Trimmed -10%	0.0%
Motorola SolutionsMSI	$4.5m	10,866	0.0%$4.5m	Trimmed -3.5%	0.0%
SynopsysSNPS	$4.5m	10,100	0.0%$4.5m	Trimmed -1.0%	0.0%
ShellRDS.A	$4.2m	54,269	0.0%$4.2m	Trimmed -1.3%	0.0%
BBB FoodsTBBB	$3.8m	90,700	0.0%$3.8m	Unchanged	0.0%
Boston ScientificBSX	$3.7m	87,485	0.0%$3.7m	Trimmed -1.6%	0.0%
KaroooooKARO	$3.4m	69,733	0.0%$3.4m	Added +65%	0.0%
PNC Financial Services GroupPNC	$3.4m	13,960	0.0%$3.4m	Trimmed -0.3%	0.0%
MercadoLibreMELI	$3.4m	1,987	0.0%$3.4m	Unchanged	0.0%
Philip Morris InternationalPM	$3.0m	16,500	0.0%$3.0m	Unchanged	0.0%
BaiduBIDU	$3.0m	26,006	0.0%$3.0m	Trimmed -5.5%	0.0%
Hewlett Packard Enterprise CHPE	$2.9m	63,450	0.0%$2.9m	Trimmed -17%	0.0%
JOYYJOYY	$2.7m	41,006	0.0%$2.7m	Trimmed -2.4%	0.0%
AbbvieABBV	$2.6m	10,393	0.0%$2.6m	Unchanged	0.0%
Vipshop HoldingsVIPS	$2.5m	190,797	0.0%$2.5m	Unchanged	0.0%
Parker-HannifinPH	$2.4m	2,500	0.0%$2.4m	Unchanged	0.0%
Bristol-Myers SquibbBMY	$2.4m	42,361	0.0%$2.4m	Trimmed -99%	0.1%
SeaSE	$2.2m	22,950	0.0%$2.2m	New	–
S&P GlobalSPGI	$2.1m	5,200	0.0%$2.1m	Trimmed -3.7%	0.0%
PfizerPFE	$2.1m	87,814	0.0%$2.1m	Trimmed -0.8%	0.0%
Nextera EnergyNEE	$2.0m	23,000	0.0%$2.0m	Trimmed -2.5%	0.0%
Trip Com GroupTCOM	$2.0m	49,250	0.0%$2.0m	Unchanged	0.0%
Coca-ColaKO	$2.0m	24,000	0.0%$2.0m	Unchanged	0.0%
McDonald’sMCD	$1.7m	6,425	0.0%$1.7m	Unchanged	0.0%
CortevaCTVA	$1.7m	20,203	0.0%$1.7m	Trimmed -0.7%	0.0%
Abbott LaboratoriesABT	$1.6m	17,324	0.0%$1.6m	Unchanged	0.0%
ZhihuZH	$1.6m	501,092	0.0%$1.6m	Added +4.2%	0.0%
Altria GroupMO	$1.5m	20,500	0.0%$1.5m	Unchanged	0.0%
Atour Lifestyle HoldingsATAT	$1.5m	45,652	0.0%$1.5m	Added +62%	0.0%
NucorNUE	$1.4m	6,200	0.0%$1.4m	Unchanged	0.0%
Las Vegas SandsLVS	$1.3m	28,186	0.0%$1.3m	Unchanged	0.0%
Colgate-PalmoliveCL	$1.3m	14,000	0.0%$1.3m	Unchanged	0.0%
Patria InvestmentsPAX	$1.3m	115,700	0.0%$1.3m	Added +120%	0.0%
3mMMM	$1.2m	7,558	0.0%$1.2m	Trimmed -1.5%	0.0%
Copa HoldingsCPA	$1.1m	7,250	0.0%$1.1m	Added +21%	0.0%
Qnity ElectronicsQ	$1.0m	6,369	0.0%$1.0m	Trimmed -5.3%	0.0%
Intercorp Financial ServicesIFS	$991k	17,391	0.0%$991k	Unchanged	0.0%
Laureate EducationLAUR	$988k	27,200	0.0%$988k	Added +25%	0.0%
Truist FinancialTFC	$954k	19,151	0.0%$954k	Unchanged	0.0%
Arcos Dorados HoldingsARCO	$911k	112,966	0.0%$911k	Unchanged	0.0%
Honeywell InternationalHON	$898k	4,010	0.0%$898k	Trimmed -50%	0.0%
