Dodge & Cox

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Dodge & Cox reported 219 stock positions worth $185.3 billion. Its top holding was Schwab (charles) (SCHW) at 4.3% of the portfolio, followed by Johnson Controls Internation (JCI, 3.8%) and RTX (RTX, 3.6%). Compared with Q2 2025, it opened 6 new positions, sold out of 6, added to 50 and reduced 106. The biggest buy was a new position in Aon Class A (AON) and the biggest sale Wells Fargo (WFC, shares −23%).

Most Recent 13F
Q2 2026
Location
San Francisco, CA
CIK
0000200217
Portfolio Value
$185.3B (Q3 2025)
SEC Filing
0001193125-25-280187 ↗ filed Nov 13, 2025

Holdings Value

0$50.0B$100.0B$150.0B$200.0B Q1 2024: $171.8B Q1 2024 Q2 2024: $166.0B Q2 2024 Q3 2024: $176.4B Q3 2024 Q4 2024: $171.4B Q4 2024 Q1 2025: $175.5B Q1 2025 Q2 2025: $178.0B Q2 2025 Q3 2025: $185.3B $185.3B Q3 2025 Q4 2025: $185.3B Q4 2025 Q1 2026: $182.0B Q1 2026 Q2 2026: $191.0B Q2 2026

Holdings 219 stocks · $185.3B
SCHW Schwab (charles) Corp. 4.28% 83,043,253 $7.9B Reduce -1.6%
JCI Johnson Controls Internation 3.81% 64,210,645 $7.1B Reduce -4.0%
RTX RTX Corp. 3.62% 40,099,366 $6.7B Reduce -4.0%
CVS CVS Health Corp. 2.98% 73,176,586 $5.5B Reduce -0.1%
FISV Fiserv Inc. 2.69% 38,634,009 $5.0B Add +30.0%
MET Metlife Inc. 2.38% 53,659,664 $4.4B Add +0.9%
MSFT Microsoft Corp. 2.20% 7,872,161 $4.1B Reduce -3.3%
FDX FedEx Corp. 2.06% 16,225,160 $3.8B Add +12.0%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 2.05% 34,842,944 $3.8B Reduce -7.4%
OXY Occidental Petroleum Corp. 2.04% 79,883,371 $3.8B Reduce -0.5%
BKNG Booking Holdings Inc. 1.97% 675,082 $3.6B Reduce -7.6%
AMZN Amazon.com Inc. 1.93% 16,296,330 $3.6B Reduce -1.8%
CMCSA Comcast Corp. Class A 1.91% 112,567,918 $3.5B Add +1.2%
TEL Te Connectivity PLC 1.90% 16,039,754 $3.5B Reduce -5.9%
GOOG Alphabet Inc. Class C 1.84% 13,992,737 $3.4B Reduce -1.3%
GSK GSK PLC-Spon ADR 1.83% 78,403,734 $3.4B Reduce -0.5%
GILD Gilead Sciences Inc. 1.80% 30,133,131 $3.3B Reduce -2.2%
UNH Unitedhealth Group Inc. 1.77% 9,505,636 $3.3B Add +8.6%
NSC Norfolk Southern Corp. 1.76% 10,874,249 $3.3B Add +0.1%
WFC Wells Fargo & Co. 1.76% 38,887,925 $3.3B Reduce -23.4%
SNY Sanofi-ADR 1.76% 68,931,747 $3.3B Reduce -3.9%
CHTR Charter Communications Inc. Class A 1.75% 11,807,549 $3.2B Add +6.1%
HUM Humana Inc. 1.59% 11,338,186 $2.9B Reduce -0.1%
META Meta Platforms Inc. Class A 1.57% 3,963,207 $2.9B Reduce -4.8%
