Dodge & Cox
Portfolio value$191.0B
Positions222
QuarterQ2 2026ended 2026-06-30
Filed08/132026
Q2 2026 versus Q1 2026: 9 bought, 71 added to, 92 reduced, 9 sold. By dollars, the largest buy was Visa, $1.9B more at the quarter-end price; the largest sale FedEx, $1.6B less. Net, $806.8M more bought than sold. What every tracked investor did in Q2 2026.
Every move, largest first
| Ticker | Issuer | Move | Shares Q1 2026 → Q2 2026 | Bought / sold | Of the portfolio | Weight now | Price vs model |
|---|---|---|---|---|---|---|---|
| V | Visa, Inc. | added +630555% | 859 → 5.4M | +$1.9B | +0.97% | 1.0% | 40% overvalued |
| FDX | Fedex Corp. | reduced −42% | 12.4M → 7.2M | −$1.6B | −0.85% | 1.2% | 55% overvalued |
| TMO | Thermo Fisher Scientific, Inc. | added +11767% | 25,741 → 3.1M | +$1.5B | +0.80% | 0.8% | 78% overvalued |
| LYB | Lyondellbasell Industries NV | sold | 16.8M → 0 | −$1.4B | −0.71% | — | — |
| GS | The Goldman Sachs Group, Inc. | reduced −90% | 1.4M → 134,131 | −$1.3B | −0.66% | 0.1% | at model |
| ROP | Roper Technologies, Inc. | added +111% | 3.3M → 7.1M | +$1.3B | +0.66% | 1.3% | 6% overvalued |
| NSC | Norfolk Southern Corp. | reduced −60% | 6.3M → 2.5M | −$1.2B | −0.62% | 0.4% | 54% overvalued |
| FDXF | Fedex Freight Holding Co., Inc. | bought | — → 7.2M | +$1.1B | +0.57% | 0.6% | 41% undervalued |
| BNY | The Bank Of New York Mellon Corp. | reduced −29% | 23.4M → 16.6M | −$982.4M | −0.51% | 1.3% | 57% overvalued |
| NVS | Novartis AG | reduced −89% | 7.0M → 759,373 | −$972.9M | −0.51% | 0.1% | — |
| META | Meta Platforms, Inc. | added +29% | 5.0M → 6.5M | +$830.8M | +0.43% | 1.9% | 10% overvalued |
| KKR | Kkr & Co., Inc. | bought | — → 8.1M | +$739.8M | +0.39% | 0.4% | 17% undervalued |
| TSM | Taiwan Semiconductor Manufacturing Co., Ltd. | added +1237% | 107,800 → 1.4M | +$636.6M | +0.33% | 0.4% | — |
| STT | State Street Corp. | reduced −99% | 3.5M → 33,325 | −$587.9M | −0.31% | 0.0% | 5% overvalued |
| TRU | Transunion | added +49% | 16.2M → 24.2M | +$577.6M | +0.30% | 0.9% | — |
| SUI | Sun Communities, Inc. | reduced −33% | 14.3M → 9.5M | −$571.4M | −0.30% | 0.6% | — |
| GSK | Gsk PLC | reduced −18% | 58.7M → 48.2M | −$548.6M | −0.29% | 1.3% | — |
| AJG | Arthur J Gallagher & Co. | added +27% | 7.4M → 9.4M | +$461.1M | +0.24% | 1.1% | 42% overvalued |
| TEL | Te Connectivity PLC | added +16% | 14.7M → 17.0M | +$459.7M | +0.24% | 1.8% | 36% overvalued |
| GEHC | Ge Healthcare Technologies, Inc. | added +21% | 31.3M → 37.9M | +$419.4M | +0.22% | 1.3% | 40% undervalued |
| AMZN | Amazon.com, Inc. | added +11% | 15.1M → 16.7M | +$381.0M | +0.20% | 2.1% | 182% overvalued |
| MSFT | Microsoft Corp. | added +7% | 12.0M → 12.8M | +$326.9M | +0.17% | 2.5% | 10% overvalued |
