DODGE & COX — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, DODGE & COX initiated 6 new positions, increased allocation to 10 existing positions, trimmed 10 positions, and exited 6 positions entirely. The fund's 13F equity book declined from $185.26B to $181.98B (-1.8% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $185.26BPrior quarter
- $181.98BCurrent quarter
- $-3.28BNet delta
- -1.8%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| SUNBELT RENTALS HOLDINGS INC | SUNB | 1.90% | Holders → |
| ROPER TECHNOLOGIES INC | ROP | 0.65% | Holders → |
| NOVO-NORDISK A S | NVO | 0.39% | Holders → |
| VERSANT MEDIA GROUP INC | VSNT | 0.09% | Holders → |
| BBB FOODS, INC. | TBBB | 0.00% | Holders → |
| HALLIBURTON CO | HAL | 0.00% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| FIRST CITIZENS BANCSHARES, INC. | FCNCA | +0.37% | +1145.29% | Holders → |
| ARTHUR J. GALLAGHER | AJG | +0.75% | +735.23% | Holders → |
| JBS N.V., CLASS A | JBS | +0.00% | +164.01% | Holders → |
| TRIP COM GROUP LTD | TCOM | +0.00% | +155.84% | Holders → |
| PATRIA INVESTMENTS, LTD. | PAX | +0.00% | +148.11% | Holders → |
| CARRIER GLOBAL CORPORATION | CARR | +0.44% | +98.36% | Holders → |
| KAROOOOO, LTD. | KARO | +0.00% | +72.92% | Holders → |
| BAIDU INC | BIDU | +0.00% | +66.40% | Holders → |
| LOMA NEGRA CIA INDUSTRIAL ARGENTINA SA | LOMA | +0.00% | +66.00% | Holders → |
| TRANSUNION | TRU | +0.16% | +64.49% | Holders → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| GE AEROSPACE | GE | -0.75% | -85.78% | Holders → |
| OTIS WORLDWIDE CORP | OTIS | -0.00% | -62.46% | Holders → |
| LIVE NATION ENTERTAINMENT IN | LYV | -0.00% | -57.14% | Holders → |
| ASTRAZENECA PLC | AZN | 0.00% | -52.52% | Holders → |
| LIBERTY GLOBAL, LTD. | LBTYA | -0.01% | -52.25% | Holders → |
| SANOFI SA | SNY | -0.70% | -47.77% | Holders → |
| SCHLUMBERGER LTD | SLB | -0.00% | -37.90% | Holders → |
| FEDEX CORP | FDX | -0.48% | -35.93% | History → |
| CISCO SYS INC | CSCO | -0.00% | -35.55% | Holders → |
| NORFOLK SOUTHN CORP | NSC | -0.51% | -34.98% | Holders → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| AMRIZE LTD | AMRZ | 0.16% |
| IDEX CORP | IEX | 0.12% |
| ECHOSTAR CORP | SATS | 0.00% |
| GRUPO CIBEST SA | CIB | 0.00% |
| VANGUARD INDEX FDS | VOO | 0.00% |
| PAYPAL HLDGS INC | PYPL | 0.00% |
Methodology & FAQ
How DODGE & COX Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for DODGE & COX against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did DODGE & COX initiate in Q1 2026?
DODGE & COX established 6 new positions in Q1 2026: SUNBELT RENTALS HOLDINGS INC (SUNB, 1.90%), ROPER TECHNOLOGIES INC (ROP, 0.65%), NOVO-NORDISK A S (NVO, 0.39%), VERSANT MEDIA GROUP INC (VSNT, 0.09%), BBB FOODS, INC. (TBBB, 0.00%), HALLIBURTON CO (HAL, 0.00%).
Which existing positions saw the largest allocation increases for DODGE & COX in Q1 2026?
The largest portfolio-weight increases in existing positions were: FIRST CITIZENS BANCSHARES, INC. (FCNCA, +0.37% weight, +1145.29% shares), ARTHUR J. GALLAGHER (AJG, +0.75% weight, +735.23% shares), JBS N.V., CLASS A (JBS, +0.00% weight, +164.01% shares), TRIP COM GROUP LTD (TCOM, +0.00% weight, +155.84% shares), PATRIA INVESTMENTS, LTD. (PAX, +0.00% weight, +148.11% shares), CARRIER GLOBAL CORPORATION (CARR, +0.44% weight, +98.36% shares), KAROOOOO, LTD. (KARO, +0.00% weight, +72.92% shares), BAIDU INC (BIDU, +0.00% weight, +66.40% shares), LOMA NEGRA CIA INDUSTRIAL ARGENTINA SA (LOMA, +0.00% weight, +66.00% shares), TRANSUNION (TRU, +0.16% weight, +64.49% shares).
Which positions did DODGE & COX fully exit in Q1 2026?
DODGE & COX fully exited 6 positions in Q1 2026: AMRIZE LTD (AMRZ, last-reported weight 0.16%), IDEX CORP (IEX, last-reported weight 0.12%), ECHOSTAR CORP (SATS, last-reported weight 0.00%), GRUPO CIBEST SA (CIB, last-reported weight 0.00%), VANGUARD INDEX FDS (VOO, last-reported weight 0.00%), PAYPAL HLDGS INC (PYPL, last-reported weight 0.00%).
Which existing positions saw the largest allocation reductions for DODGE & COX in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: GE AEROSPACE (GE, -0.75% weight, -85.78% shares), OTIS WORLDWIDE CORP (OTIS, -0.00% weight, -62.46% shares), LIVE NATION ENTERTAINMENT IN (LYV, -0.00% weight, -57.14% shares), ASTRAZENECA PLC (AZN, 0.00% weight, -52.52% shares), LIBERTY GLOBAL, LTD. (LBTYA, -0.01% weight, -52.25% shares), SANOFI SA (SNY, -0.70% weight, -47.77% shares), SCHLUMBERGER LTD (SLB, -0.00% weight, -37.90% shares), FEDEX CORP (FDX, -0.48% weight, -35.93% shares), CISCO SYS INC (CSCO, -0.00% weight, -35.55% shares), NORFOLK SOUTHN CORP (NSC, -0.51% weight, -34.98% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.