Dodge & Cox
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Dodge & Cox reported 214 stock positions worth $175.5 billion. Its top holding was Schwab (charles) (SCHW) at 4.0% of the portfolio, followed by Fiserv (FISV, 3.9%) and Johnson Controls Internation (JCI, 3.2%). Compared with Q4 2024, it opened 4 new positions, sold out of 3, added to 47 and reduced 114. The biggest buy was CVS Health (CVS, shares +5%) and the biggest sale Wells Fargo (WFC, shares −18%).
- Most Recent 13F
- Q2 2026
- Location
- San Francisco, CA
- CIK
- 0000200217
- Portfolio Value
- $175.5B (Q1 2025)
- SEC Filing
- 0000950123-25-005225 ↗ filed May 14, 2025
Holdings Value
Holdings 214 stocks · $175.5B
| SCHW Schwab (charles) Corp. | 3.96% | 88,750,655 | $6.9B | Reduce -0.7% |
| FISV Fiserv Inc. | 3.85% | 30,590,491 | $6.8B | Reduce -5.0% |
| JCI Johnson Controls Internation | 3.23% | 70,818,054 | $5.7B | Reduce -11.9% |
| RTX RTX Corp. | 3.20% | 42,353,562 | $5.6B | Reduce -4.8% |
| CVS CVS Health Corp. | 2.84% | 73,459,122 | $5.0B | Add +4.8% |
| MET Metlife Inc. | 2.47% | 53,913,177 | $4.3B | Reduce -0.5% |
| CHTR Charter Communications Inc. Class A | 2.42% | 11,506,120 | $4.2B | Reduce -0.4% |
| WFC Wells Fargo & Co. | 2.36% | 57,628,115 | $4.1B | Reduce -18.2% |
| SNY Sanofi-ADR | 2.31% | 73,193,057 | $4.1B | Reduce -2.7% |
| OXY Occidental Petroleum Corp. | 2.27% | 80,839,070 | $4.0B | Add +15.5% |
| GILD Gilead Sciences Inc. | 2.09% | 32,694,791 | $3.7B | Reduce -0.8% |
| BKNG Booking Holdings Inc. | 2.04% | 776,008 | $3.6B | Reduce -1.0% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 2.01% | 41,976,640 | $3.5B | Reduce -6.1% |
| CMCSA Comcast Corp. Class A | 1.98% | 94,217,741 | $3.5B | Add +19.1% |
| FDX FedEx Corp. | 1.92% | 13,833,068 | $3.4B | Reduce -0.4% |
| MSFT Microsoft Corp. | 1.90% | 8,880,353 | $3.3B | Reduce -2.0% |
| AMZN Amazon.com Inc. | 1.79% | 16,532,632 | $3.1B | Reduce -3.7% |
| GSK GSK PLC-Spon ADR | 1.74% | 78,651,833 | $3.0B | Add +14.9% |
| CI The Cigna Group | 1.67% | 8,889,733 | $2.9B | Add +1.3% |
| COF Capital One Financial Corp. | 1.66% | 16,276,312 | $2.9B | Reduce -5.8% |
| HUM Humana Inc. | 1.62% | 10,755,215 | $2.8B | Add +5.5% |
| GE General Electric filed as GE AEROSPACE | 1.60% | 13,986,351 | $2.8B | Reduce -1.2% |
| GOOG Alphabet Inc. Class C | 1.52% | 17,048,361 | $2.7B | Reduce -6.0% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 1.49% | 33,774,607 | $2.6B | Add +7.4% |
| FIS Fidelity National Info Serv | 1.48% | 34,808,298 | $2.6B | Add +1.4% |
| APD Air Products & Chemicals Inc. | 1.47% | 8,759,722 | $2.6B | Add +31.5% |
| BUD Anheuser-Busch Inbev-SPN ADR | 1.44% | 41,116,138 | $2.5B | Add +2.8% |
| NSC Norfolk Southern Corp. | 1.44% | 10,666,554 | $2.5B | Reduce -0.2% |
| TEL Te Connectivity PLC | 1.29% | 16,022,480 | $2.3B | Add +0.4% |
| UBS UBS Group AG-Reg | 1.27% | 72,608,792 | $2.2B | Reduce -1.2% |
| ZBH Zimmer Biomet Holdings Inc. | 1.26% | 19,564,454 | $2.2B | Add +2.3% |
