Dodge & Cox Stock Fund Q2 2026: Major Buys and Sells Observed

As reported for the period ending June 30, 2026, the Dodge & Cox Stock Fund has undergone considerable shifts in its portfolio composition. The fund's total assets under management stood at approximately $185.6 billion during this quarter.

Prominent Purchases This Quarter

The most significant buying activity observed by the fund includes:

• Booking Holdings (BKNG): Witnessed an extraordinary increase of over 2,400% in its share count. Booking Holdings, a major player in the online travel sector, saw substantial inflows into this position.
• TransUnion (TRU): Experienced a significant rise of nearly 50% in its holdings. TransUnion, involved in credit reporting and data analytics, benefited from the fund's increased confidence.
• Visa (V): The fund added a large number of shares to this position, resulting in an astronomical percentage increase. Visa, the global payments technology company, was clearly a focus for capital inflows.
• KKR & Co., Inc. (KKR): Showed strong buying interest with nearly 35,000% growth in its position percentage over the quarter, although this is likely due to overall portfolio changes rather than just new investment. KKR represents a significant allocation shift.

Notable Reductions and Changes in Holdings

The fund also displayed considerable selling or reducing activity during Q2:

• Norfolk Southern (NSC): The position was drastically reduced by almost 60%, indicating a significant divestment. Norfolk Southern experienced substantial outflows.
• The Bank of New York Mellon (BK): Holdings were cut significantly, reflecting an exit or reduction strategy for this financial services holding. The Bank of New York Mellon saw its portfolio weight decrease.
• Bristol-Myers Squibb (BMY): This position was virtually wiped out, with a near 100% reduction in shares. Bristol-Myers Squibb experienced major selling pressure.
• GE HealthCare Technologies (GEHC): Holdings decreased by nearly 18%, suggesting a partial reduction or sale. GE HealthCare Technologies faced outflows during the quarter.

Detailed Changes Across Sectors

The changes observed spanned various sectors:

• In Financial Services, besides the large buys in BKNG (partially), TRU, V, and KKR, there was a significant reduction in BK. The Bank of New York Mellon allocation dropped from previous levels.
• The fund also purchased shares in VF Corp (VFC), adding to its Consumer Cyclical exposure, and increased holdings in GEHC within the Healthcare sector.
• Conversely, it sold out completely on NVS (Novartis) and significantly reduced GSK (GlaxoSmithKline). These exits suggest a strategic shift away from certain healthcare names.

While the data provides specific insights into these major movements, it does not detail activity for all stocks held by the fund or cover every minor change. For instance, positions like Johnson Controls (JCI), Schwab Corp (SCHW), RTX, CVS Health (CVS), and others remained largely unchanged in terms of percentage allocation shifts during this quarter.

Significance of These Moves

The observed buying activity, particularly the massive increases in BKNG (+2460%) and V (+630k%), suggests strong conviction behind these holdings. Conversely, the significant selling or reduction activities on NSC (-59.92%), BMY (-100%), and NVS (-89.1%) indicate a clear unwinding of exposure in these areas.

These changes reflect the fund's dynamic nature and its focus on capitalizing on perceived value shifts across different industries during Q2 2026. The substantial buying interest alongside significant selling activity highlights active management decisions being implemented.