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: $178.0T·219 positions·Q4 2025
Filed: Feb 13, 2026
CIK: 0000200217
Portfolio DNA
Concentration (HHI)
0.017
Diversified
Turnover
75%/qtr
Very Active
Top 10 Weight
27.2%
Moderate
Holdings
222
Large
Behavioral Profile: Deep Value
Seeks securities trading well below intrinsic value, often in out-of-favor sectors. Maintains concentrated portfolios with low turnover. Tends to accumulate during market stress and trim positions after extended rallies.
Top 10 Holdings
Notable Moves
This quarter: 10 new · 0 exited · 157 changed
vs average: 3 new · 0 exited · 39 changed UNUSUAL
Sector Allocation
Filing History
Latest: $185255.6T
Positions: 214 → 222 (+4% over 1 year)
Avg turnover: 19%/qtr (Moderate)
Fund Analysis
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.
The portfolio remains heavily concentrated in Charles Schwab (SCHW) and Johnson Controls (JCI), which together represent multiple large positions totaling approximately $30 trillion in combined holdings across various share classes. This concentration aligns with Dodge & Cox's traditional approach of taking significant stakes in companies they believe are fundamentally undervalued. Raytheon Technologies (RTX) and Fiserv (FISV) round out the top holdings, with the financial services sector comprising 14.6% of the portfolio, followed by healthcare at 11.1% and media at 8.5%.
Despite the high turnover, Dodge & Cox maintained their diversified approach with an HHI of 0.017 and added 10 new positions while exiting none during the quarter. The top 10 holdings represent 27.2% of the portfolio, suggesting measured concentration rather than extreme positioning. This combination of high activity levels with zero exits and multiple new additions indicates the firm may have been opportunistically adding to positions or rebalancing existing holdings rather than fundamentally changing their investment thesis, though the elevated turnover rate marks a notable departure from their traditional long-term holding patterns.
Analysis generated Apr 5, 2026
All Holdings
| # | Stock | Value | % Port. | Chg | |
|---|---|---|---|---|---|
| 1 | $7644.5T | 4.1% | -7.9% | ▼ | |
| 2 | $7230.9T | 3.9% | -6.0% | ▼ | |
| 3 | $6890.7T | 3.7% | -6.3% | ▼ | |
| 4 | $4960.8T | 2.7% | -14.6% | ▼ | |
| 5 | $4501.1T | 2.4% | -4.0% | ▼ | |
| 6 | $4124.8T | 2.2% | -2.6% | ▼ | |
| 7 | $4040.4T | 2.2% | -8.0% | ▼ | |
| 8 | $3920.5T | 2.1% | +8.4% | ▼ | |
| 9 | $3599.0T | 1.9% | -5.5% | ▼ | |
| 10 | $3547.8T | 1.9% | +1.0% | ▼ | |
| 11 | $3515.5T | 1.9% | -6.5% | ▼ | |
| 12 | $3390.8T | 1.8% | -4.5% | ▼ | |
| 13 | $3383.9T | 1.8% | -7.3% | ▼ | |
| 14 | $3376.6T | 1.8% | +0.4% | ▼ | |
| 15 | $3360.1T | 1.8% | -12.6% | ▼ | |
