CIK: 0000200217
Total reported value
$182.0B
Reporting period: 2026-03-31 · Number of holdings: 222
Dodge & Cox disclosed 222 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $182.0B and a quarterly turnover rate of 19.5%.
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Dodge & Cox's disclosed holdings carry a Herfindahl concentration index of 0.016 — mathematically equivalent to about 62 equally-sized positions, well below its 222 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.62), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add OXY
-6.8% $1.5B
Add AJG
+735.2% $1.4B
Trim GE
-85.8% -$1.4B
Trim SNY
-47.8% -$1.3B
Trim CVS
-17.2% -$1.2B
Trim NSC
-35.0% -$982.6M
Dodge & Coe is running a long-duration contrarian value rotation: trimming momentum-driven positions in GE, SNY, and CVS to recycle capital into deeply overlooked bets (SUNB, ROP, AJG), signaling that it sees more alpha in rotating from recently re-rated compounders to unloved turnaround stories—while maintaining a sprawling 222-name portfolio that minimizes single-name risk but relies on a broad mean-reversion catalyst.
The sector overweight to Health Care (26%) and Financials (19%) against a stark underweight to Information Technology (10%) prices a regime shift where earnings durability and insurance pricing power dominate AI-driven multiple expansion. The opposing thesis: if the capital expenditure cycle in AI and digital infrastructure continues to accelerate, this portfolio's structural underweight in Technology leaves it fighting the strongest factor in global equities, while its Health Care bet faces unresolved regulatory overhang on drug pricing.
Dodge & Coe's 100-point contrarian score paired with 100-point diversification creates an impossible math: the portfolio is simultaneously pricing a mean reversion in every sector, but if momentum persists in key areas like Technology or Consumer Discretionary, the lack of conviction sizing (HHI 0.016) means no single bet can compensate for a systematic factor miss. The strategy becomes a liquidity trap—too broad to rotate quickly, too stale to generate alpha, and too exposed to a single regime change that may never arrive.
Produced with AI assistance from publicly disclosed 13F data. Historical only; not a personalized investment recommendation.
Showing top 200 holdings (of 222 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | JNJ | Johnson & Johnson | Stock-Healthcare | 4.14% | +0.24% | -4.76% | |
| 2 | SCHW | Schwab (charles) CORP | Stock-Financials | 3.87% | -0.26% | -1.97% | |
| 3 | RTX | Rtx CORP | Stock-Industrials | 3.76% | — | -5.59% | |
| 4 | OXY | Occidental Petroleum CORP | Stock-Energy | 2.65% | +0.89% | -6.78% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 2.43% | +0.49% | +60.71% | |
| 6 | BKNG | Booking Holdings INC | Stock-Consumer Disc | 2.31% | +0.19% | +36.26% | |
| 7 | CVS | Cvs Health CORP | Stock-Healthcare | 2.04% | -0.64% | -17.17% | |
| 8 | MET | Metlife INC | Stock-Financials | 1.99% | -0.24% | -2.18% | |
| 9 | FDX | Fedex CORP | Stock-Industrials | 1.95% | -0.48% | -35.93% | |
| 10 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.93% | -0.25% | -5.03% | |
