Dodge & Cox portfolio

What changed this quarter

147 positions with a change (5 new, 60 added to, 75 trimmed, 7 sold); also, 2 entered through a spin-off. 8 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Visa+630,555%more sharesIncreased
  under 0.1% → 1.0%
• Thermo Fisher Scientific+11,767%more sharesIncreased
  under 0.1% → 0.8%
• Lyondellbasell Industries−0.7 ppof portfolioSold out
  0.7% → —
• Roper Technologies+111%more sharesIncreased
  0.7% → 1.3%
• Norfolk Southern−60%fewer sharesReduced
  1.0% → 0.4%
• Goldman Sachs Group−90%fewer sharesReduced
  0.6% → 0.1%
• Bank of New York Mellon−29%fewer sharesReduced
  1.5% → 1.3%
• Novartis−89%fewer sharesReduced
  0.6% → 0.1%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Johnson Controls InternationalJCI4.3%
• AlphabetGOOG · GOOGL4.2%
• Charles SchwabSCHW3.7%
• RTXRTX3.5%
• CVS HealthCVS2.7%
• MicrosoftMSFT2.5%
• Booking HoldingsBKNG2.4%
• HumanaHUM2.3%
• MetLifeMET2.1%
• Sunbelt Rentals HoldingsSUNB2.1%
• Amazon.comAMZN2.1%
• UnitedHealth GroupUNH2.0%
• Meta PlatformsMETA1.9%
• Occidental PetroleumOXY1.9%
• TE ConnectivityTEL1.8%
• Cigna GroupCI1.8%
• Regeneron PharmaceuticalsREGN1.6%
• Gilead SciencesGILD1.6%
• International Flavors & FragrancesIFF1.5%
• AonAON1.5%
• ComcastCMCSA1.5%
• Air Products and ChemicalsAPD1.4%
• FortiveFTV1.4%
• BrookfieldBN1.4%
• Wells FargoWFC1.4%
• GSKGSK1.3%
• FiservFISV1.3%
• Anheuser-Busch InBevBUD1.3%
• GE Healthcare TechnologiesGEHC1.3%
• Bank of New York MellonBNY1.3%
• Roper TechnologiesROP1.3%
• FedExFDX1.2%
• SBA CommunicationsSBAC1.1%
• Arthur J. GallagherAJG1.1%
• Charter CommunicationsCHTR1.1%
• Willis Towers WatsonWTW1.1%
• Zimmer Biomet HoldingsZBH1.1%
• Carrier GlobalCARR1.1%
• Baker HughesBKR1.0%
• Fidelity National Information ServicesFIS1.0%
• VisaV1.0%
• Capital One FinancialCOF1.0%
• TransUnionTRU0.9%
• UBS GroupUBS0.9%
• Elanco Animal HealthELAN0.9%
• Thermo Fisher ScientificTMO0.8%
• HaleonHLN0.7%
• Suncor EnergySU0.7%
• IncyteINCY0.7%
• LPL Financial HoldingsLPLA0.7%
• CoupangCPNG0.7%
• Dominion EnergyD0.7%
• Baxter InternationalBAX0.7%
• SanofiSNY0.6%
• AvantorAVTR0.6%
• American Electric PowerAEP0.6%
• Sun CommunitiesSUI0.6%
• FedEx Freight HoldingFDXF0.6%
• Archer-Daniels-MidlandADM0.6%
• Teledyne TechnologiesTDY0.6%
• T-mobile USTMUS0.6%
• RalliantRAL0.5%
• CredicorpBAP0.5%
• Novo Nordisk A/sNVO0.5%
• ConocoPhillipsCOP0.5%
• Cemex SAB De CVCX0.5%
• Alibaba Group HoldingBABA0.5%
• Neurocrine BiosciencesNBIX0.5%
• HPHPQ0.5%
• FOXFOXA · FOX0.5%
• BioMarin PharmaceuticalBMRN0.4%
• First Citizens BancsharesFCNCA0.4%
• Norfolk SouthernNSC0.4%
• Millicom International CellularTIGO0.4%
• Molson Coors BeverageTAP0.4%
• KKRKKR0.4%
• CelaneseCE0.4%
• LindeLIN0.4%
• Taiwan Semiconductor ManufacturingTSM0.4%
• AdobeADBE0.3%
• MedtronicMDT0.3%
• Gaming and Leisure PropertiesGLPI0.3%
• Alnylam PharmaceuticalsALNY0.3%
• Cognizant Technology SolutionsCTSH0.3%
• XPXP0.3%
• Microchip TechnologyMCHP0.3%
• AegonAEG0.2%
• V. F.VFC0.2%
• PDD HoldingsPDD0.2%
• BioNTechBNTX0.2%
• Yum China HoldingsYUMC0.2%
• TC EnergyTRP0.2%
• NewsNWSA0.2%
• JD.comJD0.2%
• NeteaseNTES0.1%
• GE AerospaceGE0.1%
• CoherentCOHR0.1%
• Hdfc BankHDB0.1%