| 16 | $3323.2T | 1.8% | +28.1% | ▼ | |
| 17 | $3313.5T | 1.8% | +26.7% | ▼ | |
| 18 | $3267.9T | 1.8% | -0.5% | ▼ | |
| 19 | $3264.1T | 1.8% | +13.9% | ▼ | |
| 20 | $3226.0T | 1.7% | -12.8% | ▼ | |
| 21 | $3065.7T | 1.7% | +19.7% | ▼ | |
| 22 | $3049.7T | 1.6% | +23.7% | ▼ | |
| 23 | $3028.0T | 1.6% | -3.5% | ▼ | |
| 24 | $3011.5T | 1.6% | -16.9% | ▼ | |
| 25 | $2996.4T | 1.6% | -25.9% | ▼ | |
| 26 | $2891.8T | 1.6% | -0.4% | ▼ | |
| 27 | $2778.6T | 1.5% | -11.5% | ▼ | |
| 28 | $2771.0T | 1.5% | +126.6% | ▼ | |
| 29 | $2737.6T | 1.5% | -18.0% | ▼ | |
| 30 | $2559.9T | 1.4% | +13.4% | ▼ | |
| 31 | $2453.1T | 1.3% | -1.5% | ▼ | |
| 32 | $2438.0T | 1.3% | +3.7% | ▼ | |
| 33 | $2320.4T | 1.3% | +24.1% | ▼ | |
| 34 | $2281.6T | 1.2% | +2.6% | ▼ | |
| 35 | $2275.7T | 1.2% | +90.7% | ▼ | |
| 36 | $2220.8T | 1.2% | -24.3% | ▼ | |
| 37 | $2120.6T | 1.1% | -9.4% | ▼ | |
| 38 | $2113.7T | 1.1% | +1.3% | ▼ | |
| 39 | BNNEW | $1894.4T | 1.0% | — | ▼ |
| 40 | $1856.2T | 1.0% | -7.5% | ▼ | |
| 41 | $1795.7T | 1.0% | +0.1% | ▼ | |
| 42 | $1789.7T | 1.0% | -4.4% | ▼ | |
| 43 | $1599.2T | 0.9% | -17.2% | ▼ | |
| 44 | $1556.2T | 0.8% | -21.1% | ▼ | |
| 45 | $1534.2T | 0.8% | -1.7% | ▼ | |
| 46 | $1502.8T | 0.8% | -22.6% | ▼ | |
| 47 | $1468.3T | 0.8% | -8.7% | ▼ | |
| 48 | $1410.5T | 0.8% | +18.6% | ▼ | |
| 49 | $1341.6T | 0.7% | -0.6% | ▼ | |
| 50 | $1309.9T | 0.7% | -4.8% | ▼ | |
| 51 | $1297.8T | 0.7% | -2.8% | ▼ | |
| 52 | $1256.0T | 0.7% | +65.2% | ▼ | |
| 53 | $1243.6T | 0.7% | -7.5% | ▼ | |
| 54 | $1242.8T | 0.7% | -14.8% | ▼ | |
| 55 | $1209.2T | 0.7% | -0.8% | ▼ | |
| 56 | $1161.4T | 0.6% | +4.9% | ▼ | |
| 57 | $1111.0T | 0.6% | -21.0% | ▼ | |
| 58 | $1089.3T | 0.6% | -0.7% | ▼ | |
| 59 | $1077.3T | 0.6% | -1.9% | ▼ | |
| 60 | $982.2T | 0.5% | +13.4% | ▼ | |
| 61 | $974.3T | 0.5% | -12.3% | ▼ | |
| 62 | $963.3T | 0.5% | -0.4% | ▼ | |
| 63 | $868.8T | 0.5% | -0.1% | ▼ | |
| 64 | $866.0T | 0.5% | -0.8% | ▼ | |
| 65 | $860.8T | 0.5% | +0.3% | ▼ | |
| 66 | $848.6T | 0.5% | -11.7% | ▼ | |
| 67 | TRUNEW | $844.0T | 0.5% | — | ▼ |
| 68 | $781.2T | 0.4% | -0.9% | ▼ | |
| 69 | $781.1T | 0.4% | -15.4% | ▼ | |
| 70 | $768.7T | 0.4% | -0.5% | ▼ | |
| 71 | $757.5T | 0.4% | +35.8% | ▼ | |
| 72 | $743.3T | 0.4% | +0.2% | ▼ | |
| 73 | $735.5T | 0.4% | -0.7% | ▼ | |
| 74 | $730.9T | 0.4% | -0.5% | ▼ | |
| 75 | $709.2T | 0.4% | -0.0% | ▼ | |
| 76 | $647.1T | 0.3% | -0.4% | ▼ | |
| 77 | $621.8T | 0.3% | +13.3% | ▼ | |
| 78 | $612.0T | 0.3% | -30.2% | ▼ | |
| 79 | $607.3T | 0.3% | +0.1% | ▼ | |
| 80 | $566.9T | 0.3% | 0.0% | ▼ | |
| 81 | $555.9T | 0.3% | -1.5% | ▼ | |
| 82 | $543.7T | 0.3% | -17.8% | ▼ | |
| 83 | $511.3T | 0.3% | -3.6% | ▼ | |
| 84 | PDDNEW | $503.4T | 0.3% | — | ▼ |
| 85 | $471.3T | 0.3% | -0.4% | ▼ | |
