In its second-quarter 13F filing, value investing giant Dodge & Cox reported a portfolio value of $191.01 billion as of June 30, 2026. The firm maintains a diversified portfolio with its top holdings in Johnson Controls (4.27%), Charles Schwab (3.72%), and RTX (3.49%). Known for its long-term, value-oriented approach, the San Francisco-based manager's latest filing reveals significant new stakes and substantial shifts in existing positions, reflecting its strategy of investing in companies it believes are temporarily undervalued but have favorable long-term prospects.
The most significant changes included establishing new, high-conviction positions in FedEx (FDXF) and KKR, with weights of 0.57% and 0.39% respectively. The firm dramatically increased its stake in Booking Holdings (BKNG) by over 2,400%, making it a top ten holding with a 2.38% portfolio weight. Other major additions included more than doubling its investment in Roper Technologies (ROP) and initiating a significant position in Visa (V), alongside noteworthy increases in Thermo Fisher Scientific (TMO) and Meta Platforms (META).
Conversely, Dodge & Cox significantly trimmed its exposure to the financial and healthcare sectors. The firm reduced its holdings in Goldman Sachs (GS), Novartis (NVS), State Street (STT), and Bristol-Myers Squibb (BMY) by around 90% or more, signaling a near-complete exit from these names. Additionally, the firm fully exited its positions in LyondellBasell Industries and Liberty Global. These substantial reductions and exits underscore a strategic shift away from certain names that no longer fit its valuation criteria.