Dodge & Cox
Reported US equity positions for Q1 2026 — $182.0B across 222 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| G51502105 Johnson Controls International PLC | $7.5B | 4.1% | 57,506,214 |
| SCHW The Charles Schwab Corporation | $7.0B | 3.9% | 75,002,881 |
| RTX RTX Corporation | $6.8B | 3.8% | 35,473,379 |
| OXY Occidental Petroleum Corporation | $4.8B | 2.6% | 74,085,572 |
| MSFT Microsoft Corporation | $4.4B | 2.4% | 11,959,935 |
| BKNG Booking Holdings Inc. | $4.2B | 2.3% | 997,498 |
| CVS CVS Health Corporation | $3.7B | 2.0% | 51,780,116 |
| MET MetLife, Inc. | $3.6B | 2.0% | 51,114,776 |
| FDX FedEx Corporation | $3.6B | 2.0% | 9,983,449 |
| GOOG Alphabet Inc. - Class C Capital Stock | $3.5B | 1.9% | 12,228,518 |
| SUNB Sunbelt Rentals Holdings, Inc. | $3.5B | 1.9% | 53,101,847 |
| REGN Regeneron Pharmaceuticals, Inc. | $3.4B | 1.9% | 4,458,238 |
| GILD Gilead Sciences, Inc. | $3.4B | 1.9% | 24,250,826 |
| CMCSA Comcast Corporation | $3.2B | 1.8% | 113,108,244 |
| GSK GSK plc American Preferred | $3.2B | 1.8% | 58,662,974 |
| CHTR Charter Communications, Inc. | $3.2B | 1.7% | 14,627,209 |
| AMZN Amazon.com, Inc. | $3.1B | 1.7% | 15,109,899 |
| CI The Cigna Group | $3.1B | 1.7% | 11,555,787 |
| G87052109 TE Connectivity PLC | $3.1B | 1.7% | 14,688,950 |
| GOOGL Alphabet Inc. | $3.1B | 1.7% | 10,624,415 |
| META Meta Platforms, Inc. | $2.9B | 1.6% | 5,014,319 |
| FISV Fiserv, Inc. | $2.8B | 1.5% | 50,260,950 |
| BNY The Bank of New York Mellon Corporation | $2.8B | 1.5% | 23,401,794 |
| APD Air Products and Chemicals, Inc. | $2.7B | 1.5% | 9,231,575 |
| IFF International Flavors & Fragrances, Inc. | $2.6B | 1.5% | 36,472,942 |
| G0403H108 Aon PLC | $2.6B | 1.4% | 8,116,095 |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $2.6B | 1.4% | 9,466,756 |
| WFC Wells Fargo & Company | $2.5B | 1.4% | 31,168,331 |
| BN Brookfield Corporation Class A Limited Voting Shares | $2.4B | 1.3% | 59,186,855 |
| FTV Fortive Corporation | $2.4B | 1.3% | 43,156,197 |
| FIS Fidelity National Information Services, Inc. | $2.3B | 1.3% | 49,073,157 |
| GEHC GE HealthCare Technologies Inc. | $2.2B | 1.2% | 31,312,064 |
| BKR Baker Hughes Company | $2.2B | 1.2% | 35,871,558 |
| G96629103 Willis Towers Watson PLC | $2.1B | 1.2% | 7,332,414 |
| ZBH Zimmer Biomet Holdings, Inc. | $2.1B | 1.2% | 23,542,700 |
| SBAC SBA Communications Corporation | $2.1B | 1.1% | 12,080,284 |
| BUD Anheuser-Busch Inbev SA Sponsored ADR (Belgium) | $2.1B | 1.1% | 29,683,736 |
| HUM Humana Inc. | $2.0B | 1.1% | 11,380,673 |
| SUI Sun Communities, Inc. | $1.8B | 1.0% | 14,266,030 |
| NSC Norfolk Southern Corporation | $1.8B | 1.0% | 6,257,750 |
| SU Suncor Energy Inc. | $1.7B | 1.0% | 26,262,454 |
| ELAN Elanco Animal Health Incorporated | $1.6B | 0.9% | 68,944,100 |
| COF Capital One Financial Corporation | $1.6B | 0.9% | 8,774,932 |
| AJG Arthur J. Gallagher & Co. | $1.6B | 0.9% | 7,354,915 |
| CARR Carrier Global Corporation | $1.5B | 0.8% | 26,622,273 |
| HLN Haleon plc American Preferred | $1.5B | 0.8% | 146,539,663 |
| SNY Sanofi | $1.4B | 0.8% | 29,504,632 |
| CPNG Coupang, Inc. Class A | $1.4B | 0.7% | 72,008,120 |
| N53745100 LyondellBasell Industries NV | $1.4B | 0.7% | 16,839,152 |
| H42097107 UBS Group AG | $1.3B | 0.7% | 33,644,642 |