| 11 | SUNB | Sunbelt Rentals Holdings INC | Stock-Industrials | 1.90% | +1.90% | NEW | |
| 12 | REGN | Regeneron Pharmaceuticals | Stock-Healthcare | 1.89% | — | -3.00% | |
| 13 | GILD | Gilead Sciences INC | Stock-Healthcare | 1.86% | — | -7.73% | |
| 14 | CMCSA | Comcast Corp-class A | Stock-Comm Services | 1.78% | — | +0.12% | |
| 15 | GSK | Gsk Plc-spon Adr | Stock-Healthcare | 1.78% | — | -14.38% | |
| 16 | CHTR | Charter Communications Inc-a | Stock-Comm Services | 1.74% | — | +0.12% | |
| 17 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.73% | -0.17% | -0.79% | |
| 18 | CI | THE Cigna Group | Stock-Healthcare | 1.69% | — | +3.75% | |
| 19 | TEL | TE Connectivity plc | Stock-Tech | 1.69% | -0.14% | -1.24% | |
| 20 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.68% | -0.15% | -1.93% | |
| 21 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.58% | -0.21% | -0.11% | |
| 22 | FISV | Fiserv INC | Stock-Other | 1.54% | -0.25% | +1.59% | |
| 23 | BNY | Bank Of New York Mellon CORP | Stock-Financials | 1.53% | -0.09% | -9.33% | |
| 24 | APD | Air Products & Chemicals INC | Stock-Materials | 1.47% | +0.24% | -0.05% | |
| 25 | IFF | Intl Flavors & Fragrances | Stock-Materials | 1.45% | +0.13% | +0.20% | |
| 26 | AON | Aon plc | Stock-Financials | 1.44% | — | +3.36% | |
| 27 | UNH | Unitedhealth Group INC | Stock-Healthcare | 1.41% | -0.22% | +3.21% | |
| 28 | WFC | Wells Fargo & Co | Stock-Financials | 1.36% | -0.27% | -3.54% | |
| 29 | BN | Brookfield CORP | Stock-Financials | 1.32% | +0.30% | +43.38% | |
| 30 | FTV | Fortive CORP | Stock-Tech | 1.31% | — | -2.27% | |
| 31 | FIS | Fidelity National Info Serv | Stock-Tech | 1.27% | -0.50% | -0.08% | |
| 32 | GEHC | GE Healthcare Technology | Stock-Healthcare | 1.22% | -0.16% | +0.32% | |
| 33 | BKR | Baker Hughes Co | Stock-Energy | 1.20% | +0.20% | -11.99% | |
| 34 | WTW | Willis Towers Watson Public Limited Company | Stock-Financials | 1.17% | — | +5.88% | |
| 35 | ZBH | Zimmer Biomet Holdings INC | Stock-Healthcare | 1.17% | — | +0.15% | |
| 36 | SBAC | Sba Communications CORP | Stock-Real Estate | 1.14% | -0.11% | +0.70% | |
| 37 | BUD | Anheuser-busch Inbev-spn Adr | Stock-Consumer Staples | 1.13% | — | -10.36% | |
| 38 | HUM | Humana INC | Stock-Healthcare | 1.08% | -0.48% | +0.80% | |
| 39 | SUI | Sun Communities INC | Stock-Real Estate | 0.99% | — | -1.56% | |
| 40 | NSC | Norfolk Southern CORP | Stock-Industrials | 0.99% | -0.51% | -34.98% | |
| 41 | SU | Suncor Energy INC | Stock-Energy | 0.95% | +0.30% | -3.65% | |
| 42 | ELAN | Elanco Animal Health INC | Stock-Healthcare | 0.91% | — | -12.82% | |
| 43 | COF | Capital One Financial CORP | Stock-Financials | 0.88% | -0.32% | -4.24% | |
| 44 | AJG | Arthur J Gallagher & Co | Stock-Financials | 0.88% | +0.76% | +735.23% | |
| 45 | CARR | Carrier Global CORP | Stock-Industrials | 0.82% | +0.44% | +98.36% | |
| 46 | HLN | Haleon Plc-adr | Stock-Healthcare | 0.81% | — | -3.44% | |
| 47 | SNY | Sanofi-adr | Stock-Healthcare | 0.78% | -0.70% | -47.77% | |
| 48 | CPNG | Coupang INC | Stock-Consumer Disc | 0.75% | +0.12% | +46.26% | |
| 49 | LYB | LyondellBasell Industries N.V. | Stock-Materials | 0.75% | +0.36% | -0.24% | |
