Value investing giant Dodge & Cox drastically reduced its stake in Swiss pharmaceutical company Novartis AG (NVS) by 89% during the second quarter of 2026. The firm sold approximately 6.2 million shares, cutting its holding from 6.97 million to just under 760,000. This sizable trade decreased the reported value of its position from over $1 billion to about $119 million.
This activity was disclosed in a quarterly 13F filing with the SEC, which details institutional holdings as of June 30, 2026, but was made public on August 13. During the same quarter, Novartis reported a return to sales growth, beating analyst expectations. The sale reduced the weight of Novartis in Dodge & Cox's reported portfolio from 0.58% to 0.06%.