Dodge & Cox
Long book
$181.98B
Q1 2026
Positions
222
Top-10 weight
27%
concentration
Last quarter
+7.2%
SPY +14.8%
Turnover
6%
of book per quarter
Strategy in plain words
auto-generated from filingsDodge & Cox is an active long-only manager, running a $181.98B US long book across 222 positions.
The portfolio is moderately concentrated (top 10 ≈ 27% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: JOHNSON CONTROLS INTERNATION, SCHWAB (CHARLES) CORP, RTX CORP, OCCIDENTAL PETROLEUM CORP, MICROSOFT CORP.
Over the last 9 quarters its long book ran on average 1.5pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.1%
Q2 2024
+7.8%
Q3 2024
-1.4%
Q4 2024
+3.7%
Q1 2025
+4.8%
Q2 2025
+4.2%
Q3 2025
+2.4%
Q4 2025
-1.5%
Q1 2026
+7.2%
Sector allocation
Financials 24%
Industrials 17%
Healthcare 14%
Technology 13%
Services media 6%
Communications 6%
Consumer discretionary 5%
Energy 5%
Long book by quarter
What does Dodge & own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| JCI JOHNSON CONTROLS INTERNATION | Industrials | 57.5M | $7.53B | 4.1% | -4.8% |
| SCHW SCHWAB (CHARLES) CORP | Financials | 75.0M | $7.05B | 3.9% | -2.0% |
| RTX RTX CORP | Industrials | 35.5M | $6.84B | 3.8% | -5.6% |
| OXY OCCIDENTAL PETROLEUM CORP | Energy | 74.1M | $4.82B | 2.6% | -6.8% |
| MSFT MICROSOFT CORP | Technology | 12.0M | $4.43B | 2.4% | +60.7% |
| BKNG BOOKING HOLDINGS INC | Industrials | 997.5K | $4.20B | 2.3% | +36.3% |
| CVS CVS HEALTH CORP | Healthcare | 51.8M | $3.72B | 2.0% | -17.2% |
| MET METLIFE INC | Financials | 51.1M | $3.61B | 2.0% | -2.2% |
| FDX FEDEX CORP | Industrials | 10.0M | $3.56B | 2.0% | -35.9% |
| GOOG ALPHABET INC-CL C | Technology | 12.2M | $3.51B | 1.9% | -5.0% |
| SUNB SUNBELT RENTALS HOLDINGS INC | Services media | 53.1M | $3.46B | 1.9% | New |
| REGN REGENERON PHARMACEUTICALS | Healthcare | 4.5M | $3.44B | 1.9% | -3.0% |
| GILD GILEAD SCIENCES INC | Healthcare | 24.3M | $3.38B | 1.9% | -7.7% |
| CMCSA COMCAST CORP-CLASS A | Communications | 113.1M | $3.25B | 1.8% | +0.1% |
| CHTR CHARTER COMMUNICATIONS INC-A | Communications | 14.6M | $3.16B | 1.7% | +0.1% |
| AMZN AMAZON.COM INC | Consumer discretionary | 15.1M | $3.15B | 1.7% | -0.8% |
| CI THE CIGNA GROUP | Financials | 11.6M | $3.08B | 1.7% | +3.7% |
| TEL TE CONNECTIVITY PLC | Consumer discretionary | 14.7M | $3.07B | 1.7% | -1.2% |
| GOOGL ALPHABET INC-CL A | Technology | 10.6M | $3.06B | 1.7% | -1.9% |
| META META PLATFORMS INC-CLASS A | Technology | 5.0M | $2.87B | 1.6% | -0.1% |
| FISV FISERV INC | Services media | 50.3M | $2.80B | 1.5% | +1.6% |
| BNY BANK OF NEW YORK MELLON CORP | Financials | 23.4M | $2.78B | 1.5% | -9.3% |
| APD AIR PRODUCTS & CHEMICALS INC | Materials | 9.2M | $2.68B | 1.5% | -0.1% |
| IFF INTL FLAVORS & FRAGRANCES | Other | 36.5M | $2.65B | 1.5% | +0.2% |
| AON AON PLC-CLASS A | Financials | 8.1M | $2.62B | 1.4% | +3.4% |
| UNH UNITEDHEALTH GROUP INC | Financials | 9.5M | $2.56B | 1.4% | +3.2% |
| WFC WELLS FARGO & CO | Financials | 31.2M | $2.48B | 1.4% | -3.5% |
| BN BROOKFIELD CORP | Real estate | 59.2M | $2.40B | 1.3% | +43.4% |
| FTV FORTIVE CORP | Technology | 43.2M | $2.39B | 1.3% | -2.3% |
| FIS FIDELITY NATIONAL INFO SERV | Services media | 49.1M | $2.30B | 1.3% | -0.1% |
| GEHC GE HEALTHCARE TECHNOLOGY | Healthcare | 31.3M | $2.23B | 1.2% | +0.3% |
| BKR BAKER HUGHES CO | Industrials | 35.9M | $2.19B | 1.2% | -12.0% |
| WTW WILLIS TOWERS WATSON PLC | Financials | 7.3M | $2.13B | 1.2% | +5.9% |
| ZBH ZIMMER BIOMET HOLDINGS INC | Healthcare | 23.5M | $2.13B | 1.2% | +0.2% |
| HUM HUMANA INC | Financials | 11.4M | $1.97B | 1.1% | +0.8% |
| NSC NORFOLK SOUTHERN CORP | Industrials | 6.3M | $1.80B | 1.0% | -35.0% |
| SU SUNCOR ENERGY INC | Energy | 26.3M | $1.74B | 1.0% | -3.7% |
| ELAN ELANCO ANIMAL HEALTH INC | Healthcare | 68.9M | $1.65B | 0.9% | -12.8% |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 8.8M | $1.60B | 0.9% | -4.2% |
| AJG ARTHUR J GALLAGHER & CO | Financials | 7.4M | $1.59B | 0.9% | +735.2% |
| CARR CARRIER GLOBAL CORP | Industrials | 26.6M | $1.50B | 0.8% | +98.4% |
| CPNG COUPANG INC | Consumer discretionary | 72.0M | $1.36B | 0.7% | +46.3% |
| LYB LYONDELLBASELL INDU-CL A | Other | 16.8M | $1.36B | 0.7% | -0.2% |
| UBS UBS GROUP AG-REG | Financials | 33.6M | $1.31B | 0.7% | -0.1% |
| TMUS T-MOBILE US INC | Communications | 6.2M | $1.29B | 0.7% | -0.5% |
| COP CONOCOPHILLIPS | Energy | 9.6M | $1.27B | 0.7% | -6.3% |
| LPLA LPL FINANCIAL HOLDINGS INC | Financials | 4.1M | $1.25B | 0.7% | +5.0% |
| D DOMINION ENERGY INC | Utilities | 19.5M | $1.20B | 0.7% | -12.1% |
| ROP ROPER TECHNOLOGIES INC | Technology | 3.3M | $1.18B | 0.7% | New |
| GS GOLDMAN SACHS GROUP INC | Financials | 1.4M | $1.17B | 0.6% | -19.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 222 | $181.98B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 222 | $185.26B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 219 | $185.33B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 219 | $177.97B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 214 | $175.45B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 214 | $171.84B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 205 | $176.83B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 202 | $166.62B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 199 | $172.38B | canonical | SEC ↗ |
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