| UNH Unitedhealth Group Inc. | 1.20% | 4,020,368 | $2.1B | Reduce -1.8% |
| META Meta Platforms Inc. Class A | 1.16% | 3,524,514 | $2.0B | Reduce -7.5% |
| BKR Baker Hughes Co. | 1.12% | 44,655,095 | $2.0B | Reduce -2.2% |
| SBAC SBA Communications Corp. | 1.06% | 8,485,264 | $1.9B | Add +15.5% |
| GS Goldman Sachs Group Inc. | 1.04% | 3,351,539 | $1.8B | Reduce -13.4% |
| GOOGL Alphabet Inc. Class A | 1.02% | 11,595,682 | $1.8B | Reduce -3.4% |
| BAX Baxter International Inc. | 1.00% | 51,458,925 | $1.8B | Add +2.1% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 1.00% | 13,647,820 | $1.8B | Add +42.1% |
| HLN Haleon PLC-ADR | 0.99% | 169,150,936 | $1.7B | Reduce -5.4% |
| AVTR Avantor Inc. | 0.93% | 100,262,723 | $1.6B | Add +1.1% |
| FTV Fortive Corp. | 0.91% | 21,900,363 | $1.6B | Add +181.5% |
| WMB Williams Cos Inc. | 0.89% | 26,259,123 | $1.6B | Reduce -27.8% |
| TMUS T-Mobile US Inc. | 0.89% | 5,832,553 | $1.6B | Reduce -37.8% |
| BABA Alibaba Group Holding-SP ADR | 0.85% | 11,319,570 | $1.5B | Reduce -21.8% |
| REGN Regeneron Pharmaceuticals | 0.84% | 2,324,085 | $1.5B | Add +0.1% |
| CTSH Cognizant Tech Solutions-A | 0.80% | 18,270,347 | $1.4B | Reduce -0.3% |
| CSCO Cisco Systems Inc. | 0.76% | 21,722,716 | $1.3B | Reduce -8.5% |
| GEHC GE Healthcare Technology | 0.76% | 16,585,509 | $1.3B | Reduce -0.5% |
| NVS Novartis AG-Sponsored ADR | 0.75% | 11,818,102 | $1.3B | Reduce -3.3% |
| D Dominion Energy Inc. | 0.74% | 23,308,378 | $1.3B | Add +3.0% |
| LYB Lyondellbasell Indu Class A | 0.68% | 16,896,032 | $1.2B | Reduce -0.4% |
| AEP American Electric Power | 0.67% | 10,811,550 | $1.2B | Reduce -6.6% |
| COP Conocophillips | 0.67% | 11,221,699 | $1.2B | Reduce -1.8% |
| FOXA Fox Corp. Class A | 0.63% | 19,637,142 | $1.1B | Reduce -6.9% |
| SU Suncor Energy Inc. | 0.63% | 28,355,454 | $1.1B | Reduce -0.3% |
| BMRN Biomarin Pharmaceutical Inc. | 0.60% | 14,955,240 | $1.1B | Add +1.4% |
| BAP Credicorp Ltd. | 0.56% | 5,309,780 | $988.5M | Reduce -0.5% |
| HPQ HP Inc. | 0.53% | 33,405,553 | $925.0M | Reduce -1.0% |
| CARR Carrier Global Corp. | 0.52% | 14,288,350 | $905.9M | Reduce -0.1% |
| ALNY Alnylam Pharmaceuticals Inc. | 0.52% | 3,351,762 | $905.0M | Reduce -5.3% |
| INCY Incyte Corp. | 0.51% | 14,864,328 | $900.0M | Reduce -0.4% |
| CPNG Coupang Inc. | 0.51% | 40,784,920 | $894.4M | Add +101.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.50% | 21,004,922 | $876.5M | Reduce -32.4% |
| CE Celanese Corp. | 0.50% | 15,391,416 | $873.8M | Add +13.0% |
| ELAN Elanco Animal Health Inc. | 0.50% | 82,920,582 | $870.7M | Reduce -0.3% |
| TAP Molson Coors Beverage Co. Class B | 0.49% | 14,068,310 | $856.3M | Reduce -3.5% |
| BMY Bristol-Myers Squibb Co. | 0.45% | 13,030,562 | $794.7M | Reduce -15.4% |
| AEG Aegon Ltd.-NY Reg SHR | 0.44% | 117,541,105 | $774.6M | Reduce -0.2% |
| JD Jd.com Inc.-ADR | 0.42% | 18,062,949 | $742.7M | Add +8.0% |
| MDT Medtronic PLC | 0.39% | 7,708,833 | $692.7M | Add +0.6% |
