Dodge & Cox holds 7.2% of Willis Towers Watson (WTW) shares

Rhea-AI Filing Summary

Dodge & Cox has disclosed a significant passive stake in Willis Towers Watson Public Limited Company. As of December 31, 2025, it beneficially owned 6,925,525 ordinary shares, representing 7.2% of the class.

Dodge & Cox reports sole voting power over 6,675,850 shares and sole dispositive power over 6,925,525 shares, with no shared voting or dispositive power. The shares are held on behalf of its clients, who are entitled to dividends and sale proceeds. Dodge & Cox certifies that the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Willis Towers Watson.

Insights

Institutional ownership analyst

Dodge & Cox reports a 7.2% passive stake in Willis Towers Watson, signaling notable but non‑controlling institutional ownership.

Dodge & Cox reports beneficial ownership of 6,925,525 Willis Towers Watson ordinary shares, equal to 7.2% of the class as of December 31, 2025. It holds sole voting authority over most of these shares and full sole dispositive power.

The filing specifies that the shares are held for clients, who receive dividends and sale proceeds, consistent with Dodge & Cox’s role as an investment manager. The position is certified as being held in the ordinary course of business, not to influence control of the company, which aligns with a passive Schedule 13G filing rather than an activist stance.

The size of the stake indicates meaningful institutional involvement, but actual market impact depends on future portfolio decisions by Dodge & Cox and its clients. Subsequent ownership reports would show whether this percentage increases, decreases, or remains stable over future reporting dates.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

G96629103

(CUSIP Number)

12/31/2025

(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. G96629103

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 6,675,850.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,925,525.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,925,525.00

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)

7.2 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
(b)	Address of issuer's principal executive offices: 51 Lime Street, London, England, United Kingdom EC3M 7DQ
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: Ordinary Shares
(e)	CUSIP No.: G96629103
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: 6,925,525
(b)	Percent of class: 7.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 6,675,850
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 6,925,525
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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, WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY.
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:	02/13/2026

FAQ

What stake does Dodge & Cox hold in Willis Towers Watson (WTW)?

Dodge & Cox reports beneficial ownership of 6,925,525 Willis Towers Watson ordinary shares, representing 7.2% of the class as of December 31, 2025. This reflects a significant but non‑controlling institutional position disclosed on a passive Schedule 13G filing.

How much voting power does Dodge & Cox report for its WTW shares?

Dodge & Cox reports sole voting power over 6,675,850 Willis Towers Watson ordinary shares and no shared voting power. This means Dodge & Cox alone can vote those shares, subject to its agreements with underlying clients whose assets it manages.

Are Dodge & Cox’s WTW shares held for clients or for itself?

The filing states that Dodge & Cox’s clients, including registered investment companies and other managed accounts, have rights to dividends and sale proceeds. Dodge & Cox holds the Willis Towers Watson shares as investment manager on their behalf rather than as an operating position for itself.

Is Dodge & Cox’s WTW stake intended to influence control of the company?

Dodge & Cox certifies the Willis Towers Watson shares were acquired and are held in the ordinary course of business, not to change or influence control of the issuer. This language is consistent with a passive Schedule 13G institutional investment position.

What percentage of Willis Towers Watson (WTW) does Dodge & Cox own?

Dodge & Cox reports beneficial ownership of 7.2% of Willis Towers Watson’s ordinary shares as of December 31, 2025. This percentage is based on 6,925,525 shares it can dispose of, as detailed in the Schedule 13G ownership section.

Who signed the Dodge & Cox Schedule 13G for Willis Towers Watson (WTW)?

The Schedule 13G was signed by Katherine M. Primas, Chief Compliance Officer at Dodge & Cox, dated February 13, 2026. She certifies that the information in the statement regarding the Willis Towers Watson share ownership is true, complete, and correct.