FIS Fidelity National Info Serv 1.53% 43,105,207 $2.8B Add +22.2%
GOOGL Alphabet Inc. Class A 1.49% 11,338,777 $2.8B Add +0.6%
CI The Cigna Group 1.45% 9,305,225 $2.7B Add +4.0%
COF Capital One Financial Corp. 1.39% 12,107,917 $2.6B Reduce -5.8%
REGN Regeneron Pharmaceuticals 1.38% 4,550,845 $2.6B Add +18.9%
APD Air Products & Chemicals Inc. 1.33% 9,004,892 $2.5B Add +2.1%
ZBH Zimmer Biomet Holdings Inc. 1.23% 23,216,173 $2.3B Add +5.1%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 1.23% 36,972,638 $2.3B Add +5.5%
BUD Anheuser-Busch Inbev-SPN ADR 1.18% 36,546,221 $2.2B Reduce -5.0%
BKR Baker Hughes Co. 1.16% 44,053,488 $2.1B Reduce -1.2%
FTV Fortive Corp. 1.13% 42,595,794 $2.1B Add +28.4%
GEHC GE Healthcare Technology 1.11% 27,517,311 $2.1B Add +16.8%
BABA Alibaba Group Holding-SP ADR 1.06% 10,975,370 $2.0B Add +0.1%
GE General Electric filed as GE AEROSPACE 1.02% 6,271,622 $1.9B Reduce -30.8%
SBAC SBA Communications Corp. 1.01% 9,667,297 $1.9B Add +12.3%
SUI Sun Communities Inc. filed as SUN CMNTYS INC 1.01% 14,480,815 $1.9B Add +2.0%
GS Goldman Sachs Group Inc. 0.95% 2,208,625 $1.8B Reduce -33.2%
UBS UBS Group AG-Reg 0.95% 42,641,442 $1.8B Reduce -6.6%
ELAN Elanco Animal Health Inc. 0.90% 82,759,837 $1.7B Reduce -0.2%
CPNG Coupang Inc. 0.82% 46,947,720 $1.5B Add +0.7%
AVTR Avantor Inc. 0.79% 117,746,888 $1.5B Add +0.3%
D Dominion Energy Inc. 0.75% 22,780,033 $1.4B Reduce -0.6%
HLN Haleon PLC-ADR 0.75% 154,384,622 $1.4B Reduce -0.7%
NVS Novartis AG-Sponsored ADR 0.73% 10,585,145 $1.4B Reduce -0.6%
BAX Baxter International Inc. 0.71% 57,396,370 $1.3B Add +10.1%
BAP Credicorp Ltd. 0.70% 4,899,715 $1.3B Reduce -4.8%
WTW Willis Towers Watson PLC 0.68% 3,632,191 $1.3B Add +184.1%
AON Aon PLC Class A 0.67% 3,464,683 $1.2B New
INCY Incyte Corp. 0.64% 13,932,416 $1.2B Reduce -4.5%
SU Suncor Energy Inc. 0.62% 27,471,954 $1.1B Add +0.3%
LPLA LPL Financial Holdings Inc. 0.60% 3,329,255 $1.1B Add +23.2%
CTSH Cognizant Tech Solutions-A 0.59% 16,201,642 $1.1B Reduce -0.4%
AEP American Electric Power 0.58% 9,523,516 $1.1B Reduce -0.5%
ALNY Alnylam Pharmaceuticals Inc. 0.57% 2,321,230 $1.1B Reduce -27.4%
TDY Teledyne Technologies Inc. 0.53% 1,680,962 $985.1M Add +12.2%
COP Conocophillips 0.53% 10,327,000 $976.8M Reduce -8.1%
HPQ HP Inc. 0.51% 34,683,331 $944.4M Reduce -0.7%
ECHO Echostar Corp. Class A 0.49% 11,791,127 $900.4M Reduce -12.0%