| TMUS T-Mobile US, Inc. | $1.3B | 0.7% | 6,157,799 |
| COP ConocoPhillips | $1.3B | 0.7% | 9,645,858 |
| LPLA LPL Financial Holdings Inc. | $1.2B | 0.7% | 4,146,547 |
| BABA Alibaba Group Holding Limited American Preferred | $1.2B | 0.7% | 9,917,770 |
| D Dominion Energy, Inc. | $1.2B | 0.7% | 19,477,520 |
| ROP Roper Technologies, Inc. | $1.2B | 0.7% | 3,343,694 |
| GS The Goldman Sachs Group, Inc. | $1.2B | 0.6% | 1,380,455 |
| G2519Y108 Credicorp, Ltd. | $1.2B | 0.6% | 3,410,175 |
| INCY Incyte Corporation | $1.2B | 0.6% | 12,252,356 |
| AEP American Electric Power Company, Inc. | $1.1B | 0.6% | 8,739,835 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| G51502105 Johnson Controls International PLC | Trim | $7.5B | $7.2B | -5% |
| SCHW The Charles Schwab Corporation | Trim | $7.0B | $7.6B | -2% |
| RTX RTX Corporation | Trim | $6.8B | $6.9B | -6% |
| OXY Occidental Petroleum Corporation | Trim | $4.8B | $3.3B | -7% |
| MSFT Microsoft Corporation | Add | $4.4B | $3.6B | +61% |
| BKNG Booking Holdings Inc. | Add | $4.2B | $3.9B | +36% |
| CVS CVS Health Corporation | Trim | $3.7B | $5.0B | -17% |
| MET MetLife, Inc. | Trim | $3.6B | $4.1B | -2% |
| FDX FedEx Corporation | Trim | $3.6B | $4.5B | -36% |
| GOOG Alphabet Inc. - Class C Capital Stock | Trim | $3.5B | $4.0B | -5% |
| REGN Regeneron Pharmaceuticals, Inc. | Trim | $3.4B | $3.5B | -3% |
| GILD Gilead Sciences, Inc. | Trim | $3.4B | $3.2B | -8% |
| GSK GSK plc American Preferred | Trim | $3.2B | $3.4B | -14% |
| CI The Cigna Group | Add | $3.1B | $3.1B | +4% |
| G87052109 TE Connectivity PLC | Trim | $3.1B | $3.4B | -1% |
| GOOGL Alphabet Inc. | Trim | $3.1B | $3.4B | -2% |
| FISV Fiserv, Inc. | Add | $2.8B | $3.3B | +2% |
| BNY The Bank of New York Mellon Corporation | Trim | $2.8B | $3.0B | -9% |
| G0403H108 Aon PLC | Add | $2.6B | $2.8B | +3% |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | Add | $2.6B | $3.0B | +3% |
| WFC Wells Fargo & Company | Trim | $2.5B | $3.0B | -4% |
| BN Brookfield Corporation Class A Limited Voting Shares | Add | $2.4B | $1.9B | +43% |
| FTV Fortive Corporation | Trim | $2.4B | $2.4B | -2% |
| BKR Baker Hughes Company | Trim | $2.2B | $1.9B | -12% |
| G96629103 Willis Towers Watson PLC | Add | $2.1B | $2.3B | +6% |
| BUD Anheuser-Busch Inbev SA Sponsored ADR (Belgium) | Trim | $2.1B | $2.1B | -10% |
| SUI Sun Communities, Inc. | Trim | $1.8B | $1.8B | -2% |
| NSC Norfolk Southern Corporation | Trim | $1.8B | $2.8B | -35% |
| SU Suncor Energy Inc. | Trim | $1.7B | $1.2B | -4% |
| ELAN Elanco Animal Health Incorporated | Trim | $1.6B | $1.8B | -13% |
| COF Capital One Financial Corporation | Trim | $1.6B | $2.2B | -4% |
| AJG Arthur J. Gallagher & Co. | Add | $1.6B | $227.9M | +735% |
| CARR Carrier Global Corporation | Add | $1.5B | $709.2M | +98% |
| HLN Haleon plc American Preferred | Trim | $1.5B | $1.5B | -3% |
| SNY Sanofi | Trim | $1.4B | $2.7B | -48% |
| CPNG Coupang, Inc. Class A | Add | $1.4B | $1.2B | +46% |
| COP ConocoPhillips | Trim | $1.3B | $963.3M | -6% |
| LPLA LPL Financial Holdings Inc. | Add | $1.2B | $1.4B | +5% |
| D Dominion Energy, Inc. | Trim | $1.2B | $1.3B | -12% |
| GS The Goldman Sachs Group, Inc. | Trim | $1.2B | $1.5B | -19% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.