Dodge & Cox

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Dodge & Cox reported 222 stock positions worth $185.3 billion. Its top holding was Schwab (charles) (SCHW) at 4.1% of the portfolio, followed by Johnson Controls Internation (JCI, 3.9%) and RTX (RTX, 3.7%). Compared with Q3 2025, it opened 8 new positions, sold out of 6, added to 39 and reduced 120. The biggest buy was a new position in Brookfield (BN) and the biggest sale Echostar Class A (ECHO, shares −100%).

Most Recent 13F
Q2 2026
Location
San Francisco, CA
CIK
0000200217
Portfolio Value
$185.3B (Q4 2025)
SEC Filing
0001193125-26-050636 ↗ filed Feb 13, 2026

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 Q3 2025 Q4 2025: $185.3B $185.3B Q4 2025 Q1 2026: $182.0B Q1 2026 Q2 2026: $191.0B Q2 2026

Holdings 222 stocks · $185.3B
SCHW Schwab (charles) Corp. 4.13% 76,513,926 $7.6B Reduce -7.9%
JCI Johnson Controls Internation 3.90% 60,382,969 $7.2B Reduce -6.0%
RTX RTX Corp. 3.72% 37,571,811 $6.9B Reduce -6.3%
CVS CVS Health Corp. 2.68% 62,509,988 $5.0B Reduce -14.6%
FDX FedEx Corp. 2.43% 15,582,168 $4.5B Reduce -4.0%
MET Metlife Inc. 2.23% 52,252,050 $4.1B Reduce -2.6%
GOOG Alphabet Inc. Class C 2.18% 12,875,798 $4.0B Reduce -8.0%
BKNG Booking Holdings Inc. 2.12% 732,081 $3.9B Add +8.4%
MSFT Microsoft Corp. 1.94% 7,441,750 $3.6B Reduce -5.5%
REGN Regeneron Pharmaceuticals 1.92% 4,596,358 $3.5B Add +1.0%
AMZN Amazon.com Inc. 1.90% 15,230,394 $3.5B Reduce -6.5%
GOOGL Alphabet Inc. Class A 1.83% 10,833,118 $3.4B Reduce -4.5%
TEL Te Connectivity PLC 1.83% 14,873,850 $3.4B Reduce -7.3%
CMCSA Comcast Corp. Class A 1.82% 112,967,514 $3.4B Add +0.3%
GSK GSK PLC-Spon ADR 1.81% 68,517,969 $3.4B Reduce -12.6%
FISV Fiserv Inc. 1.79% 49,474,622 $3.3B Add +28.1%
META Meta Platforms Inc. Class A 1.79% 5,019,837 $3.3B Add +26.7%
OXY Occidental Petroleum Corp. 1.76% 79,473,071 $3.3B Reduce -0.5%
FIS Fidelity National Info Serv 1.76% 49,113,297 $3.3B Add +13.9%
GILD Gilead Sciences Inc. 1.74% 26,283,511 $3.2B Reduce -12.8%
CI The Cigna Group 1.65% 11,138,614 $3.1B Add +19.7%
CHTR Charter Communications Inc. Class A 1.65% 14,609,220 $3.0B Add +23.7%
UNH Unitedhealth Group Inc. 1.63% 9,172,769 $3.0B Reduce -3.5%
WFC Wells Fargo & Co. 1.63% 32,311,711 $3.0B Reduce -16.9%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 1.62% 25,811,239 $3.0B Reduce -25.9%
HUM Humana Inc. 1.56% 11,290,435 $2.9B Reduce -0.4%
NSC Norfolk Southern Corp. 1.50% 9,623,885 $2.8B Reduce -11.5%
AON Aon PLC Class A 1.50% 7,852,456 $2.8B Add +126.6%
SNY Sanofi-ADR 1.48% 56,492,599 $2.7B Reduce -18.1%
GEHC GE Healthcare Technology 1.38% 31,211,229 $2.6B Add +13.4%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 1.32% 36,401,042 $2.5B Reduce -1.6%
FTV Fortive Corp. 1.32% 44,157,822 $2.4B Add +3.7%
SBAC SBA Communications Corp. 1.25% 11,996,134 $2.3B Add +24.1%
APD Air Products & Chemicals Inc. 1.23% 9,236,610 $2.3B Add +2.6%
WTW Willis Towers Watson PLC 1.23% 6,925,525 $2.3B Add +90.7%
COF Capital One Financial Corp. 1.20% 9,163,067 $2.2B Reduce -24.3%
BUD Anheuser-Busch Inbev-SPN ADR 1.14% 33,113,431 $2.1B Reduce -9.4%
ZBH Zimmer Biomet Holdings Inc. 1.14% 23,506,849 $2.1B Add +1.3%
BN Brookfield Corp. 1.02% 41,280,320 $1.9B New
BKR Baker Hughes Co. 1.00% 40,759,438 $1.9B Reduce -7.5%
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.97% 14,491,865 $1.8B Add +0.1%
ELAN Elanco Animal Health Inc. 0.97% 79,084,305 $1.8B Reduce -4.4%
GE General Electric filed as GE AEROSPACE 0.86% 5,191,577 $1.6B Reduce -17.2%
