Dodge & Cox: AUM & Ownership

Clients

Dodge & Cox serves 740 clients, 331 of them high-net-worth individuals. The average client has about $630 million with the firm, and high-net-worth clients hold 2% of its $466.6 billion in assets.

Regulatory assets by client type

Investment companies9 clients70%
Pooled investment vehicles4 clients3%
Pension and profit-sharing plans225 clients16%
State or municipal government entities54 clients6%
OtherIndividuals, High-net-worth individuals, Charitable organizations, Insurance companies, Corporations and other businesses5%

Show client breakdown

Client type	Clients	Regulatory AUM	Share	Avg. per client
Individuals (other than HNW)	16	$7,113,758	0.0%	$445K
High-net-worth individuals	331	$7,688,070,304	1.6%	$23.2M
Investment companies	9	$328,468,230,358	70.4%	$36.50B
Pooled investment vehicles	4	$11,946,239,380	2.6%	$2.99B
Pension and profit-sharing plans	225	$73,266,078,200	15.7%	$325.6M
Charitable organizations	61	$3,378,330,953	0.7%	$55.4M
State or municipal government entities	54	$29,400,548,685	6.3%	$544.5M
Insurance companies	9	$4,001,934,704	0.9%	$444.7M
Corporations and other businesses	31	$8,406,496,721	1.8%	$271.2M
Total	740	$466,563,043,063	100%	$630.5M

Individuals (other than HNW)

Clients: 16
Regulatory AUM: $7,113,758
Share: 0.0%
Avg. per client: $445K

High-net-worth individuals

Clients: 331
Regulatory AUM: $7,688,070,304
Share: 1.6%
Avg. per client: $23.2M

Investment companies

Clients: 9
Regulatory AUM: $328,468,230,358
Share: 70.4%
Avg. per client: $36.50B

Pooled investment vehicles

Clients: 4
Regulatory AUM: $11,946,239,380
Share: 2.6%
Avg. per client: $2.99B

Pension and profit-sharing plans

Clients: 225
Regulatory AUM: $73,266,078,200
Share: 15.7%
Avg. per client: $325.6M

Charitable organizations

Clients: 61
Regulatory AUM: $3,378,330,953
Share: 0.7%
Avg. per client: $55.4M

State or municipal government entities

Clients: 54
Regulatory AUM: $29,400,548,685
Share: 6.3%
Avg. per client: $544.5M

Insurance companies

Clients: 9
Regulatory AUM: $4,001,934,704
Share: 0.9%
Avg. per client: $444.7M

Corporations and other businesses

Clients: 31
Regulatory AUM: $8,406,496,721
Share: 1.8%
Avg. per client: $271.2M

Total

Clients: 740
Regulatory AUM: $466,563,043,063
Share: 100%
Avg. per client: $630.5M

What it does

Dodge & Cox provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions and other activities. It is paid through a percentage of assets and other arrangements.

Dodge & Cox advises 2 private funds.

99.8% of assets ($465.58B across 739 accounts) are managed with discretion; $984.9M across 1 account is not. 1% of clients are outside the U.S., and 1 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end

Stocks27%
Bonds47%
- Investment grade corporate bonds31%
- U.S. government and agency bonds12%
- State and local bonds3%
- High-yield corporate bonds1%
Cash1%
Other25%
- Other comprises primarily securitized debt instruments, including mortgage-backed securities and other asset-backed securities25%

Custodians

Dodge & Cox’s client accounts are held mainly at The Northern Trust, with 9% of managed assets, and The Bank of New York Mellon, with 8%. Dodge & Cox does not have custody of client assets.

Managed account assets by custodian

The Northern TrustThe Northern Trust Company · Chicago, IL · $42.38B9%
State Street Bank and TrustState Street Bank and Trust Company · Boston, MA · $21.12B5%
The Bank of New York MellonThe Bank of New York Mellon · New York, NY · $35.80B8%
All other custodians$367.27B79%

Ownership and leadership

Roger Kuo is CEO of Dodge & Cox.

