Dodge & Cox 13F: Q2 2026 Portfolio — $191.01B Across 222 Positions

For Q2 2026, Dodge & Cox kept a concentrated book with the top-10 representing 27.8% of the portfolio. Trading activity was balanced across trims (81) and additions (63), alongside 69 holds and 9 complete exits, indicating a measured reallocation rather than broad de-risking.

The most consequential change among the largest holdings was the sharp increase in Booking Holdings,, where the position’s weight rose to 2.38% after an add tied to a very large share-count increase. That buy was reinforced by other adds in the top tier, including The Charles Schwab (3.72%) and Microsoft (2.51%), as well as adds in Sunbelt Rentals Holdings, (2.14%) and Amazon.Com, (2.08%). On the other side, several of the largest names were trimmed, notably Johnson Controls International (4.27%), Rtx (3.49%), and Cvs Health (2.71%).

Overall, the filing shows continuity in major exposures—multiple Alphabet listings and long-standing large caps remain in place—while the concentration pattern is actively refreshed through targeted adds and trims. Exits included Lyondellbasell Industries and Liberty Global, alongside smaller removals such as Intuitive Surgical, consistent with pruning less central positions while building select new or expanding holdings.

A Form 13F is a quarterly snapshot institutional managers with over $100M in US-listed assets must file within 45 days of quarter end. It shows long equity positions only: no short book, no cash, no non-US listings, no timing inside the quarter. Treat it as a delayed map of where the manager's conviction sat on the reporting date — not a live portfolio, and not a buy list.