UBS UBS Group AG-Reg 0.84% 33,665,342 $1.6B Reduce -21.1%
HLN Haleon PLC-ADR 0.83% 151,755,452 $1.5B Reduce -1.7%
GS Goldman Sachs Group Inc. 0.81% 1,709,674 $1.5B Reduce -22.6%
BABA Alibaba Group Holding-SP ADR 0.79% 10,016,870 $1.5B Reduce -8.7%
LPLA LPL Financial Holdings Inc. 0.76% 3,948,970 $1.4B Add +18.6%
AVTR Avantor Inc. 0.72% 117,065,143 $1.3B Reduce -0.6%
INCY Incyte Corp. 0.71% 13,261,742 $1.3B Reduce -4.8%
D Dominion Energy Inc. 0.70% 22,149,918 $1.3B Reduce -2.8%
TMUS T-Mobile US Inc. 0.68% 6,185,972 $1.3B Add +65.2%
CTSH Cognizant Tech Solutions-A 0.67% 14,983,337 $1.2B Reduce -7.5%
NVS Novartis AG-Sponsored ADR 0.67% 9,014,641 $1.2B Reduce -14.8%
SU Suncor Energy Inc. 0.65% 27,257,754 $1.2B Reduce -0.8%
CPNG Coupang Inc. 0.63% 49,233,320 $1.2B Add +4.9%
BAP Credicorp Ltd. 0.60% 3,870,940 $1.1B Reduce -21.0%
BAX Baxter International Inc. 0.59% 56,999,970 $1.1B Reduce -0.7%
AEP American Electric Power 0.58% 9,342,540 $1.1B Reduce -1.9%
ADM Archer-Daniels-Midland Co. 0.53% 17,084,645 $982.2M Add +13.4%
CX Cemex Sab-Spons ADR Part Cer 0.53% 84,794,670 $974.3M Reduce -12.3%
COP Conocophillips 0.52% 10,290,169 $963.3M Reduce -0.4%
TAP Molson Coors Beverage Co. Class B 0.47% 18,610,924 $868.8M Reduce -0.1%
BMRN Biomarin Pharmaceutical Inc. 0.47% 14,572,384 $866.0M Reduce -0.8%
TDY Teledyne Technologies Inc. 0.46% 1,685,340 $860.8M Add +0.3%
FOXA Fox Corp. Class A 0.46% 11,613,443 $848.6M Reduce -11.7%
TRU Transunion 0.46% 9,842,006 $844.0M New
NBIX Neurocrine Biosciences Inc. 0.42% 5,508,042 $781.2M Reduce -0.9%
ALNY Alnylam Pharmaceuticals Inc. 0.42% 1,964,415 $781.1M Reduce -15.4%
HPQ HP Inc. 0.41% 34,503,131 $768.7M Reduce -0.5%
ADBE Adobe Inc. 0.41% 2,164,475 $757.5M Add +35.8%
MDT Medtronic PLC 0.40% 7,738,043 $743.3M Add +0.2%
VFC VF Corp. 0.40% 40,679,850 $735.5M Reduce -0.7%
LYB Lyondellbasell Indu Class A 0.39% 16,879,077 $730.9M Reduce -0.5%
CARR Carrier Global Corp. 0.38% 13,421,292 $709.2M Reduce -0.1%
CE Celanese Corp. 0.35% 15,304,050 $647.1M Reduce -0.4%
RAL Ralliant Corp. 0.34% 12,214,679 $621.8M Add +13.3%
STT State Street Corp. 0.33% 4,744,154 $612.0M Reduce -30.2%
GLPI Gaming and Leisure Propertie 0.33% 13,589,962 $607.3M Add +0.1%
LIN Linde PLC 0.31% 1,329,590 $566.9M No change
XP XP Inc. Class A 0.30% 33,960,545 $555.9M Reduce -1.5%
AEG Aegon Ltd.-NY Reg SHR 0.29% 70,522,831 $543.7M Reduce -17.8%
TRP TC Energy Corp. 0.28% 9,294,300 $511.3M Reduce -3.6%
PDD PDD Holdings Inc. 0.27% 4,439,800 $503.4M New
FOX Fox Corp. Class B 0.25% 7,257,827 $471.3M Reduce -0.4%
TIGO Millicom Intl Cellular S.A. 0.24% 8,133,132 $450.9M Reduce -3.7%
YUMC Yum China Holdings Inc. 0.22% 8,553,962 $408.4M Add +0.4%
MCHP Microchip Technology Inc. 0.21% 6,187,474 $394.3M Reduce -0.4%
BMY Bristol-Myers Squibb Co. 0.21% 7,078,250 $381.8M Reduce -4.7%
JD Jd.com Inc.-ADR 0.19% 12,194,648 $350.0M Reduce -35.1%
BNTX Biontech SE-ADR 0.19% 3,614,491 $344.1M Reduce -0.9%
NWSA News Corp. Class A 0.18% 12,449,295 $325.2M Reduce -0.2%
NTES Netease Inc.-ADR 0.16% 2,154,376 $296.5M Reduce -6.0%
AMRZ Amrize Ltd. 0.16% 5,385,441 $293.4M Reduce -6.9%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.12% 880,585 $227.9M New
IEX Idex Corp. 0.12% 1,262,550 $224.7M Add +266.7%
HDB HDFC Bank Ltd.-ADR 0.11% 5,501,800 $201.0M Reduce -11.5%
ITUB Itau Unibanco H-Spon PRF ADR 0.07% 19,120,110 $136.9M Add +2.7%
FLUT Flutter Entertainment PLC-Di 0.07% 628,878 $135.2M No change
COHR Coherent Corp. 0.07% 669,855 $123.6M Reduce -10.1%

