Dodge & Cox

New 13F: Q3 2026

Dodge & Cox filed its 13F for the quarter ended Sep 30, 2026 on Nov 13, 2026: $47.1B in AI and semiconductor stocks; $3.2B bought and $1.3B sold against its previous quarter, at the quarter's prices.

Dodge & Cox declares $42.6B in 32 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 22.3% of its $191.0B 13F portfolio. Largest positions: Johnson Controls (9.3% of the company) and Alphabet (0.18% of the company). Over time: $42.6B in 32 of these companies for Q2 2026, against $25.1B in 26 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $2.9B and sold $498.9M of these stocks, at the quarter's prices: a net purchase of $2.4B.

Performance of its AI picks

The AI-stock portfolio Dodge & Cox declared for Q2 2026 (Form 13F), held unchanged, returned +6.3% in Q3 2026 (SMH -7.1%), ranked 397 of 1,785 active managers. Over the last 12 months, quarter after quarter: +16.8% (SMH +87.2%), ranked 1234 of 1,360 active managers. Over three years, quarter after quarter: +104.3% (SMH +325.8%), ranked 709 of 784 active managers. Over five years, quarter after quarter: +106.3% (SMH +389.8%), ranked 480 of 535 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

  1. Johnson Controls (JCI): $8.1B, 55.8M shares, 9.3% of the company, 4.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  2. Alphabet (GOOGL): $8.0B, 22.6M shares, 0.18% of the company, 4.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  3. Microsoft (MSFT): $4.8B, 12.8M shares, 0.17% of the company, 2.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
  4. Amazon (AMZN): $4.0B, 16.7M shares, 0.15% of the company, 2.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
  5. Meta Platforms (META): $3.7B, 6.5M shares, 0.25% of the company, 1.9% of its portfolio (added this quarter); held since Q2 2020
  6. TE Connectivity (TEL): $3.4B, 17.0M shares, 5.9% of the company, 1.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
  7. SBA Communications (SBAC): $2.2B, 12.3M shares, 11.8% of the company, 1.1% of its portfolio (added this quarter); held since Q3 2024
  8. Carrier (CARR): $2.0B, 27.5M shares, 3.4% of the company, 1.1% of its portfolio (added this quarter); held since Q2 2020
  9. Dominion Energy (D): $1.2B, 18.3M shares, 2.1% of the company, 0.65% of its portfolio (trimmed this quarter); held since Q1 2023
  10. American Electric Power (AEP): $1.2B, 8.7M shares, 1.6% of the company, 0.62% of its portfolio (trimmed this quarter); held since Q1 2024
  11. HP Inc. (HPQ): $935.3M, 42.6M shares, 4.7% of the company, 0.49% of its portfolio (added this quarter); held since Q4 2019 or earlier
  12. TSMC (TSM): $688.1M, 1.4M shares, 0.03% of the company, 0.36% of its portfolio (added this quarter); held since Q4 2023
  13. Adobe (ADBE): $638.6M, 3.1M shares, 0.80% of the company, 0.33% of its portfolio (added this quarter); held since Q4 2019 or earlier
  14. Cognizant (CTSH): $563.2M, 14.5M shares, 3.3% of the company, 0.29% of its portfolio (added this quarter); held since Q4 2019 or earlier
  15. Microchip (MCHP): $504.6M, 5.5M shares, 1.0% of the company, 0.26% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

Biggest changes this quarter

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