Dodge & Cox 13F, Q2 2025
Dodge & Cox · quarter ending 30 June 2025 · filed 13 August 2025 · SEC CIK 200217
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q2 2025
The 25 largest of 219 positions. Weights are against the whole filed book. Changes are in shares held, against the Q1 2025 filing.
| Company | Ticker | Value | % of book | vs Q1 2025 |
|---|---|---|---|---|
| The Charles Schwab Corp. | SCHW | $7.70B | 4.3% | -5% shares |
| Johnson Controls International PLC | $7.07B | 4.0% | -6% shares | |
| RTX Corp. | RTX | $6.10B | 3.4% | unchanged |
| Fiserv, Inc. | FISV | $5.12B | 2.9% | -3% shares |
| CVS Health Corp. | CVS | $5.06B | 2.8% | unchanged |
| Charter Communications, Inc. | CHTR | $4.55B | 2.6% | -3% shares |
| MetLife, Inc. | MET | $4.28B | 2.4% | unchanged |
| Booking Holdings, Inc. | BKNG | $4.23B | 2.4% | -6% shares |
| Wells Fargo & Co. | WFC | $4.07B | 2.3% | -12% shares |
| Microsoft Corp. | MSFT | $4.05B | 2.3% | -8% shares |
| Comcast Corp. | CMCSA | $3.97B | 2.2% | +18% shares |
| Amazon.com, Inc. | AMZN | $3.64B | 2.0% | unchanged |
| Sanofi SA | SNY | $3.46B | 1.9% | -2% shares |
| The Bank of New York Mellon Corp. | BNY | $3.43B | 1.9% | -10% shares |
| Gilead Sciences, Inc. | GILD | $3.42B | 1.9% | -6% shares |
| Occidental Petroleum Corp. | OXY | $3.37B | 1.9% | unchanged |
| FedEx Corp. | FDX | $3.29B | 1.9% | +5% shares |
| Meta Platforms, Inc. | META | $3.07B | 1.7% | +18% shares |
| GSK PLC | GSK | $3.02B | 1.7% | unchanged |
| The Cigna Group | CI | $2.96B | 1.7% | unchanged |
| TE Connectivity PLC | $2.87B | 1.6% | +6% shares | |
| Fidelity National Information Services, Inc. | FIS | $2.87B | 1.6% | unchanged |
| Norfolk Southern Corp. | NSC | $2.78B | 1.6% | unchanged |
| Humana, Inc. | HUM | $2.78B | 1.6% | +6% shares |
| Capital One Financial Corp. | COF | $2.74B | 1.5% | -21% shares |
What changed since Q1 2025
Against the Q1 2025 filing, Dodge & Cox opened 9 new positions, added to 34, trimmed 73, left 103 unchanged and exited 4. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
- TDY$767.31M
- Amrize, Ltd.$622.08M
- RAL$523.57M
- Willis Towers Watson PLC$391.84M
- ADM$345.69M
- BNTX$93.42M
- CIB$556.4K
- LAUR$306.3K
and 1 more
Exited
- IWDwas $3.22M
- Bancolombia SAwas $842.0K
- BDXwas $224.5K
- QVC Group, Inc.was $4.4K
Other quarters
Source: SEC Form 13F-HR, accession 0000950123-25-007843, filed by DODGE & COX. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.