DiageoDEO	$890k	11,077	0.0%$890k	Unchanged	0.0%
Honeywell AerospaceHONA	$886k	4,009	0.0%$886k	New	–
GeoparkGPRK	$847k	93,045	0.0%$847k	Unchanged	0.0%
Grupo Aeroportuario del SuresteASR	$807k	2,630	0.0%$807k	Added +110%	0.0%
DlocalDLO	$799k	61,500	0.0%$799k	Added +38%	0.0%
JBS N.V.JBS	$797k	67,250	0.0%$797k	Added +50%	0.0%
AmbevABEV	$793k	252,700	0.0%$793k	Trimmed -17%	0.0%
AfyaAFYA	$761k	51,287	0.0%$761k	Unchanged	0.0%
Ameriprise FinancialAMP	$688k	1,500	0.0%$688k	Unchanged	0.0%
Mondelez InternationalMDLZ	$685k	11,840	0.0%$685k	Unchanged	0.0%
BlackrockBLK	$684k	711	0.0%$684k	Unchanged	0.0%
NVIDIANVDA	$680k	3,400	0.0%$680k	Unchanged	0.0%
Dupont de NemoursDD	$638k	4,705	0.0%$638k	Trimmed -68%	0.0%
APAAPA	$635k	19,500	0.0%$635k	Trimmed -9.3%	0.0%
AllstateALL	$617k	2,595	0.0%$617k	Unchanged	0.0%
Moody'sMCO	$549k	1,213	0.0%$549k	Unchanged	0.0%
Genuine PartsGPC	$525k	4,450	0.0%$525k	Trimmed -4.3%	0.0%
Elevance HealthELV	$503k	1,300	0.0%$503k	Unchanged	0.0%
Petroleo Brasileiro SA - PetrobrasPBR	$485k	30,000	0.0%$485k	Trimmed -3.8%	0.0%
Phillips 66PSX	$440k	2,600	0.0%$440k	Unchanged	0.0%
PepsicoPEP	$416k	3,075	0.0%$416k	Unchanged	0.0%
Lockheed MartinLMT	$395k	775	0.0%$395k	Unchanged	0.0%
Futu HoldingsFUTU	$394k	4,200	0.0%$394k	New	–
General MillsGIS	$390k	11,200	0.0%$390k	Unchanged	0.0%
Otis WorldwideOTIS	$373k	5,210	0.0%$373k	Trimmed -13%	0.0%
UnileverUL	$315k	5,243	0.0%$315k	Unchanged	0.0%
CintasCTAS	$306k	1,800	0.0%$306k	Unchanged	0.0%
MGM Resorts InternationalMGM	$287k	6,000	0.0%$287k	Trimmed -7.7%	0.0%
RIO TintoRIO	$285k	3,000	0.0%$285k	Unchanged	0.0%
Live Nation EntertainmentLYV	$275k	1,500	0.0%$275k	Unchanged	0.0%
PPG IndustriesPPG	$267k	2,200	0.0%$267k	Unchanged	0.0%
DOWDOW	$249k	9,114	0.0%$249k	Trimmed -6.2%	0.0%
ChubbCB	$246k	722	0.0%$246k	Unchanged	0.0%
Verizon CommunicationsVZ	$233k	5,500	0.0%$233k	Unchanged	0.0%
Vanguard Index FdsVOO	$206k	300	0.0%$206k	New	–
Affiliated Managers GroupAMG	$203k	600	0.0%$203k	New	–
Cia Energetica de Minas GeraisCIG	$32k	15,000	0.0%$32k	Unchanged	0.0%
LyondellBasell IndustriesLYB	–	–	–	Sold out	0.8%
PricesmartPSMT	–	–	–	Sold out	0.0%
Loma Negra Compania Industrial ArgentinaLOMA	–	–	–	Sold out	0.0%
Intuitive SurgicalISRG	–	–	–	Sold out	0.0%
EbayEBAY	–	–	–	Sold out	0.0%
HalliburtonHAL	–	–	–	Sold out	0.0%