| GLPI Gaming and Leisure Propertie | 0.39% | 13,509,609 | $687.6M | Add +0.1% |
| STT State Street Corp. | 0.37% | 7,331,559 | $656.4M | Reduce -1.3% |
| VFC VF Corp. | 0.36% | 40,961,475 | $635.7M | Reduce -3.5% |
| LIN Linde PLC | 0.35% | 1,329,590 | $619.1M | No change |
| NTR Nutrien Ltd. | 0.35% | 12,462,259 | $619.0M | Reduce -0.5% |
| NBIX Neurocrine Biosciences Inc. | 0.35% | 5,534,624 | $612.1M | Add +83.5% |
| GAP The Gap Inc. | 0.34% | 28,734,711 | $592.2M | Reduce -0.3% |
| XP XP Inc. Class A | 0.33% | 42,537,845 | $584.9M | Reduce -1.4% |
| HMC Honda Motor Co. Ltd.-Spons ADR | 0.33% | 21,020,005 | $570.3M | Reduce -4.8% |
| FOX Fox Corp. Class B | 0.30% | 10,099,284 | $532.3M | Reduce -10.9% |
| BIDU Baidu Inc. - Spon ADR | 0.29% | 5,440,815 | $500.7M | Reduce -8.0% |
| LPLA LPL Financial Holdings Inc. | 0.28% | 1,523,460 | $498.4M | Add +224.1% |
| TRP TC Energy Corp. | 0.28% | 10,486,600 | $495.1M | Reduce -4.3% |
| YUMC Yum China Holdings Inc. | 0.25% | 8,513,162 | $443.2M | Add +0.0% |
| COHR Coherent Corp. | 0.24% | 6,437,769 | $418.1M | Reduce -37.1% |
| CX Cemex Sab-Spons ADR Part Cer | 0.22% | 70,320,800 | $394.5M | Add +41.7% |
| NWSA News Corp. Class A | 0.21% | 13,846,298 | $376.9M | Add +18.7% |
| ECHO Echostar Corp. Class A | 0.20% | 13,407,953 | $343.0M | Reduce -0.1% |
| TECK Teck Resources Ltd.-CLS B | 0.18% | 8,483,340 | $309.0M | Reduce -0.9% |
| NTES Netease Inc.-ADR | 0.16% | 2,803,664 | $288.6M | Add +5.8% |
| TIGO Millicom Intl Cellular S.A. | 0.15% | 8,701,732 | $263.4M | New |
| HDB HDFC Bank Ltd.-ADR | 0.12% | 3,232,300 | $214.8M | Reduce -1.2% |
| FLUT Flutter Entertainment PLC-Di | 0.08% | 628,878 | $139.3M | No change |
| TV Grupo Televisa SA-Spon ADR | 0.06% | 64,212,690 | $112.4M | No change |
| SNREY Sunrise Communicat Class A | 0.06% | 2,289,925 | $110.6M | No change |
| FMS Fresenius Medical Care-ADR | 0.06% | 4,173,510 | $103.9M | No change |
| AXP American Express Co. | 0.06% | 374,172 | $100.7M | Reduce -6.3% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.05% | 17,493,415 | $96.2M | Add +5.3% |
| LBTYK Liberty Global Ltd. Class C | 0.05% | 6,682,068 | $80.0M | No change |
Portfolio Sells Q4 2024 → Q1 2025
| WFC Wells Fargo & Co. | Reduce -18.2% | 2.36% | −0.53 |
| GOOG Alphabet Inc. Class C | Reduce -6.0% | 1.52% | −0.50 |
| JCI Johnson Controls Internation | Reduce -11.9% | 3.23% | −0.47 |
| AMZN Amazon.com Inc. | Reduce -3.7% | 1.79% | −0.40 |
| FDX FedEx Corp. | Reduce -0.4% | 1.92% | −0.36 |
| MSFT Microsoft Corp. | Reduce -2.0% | 1.90% | −0.33 |
| COHR Coherent Corp. | Reduce -37.1% | 0.24% | −0.33 |
| TMUS T-Mobile US Inc. | Reduce -37.8% | 0.89% | −0.32 |
| GOOGL Alphabet Inc. Class A | Reduce -3.4% | 1.02% | −0.30 |
| BAC Bank of America Corp. | Reduce -32.4% | 0.50% | −0.30 |
| WMB Williams Cos Inc. | Reduce -27.8% | 0.89% | −0.25 |
| GS Goldman Sachs Group Inc. | Reduce -13.4% | 1.04% | −0.25 |