| BAP | Credicorp, Ltd. | reduced −23% | 3.4M → 2.6M | −$310.1M | −0.16% | 0.5% | — |
| BMY | Bristol-myers Squibb Co. | reduced −99% | 4.6M → 42,361 | −$263.9M | −0.14% | 0.0% | 43% undervalued |
| REGN | Regeneron Pharmaceuticals, Inc. | added +9% | 4.5M → 4.9M | +$257.5M | +0.13% | 1.6% | 24% undervalued |
| TRP | Tc Energy Corp. | reduced −43% | 8.9M → 5.0M | −$255.7M | −0.13% | 0.2% | — |
| JCI | Johnson Controls International PLC | reduced −3% | 57.5M → 55.8M | −$252.8M | −0.13% | 4.3% | 175% overvalued |
| MET | Metlife, Inc. | reduced −5% | 51.1M → 48.4M | −$227.1M | −0.12% | 2.1% | 112% overvalued |
| CVS | Cvs Health Corp. | reduced −3% | 51.8M → 50.0M | −$182.8M | −0.10% | 2.7% | 420% overvalued |
| SCHW | The Charles Schwab Corp. | added +3% | 75.0M → 77.0M | +$181.4M | +0.09% | 3.7% | 43% undervalued |
| WTW | Willis Towers Watson PLC | added +9% | 7.3M → 8.0M | +$181.1M | +0.09% | 1.1% | 41% undervalued |
| VFC | Vf Corp. | reduced −32% | 33.0M → 22.4M | −$177.1M | −0.09% | 0.2% | — |
| HUM | Humana, Inc. | reduced −4% | 11.4M → 10.9M | −$174.9M | −0.09% | 2.3% | 2% undervalued |
| CI | The Cigna Group | added +5% | 11.6M → 12.2M | +$170.4M | +0.09% | 1.8% | 3% overvalued |
| UNH | Unitedhealth Group, Inc. | reduced −4% | 9.5M → 9.1M | −$164.0M | −0.09% | 2.0% | 19% overvalued |
| AON | Aon PLC | added +6% | 8.1M → 8.6M | +$158.2M | +0.08% | 1.5% | 19% undervalued |
| ADBE | Adobe, Inc. | added +25% | 2.5M → 3.1M | +$127.0M | +0.07% | 0.3% | 28% undervalued |
| SUNB | Sunbelt Rentals Holdings, Inc. | added +3% | 53.1M → 54.8M | +$124.2M | +0.07% | 2.1% | — |
| LPLA | Lpl Financial Holdings, Inc. | added +10% | 4.1M → 4.6M | +$121.7M | +0.06% | 0.7% | — |
| ADM | Archer-daniels-midland Co. | reduced −10% | 15.8M → 14.2M | −$120.3M | −0.06% | 0.6% | 68% overvalued |
| BKNG | Booking Holdings, Inc. | added +2% | 24.9M → 25.5M | +$106.9M | +0.06% | 2.4% | 18% undervalued |
| GOOG | Alphabet, Inc. | reduced −2% | 12.2M → 12.0M | −$94.5M | −0.05% | 2.2% | 49% overvalued |
| BN | Brookfield Corp. | added +3% | 59.2M → 61.2M | +$86.2M | +0.05% | 1.4% | — |
| D | Dominion Energy, Inc. | reduced −6% | 19.5M → 18.3M | −$80.2M | −0.04% | 0.7% | 19% undervalued |
| GILD | Gilead Sciences, Inc. | reduced −2% | 24.3M → 23.7M | −$72.4M | −0.04% | 1.6% | 16% undervalued |
| COF | Capital One Financial Corp. | added +4% | 8.8M → 9.1M | +$68.8M | +0.04% | 1.0% | 10% overvalued |
| CMCSA | Comcast Corp. | added +2% | 113.1M → 115.9M | +$68.6M | +0.04% | 1.5% | 83% undervalued |
| RTX | Rtx Corp. | reduced −1% | 35.5M → 35.1M | −$68.3M | −0.04% | 3.5% | 9% overvalued |
| OXY | Occidental Petroleum Corp. | reduced −2% | 74.1M → 72.8M | −$64.1M | −0.03% | 1.9% | 30% undervalued |
| CARR | Carrier Global Corp. | added +3% | 26.6M → 27.5M | +$62.6M | +0.03% | 1.1% | 51% overvalued |