Download the Q2 2026 holdings: CSV · JSON · Markdown

How the portfolio has changed

Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works

Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.

2013

2015

2017

2019

2021

2023

Q4 ’24

Q2 ’25

Q4 ’25

Q2 ’26

SCHWGOOGWFCJCIMSFTCOFEverything else

2013: Charles Schwab 2.4%, Alphabet 0.0%, Wells Fargo & Company 3.4%, Johnson Controls International 0.0%, Microsoft 3.3%, Capital One Financial 3.7%; 2014: Charles Schwab 2.6%, Alphabet 0.0%, Wells Fargo & Company 3.7%, Johnson Controls International 0.0%, Microsoft 3.5%, Capital One Financial 3.6%; 2015: Charles Schwab 3.3%, Alphabet 3.3%, Wells Fargo & Company 3.7%, Johnson Controls International 0.0%, Microsoft 3.6%, Capital One Financial 3.5%; 2016: Charles Schwab 3.4%, Alphabet 0.0%, Wells Fargo & Company 3.5%, Johnson Controls International 0.0%, Microsoft 2.4%, Capital One Financial 3.5%; 2017: Charles Schwab 3.5%, Alphabet 2.8%, Wells Fargo & Company 3.3%, Johnson Controls International 0.0%, Microsoft 2.6%, Capital One Financial 3.4%; 2018: Charles Schwab 2.9%, Alphabet 3.0%, Wells Fargo & Company 3.4%, Johnson Controls International 2.9%, Microsoft 3.0%, Capital One Financial 2.6%; 2019: Charles Schwab 3.5%, Alphabet 3.3%, Wells Fargo & Company 3.5%, Johnson Controls International 2.7%, Microsoft 3.1%, Capital One Financial 3.2%; 2020: Charles Schwab 3.6%, Alphabet 3.3%, Wells Fargo & Company 3.5%, Johnson Controls International 3.0%, Microsoft 0.0%, Capital One Financial 3.9%; 2021: Charles Schwab 3.8%, Alphabet 3.9%, Wells Fargo & Company 4.0%, Johnson Controls International 3.1%, Microsoft 0.0%, Capital One Financial 3.0%; 2022: Charles Schwab 4.4%, Alphabet 3.2%, Wells Fargo & Company 3.4%, Johnson Controls International 2.8%, Microsoft 0.0%, Capital One Financial 2.3%; 2023: Charles Schwab 3.8%, Alphabet 3.9%, Wells Fargo & Company 3.7%, Johnson Controls International 2.5%, Microsoft 2.6%, Capital One Financial 0.0%; Q3 ’24: Charles Schwab 3.3%, Alphabet 3.5%, Wells Fargo & Company 2.8%, Johnson Controls International 3.8%, Microsoft 2.2%, Capital One Financial 0.0%; Q4 ’24: Charles Schwab 3.9%, Alphabet 3.3%, Wells Fargo & Company 2.9%, Johnson Controls International 3.7%, Microsoft 2.2%, Capital One Financial 0.0%; Q1 ’25: Charles Schwab 4.0%, Alphabet 2.5%, Wells Fargo & Company 2.4%, Johnson Controls International 3.2%, Microsoft 0.0%, Capital One Financial 0.0%; Q2 ’25: Charles Schwab 4.3%, Alphabet 2.5%, Wells Fargo & Company 2.3%, Johnson Controls International 4.0%, Microsoft 2.3%, Capital One Financial 0.0%; Q3 ’25: Charles Schwab 4.3%, Alphabet 3.3%, Wells Fargo & Company 0.0%, Johnson Controls International 3.8%, Microsoft 2.2%, Capital One Financial 0.0%; Q4 ’25: Charles Schwab 4.1%, Alphabet 4.0%, Wells Fargo & Company 0.0%, Johnson Controls International 3.9%, Microsoft 1.9%, Capital One Financial 0.0%; Q1 ’26: Charles Schwab 3.9%, Alphabet 3.6%, Wells Fargo & Company 0.0%, Johnson Controls International 4.1%, Microsoft 2.4%, Capital One Financial 0.0%; Q2 ’26: Charles Schwab 3.7%, Alphabet 4.2%, Wells Fargo & Company 0.0%, Johnson Controls International 4.3%, Microsoft 2.5%, Capital One Financial 0.0%

Q2 2026

Q4 2013Q2 2026

Dodge & Cox International Stock Fund

1 year+28.6%

3 yearsa year+19.9%

10 yearsa year+9.2%

Yearly costs0.51%

Total returns after fees for the DOXFX, Class X share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 30 Jun 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. The 10-year figure is from the shareholder report to 31 Dec 2025. Costs are the expense ratio in the half-year report to 30 Jun 2026, about $61 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 30 Jun 2026, from the fund’s N-PORT filing. Net assets $68bn. Cash, bonds and other assets make up 1.2%. Changes are against 31 Mar 2026: 1 new, 11 added to, 25 trimmed, 1 sold out.