ADM Archer-Daniels-Midland Co. 0.49% 15,068,544 $900.2M Add +130.1%
TMUS T-Mobile US Inc. 0.48% 3,743,522 $896.1M Reduce -8.7%
CX Cemex Sab-Spons ADR Part Cer 0.47% 96,734,370 $869.6M Add +1.8%
TAP Molson Coors Beverage Co. Class B 0.45% 18,631,224 $843.1M Add +29.4%
LYB Lyondellbasell Indu Class A 0.45% 16,969,062 $832.2M Reduce -0.0%
FOXA Fox Corp. Class A 0.45% 13,151,969 $829.4M Reduce -6.2%
CARR Carrier Global Corp. 0.43% 13,427,697 $801.6M Add +5.1%
BMRN Biomarin Pharmaceutical Inc. 0.43% 14,686,801 $795.4M Reduce -2.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.43% 15,347,021 $791.8M Reduce -14.1%
STT State Street Corp. 0.43% 6,795,174 $788.3M Reduce -8.3%
NBIX Neurocrine Biosciences Inc. 0.42% 5,556,618 $780.0M Reduce -0.2%
MDT Medtronic PLC 0.40% 7,725,071 $735.7M Reduce -0.2%
AEG Aegon Ltd.-NY Reg SHR 0.37% 85,783,505 $685.4M Reduce -3.3%
JD Jd.com Inc.-ADR 0.35% 18,792,249 $657.4M Add +0.5%
XP XP Inc. Class A 0.35% 34,478,145 $647.8M Add +0.5%
CE Celanese Corp. 0.35% 15,361,604 $646.4M Add +0.2%
GLPI Gaming and Leisure Propertie 0.34% 13,582,857 $633.1M Reduce -0.3%
LIN Linde PLC 0.34% 1,329,590 $631.6M No change
VFC VF Corp. 0.32% 40,977,400 $591.3M Add +0.1%
BIDU Baidu Inc. - Spon ADR 0.31% 4,404,415 $580.4M Reduce -18.9%
ADBE Adobe Inc. 0.30% 1,593,506 $562.1M Add +8006.6%
TRP TC Energy Corp. 0.28% 9,645,800 $524.8M No change
RAL Ralliant Corp. 0.25% 10,780,303 $471.4M Reduce -0.2%
FOX Fox Corp. Class B 0.23% 7,285,191 $417.4M Reduce -0.3%
TIGO Millicom Intl Cellular S.A. 0.22% 8,448,632 $410.1M Reduce -4.4%
MCHP Microchip Technology Inc. 0.22% 6,211,864 $398.9M Reduce -2.0%
NWSA News Corp. Class A 0.21% 12,476,445 $383.2M Reduce -4.2%
YUMC Yum China Holdings Inc. 0.20% 8,520,862 $365.7M Add +0.1%
BNTX Biontech SE-ADR 0.19% 3,647,091 $359.7M Add +315.6%
NTES Netease Inc.-ADR 0.19% 2,292,576 $348.4M Reduce -16.5%
TECK Teck Resources Ltd.-CLS B 0.19% 7,871,440 $345.5M Reduce -7.0%
BMY Bristol-Myers Squibb Co. 0.18% 7,423,820 $334.8M Reduce -12.0%
AMRZ Amrize Ltd. 0.15% 5,786,541 $280.4M Reduce -53.6%
HDB HDFC Bank Ltd.-ADR 0.11% 6,214,800 $212.3M Add +4.2%
TV Grupo Televisa SA-Spon ADR 0.09% 64,208,690 $172.7M No change
FLUT Flutter Entertainment PLC-Di 0.09% 628,878 $159.7M No change
ITUB Itau Unibanco H-Spon PRF ADR 0.07% 18,622,215 $136.7M Add +5.3%
GAP The Gap Inc. 0.06% 5,429,526 $116.1M Reduce -0.2%

