The fund initiated a position in BKNG as value stocks outperform growth amid higher oil prices and interest rate shifts.
Dodge & Cox Stock Fund disclosed a new stake in Booking Holdings Inc. (BKNG) during Q1 2026, citing its overlooked advantage in a shifting market. The fund’s Class I shares returned -1.67%, outperforming the S&P 500’s 4.3% decline but trailing the Russell 1000 Value Index’s 2.1% gain.
U.S. equities fell broadly in Q1 2026, with growth stocks underperforming as inflation concerns and energy market disruptions drove investors toward value. The Russell 1000 Growth Index dropped 9.78%, while BKNG shares rose 5.78% over the past month but declined 25% over 52 weeks.
BKNG closed at $163.99 on June 9, 2026, with a market capitalization of $127.07 billion. The fund expects sector rotations to influence short-term performance while maintaining a long-term outlook.