Show all 222 holdings

Portfolio Sells Q3 2025 → Q4 2025
ECHO Echostar Corp. Class A Reduce -99.7% 0.00% −0.48
BNY Bank of New York Mellon Corp. Reduce -25.9% 1.62% −0.43
BAC Bank of America Corp. Reduce -86.9% 0.06% −0.37
BIDU Baidu Inc. - Spon ADR Reduce -99.6% 0.00% −0.31
CVS CVS Health Corp. Reduce -14.6% 2.68% −0.30
SNY Sanofi-ADR Reduce -18.1% 1.48% −0.28
OXY Occidental Petroleum Corp. Reduce -0.5% 1.76% −0.27
BABA Alibaba Group Holding-SP ADR Reduce -8.7% 0.79% −0.27
NSC Norfolk Southern Corp. Reduce -11.5% 1.50% −0.26
MSFT Microsoft Corp. Reduce -5.5% 1.94% −0.26
COF Capital One Financial Corp. Reduce -24.3% 1.20% −0.19
TECK Teck Resources Ltd.-CLS B Sold out 0.00% −0.19
JD Jd.com Inc.-ADR Reduce -35.1% 0.19% −0.17
MET Metlife Inc. Reduce -2.6% 2.23% −0.16
BKR Baker Hughes Co. Reduce -7.5% 1.00% −0.16
GE General Electric Reduce -17.2% 0.86% −0.15
SCHW Schwab (charles) Corp. Reduce -7.9% 4.13% −0.15
ALNY Alnylam Pharmaceuticals Inc. Reduce -15.4% 0.42% −0.15
GS Goldman Sachs Group Inc. Reduce -22.6% 0.81% −0.14
UNH Unitedhealth Group Inc. Reduce -3.5% 1.63% −0.14
WFC Wells Fargo & Co. Reduce -16.9% 1.63% −0.13
BAX Baxter International Inc. Reduce -0.7% 0.59% −0.12
UBS UBS Group AG-Reg Reduce -21.1% 0.84% −0.11
BAP Credicorp Ltd. Reduce -21.0% 0.60% −0.10
STT State Street Corp. Reduce -30.2% 0.33% −0.10
HPQ HP Inc. Reduce -0.5% 0.41% −0.09
TV Grupo Televisa SA-Spon ADR Sold out 0.00% −0.09
AEG Aegon Ltd.-NY Reg SHR Reduce -17.8% 0.29% −0.08
TEL Te Connectivity PLC Reduce -7.3% 1.83% −0.07
AVTR Avantor Inc. Reduce -0.6% 0.72% −0.07
GILD Gilead Sciences Inc. Reduce -12.8% 1.74% −0.06
GAP The Gap Inc. Sold out 0.00% −0.06
NVS Novartis AG-Sponsored ADR Reduce -14.8% 0.67% −0.06
LYB Lyondellbasell Indu Class A Reduce -0.5% 0.39% −0.05
D Dominion Energy Inc. Reduce -2.8% 0.70% −0.05
CARR Carrier Global Corp. Reduce -0.1% 0.38% −0.05
XP XP Inc. Class A Reduce -1.5% 0.30% −0.05
AMZN Amazon.com Inc. Reduce -6.5% 1.90% −0.03
NWSA News Corp. Class A Reduce -0.2% 0.18% −0.03
BUD Anheuser-Busch Inbev-SPN ADR Reduce -9.4% 1.14% −0.03
HUM Humana Inc. Reduce -0.4% 1.56% −0.03
NTES Netease Inc.-ADR Reduce -6.0% 0.16% −0.03
GSK GSK PLC-Spon ADR Reduce -12.6% 1.81% −0.01
JPM JPMorgan Chase & Co. Reduce -36.1% 0.02% −0.01
BNTX Biontech SE-ADR Reduce -0.9% 0.19% −0.01
TRP TC Energy Corp. Reduce -3.6% 0.28% −0.01
COP Conocophillips Reduce -0.4% 0.52% −0.01
HDB HDFC Bank Ltd.-ADR Reduce -11.5% 0.11% −0.01
WMB Williams Cos Inc. Reduce -10.3% 0.03% −0.01
CDNS Cadence Design SYS Inc. Reduce -1.3% 0.04% −0.01