Show all 219 holdings

Portfolio Sells Q2 2025 → Q3 2025
WFC Wells Fargo & Co. Reduce -23.4% 1.76% −0.53
BKNG Booking Holdings Inc. Reduce -7.6% 1.97% −0.41
GS Goldman Sachs Group Inc. Reduce -33.2% 0.95% −0.37
NTR Nutrien Ltd. Sold out 0.00% −0.33
BUD Anheuser-Busch Inbev-SPN ADR Reduce -5.0% 1.18% −0.31
GE General Electric Reduce -30.8% 1.02% −0.29
AMRZ Amrize Ltd. Reduce -53.6% 0.15% −0.20
SNY Sanofi-ADR Reduce -3.9% 1.76% −0.19
JCI Johnson Controls Internation Reduce -4.0% 3.81% −0.16
HLN Haleon PLC-ADR Reduce -0.7% 0.75% −0.16
META Meta Platforms Inc. Class A Reduce -4.8% 1.57% −0.16
COF Capital One Financial Corp. Reduce -5.8% 1.39% −0.15
CTSH Cognizant Tech Solutions-A Reduce -0.4% 0.59% −0.13
GILD Gilead Sciences Inc. Reduce -2.2% 1.80% −0.12
AMZN Amazon.com Inc. Reduce -1.8% 1.93% −0.11
LYB Lyondellbasell Indu Class A Reduce -0.0% 0.45% −0.10
MSFT Microsoft Corp. Reduce -3.3% 2.20% −0.08
SNREY Sunrise Communicat Class A Sold out 0.00% −0.07
TMUS T-Mobile US Inc. Reduce -8.7% 0.48% −0.07
BAC Bank of America Corp. Reduce -14.1% 0.43% −0.05
SCHW Schwab (charles) Corp. Reduce -1.6% 4.28% −0.05
COHR Coherent Corp. Reduce -57.0% 0.04% −0.04
RAL Ralliant Corp. Reduce -0.2% 0.25% −0.04
COP Conocophillips Reduce -8.1% 0.53% −0.04
BMY Bristol-Myers Squibb Co. Reduce -12.0% 0.18% −0.04
BMRN Biomarin Pharmaceutical Inc. Reduce -2.8% 0.43% −0.04
MCHP Microchip Technology Inc. Reduce -2.0% 0.22% −0.04
NTES Netease Inc.-ADR Reduce -16.5% 0.19% −0.02
STT State Street Corp. Reduce -8.3% 0.43% −0.02
CSCO Cisco Systems Inc. Reduce -65.0% 0.01% −0.02
GLPI Gaming and Leisure Propertie Reduce -0.3% 0.34% −0.02
ALNY Alnylam Pharmaceuticals Inc. Reduce -27.4% 0.57% −0.01
NWSA News Corp. Class A Reduce -4.2% 0.21% −0.01
JPM JPMorgan Chase & Co. Reduce -27.3% 0.03% −0.01
TECK Teck Resources Ltd.-CLS B Reduce -7.0% 0.19% −0.01
GAP The Gap Inc. Reduce -0.2% 0.06% −0.00
HES Hess Corp. Sold out 0.00% −0.00
DIS The Walt Disney Co. Reduce -1.4% 0.02% −0.00
AXP American Express Co. Reduce -3.6% 0.06% −0.00
SLB SLB Ltd. Reduce -15.9% 0.01% −0.00
WMB Williams Cos Inc. Reduce -1.7% 0.04% −0.00
LLY Eli Lilly & Co. Reduce -3.5% 0.02% −0.00
JNPR Juniper Networks Inc. Sold out 0.00% −0.00
HMC Honda Motor Co. Ltd.-Spons ADR Sold out 0.00% −0.00
TGT Target Corp. Reduce -3.5% 0.01% −0.00
PG The Procter & Gamble Co. Reduce -3.7% 0.01% −0.00
BSX Boston Scientific Corp. Reduce -1.7% 0.00% −0.00
IBM Intl Business Machines Corp. Reduce -1.8% 0.01% −0.00
UNP Union Pacific Corp. Reduce -0.9% 0.03% −0.00
DE Deere & Co. Reduce -0.9% 0.00% −0.00

