Dodge & Cox Q4 2025 13F Holdings and Activity Report

I. Institutional Overview: The Psychological Portrait of Dodge & Cox

The scale of Dodge & Cox’s portfolio suggests a massive institutional footprint, yet the fact that this capital is concentrated in just 220 stocks reveals a high-conviction, research-intensive approach. Unlike many "closet indexers" who hold hundreds or thousands of securities to minimize tracking error, Dodge & Cox maintains a relatively lean portfolio for its size. This indicates that every position, even those at the lower end of the weightings, has likely undergone a rigorous committee-based vetting process. The institution is famous for its "investment by committee" model, which emphasizes collective wisdom, long-term perspectives, and a contrarian value bias.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis: Macro Signals and Track Selection

The top three sectors (Healthcare, Financials, and Industrials) account for 56.37% of the portfolio. While this is "focused," it is not "dangerously concentrated" for a firm of this size. It indicates a preference for "tangible" businesses—companies that make things (Industrials), heal people (Healthcare), or move money (Financials). The relatively low exposure to Technology (11.02%) compared to the S&P 500 (which often sees Tech at 30%+) is the most defining characteristic of Dodge & Cox. They are explicitly "underweight" the most expensive part of the market, opting instead for "old economy" sectors that they believe are mispriced.

While the market has been obsessed with AI hardware (Nvidia, etc.), Dodge & Cox’s allocation suggests they are looking at the "beneficiaries" and "platforms" rather than the "shovels." Their holdings in Microsoft , Alphabet , and Meta indicate a belief that the incumbents with the largest data sets and distribution networks will ultimately capture the value of AI, and they are buying these names when they fit their value criteria.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive: The Portfolio’s Ballast Stones

Despite a 7.86% reduction in shares this quarter, Schwab remains the undisputed heavyweight in the Dodge & Cox portfolio. This is a "conviction holding" that dates back to 2013. The reduction should be viewed as "tactical rebalancing" rather than a loss of faith. Schwab has faced headwinds regarding "cash sorting" and interest rate volatility, but its dominant position in the RIA (Registered Investment Advisor) space and its massive scale in asset servicing make it a classic Dodge & Cox play: a high-quality financial "utility" that the market occasionally misprices due to short-term macro fears. The fact that it still occupies over 4% of a $184B portfolio is a massive vote of confidence in its long-term earnings power.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions: Offensive Direction and Capital Flow

The "Buy" activity is heavily clustered in Financial Services and Fintech . Out of the top 8 additions, 5 are directly related to financial infrastructure ( BN, AON, WTW, FI, FIS ). This reveals a profound macro judgment: Dodge & Cox believes the "financialization" of the economy and the "modernization of payments" are the most durable trends for 2026. They are moving away from "buying things" (Materials/Industrials) toward "managing risk and moving money."

The total estimated addition amount for these top 8 names is approximately $7.4 billion . Where did this money come from? It was largely recouped from the trimming of the Top 10 (Schwab, CVS, RTX) and the complete exit from Teck Resources. This is a "strategic rotation"—selling "old value" (mining, retail healthcare) to buy "modern value" (alternative assets, insurance brokerage, fintech). This move has significantly increased the "quality" and "cash flow visibility" of the portfolio while maintaining its value discipline.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits: Risk Avoidance and Strategy Adjustment

The "sells" this quarter are high-quality operations. They are either: 1. Exiting winners with massive gains (Teck Resources). 2. Trimming mature value where the "easy" re-rating has happened (BNY Mellon, Schwab). 3. Cutting exposure to sectors with increasing fundamental headwinds (CVS, traditional banking).

The most important risk signal from these sells is the retreat from "Consumer Credit" and "Retail Healthcare." Dodge & Cox is telling the market that they find the risk-reward in these areas unattractive compared to "Institutional Financial Services." For other investors, this is a warning: if a deep-value manager like Dodge & Cox is selling CVS and Capital One, the "value" in those names might be a mirage, or at least require a much longer wait than previously thought.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

For years, Dodge & Cox was associated with "old school" value—banks, miners, and heavy industrials. This report reveals a sophisticated evolution. The institution is not abandoning its value roots, but it is clearly pivoting toward "Financial Infrastructure" —companies that own the "pipes" and "platforms" of the global economy.

The most valuable insight for retail investors is Dodge & Cox’s aggressive entry into Aon and Willis Towers Watson . This "duopoly" in insurance brokerage is often overlooked by retail investors who chase AI or high-growth tech. Dodge & Cox is signaling that these are "all-weather" stocks that provide a superior risk-adjusted return. Furthermore, their continued (though trimmed) commitment to Schwab and Alphabet suggests that "Quality Value" remains the best place to hide in an uncertain market.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.