Value investing giant Dodge & Cox dramatically increased its stake in Thermo Fisher Scientific (TMO) during the second quarter of 2026, boosting its holding by over 11,700% to 3.05 million shares. According to a quarterly disclosure filed with the SEC on August 13, the position's value soared from just $12.65 million to approximately $1.53 billion.
This filing reflects trades made between April and June 2026. In a quarterly letter, the firm noted it initiated the position to take advantage of a lower share price caused by fears of AI-related disruption, stating a belief in the company's attractive long-term prospects. The move coincided with a strong quarter for Thermo Fisher, which beat earnings estimates and raised its full-year guidance after reporting a 10% revenue increase.