Portfolio Buys Q2 2025 → Q3 2025
AON Aon PLC Class A New 0.67% +0.67
WTW Willis Towers Watson PLC Add +184.1% 0.68% +0.46
GOOGL Alphabet Inc. Class A Add +0.6% 1.49% +0.37
BABA Alibaba Group Holding-SP ADR Add +0.1% 1.06% +0.36
ADBE Adobe Inc. Add +8006.6% 0.30% +0.30
ADM Archer-Daniels-Midland Co. Add +130.1% 0.49% +0.29
REGN Regeneron Pharmaceuticals Add +18.9% 1.38% +0.25
UNH Unitedhealth Group Inc. Add +8.6% 1.77% +0.24
FDX FedEx Corp. Add +12.0% 2.06% +0.21
NSC Norfolk Southern Corp. Add +0.1% 1.76% +0.20
FTV Fortive Corp. Add +28.4% 1.13% +0.15
BNTX Biontech SE-ADR Add +315.6% 0.19% +0.14
GEHC GE Healthcare Technology Add +16.8% 1.11% +0.13
ZBH Zimmer Biomet Holdings Inc. Add +5.1% 1.23% +0.10
TDY Teledyne Technologies Inc. Add +12.2% 0.53% +0.10
CX Cemex Sab-Spons ADR Part Cer Add +1.8% 0.47% +0.10
TAP Molson Coors Beverage Co. Class B Add +29.4% 0.45% +0.07
VFC VF Corp. Add +0.1% 0.32% +0.05
SU Suncor Energy Inc. Add +0.3% 0.62% +0.04
CPNG Coupang Inc. Add +0.7% 0.82% +0.03
IEX Idex Corp. New 0.03% +0.03
LPLA LPL Financial Holdings Inc. Add +23.2% 0.60% +0.03
JD Jd.com Inc.-ADR Add +0.5% 0.35% +0.01
ITUB Itau Unibanco H-Spon PRF ADR Add +5.3% 0.07% +0.01
NESR National Energy Services Reu Add +5.6% 0.01% +0.01
CVX Chevron Corp. Add +22.8% 0.02% +0.00
ACMR Acm Research Inc. Class A Add +51.5% 0.00% +0.00
AAPL Apple Inc. Add +3.6% 0.00% +0.00
ZH Zhihu Inc. - ADR New 0.00% +0.00
MELI MercadoLibre Inc. New 0.00% +0.00
KSPI JSC Kaspi.kz ADR Add +127.8% 0.00% +0.00
PSMT Pricesmart Inc. New 0.00% +0.00
NVDA Nvidia Corp. New 0.00% +0.00
WMT Walmart Inc. Add +1.0% 0.01% +0.00
LAUR Laureate Education Inc. Add +19.9% 0.00% +0.00
ABEV Ambev SA-ADR Add +6.1% 0.00% 0.00
LOMA Loma Negra Cia Ind-Spon ADR Add +17.0% 0.00% 0.00
PBR Petroleo Brasileiro-Spon ADR Add +7.6% 0.00% 0.00
GPRK Geopark Ltd. Add +10.1% 0.00% 0.00
SUI Sun Communities Inc. Add +2.0% 1.01% −0.00
HDB HDFC Bank Ltd.-ADR Add +4.2% 0.11% −0.01
YUMC Yum China Holdings Inc. Add +0.1% 0.20% −0.02
MET Metlife Inc. Add +0.9% 2.38% −0.02
XP XP Inc. Class A Add +0.5% 0.35% −0.04
APD Air Products & Chemicals Inc. Add +2.1% 1.33% −0.07
FIS Fidelity National Info Serv Add +22.2% 1.53% −0.08
CARR Carrier Global Corp. Add +5.1% 0.43% −0.09
AVTR Avantor Inc. Add +0.3% 0.79% −0.10
SBAC SBA Communications Corp. Add +12.3% 1.01% −0.13
CE Celanese Corp. Add +0.2% 0.35% −0.13

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 222$191.0BJCI, SCHW, RTX, CVS, MSFT
Q1 2026 222$182.0BJCI, SCHW, RTX, OXY, MSFT
Q4 2025 222$185.3BSCHW, JCI, RTX, CVS, FDX
Q3 2025 219$185.3BSCHW, JCI, RTX, CVS, FISV
Q2 2025 219$178.0BSCHW, JCI, RTX, FISV, CVS
Q1 2025 214$175.5BSCHW, FISV, JCI, RTX, CVS
Q4 2024 213$171.4BSCHW, FISV, JCI, RTX, WFC
Q3 2024 204$176.4BJCI, FISV, SCHW, RTX, WFC
Q2 2024 201$166.0BSCHW, JCI, WFC, GOOG, FISV
Q1 2024 198$171.8BWFC, SCHW, FISV, JCI, OXY