Dodge & Cox International Stock Fund holdings with change from the previous filing

Taiwan Semiconductor Manufacturing2330 Taipei	Taiwan	4.7%	Unchanged	3.8%
BNP ParibasBNP Paris	France	3.6%	Unchanged	3.2%
Johnson Controls InternationalJCI	Ireland	3.5%	Trimmed -0.6%	3.5%
Infineon TechnologiesIFX Xetra	Germany	3.0%	Trimmed -1.3%	1.6%
SK hynix000660 Seoul	South Korea	2.9%	Trimmed -8.6%	1.1%
Banco SantanderSAN Madrid	Spain	2.9%	Unchanged	2.6%
BarclaysBARC London	United Kingdom	2.7%	Unchanged	2.3%
GSKGSK London	United Kingdom	2.5%	Trimmed -15%	3.4%
UBS GroupUBSG Zurich	Switzerland	2.4%	Unchanged	2.1%
Itau Unibanco HoldingITUB4 São Paulo	Brazil	2.2%	Trimmed -2.0%	2.6%
Murata Manufacturing6981 Tokyo	Japan	2.2%	Trimmed -4.0%	0.8%
NovartisNOVN Zurich	Switzerland	2.1%	Trimmed -18%	2.7%
TotalEnergiesTTE Paris	France	2.0%	Trimmed -5.1%	2.8%
BayerBAYN Xetra	Germany	1.8%	Unchanged	1.6%
Roche HoldingROP Zurich	Switzerland	1.7%	Trimmed -8.5%	1.9%
Booking HoldingsBKNG	United States	1.7%	Added +2400%	1.8%
Suncor EnergySU Toronto	Canada	1.6%	Trimmed -2.4%	2.3%
Anheuser-Busch InBevABI Brussels	Belgium	1.6%	Unchanged	1.5%
HDFC BankHDFCB Mumbai	India	1.5%	Added +32%	1.2%
Sunbelt Rentals HoldingsSUNB	United States	1.5%	Unchanged	1.4%
PrudentialPRU London	United Kingdom	1.4%	Unchanged	1.6%
Akzo NobelAKZA Amsterdam	Netherlands	1.4%	Unchanged	1.3%
Mitsubishi Electric6503 Tokyo	Japan	1.3%	Unchanged	1.3%
CoupangCPNG	United States	1.3%	Unchanged	1.6%
AonAON	Ireland	1.3%	Added +14%	1.2%
CemexCX	Mexico	1.2%	Trimmed -1.4%	1.3%
Samsung Electronics005935 Seoul	South Korea	1.2%	Trimmed -8.5%	0.8%
Axis BankAXSB Mumbai	India	1.2%	Trimmed -14%	1.4%
TE ConnectivityTEL	Ireland	1.2%	Unchanged	1.4%
Imperial BrandsIMB London	United Kingdom	1.2%	Unchanged	1.4%
AvivaAV. London	United Kingdom	1.2%	Unchanged	1.2%
CredicorpBAP	Bermuda	1.2%	Trimmed -23%	1.5%
Cellnex TelecomCLNX Madrid	Spain	1.1%	Unchanged	1.4%
DHL GroupDHL Xetra	Germany	1.1%	Unchanged	1.0%
HaleonHLN London	United Kingdom	1.1%	Unchanged	1.3%
AIA Group1299 Hong Kong	Hong Kong	1.0%	Unchanged	1.4%
Tencent Holdings700 Hong Kong	Cayman Islands	1.0%	Added +45%	0.9%
Millicom International CellularTIGO	Luxembourg	1.0%	Unchanged	0.9%
Alibaba Group HoldingBABA	Cayman Islands	1.0%	Unchanged	1.4%
RELXREL London	United Kingdom	1.0%	New	–
LindeLIN	Ireland	1.0%	Unchanged	1.0%
Deutsche TelekomDTE Xetra	Germany	1.0%	Unchanged	1.4%
London Stock Exchange GroupLSEG London	United Kingdom	0.9%	Added +28%	0.9%