| BKNG Booking Holdings Inc. | Reduce -1.0% | 2.04% | −0.23 |
| BHF Brighthouse Financial Inc. | Sold out | 0.00% | −0.19 |
| VFC VF Corp. | Reduce -3.5% | 0.36% | −0.17 |
| META Meta Platforms Inc. Class A | Reduce -7.5% | 1.16% | −0.14 |
| COF Capital One Financial Corp. | Reduce -5.8% | 1.66% | −0.13 |
| MET Metlife Inc. | Reduce -0.5% | 2.47% | −0.12 |
| HPQ HP Inc. | Reduce -1.0% | 0.53% | −0.12 |
| ELAN Elanco Animal Health Inc. | Reduce -0.3% | 0.50% | −0.09 |
| INCY Incyte Corp. | Reduce -0.4% | 0.51% | −0.09 |
| GAP The Gap Inc. | Reduce -0.3% | 0.34% | −0.06 |
| LYB Lyondellbasell Indu Class A | Reduce -0.4% | 0.68% | −0.06 |
| CSCO Cisco Systems Inc. | Reduce -8.5% | 0.76% | −0.06 |
| BMY Bristol-Myers Squibb Co. | Reduce -15.4% | 0.45% | −0.06 |
| CARR Carrier Global Corp. | Reduce -0.1% | 0.52% | −0.05 |
| STT State Street Corp. | Reduce -1.3% | 0.37% | −0.05 |
| HMC Honda Motor Co. Ltd.-Spons ADR | Reduce -4.8% | 0.33% | −0.04 |
| UBS UBS Group AG-Reg | Reduce -1.2% | 1.27% | −0.04 |
| TECK Teck Resources Ltd.-CLS B | Reduce -0.9% | 0.18% | −0.03 |
| CTSH Cognizant Tech Solutions-A | Reduce -0.3% | 0.80% | −0.03 |
| NSC Norfolk Southern Corp. | Reduce -0.2% | 1.44% | −0.02 |
| TRP TC Energy Corp. | Reduce -4.3% | 0.28% | −0.02 |
| AXP American Express Co. | Reduce -6.3% | 0.06% | −0.01 |
| CDNS Cadence Design SYS Inc. | Reduce -1.4% | 0.04% | −0.01 |
| UNH Unitedhealth Group Inc. | Reduce -1.8% | 1.20% | −0.01 |
| BAP Credicorp Ltd. | Reduce -0.5% | 0.56% | −0.01 |
| FISV Fiserv Inc. | Reduce -5.0% | 3.85% | −0.01 |
| BIDU Baidu Inc. - Spon ADR | Reduce -8.0% | 0.29% | −0.01 |
| GEV GE Vernova Inc. | Reduce -4.2% | 0.03% | −0.00 |
| MCHP Microchip Technology Inc. | Reduce -1.6% | 0.02% | −0.00 |
| DIS The Walt Disney Co. | Reduce -1.7% | 0.02% | −0.00 |
| JNPR Juniper Networks Inc. | Reduce -62.9% | 0.00% | −0.00 |
| HLN Haleon PLC-ADR | Reduce -5.4% | 0.99% | −0.00 |
| JPM JPMorgan Chase & Co. | Reduce -5.5% | 0.04% | −0.00 |
| TGT Target Corp. | Reduce -0.1% | 0.01% | −0.00 |
| AVGO Broadcom Inc. | Reduce -11.9% | 0.00% | −0.00 |
| ADBE Adobe Inc. | Reduce -5.0% | 0.00% | −0.00 |
| MRK Merck & Co. Inc. | Reduce -0.2% | 0.01% | −0.00 |
| CAT Caterpillar Inc. | Reduce -0.1% | 0.01% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| CVS CVS Health Corp. | Add +4.8% | 2.84% | +1.00 |
| FTV Fortive Corp. | Add +181.5% | 0.91% | +0.57 |
| GSK GSK PLC-Spon ADR | Add +14.9% | 1.74% | +0.39 |
| APD Air Products & Chemicals Inc. | Add +31.5% | 1.47% | +0.35 |
| SUI Sun Communities Inc. | Add +42.1% | 1.00% | +0.31 |
| BUD Anheuser-Busch Inbev-SPN ADR | Add +2.8% | 1.44% | +0.27 |
| OXY Occidental Petroleum Corp. | Add +15.5% | 2.27% | +0.26 |
| CI The Cigna Group | Add +1.3% | 1.67% | +0.25 |
| CPNG Coupang Inc. | Add +101.6% | 0.51% | +0.25 |
| CMCSA Comcast Corp. Class A | Add +19.1% | 1.98% | +0.25 |
| LPLA LPL Financial Holdings Inc. | Add +224.1% | 0.28% | +0.19 |
| SBAC SBA Communications Corp. | Add +15.5% | 1.06% | +0.19 |
