DODGE & COX
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 45 quarters, returned +1.2% per quarter — versus +1.9% per quarter from simply owning every 13F stock. It beat that baseline in only 55.6% of quarters (excess t = -0.97, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer
Top 20 holdings of 222 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| 0Y7S.L | $8.1B | | TRIM −3% |
| SCHW | $7.1B | | ADD +3% |
| RTX | $6.7B | | HOLD |
| CVS | $5.2B | | TRIM −3% |
| MSFT | $4.8B | | ADD +7% |
| BKNG | $4.6B | | ADD +2% |
| HUM | $4.3B | | TRIM −4% |
| GOOG | $4.2B | | TRIM −2% |
| MET | $4.1B | | TRIM −5% |
| SUNB | $4.1B | | ADD +3% |
| AMZN | $4.0B | | ADD +11% |
| GOOGL | $3.8B | | HOLD |
| UNH | $3.8B | | TRIM −4% |
| META | $3.7B | | ADD +29% |
| OXY | $3.5B | | HOLD |
| CI | $3.4B | | ADD +5% |
| REGN | $3.0B | | ADD +9% |
| GILD | $3.0B | | TRIM −2% |
| IFF | $2.9B | | HOLD |
| AON | $2.9B | | ADD +6% |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q2
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry is the first trading session after the actual SEC filing deadline plus a 2-day buffer. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.