Novo NordiskNOVOB Copenhagen	Denmark	0.9%	Unchanged	0.8%
Kyocera6971 Tokyo	Japan	0.9%	Unchanged	0.7%
Smiths GroupSMIN London	United Kingdom	0.9%	Unchanged	0.9%
BrookfieldBN Toronto	Canada	0.9%	Unchanged	1.0%
Fresenius Medical CareFME Xetra	Germany	0.9%	Trimmed -2.0%	1.0%
Schneider ElectricSU Paris	France	0.9%	Unchanged	0.8%
International Flavors & FragrancesIFF	United States	0.9%	Unchanged	0.9%
Koninklijke PhilipsPHIA Amsterdam	Netherlands	0.9%	Added +27%	0.8%
DanoneBN Paris	France	0.8%	Unchanged	0.9%
Julius Baer GroupBAER Zurich	Switzerland	0.8%	Unchanged	0.8%
Willis Towers WatsonWTW	Ireland	0.8%	Added +6.3%	0.9%
Daikin Industries6367 Tokyo	Japan	0.8%	Unchanged	0.7%
DiageoDGE London	United Kingdom	0.7%	Unchanged	0.7%
NIDEC6594 Tokyo	Japan	0.7%	Added +9.4%	0.6%
DSM-FirmenichDSFIR Zurich	Switzerland	0.7%	Added +260%	0.2%
Reckitt Benckiser GroupRKT London	United Kingdom	0.7%	Unchanged	0.8%
adidasADS Xetra	Germany	0.7%	Added +24%	0.5%
GlencoreGLEN London	Jersey	0.6%	Trimmed -59%	1.8%
BeiersdorfBEI Xetra	Germany	0.6%	Unchanged	0.6%
BPBP. London	United Kingdom	0.5%	Trimmed -9.8%	0.8%
ProsusPRX Amsterdam	Netherlands	0.5%	Unchanged	0.6%
SanofiSAN Paris	France	0.5%	Unchanged	0.6%
KeringKER Paris	France	0.5%	Unchanged	0.6%
EntainENT London	Isle of Man	0.5%	Unchanged	0.6%
Yum China HoldingsYUMC	United States	0.5%	Trimmed -1.2%	0.6%
TC EnergyTRP Toronto	Canada	0.5%	Trimmed -43%	0.9%
JD.comJD	Cayman Islands	0.4%	Unchanged	0.6%
XPXP	Cayman Islands	0.4%	Unchanged	0.5%
Wal-Mart de MexicoWALMEX* Mexico City	Mexico	0.4%	Unchanged	0.5%
NetEaseNTES	Cayman Islands	0.4%	Unchanged	0.4%
CK Asset Holdings1113 Hong Kong	Cayman Islands	0.4%	Trimmed -3.8%	0.4%
Kansai Electric Power9503 Tokyo	Japan	0.4%	Added +260%	0.1%
Daito Trust Construction1878 Tokyo	Japan	0.3%	Unchanged	0.5%
BioNTechBNTX	Germany	0.3%	Unchanged	0.4%
Mitsubishi Chemical Group4188 Tokyo	Japan	0.3%	Trimmed -5.4%	0.3%
PDD HoldingsPDD	Cayman Islands	0.3%	Unchanged	0.5%
Olympus7733 Tokyo	Japan	0.3%	Unchanged	0.3%
StellantisSTLA	Netherlands	0.3%	Unchanged	0.4%
Brother Industries6448 Tokyo	Japan	0.3%	Unchanged	0.2%
AegonJ060 Zurich	Bermuda	0.2%	Trimmed -9.5%	0.2%
Hang Lung Group10 Hong Kong	Hong Kong	0.2%	Trimmed -5.3%	0.3%
Flutter EntertainmentFLUT	Ireland	0.1%	Unchanged	0.1%
OllamaniAGUILCPO Mexico City	Mexico	0.1%	Unchanged	0.1%
Liberty GlobalLBTYK	Bermuda	0.0%	Trimmed -67%	0.1%
Sunrise CommunicationsSUNN Zurich	Switzerland	0.0%	Trimmed -63%	0.1%
		–	Sold out	0.6%

