Dodge & Cox2026-Q1
The boldest single bet in Dodge & Cox's first-quarter filing is a brand-new $3.46B stake in SUNB — a 1.90% position planted in a quarter otherwise defined by trims.
TL;DR: Dodge & Cox traded more actively in Q1, launching three new positions led by SUNB, cutting GE to near-zero, and trimming large financial and communication-services holdings — while energy's weight climbed from 4.42% to 6.06% and health care slipped from 28.28% to 25.98%.
By the Numbers
| Ticker | Action | Value Change |
|---|---|---|
| SUNB | New buy | a notable change |
| OXY | Trim | +$1.55B — shares trimmed (real selling); the price gain outweighed the sale — NOT a buy |
| GE | Trim | -$1.39B |
| AJG | Add | +$1.37B |
| HUM | Add | -$918.5M — shares added (real buying); the price drop outweighed the purchase — NOT a sell |
Dodge & Cox entered the quarter holding 222 names and exited holding 222 — identical count, different book. Turnover climbed from 0.161122 to 0.195272, and the portfolio's momentum tilt dropped from 0.499491 percentage points to 0.161989 percentage points, the arithmetic of a manager deliberately moving away from what had been running. The centerpiece is SUNB: a new position of $3.46B, or 1.90% of the portfolio — the largest of three fresh stakes, ahead of ROP at $1.18B (0.65%) and NVO at $710.5M (0.39%).
The selling side was just as decisive. GE was carved from $1.60B down to $209.4M, its weight contracting from 0.86% to 0.12% — a near-exit by any measure. SCHW was trimmed from 4.13% to 3.87%, and the same pattern ran through CVS, FDX, FIS, NSC, SNY, and a broad strip of financials from WFC to MET to UBS. These were active decisions; the share counts moved.
Dodge & Cox trimmed OXY this quarter, and the position still grew to $4.82B — a 2.65% weight — because the stock's advance outran the value of the shares sold, NOT a buy.
That same paradox — action pointing one way, the dollar value pointing the other — runs through the whole filing. The notes on OXY, LYB, SU, APD, BKR, COP, and JNJ are identical: shares trimmed (real selling), but the dollar value rose because the stock price gained more than the trimmed shares were worth — NOT a buy. The mirror image sits on the buy side: HUM, FISV, UNH, AVTR, GEHC, and SBAC all received additions, and all six lost dollar value because the stock price dropped more than the added shares were worth — shares added (real buying), NOT a sell. Dodge & Cox kept buying into falling health-care prices even as the sector's aggregate weight declined.
The sector math tells the rest of the story. Health care's weight slid from 28.28% to 25.98% even as HUM, UNH, and GEHC were being added on share counts; energy climbed from 4.42% to 6.06%, helped by the SUNB launch and by rising prices in OXY, SU, COP, and BKR; financials eased from 19.48% to 19.25%. Concentration ticked down, with the HHI moving from 0.016714 to 0.016238. Among the most striking individual adds, AJG climbed from 0.12% to 0.88% of the portfolio, FCNCA went from 0.04% to 0.41%, and MSFT grew by +$828.2M.
By March 31 the portfolio still held 222 names, but its center of gravity had moved: SUNB anchored 1.90%, GE was reduced to 0.12%, and health care's weight had fallen to 25.98%. Dodge & Cox spent the quarter trimming what had run and adding to what had fallen — a rotation written in share counts, not in price drift.