Portfolio Buys Q3 2025 → Q4 2025
BN Brookfield Corp. New 1.02% +1.02
AON Aon PLC Class A Add +126.6% 1.50% +0.83
WTW Willis Towers Watson PLC Add +90.7% 1.23% +0.55
REGN Regeneron Pharmaceuticals Add +1.0% 1.92% +0.53
TRU Transunion New 0.46% +0.46
PDD PDD Holdings Inc. New 0.27% +0.27
GEHC GE Healthcare Technology Add +13.4% 1.38% +0.27
SBAC SBA Communications Corp. Add +24.1% 1.25% +0.24
FIS Fidelity National Info Serv Add +13.9% 1.76% +0.23
META Meta Platforms Inc. Class A Add +26.7% 1.79% +0.22
CI The Cigna Group Add +19.7% 1.65% +0.21
TMUS T-Mobile US Inc. Add +65.2% 0.68% +0.19
FTV Fortive Corp. Add +3.7% 1.32% +0.19
LPLA LPL Financial Holdings Inc. Add +18.6% 0.76% +0.16
BKNG Booking Holdings Inc. Add +8.4% 2.12% +0.15
AJG Arthur J Gallagher & Co. New 0.12% +0.12
ADBE Adobe Inc. Add +35.8% 0.41% +0.11
IEX Idex Corp. Add +266.7% 0.12% +0.09
RAL Ralliant Corp. Add +13.3% 0.34% +0.08
ADM Archer-Daniels-Midland Co. Add +13.4% 0.53% +0.04
FCNCA First Citizens Bcshs Class A New 0.04% +0.04
YUMC Yum China Holdings Inc. Add +0.4% 0.22% +0.02
KSPI JSC Kaspi.kz ADR Add +930.7% 0.01% +0.01
MDT Medtronic PLC Add +0.2% 0.40% +0.00
MELI MercadoLibre Inc. Add +255.1% 0.00% +0.00
ATAT Atour Lifestyle Holdings-ADR New 0.00% +0.00
KARO Karooooo Ltd. New 0.00% +0.00
AAPL Apple Inc. Add +1.6% 0.00% +0.00
LOMA Loma Negra Cia Ind-Spon ADR Add +19.5% 0.00% +0.00
ABEV Ambev SA-ADR Add +7.2% 0.00% +0.00
ITUB Itau Unibanco H-Spon PRF ADR Add +2.7% 0.07% +0.00
RIO Rio Tinto PLC-Spon ADR New 0.00% +0.00
BLK BlackRock Inc. Add +8.6% 0.00% 0.00
AFYA Afya Ltd. Class A Add +0.3% 0.00% 0.00
ARCO Arcos Dorados Holdings Inc. Class A Add +2.7% 0.00% 0.00
JBS JBS NV-A Add +6.3% 0.00% 0.00
ZH Zhihu Inc. - ADR Add +15.3% 0.00% −0.00
PG The Procter & Gamble Co. Add +0.0% 0.01% −0.00
GLPI Gaming and Leisure Propertie Add +0.1% 0.33% −0.01
SUI Sun Communities Inc. Add +0.1% 0.97% −0.04
TDY Teledyne Technologies Inc. Add +0.3% 0.46% −0.07
CMCSA Comcast Corp. Class A Add +0.3% 1.82% −0.09
ZBH Zimmer Biomet Holdings Inc. Add +1.3% 1.14% −0.09
APD Air Products & Chemicals Inc. Add +2.6% 1.23% −0.09
CHTR Charter Communications Inc. Class A Add +23.7% 1.65% −0.11
CPNG Coupang Inc. Add +4.9% 0.63% −0.19
FISV Fiserv Inc. Add +28.1% 1.79% −0.89

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