§ 13F · FUND PROFILE
Dodge & Cox.
Dodge & Cox is a San Francisco-based investment management firm known for its deep value investment approach, maintaining concentrated portfolios with low turnover and a long-term investment horizon. The firm focuses on identifying undervalued securities and holding them through market cycles, with significant positions in financial services companies like Charles Schwab.
AUM · $177974.7T (13F)Positions · 219Turnover · 75% · Q4Filed · Feb 13, 2026
CONCENTRATION
27%
Top 10 holdings
NEW BUYS
+10
+$3540.8T deployed
EXITS
0
No exits
SECTOR SHIFT
FINANCIAL SERVICES → OTHER
-1pp · +1pp
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q4 2025
FILED FEB 13, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | SCHW | The Charles Schwab Corp. | 76.51M | $7644.5T | 4.1% | −8% |
| 2 | JCI | Johnson Controls International PLC | 60.38M | $7230.9T | 3.9% | −6% |
| 3 | RTX | RTX Corp. | 37.57M | $6890.7T | 3.7% | −6% |
| 4 | CVS | CVS Health Corp. | 62.51M | $4960.8T | 2.7% | −15% |
| 5 | FDX | FedEx Corp. | 15.58M | $4501.1T | 2.4% | −4% |
| 6 | MET | MetLife, Inc. | 52.25M | $4124.8T | 2.2% | −3% |
| 7 | GOOG | Alphabet, Inc. | 12.88M | $4040.4T | 2.2% | −8% |
| 8 | BKNG | Booking Holdings, Inc. | 732K | $3920.5T | 2.1% | +8% |
| 9 | MSFT | Microsoft Corp. | 7.44M | $3599.0T | 1.9% | −5% |
| 10 | REGN | Regeneron Pharmaceuticals, Inc. | 4.60M | $3547.8T | 1.9% | +1% |
§ 02 · SECTOR ALLOCATION
Where the money is
Other53.7% (+1pp)
Financial Services14.6% (−1pp)
Health Care11.1% (±0)
Media8.5% (±0)
Pharmaceuticals6.0% (±0)
Biotechnology5.9% (±0)
§ 03 · THE DODGE SIGNAL
AC read
Dodge & Cox's latest 13F filing reveals some interesting contradictions in their typically patient deep value approach. The San Francisco-based firm managed $178 trillion across 219 positions during the quarter, with their portfolio showing unusual activity levels that diverge from their historically low-turnover methodology. Most notably, the fund exhibited a 75% quarterly turnover rate, which represents extremely active trading behavior for a firm known for buy-and-hold strategies spanning market cycles.
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
1 FILINGS
Q4 2025
Busy quarter
+10 buys · −0 exits · 157 changed
Q3 2025
Steady book
+0 buys · −0 exits · 0 changed
Q2 2025
Steady book
+0 buys · −0 exits · 0 changed
Q1 2025
Steady book
+0 buys · −0 exits · 0 changed