Dodge & Cox Global Stock Fund

1 year+18.9%

3 yearsa year+15.9%

10 yearsa year+11.4%

Yearly costs0.52%

Total returns after fees for the DOXWX, Class X share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 30 Jun 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. The 10-year figure is from the shareholder report to 31 Dec 2025. Costs are the expense ratio in the half-year report to 30 Jun 2026, about $59 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 30 Jun 2026, from the fund’s N-PORT filing. Net assets $13bn. Cash, bonds and other assets make up 1.3%. Changes are against 31 Mar 2026: 4 new, 18 added to, 32 trimmed, 3 sold out.

Dodge & Cox Global Stock Fund holdings with change from the previous filing

Taiwan Semiconductor Manufacturing2330 Taipei	Taiwan	5.1%	Unchanged	4.1%
AlphabetGOOG	United States	3.8%	Trimmed -2.1%	3.4%
RTXRTX	United States	2.8%	Trimmed -3.0%	3.1%
Infineon TechnologiesIFX Xetra	Germany	2.8%	Trimmed -6.8%	1.5%
SK hynix000660 Seoul	South Korea	2.5%	Trimmed -18%	1.0%
Charles SchwabSCHW	United States	2.4%	Trimmed -1.6%	2.6%
HumanaHUM	United States	2.1%	Trimmed -3.1%	1.0%
MicrosoftMSFT	United States	2.0%	Added +21%	1.8%
BayerBAYN Xetra	Germany	2.0%	Trimmed -6.9%	1.9%
CVS HealthCVS	United States	1.9%	Trimmed -4.5%	1.5%
HDFC BankHDFCB Mumbai	India	1.8%	Added +27%	1.4%
Booking HoldingsBKNG	United States	1.7%	Added +2400%	1.8%
Amazon.comAMZN	United States	1.7%	Added +5.1%	1.5%
Johnson Controls InternationalJCI	Ireland	1.6%	Trimmed -10%	1.7%
Sunbelt Rentals HoldingsSUNB	United States	1.5%	Unchanged	1.4%
International Flavors & FragrancesIFF	United States	1.5%	Unchanged	1.5%
GSKGSK London	United Kingdom	1.5%	Trimmed -34%	2.5%
BNP ParibasBNP Paris	France	1.4%	Unchanged	1.3%
Regeneron PharmaceuticalsREGN	United States	1.4%	Added +6.4%	1.8%
Meta PlatformsMETA	United States	1.4%	Added +30%	1.2%
PrudentialPRU London	United Kingdom	1.4%	Unchanged	1.5%
Itau Unibanco HoldingITUB4 São Paulo	Brazil	1.3%	Trimmed -5.9%	1.5%
CoupangCPNG	United States	1.3%	Unchanged	1.5%
Julius Baer GroupBAER Zurich	Switzerland	1.3%	Unchanged	1.2%
UnitedHealth GroupUNH	United States	1.2%	Trimmed -5.7%	0.9%
GE HealthCare TechnologiesGEHC	United States	1.2%	Added +51%	1.0%
ComcastCMCSA	United States	1.2%	Unchanged	1.5%
FiservFISV	United States	1.2%	Unchanged	1.5%
Roper TechnologiesROP	United States	1.2%	Added +140%	0.6%
FortiveFTV	United States	1.2%	Unchanged	1.1%
BrookfieldBN Toronto	Canada	1.1%	Unchanged	1.2%
AIA Group1299 Hong Kong	Hong Kong	1.1%	Trimmed -13%	1.7%
Akzo NobelAKZA Amsterdam	Netherlands	1.1%	Unchanged	1.0%
Air Products & ChemicalsAPD	United States	1.1%	Unchanged	1.2%
HaleonHLN London	United Kingdom	1.1%	Unchanged	1.3%
Banco SantanderSAN Madrid	Spain	1.1%	Trimmed -8.3%	1.0%
Cigna GroupCI	United States	1.1%	Trimmed -4.4%	1.2%
Tencent Holdings700 Hong Kong	Cayman Islands	1.1%	Added +59%	0.8%
Axis BankAXSB Mumbai	India	1.1%	Trimmed -16%	1.2%
Samsung Electronics005935 Seoul	South Korea	1.1%	Trimmed -15%	0.8%