| LBTYK | Liberty Global, Ltd. | sold | 5.3M → 0 | −$61.6M | −0.03% | — | — |
| CX | Cemex Sab de Cv | reduced −6% | 85.2M → 80.2M | −$60.6M | −0.03% | 0.5% | — |
| SNY | Sanofi SA | reduced −5% | 29.5M → 28.1M | −$60.4M | −0.03% | 0.6% | — |
| CHTR | Charter Communications, Inc. | added +3% | 14.6M → 15.0M | +$57.6M | +0.03% | 1.1% | 64% undervalued |
| BKR | Baker Hughes Co. | reduced −3% | 35.9M → 34.9M | −$56.4M | −0.03% | 1.0% | 93% overvalued |
| MCHP | Microchip Technology, Inc. | reduced −10% | 6.1M → 5.5M | −$54.4M | −0.03% | 0.3% | 62% overvalued |
| GE | Ge Aerospace | reduced −19% | 737,999 → 598,052 | −$52.3M | −0.03% | 0.1% | 101% overvalued |
| NVO | Novo Nordisk A/s | added +6% | 19.3M → 20.4M | +$51.0M | +0.03% | 0.5% | — |
| FTV | Fortive Corp. | added +2% | 43.2M → 44.0M | +$50.3M | +0.03% | 1.4% | 24% overvalued |
| ZBH | Zimmer Biomet Holdings, Inc. | added +2% | 23.5M → 24.1M | +$50.1M | +0.03% | 1.1% | 44% undervalued |
| AEG | Aegon, Ltd. | reduced −12% | 50.6M → 44.6M | −$50.0M | −0.03% | 0.2% | — |
| SU | Suncor Energy, Inc. | reduced −3% | 26.3M → 25.4M | −$48.1M | −0.03% | 0.7% | — |
| APD | Air Products & Chemicals, Inc. | added +2% | 9.2M → 9.4M | +$47.5M | +0.02% | 1.4% | 9% overvalued |
| DHR | Danaher Corp. | added +1463% | 16,450 → 257,039 | +$45.8M | +0.02% | 0.0% | 59% overvalued |
| SBAC | Sba Communications Corp. | added +2% | 12.1M → 12.3M | +$42.9M | +0.02% | 1.1% | 21% undervalued |
| IFF | International Flavors & Fragrances, Inc. | added +1% | 36.5M → 37.0M | +$42.3M | +0.02% | 1.5% | 22% overvalued |
| COP | Conocophillips | reduced −4% | 9.6M → 9.3M | −$39.5M | −0.02% | 0.5% | 24% undervalued |
| ELAN | Elanco Animal Health, Inc. | reduced −2% | 68.9M → 67.4M | −$38.1M | −0.02% | 0.9% | — |
| INCY | Incyte Corp. | reduced −2% | 12.3M → 12.0M | −$33.4M | −0.02% | 0.7% | 11% overvalued |
| HLN | Haleon PLC | added +2% | 146.5M → 149.9M | +$31.7M | +0.02% | 0.7% | — |
| TMUS | T-mobile U.s., Inc. | added +3% | 6.2M → 6.3M | +$29.9M | +0.02% | 0.6% | 45% undervalued |
| HDB | Hdfc Bank, Ltd. | added +17% | 5.7M → 6.7M | +$25.6M | +0.01% | 0.1% | — |
| BAX | Baxter International, Inc. | added +2% | 57.3M → 58.4M | +$24.1M | +0.01% | 0.7% | 35% overvalued |
| FCNCA | First Citizens Bancshares, Inc. | added +3% | 393,087 → 404,215 | +$23.2M | +0.01% | 0.4% | — |
| HPQ | Hp, Inc. | added +2% | 41.6M → 42.6M | +$22.7M | +0.01% | 0.5% | 41% undervalued |
| TAP | Molson Coors Beverage Co. | added +3% | 18.5M → 19.1M | +$21.1M | +0.01% | 0.4% | 75% undervalued |
| NBIX | Neurocrine Biosciences, Inc. | added +2% | 5.5M → 5.6M | +$20.8M | +0.01% | 0.5% | — |
| RAL | Ralliant Corp. | added +2% | 13.7M → 14.0M | +$19.0M | +0.01% | 0.5% | — |