| 50 | UBS | UBS Group AG | Stock-Financials | 0.72% | -0.12% | -0.06% |
Performance for Q3 2026
+2.4%
Performance Last 4 Quarters
+13.3%
Based on 79% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 222 | $182.0B | 20 | |
| 2025-12-31 | 222 | $185.3B | 16 | |
| 2025-09-30 | 219 | $185.3B | 25 | |
| 2025-06-30 | 219 | $178.0B | 0 | |
| 2025-03-31 | 214 | $175.5B | 100 | |
| 2024-12-31 | 214 | $171.8B | 0 | |
| 2024-09-30 | 205 | $176.8B | 0 | |
| 2024-06-30 | 202 | $166.6B | 0 | |
| 2024-03-31 | 199 | $172.4B | 0 | |
| 2023-12-31 | 197 | $157.6B | 0 | |
| 2023-09-30 | 192 | $148.4B | 0 | |
| 2023-06-30 | 191 | $149.9B | 0 | |
| 2023-03-31 | 203 | $146.8B | 0 | |
| 2022-12-31 | 188 | $145.8B | 0 | |
| 2022-09-30 | 191 | $132.0B | 0 | |
| 2022-06-30 | 211 | $144.5B | 0 | |
| 2022-03-31 | 197 | $164.6B | 0 | |
| 2021-12-31 | 197 | $161.5B | 0 | |
| 2021-09-30 | 193 | $153.5B | 0 | |
| 2021-06-30 | 190 | $152.9B | 96 | |
| 2021-03-31 | 186 | $139.9B | 20 | |
| 2020-12-31 | 182 | $126.5B | 20 | |
| 2020-09-30 | 183 | $109.3B | 14 | |
| 2020-06-30 | 192 | $108.7B | 27 | |
| 2020-03-31 | 177 | $92.4B | 38 | |
| 2019-12-31 | 184 | $130.6B | 14 | |
| 2019-09-30 | 181 | $121.5B | 14 | |
| 2019-06-30 | 180 | $123.6B | 17 | |
| 2019-03-31 | 178 | $121.8B | 18 | |
| 2018-12-31 | 181 | $109.1B | 33 | |
| 2018-09-30 | 190 | $130.7B | 16 | |
| 2018-06-30 | 176 | $125.2B | 17 | |
| 2018-03-31 | 177 | $123.9B | 14 | |
| 2017-12-31 | 178 | $129.1B | 13 | |
| 2017-09-30 | 180 | $124.3B | 14 | |
| 2017-06-30 | 179 | $118.6B | 12 | |
| 2017-03-31 | 178 | $117.7B | 10 | |
| 2016-12-31 | 181 | $112.5B | 13 | |
| 2016-09-30 | 176 | $106.4B | 19 | |
| 2016-06-30 | 175 | $101.3B | 16 | |
| 2016-03-31 | 191 | $102.2B | 14 | |
| 2015-12-31 | 183 | $101.9B | 30 | |
| 2015-09-30 | 185 | $99.4B | 18 | |
| 2015-06-30 | 181 | $110.9B | 13 | |
| 2015-03-31 | 187 | $108.5B | 11 | |
| 2014-12-31 | 190 | $107.6B | 19 | |
| 2014-09-30 | 204 | $104.6B | 13 | |
| 2014-06-30 | 168 | $104.9B | 15 | |
| 2014-03-31 | 165 | $97.8B | 12 | |
| 2013-12-31 | 163 | $95.9B | 14 | |
| 2013-09-30 | 164 | $88.0B | 14 | |
| 2013-06-30 | 166 | $84.2B | 0 |
Dodge & Cox's most significant position changes for 2026-03-31: New buy: Sunbelt Rentals Holdings INC (SUNB); New buy: Roper Technologies INC (ROP); New buy: Novo-nordisk A/s-spons Adr (NVO); Sold out: Amrize Ltd (AMRZ); Sold out: Idex CORP (IEX).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | OXY | Occidental Petroleum CORP | +0.9% | -6.78% | Trim |
| 2 | AJG | Arthur J Gallagher & Co | +0.8% | +735.23% | Add |
| 3 | MSFT | Microsoft CORP | +0.5% | +60.71% | Add |
| 4 | CARR | Carrier Global CORP | +0.4% | +98.36% | Add |
| 5 | FCNCA | First Citizens Bcshs -cl A | +0.4% | +1145.29% | Add |
| 6 | LYB | LyondellBasell Industries N.V. | +0.4% | -0.24% | Trim |
| 7 | SU | Suncor Energy INC | +0.3% | -3.65% | Trim |
| 8 | BN | Brookfield CORP | +0.3% | +43.38% | Add |
| 9 | APD | Air Products & Chemicals INC | +0.2% | -0.05% | Trim |
| 10 | JNJ | Johnson & Johnson | +0.2% | -4.76% | Trim |
| 11 | CE | Celanese CORP | +0.2% | +0.27% | Add |
| 12 | BKR | Baker Hughes Co | +0.2% | -11.99% | Trim |