Who owns the firm

Dodge & Cox· the adviser

David Hoeft
Control person · since May 2011
Owns 10% to 25% of Dodge & Cox
Roger Kuo
Control person · since January 2016
Owns 10% to 25% of Dodge & Cox
Philippe Barret
Control person · since May 2022
Owns 5% to 10% of Dodge & Cox
Lucinda Johns
Control person · since May 2022
Owns 5% to 10% of Dodge & Cox
Raymond Mertens
Control person · since May 2022
Owns 5% to 10% of Dodge & Cox
Steven Voorhis
Control person · since May 2022
Owns 5% to 10% of Dodge & Cox

Leadership

Roger Kuo
Chief Executive Officer, President, Director, & Shareholder
Stephen Scott
Chief Financial Officer, Treasurer, and Assistant Secretary
Hallie Marshall
Chief Operating Officer, VP, & Shareholder
Katherine Primas
Chief Compliance Officer, VP, & Shareholder
Philippe Barret
Director, SVP, & Shareholder
David Hoeft
Chair, Chief Investment Officer, Director, & Shareholder
Lucinda Johns
Director, SVP, & Shareholder
Roberta Kameda
General Counsel, VP, Secretary, & Shareholder
Raymond Mertens
Director, SVP, & Shareholder
Steven Voorhis
SVP, Director of Research, & Shareholder

Staff

336 employees
100 in advisory functions
1 state-registered rep
38 broker-dealer reps

Reported holdings

Dodge & Cox’s reported 13F holdings total $191.01B across 222 positions, and the ten largest make up 27.8% of it.

$191.01B
Reported 13F value: 222
Positions: 27.8%
In the 10 largest: +5.0%
Value vs. prior quarter

Ten largest positions, share of reported value

Johnson Controls International PLC4.3%
The Charles Schwab Corp..3.7%
Rtx Corp..3.5%
CVS Health Corp..2.7%
Microsoft Corp..2.5%
Booking Holdings, Inc..2.4%
Humana, Inc..2.3%
Alphabet, Inc.. · Cap Stk CL C2.2%
Metlife, Inc..2.1%
Sunbelt Rentals Holdings, Inc..2.1%

Together, the ten largest are 27.8% of reported value.

The 50 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 13 August 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $191.01B is not its $466.56B in regulatory assets and does not represent any individual client's portfolio.

Fees

Dodge & Cox is paid through a percentage of assets under management and other.

Dodge & Cox’s fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Dodge & Cox has 0 offices, with 1 listed address in 1 state.

Listed office addresses by state

California · 1 listed address

555 California Street, 40th Floor, San FranciscoHQ

Registration details

Legal name: Dodge & Cox
Headquarters: 555 California Street, 40th Floor, San Francisco, CA 94104
Phone: 415-981-1710
Website: Not reported
SEC file: 801-1895
Structure: California corporation
Fiscal year end: December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Dodge & Cox have?

Dodge & Cox has 740 clients and manages $466.6 billion for them, as of April 2026. They include 331 high-net-worth individuals, 225 pension and profit-sharing plans and 61 charitable organizations.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 17 April 2026

What services does Dodge & Cox offer?

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

Which custodians does Dodge & Cox use?

Dodge & Cox’s separately managed account assets are held at The Northern Trust Company (Chicago, IL), with $42,378,869,432, The Bank of New York Mellon (New York, NY), with $35,795,434,174 and State Street Bank and Trust Company (Boston, MA), with $21,120,154,563. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 17 April 2026

How many financial advisors does Dodge & Cox have?

Dodge & Cox has 1 investment adviser representatives registered with state securities authorities, out of 336 employees, and 100 perform investment advisory functions. 38 are registered representatives of a broker-dealer and 0 are licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does Dodge & Cox invest in?

At the end of its last fiscal year, Dodge & Cox’s separately managed accounts held 31% investment grade corporate bonds, 27% exchange-traded equities, 25% other comprises primarily securitized debt instruments, including mortgage-backed securities and other asset-backed securities, 12% U.S. government and agency bonds, 3% state and local bonds, 1% high-yield corporate bonds and 1% cash and equivalents. It advises 2 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Dodge & Cox?

Dodge & Cox’s direct owners are Philippe Barret, David Hoeft, Roger Kuo, Lucinda Johns, Raymond Mertens and Steven Voorhis, each holding 25% or less.

Source: Form ADV Part 1A, Schedules A and B, filed 17 April 2026

How does Dodge & Cox get paid?

Dodge & Cox is paid through a percentage of assets under management and other arrangements. Its Form ADV lists no commissions or performance-based fees among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file