SBA CommunicationsSBAC	United States	1.0%	Unchanged	1.1%
Occidental PetroleumOXY	United States	1.0%	Trimmed -14%	1.7%
Arthur J Gallagher & CoAJG	United States	1.0%	Added +42%	0.7%
Zimmer Biomet HoldingsZBH	United States	1.0%	Unchanged	1.1%
TransUnionTRU	United States	1.0%	Added +46%	0.7%
BPBP. London	United Kingdom	0.9%	Unchanged	1.3%
Fresenius Medical CareFME Xetra	Germany	0.9%	Unchanged	1.0%
AonAON	Ireland	0.9%	Trimmed -9.3%	1.0%
DSM-FirmenichDSFIR Zurich	Switzerland	0.9%	Added +392%	0.1%
adidasADS Xetra	Germany	0.9%	Added +36%	0.5%
Charter CommunicationsCHTR	United States	0.9%	Unchanged	1.4%
RELXREL London	United Kingdom	0.8%	New	–
DHL GroupDHL Xetra	Germany	0.8%	Unchanged	0.8%
VisaV	United States	0.8%	New	–
Suncor EnergySU Toronto	Canada	0.8%	Trimmed -9.7%	1.2%
Daikin Industries6367 Tokyo	Japan	0.8%	Unchanged	0.7%
TotalEnergiesTTE Paris	France	0.8%	Unchanged	1.0%
Anheuser-Busch InBevABI Brussels	Belgium	0.8%	Trimmed -11%	0.8%
MetLifeMET	United States	0.7%	Trimmed -5.2%	0.7%
Willis Towers WatsonWTW	Ireland	0.7%	Unchanged	0.9%
London Stock Exchange GroupLSEG London	United Kingdom	0.7%	Added +63%	0.5%
Fidelity National Information ServicesFIS	United States	0.7%	Unchanged	0.9%
Reckitt Benckiser GroupRKT London	United Kingdom	0.7%	Added +20%	0.7%
XPXP	Cayman Islands	0.7%	Unchanged	0.8%
TE ConnectivityTEL	Ireland	0.6%	Added +47%	0.5%
American Electric PowerAEP	United States	0.6%	Trimmed -6.0%	0.7%
AvivaAV. London	United Kingdom	0.6%	Trimmed -14%	0.7%
Alibaba Group HoldingBABA	Cayman Islands	0.6%	Added +1.2%	0.9%
Novo NordiskNOVOB Copenhagen	Denmark	0.6%	Unchanged	0.5%
AvantorAVTR	United States	0.6%	Unchanged	0.5%
Baxter InternationalBAX	United States	0.6%	Unchanged	0.5%
Thermo Fisher ScientificTMO	United States	0.5%	New	–
FedExFDX	United States	0.5%	Trimmed -35%	1.0%
LPL Financial HoldingsLPLA	United States	0.5%	Unchanged	0.6%
CredicorpBAP	Bermuda	0.5%	Trimmed -20%	0.6%
Elanco Animal HealthELAN	United States	0.5%	Trimmed -8.0%	0.5%
Wal-Mart de MexicoWALMEX* Mexico City	Mexico	0.5%	Unchanged	0.5%
RalliantRAL	United States	0.4%	Unchanged	0.3%
Koninklijke PhilipsPHIA Amsterdam	Netherlands	0.4%	Added +3.7%	0.5%
PDD HoldingsPDD	Cayman Islands	0.4%	Unchanged	0.6%
BioNTechBNTX	Germany	0.4%	Unchanged	0.4%
Alnylam PharmaceuticalsALNY	United States	0.4%	Unchanged	0.5%
IncyteINCY	United States	0.3%	Trimmed -14%	0.3%
BioMarin PharmaceuticalBMRN	United States	0.3%	Unchanged	0.4%
EntainENT London	Isle of Man	0.3%	Unchanged	0.4%
VFVFC	United States	0.3%	Unchanged	0.3%
CemexCX	Mexico	0.3%	Trimmed -36%	0.5%
StellantisSTLA	Netherlands	0.3%	Unchanged	0.4%
CelaneseCE	United States	0.3%	Trimmed -20%	0.5%
Neurocrine BiosciencesNBIX	United States	0.2%	Unchanged	0.2%
GlencoreGLEN London	Jersey	0.2%	Trimmed -80%	1.1%
Fedex Freight HoldingFDXF	United States	0.1%	New	–
Archer-Daniels-MidlandADM	United States	0.1%	Trimmed -72%	0.3%
Versant Media GroupVSNT	United States	0.1%	Unchanged	0.1%
OllamaniAGUILCPO Mexico City	Mexico	0.1%	Unchanged	0.1%
		–	Sold out	1.1%
		–	Sold out	0.7%
		–	Sold out	0.7%