| FOXA | Fox Corp. | added +3% | 10.9M → 11.2M | +$17.0M | +0.01% | 0.3% | 36% undervalued |
| BUD | Anheuser-busch Inbev Sa/nv | reduced −1% | 29.7M → 29.5M | −$17.0M | −0.01% | 1.3% | — |
| BMRN | Biomarin Pharmaceutical, Inc. | added +2% | 14.6M → 14.8M | +$16.2M | +0.01% | 0.4% | — |
| MDT | Medtronic PLC | added +2% | 7.7M → 7.9M | +$14.2M | +0.01% | 0.3% | 4% overvalued |
| GLPI | Gaming & Leisure Properties, Inc. | added +2% | 13.5M → 13.8M | +$14.0M | +0.01% | 0.3% | — |
| WFC | Wells Fargo & Co. | added +1% | 31.2M → 31.3M | +$13.2M | +0.01% | 1.4% | 6% undervalued |
| GOOGL | Alphabet, Inc. | added +0% | 10.6M → 10.7M | +$12.3M | +0.01% | 2.0% | 51% overvalued |
| CTSH | Cognizant Technology Solutions Corp. | added +2% | 14.3M → 14.5M | +$10.4M | +0.01% | 0.3% | 33% undervalued |
| AEP | American Electric Power Co., Inc. | reduced −1% | 8.7M → 8.7M | −$9.0M | −0.00% | 0.6% | at model |
| ITUB | Itau Unibanco Holding SA | reduced −5% | 19.2M → 18.2M | −$8.0M | −0.00% | 0.1% | — |
| ALNY | Alnylam Pharmaceuticals, Inc. | added +1% | 1.9M → 2.0M | +$7.9M | +0.00% | 0.3% | 12% overvalued |
| GEV | Ge Vernova, Inc. | reduced −5% | 129,182 → 122,871 | −$7.4M | −0.00% | 0.1% | 77% overvalued |
| NWSA | News Corp. | added +2% | 12.3M → 12.5M | +$7.0M | +0.00% | 0.2% | 9% overvalued |
| COHR | Coherent Corp. | reduced −3% | 558,920 → 544,160 | −$5.8M | −0.00% | 0.1% | 42% undervalued |
| TDY | Teledyne Technologies, Inc. | added +1% | 1.6M → 1.6M | +$5.7M | +0.00% | 0.6% | 40% overvalued |
| TIGO | Millicom International Cellular SA | added +1% | 8.2M → 8.2M | +$5.1M | +0.00% | 0.4% | — |
| BAC | Bank Of America Corp. | reduced −4% | 1.8M → 1.7M | −$4.4M | −0.00% | 0.1% | 1% overvalued |
| FOX | Fox Corp. | added +1% | 7.2M → 7.3M | +$4.1M | +0.00% | 0.2% | 42% undervalued |
| BABA | Alibaba Group Holding, Ltd. | added +0% | 9.9M → 10.0M | +$3.9M | +0.00% | 0.5% | — |
| KSPI | Kaspi.kz Jsc | added +20% | 210,226 → 252,826 | +$3.7M | +0.00% | 0.0% | — |
| AVTR | Avantor, Inc. | added +0% | 119.6M → 120.0M | +$3.7M | +0.00% | 0.6% | — |
| LBTYA | Liberty Global, Ltd. | added +14% | 2.1M → 2.4M | +$3.4M | +0.00% | 0.0% | — |
Bought / sold is the change in shares × the quarter's reported price (value ÷ shares in the filing); a position sold out is priced at the quarter before, since it has no price in this one. “Of the portfolio” is that amount against this quarter's reported book.
Source: the manager's Form 13F-HR on SEC EDGAR, kept as immutable quarterly snapshots; changes compare two consecutive filings. A 13F is filed up to 45 days after quarter end and covers US-listed long positions only. Tickers come from a self-maintained CUSIP map; a position without one shows its CUSIP. Method notes in where the numbers come from.