Institutional Stake: Dodge & Cox Stock Fund Holds 11.0% of Avantor

Rhea-AI Filing Summary

Summary: Dodge & Cox filed a Schedule 13G/A reporting beneficial ownership of 117,433,484 shares of Avantor, representing 17.2% of the class. The filer reports sole voting power over 111,093,684 shares and sole dispositive power over 117,433,484 shares.

The filing discloses that clients of Dodge & Cox, including the Dodge & Cox Stock Fund, have the right to dividends and proceeds; the Stock Fund holds 74,871,715 shares ( 11.0%). Dodge & Cox certifies these securities are held in the ordinary course of business and not for the purpose of changing or influencing control.

Positive

• Material institutional stake: Dodge & Cox beneficially owns 117,433,484 shares (17.2%) of Avantor.
• Concentrated voting authority: Sole voting power reported over 111,093,684 shares.
• Registered fund disclosure: Dodge & Cox Stock Fund holds 74,871,715 shares (11.0%), clarifying internal exposure.

Negative

• None.

Insights

Financial Analyst

TL;DR: A material 17.2% institutional stake is disclosed, concentrated voting power exists but the filer states holdings are passive.

Dodge & Cox's reported beneficial ownership of 117,433,484 shares (17.2%) is a material, concentrated position that can affect liquidity and market perception for Avantor. The firm reports sole voting power over 111,093,684 shares and sole dispositive power over all shares reported, while explicitly stating the holdings are in the ordinary course of business and not intended to change control. The Dodge & Cox Stock Fund's 74,871,715-share stake (11.0%) highlights concentration within a registered investment vehicle, which is relevant when mapping ownership influence and voting outcomes.

Corporate Governance Expert

TL;DR: Significant single-investor ownership with substantial sole voting power, but filed as passive and not for control.

From a governance perspective, sole voting power over 111,093,684 shares gives Dodge & Cox meaningful influence in shareholder votes even though the Schedule 13G/A classification signals a passive intent. The explicit certification that the securities are not held to change control is important for assessing potential activism risk. The disclosure of the Stock Fund's 11.0% interest provides additional clarity on the distribution of the firm's holdings across managed vehicles.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Avantor, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

05352A100

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 05352A100

1

Names of Reporting Persons

Dodge & Cox

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 111,093,684.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 117,433,484.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

117,433,484.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

17.2 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Avantor, Inc.
(b)	Address of issuer's principal executive offices: Radnor Corporate Center, Building One, Suite 200, 100 Matsonford Road, Radnor, Pennsylvania 19087
Item 2.
(a)	Name of person filing: Dodge & Cox
(b)	Address or principal business office or, if none, residence: 555 California Street 40th Floor, San Francisco, CA 94104
(c)	Citizenship: California, USA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 05352A100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 117,433,484
(b)	Percent of class: 17.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 111,093,684
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 117,433,484
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The clients of Dodge & Cox, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or power to direct the receipt of dividends from, and the proceeds from the sale of, Avantor, Inc. Dodge & Cox Stock Fund, an investment company registered under the Investment Company Act of 1940, has an interest of 74,871,715 or 11.0%, of the class of securities reported herein.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dodge & Cox

Signature:	/S/ Katherine M. Primas
Name/Title:	Chief Compliance Officer
Date:	08/13/2025

FAQ

How many Avantor (AVTR) shares does Dodge & Cox beneficially own?

117,433,484 shares, representing 17.2% of the class.

What voting power does Dodge & Cox report for AVTR?

Sole voting power over 111,093,684 shares and no shared voting power.

Does the filing indicate Dodge & Cox intends to change control of Avantor (AVTR)?

No; the filing certifies the securities are held in the ordinary course of business and not to change or influence control.

How many AVTR shares does the Dodge & Cox Stock Fund hold?

74,871,715 shares, representing 11.0% of the class.

What form was filed to disclose this ownership?

A Schedule 13G/A was filed to report beneficial ownership.