| TIGO Millicom Intl Cellular S.A. | New | 0.15% | +0.15 |
| BAX Baxter International Inc. | Add +2.1% | 1.00% | +0.15 |
| HUM Humana Inc. | Add +5.5% | 1.62% | +0.11 |
| NBIX Neurocrine Biosciences Inc. | Add +83.5% | 0.35% | +0.11 |
| JD Jd.com Inc.-ADR | Add +8.0% | 0.42% | +0.09 |
| ZBH Zimmer Biomet Holdings Inc. | Add +2.3% | 1.26% | +0.08 |
| CX Cemex Sab-Spons ADR Part Cer | Add +41.7% | 0.22% | +0.06 |
| MDT Medtronic PLC | Add +0.6% | 0.39% | +0.04 |
| BMRN Biomarin Pharmaceutical Inc. | Add +1.4% | 0.60% | +0.04 |
| D Dominion Energy Inc. | Add +3.0% | 0.74% | +0.03 |
| NWSA News Corp. Class A | Add +18.7% | 0.21% | +0.03 |
| NTES Netease Inc.-ADR | Add +5.8% | 0.16% | +0.03 |
| YUMC Yum China Holdings Inc. | Add +0.0% | 0.25% | +0.01 |
| GLPI Gaming and Leisure Propertie | Add +0.1% | 0.39% | +0.01 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +5.3% | 0.05% | +0.01 |
| LLY Eli Lilly & Co. | Add +0.7% | 0.02% | +0.00 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.3% | 0.00% | +0.00 |
| MSI Motorola Solutions Inc. | Add +30.1% | 0.00% | +0.00 |
| VOO Vanguard S&P 500 ETF | New | 0.00% | +0.00 |
| ACMR Acm Research Inc. Class A | Add +17.7% | 0.00% | +0.00 |
| JOYY Joyy Inc.-ADR | Add +50.0% | 0.00% | +0.00 |
| BANCOLOMBIA S.A.-SPONS ADR | Add +85.4% | 0.00% | +0.00 |
| VIPS Vipshop Holdings Ltd. - ADR | Add +16.5% | 0.00% | +0.00 |
| ABEV Ambev SA-ADR | Add +26.3% | 0.00% | +0.00 |
| ELV Elevance Health Inc. | Add +9.1% | 0.00% | +0.00 |
| MCD McDonald's Corp. | Add +0.3% | 0.00% | +0.00 |
| PBR Petroleo Brasileiro-Spon ADR | Add +64.2% | 0.00% | +0.00 |
| PAX Patria Investments Ltd. Class A | New | 0.00% | +0.00 |
| CB Chubb Ltd. | New | 0.00% | +0.00 |
| AAPL Apple Inc. | Add +13.7% | 0.00% | 0.00 |
| VZ Verizon Communications Inc. | Add +2.8% | 0.00% | 0.00 |
| V Visa Inc. Class A | Add +6.6% | 0.00% | 0.00 |
| GLW Corning Inc. | Add +0.4% | 0.00% | −0.00 |
| TEL Te Connectivity PLC | Add +0.4% | 1.29% | −0.04 |
| CE Celanese Corp. | Add +13.0% | 0.50% | −0.05 |
| IFF Intl Flavors & Fragrances | Add +7.4% | 1.49% | −0.06 |
| REGN Regeneron Pharmaceuticals | Add +0.1% | 0.84% | −0.12 |
| FIS Fidelity National Info Serv | Add +1.4% | 1.48% | −0.14 |
Notes & Other Activity Q4 2024 → Q1 2025
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Sold out | 14,252,820 | $392.7Mbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 222 | $191.0B | JCI, SCHW, RTX, CVS, MSFT |
| Q1 2026 | 222 | $182.0B | JCI, SCHW, RTX, OXY, MSFT |
| Q4 2025 | 222 | $185.3B | SCHW, JCI, RTX, CVS, FDX |
| Q3 2025 | 219 | $185.3B | SCHW, JCI, RTX, CVS, FISV |
| Q2 2025 | 219 | $178.0B | SCHW, JCI, RTX, FISV, CVS |
| Q1 2025 | 214 | $175.5B | SCHW, FISV, JCI, RTX, CVS |
| Q4 2024 | 213 | $171.4B | SCHW, FISV, JCI, RTX, WFC |
| Q3 2024 | 204 | $176.4B | JCI, FISV, SCHW, RTX, WFC |
| Q2 2024 | 201 | $166.0B | SCHW, JCI, WFC, GOOG, FISV |
| Q1 2024 | 198 | $171.8B | WFC, SCHW, FISV, JCI, OXY |