Dodge & Cox
large-active, value, lo
Quarter Analysis
13F change notes for Dodge & Cox in 2026-03-31.
Dodge & Cox's signature value-cyclical book intact: Johnson Controls +4% in shares to 4.14% top weight (their long-running industrial-controls thesis paying off at +177% unrealized after 39 quarters), Schwab, RTX, Microsoft (yes, MSFT is their cheap-tech bet) all held. The notable conviction add: Microsoft +61% in shares (52 quarters held — they've owned MSFT through the dead-decade, the cloud build, and now the AI wave). Booking Holdings +36% shares as the consumer-cyclical bet doubles down.
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▲ ADDED
Microsoft Corp. MSFT
Shares +61% even after 52 quarters of continuous holding at +78% unrealized — Dodge & Cox aggressively adding to their long-standing 'cheap-quality-tech' bet.
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★ HELD
Johnson Controls International JCI
39 quarters held, +177% unrealized — the industrial-controls / HVAC theme that defines the value bucket. Top weight at 4.14%.
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★ HELD
The Charles Schwab Corp. SCHW
52 quarters at +157% unrealized — held flat through the 2023 deposit panic and the recovery.
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★ HELD
RTX Corp. RTX
24 quarters at +188% unrealized — the aerospace-defense thesis intact.
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★ HELD
Booking Holdings, Inc. BKNG
33 quarters held at +150% unrealized; shares +36% — meaningful conviction add to the travel-platform winner.
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• CONTEXT
Top-3 weight basically flat — Dodge & Cox is doing what they always do: rebalancing through small adds in proven names, no major rotation.