Look-through earnings

Dodge & Cox’s share of the profits of the US companies it holds. How this works

For each holding, the fraction of the company it owns times the company’s net income. Look-through earnings explained.

Look-through earnings, Q2 2026

$7.4bn

Last 12 months, holdings with SEC financials

Price paid for those earnings

21.5×

Value of those holdings ÷ their earnings

Earnings per share growth

+18.7%

Same holdings, against a year earlier

Portfolio covered

83%

Of the 13F value

$3.4bn2017

$5.1bn2018

$4.9bn2019

$175m2020

$8.5bn2021

$7.3bn2022

$5.6bn2023

$6.3bn2024

$7.3bn2025

$4.7bn2026*

Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.

Holdings behind

Look-through earnings by holding, Q2 2026

AlphabetGOOG	0.2%	$244bn	$449m	$206m	+109.4%
Occidental PetroleumOXY	7.2%	$6.5bn	$470m	$200m	+331.0%
Charles SchwabSCHW	4.4%	$1.3bn	$55.5m	$124m	-2.5%
CVS HealthCVS	3.9%	$4.9bn	$190m	$116m	+6.5%
ComcastCMCSA	3.3%	$11bn	$364m	$114m	-48.9%
Amazon.comAMZN	0.1%	$135bn	$207m	$96.0m	+89.8%
Roper TechnologiesROP	7.0%	$2.5bn	$176m	$82.0m	+75.2%
Cigna GroupCI	4.6%	$6.4bn	$296m	$76.6m	+29.9%
Johnson Controls InternationalJCI	9.1%	$3.6bn	$327m	$68.5m	+72.8%
Wells Fargo & CompanyWFC	1.0%	$23bn	$230m	$65.3m	+16.7%
Booking HoldingsBKNG	3.3%	$7.2bn	$239m	$64.7m	+58.5%
HumanaHUM	9.0%	$1.3bn	$116m	$62.7m	-19.1%
MicrosoftMSFT	0.2%	$134bn	$231m	$61.7m	+31.6%
Regeneron PharmaceuticalsREGN	4.6%	$4.3bn	$199m	$59.6m	-0.5%
FiservFISV	9.4%	$2.8bn	$263m	$59.0m	-14.2%
MetLifeMET	7.5%	$3.4bn	$256m	$55.1m	-12.7%
RTXRTX	2.6%	$7.7bn	$199m	$55.0m	+24.9%
UnitedHealth GroupUNH	1.0%	$14bn	$141m	$54.9m	-33.4%
GE HealthCare TechnologiesGEHC	8.3%	$2.0bn	$165m	$46.8m	-10.7%
TE ConnectivityTEL	5.8%	$3.0bn	$175m	$43.3m	–
BNYBK	2.4%	$6.3bn	$151m	$42.3m	+31.6%
Meta PlatformsMETA	0.3%	$68bn	$172m	$40.1m	-4.6%
SBA CommunicationsSBAC	11.6%	$991m	$115m	$23.1m	+14.4%
FortiveFTV	14.3%	$534m	$76.4m	$22.5m	-22.8%
AonAON	4.0%	$3.9bn	$157m	$22.1m	+52.8%
Arthur J Gallagher & CoAJG	3.6%	$1.6bn	$57.2m	$11.8m	-4.8%
International Flavors & FragrancesIFF	14.4%	$277m	$39.9m	$7.2m	–
Air Products & ChemicalsAPD	4.2%	−$47.3m	−$2.0m	−$60.7m	-103.1%
FedExFDX	3.0%	$4k	$0k	−$85.8m	+9.7%
Gilead SciencesGILD	1.9%	−$3.2bn	−$61.7m	−$200m	-151.8%

Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.

5% stake filings

Holdings of 5% or more of a company (13D and 13G), usually reported well before the next 13F. How this works

Dodge & Cox’s filings since December 2024, newest first. An amendment showing less than 5% means the holding fell below the threshold. A 13D means the holder may seek to influence the company. How to read a 13D.

Company	Owns	Form	Filed
Zimmer Biomet Holdings	12.5%	13G/A	13 Aug 2026
Willis Towers Watson	8.5%	13G/A	13 Aug 2026
VF	5.7%	13G/A	13 Aug 2026
Roper Technologies	7.0%	13G	13 Aug 2026
LyondellBasell Industries	0.0%below 5%	13G/A	13 Aug 2026

US holdings by sector

Industrials20.9%
Health care18.1%
Financials16.2%
Communication and media10.6%
Consumer discretionary6.4%
Insurance6.1%
Technology5.9%
Consumer staples4.9%
Materials4.4%
Energy3.1%
Utilities1.5%
Real estate1.4%
Other0.5%
Not classified0.0%

Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.

US portfolio value by quarter

$148bnQ3 ’23

$158bnQ4 ’23

$172bnQ1 ’24

$167bnQ2 ’24

$177bnQ3 ’24

$172bnQ4 ’24

$175bnQ1 ’25

$178bnQ2 ’25

$185bnQ3 ’25

$185bnQ4 ’25

$182bnQ1 ’26

$191bnQ2 ’26

From each quarter’s 13F. Changes reflect both trading and share-price moves.