| 13 | BKNG | Booking Holdings INC | +0.2% | +36.26% | Add |
| 14 | COP | Conocophillips | +0.2% | -6.26% | Trim |
| 15 | TRU | Transunion | +0.2% | +64.49% | Add |
| 16 | IFF | Intl Flavors & Fragrances | +0.1% | +0.20% | Add |
| 17 | CPNG | Coupang INC | +0.1% | +46.26% | Add |
| 18 | BNY | Bank Of New York Mellon CORP | -0.1% | -9.33% | Trim |
| 19 | NVS | Novartis Ag-sponsored Adr | -0.1% | -22.71% | Trim |
| 20 | SBAC | Sba Communications CORP | -0.1% | +0.70% | Add |
| 21 | BABA | Alibaba Group Holding-sp Adr | -0.1% | -0.99% | Trim |
| 22 | FOXA | Fox CORP - Class A | -0.1% | -6.17% | Trim |
| 23 | UBS | UBS Group AG | -0.1% | -0.06% | Trim |
| 24 | TEL | TE Connectivity plc | -0.1% | -1.24% | Trim |
| 25 | GOOGL | Alphabet Inc-cl A | -0.2% | -1.93% | Trim |
| 26 | GEHC | GE Healthcare Technology | -0.2% | +0.32% | Add |
| 27 | AMZN | Amazon.com INC | -0.2% | -0.79% | Trim |
| 28 | GS | Goldman Sachs Group INC | -0.2% | -19.26% | Trim |
| 29 | CTSH | Cognizant Tech Solutions-a | -0.2% | -4.74% | Trim |
| 30 | AVTR | Avantor INC | -0.2% | +2.21% | Add |
| 31 | META | Meta Platforms Inc-class A | -0.2% | -0.11% | Trim |
| 32 | UNH | Unitedhealth Group INC | -0.2% | +3.21% | Add |
| 33 | MET | Metlife INC | -0.2% | -2.18% | Trim |
| 34 | GOOG | Alphabet Inc-cl C | -0.3% | -5.03% | Trim |
| 35 | FISV | Fiserv INC | -0.3% | +1.59% | Add |
| 36 | SCHW | Schwab (charles) CORP | -0.3% | -1.97% | Trim |
| 37 | WFC | Wells Fargo & Co | -0.3% | -3.54% | Trim |
| 38 | COF | Capital One Financial CORP | -0.3% | -4.24% | Trim |
| 39 | FDX | Fedex CORP | -0.5% | -35.93% | Trim |
| 40 | HUM | Humana INC | -0.5% | +0.80% | Add |
| 41 | FIS | Fidelity National Info Serv | -0.5% | -0.08% | Trim |
| 42 | NSC | Norfolk Southern CORP | -0.5% | -34.98% | Trim |
| 43 | CVS | Cvs Health CORP | -0.6% | -17.17% | Trim |
| 44 | SNY | Sanofi-adr | -0.7% | -47.77% | Trim |
| 45 | GE | General Electric | -0.7% | -85.78% | Trim |
| 46 | SUNB | Sunbelt Rentals Holdings INC | — | NEW | New buy |
| 47 | ROP | Roper Technologies INC | — | NEW | New buy |
| 48 | NVO | Novo-nordisk A/s-spons Adr | — | NEW | New buy |
| 49 | AMRZ | Amrize Ltd | — | EXIT | Sold out |
| 50 | IEX | Idex CORP | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-22 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-02-15 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-11 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-13 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-13 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-21 | Amendment | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-11 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-12 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-03-20 | Amendment | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-12 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-14 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-13 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-13 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-13 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-13 | 13F-HR | View on EDGAR |
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