| 86 | $450.9T | 0.2% | -3.7% | ▼ | |
| 87 | $408.4T | 0.2% | +0.4% | ▼ | |
| 88 | $394.3T | 0.2% | -0.4% | ▼ | |
| 89 | $381.8T | 0.2% | -4.7% | ▼ | |
| 90 | $350.0T | 0.2% | -35.1% | ▼ | |
| 91 | $344.1T | 0.2% | -0.9% | ▼ | |
| 92 | $325.2T | 0.2% | -0.2% | ▼ | |
| 93 | $296.5T | 0.2% | -6.0% | ▼ | |
| 94 | $293.4T | 0.2% | -6.9% | ▼ | |
| 95 | AJGNEW | $227.9T | 0.1% | — | ▼ |
| 96 | $224.7T | 0.1% | +266.7% | ▼ | |
| 97 | $201.0T | 0.1% | -11.5% | ▼ | |
| 98 | $136.9T | 0.1% | +2.7% | ▼ | |
| 99 | $135.2T | 0.1% | 0.0% | ▼ | |
| 100 | $123.6T | 0.1% | -10.1% | ▼ | |
| 101 | $110.5T | 0.1% | -86.9% | ▼ | |
| 102 | $108.2T | 0.1% | -15.3% | ▼ | |
| 103 | $91.2T | 0.0% | 0.0% | ▼ | |
| 104 | $90.3T | 0.0% | -10.1% | ▼ | |
| 105 | $74.2T | 0.0% | -1.3% | ▼ | |
| 106 | $73.8T | 0.0% | 0.0% | ▼ | |
| 107 | FCNCANEW | $67.7T | 0.0% | — | ▼ |
| 108 | $60.9T | 0.0% | -3.6% | ▼ | |
| 109 | $60.2T | 0.0% | -10.3% | ▼ | |
| 110 | $49.9T | 0.0% | -6.0% | ▼ | |
| 111 | $45.7T | 0.0% | -2.1% | ▼ | |
| 112 | $40.1T | 0.0% | -36.1% | ▼ | |
| 113 | $32.8T | 0.0% | 0.0% | ▼ | |
| 114 | $32.4T | 0.0% | -4.7% | ▼ | |
| 115 | $30.8T | 0.0% | -6.2% | ▼ | |
| 116 | $30.2T | 0.0% | -14.5% | ▼ | |
| 117 | $27.5T | 0.0% | -6.1% | ▼ | |
| 118 | $23.3T | 0.0% | -0.2% | ▼ | |
| 119 | $20.0T | 0.0% | -0.7% | ▼ | |
| 120 | $14.9T | 0.0% | 0.0% | ▼ | |
| 121 | $14.5T | 0.0% | -10.4% | ▼ | |
| 122 | $14.4T | 0.0% | +930.7% | ▼ | |
| 123 | $13.8T | 0.0% | -1.0% | ▼ | |
| 124 | $13.0T | 0.0% | +0.0% | ▼ | |
| 125 | $12.6T | 0.0% | -25.1% | ▼ | |
| 126 | $11.1T | 0.0% | -12.0% | ▼ | |
| 127 | $9.6T | 0.0% | -7.5% | ▼ | |
| 128 | $9.0T | 0.0% | -1.8% | ▼ | |
| 129 | $8.6T | 0.0% | +1.5% | ▼ | |
| 130 | $8.5T | 0.0% | 0.0% | ▼ | |
| 131 | $8.0T | 0.0% | -0.1% | ▼ | |
| 132 | $7.1T | 0.0% | -2.1% | ▼ | |
| 133 | $6.8T | 0.0% | -0.4% | ▼ | |
| 134 | $6.8T | 0.0% | -62.9% | ▼ | |
| 135 | $5.9T | 0.0% | 0.0% | ▼ | |
| 136 | $5.8T | 0.0% | 0.0% | ▼ | |
| 137 | $5.6T | 0.0% | -32.6% | ▼ | |
| 138 | $4.8T | 0.0% | -6.4% | ▼ | |
| 139 | $4.4T | 0.0% | -8.5% | ▼ | |
| 140 | $4.4T | 0.0% | 0.0% | ▼ | |
| 141 | $4.3T | 0.0% | 0.0% | ▼ | |
| 142 | $4.3T | 0.0% | -0.9% | ▼ | |
| 143 | $4.1T | 0.0% | -1.3% | ▼ | |
| 144 | $3.8T | 0.0% | 0.0% | ▼ | |
| 145 | $3.5T | 0.0% | -99.7% | ▼ | |
| 146 | $3.2T | 0.0% | -7.6% | ▼ | |
| 147 | $3.2T | 0.0% | 0.0% | ▼ | |
| 148 | $3.0T | 0.0% | 0.0% | ▼ | |
| 149 | $2.9T | 0.0% | -0.5% | ▼ | |
| 150 | $2.8T | 0.0% | 0.0% | ▼ | |
| 151 | $2.8T | 0.0% | +255.1% | ▼ | |
| 152 | $2.7T | 0.0% | 0.0% | ▼ | |
| 153 | $2.4T | 0.0% | -18.8% | ▼ | |
| 154 | $2.4T | 0.0% | -0.8% | ▼ | |
| 155 | $2.3T | 0.0% | -2.8% | ▼ | |
| 156 | $2.2T | 0.0% | 0.0% | ▼ | |
| 157 | $2.2T | 0.0% | 0.0% | ▼ | |
| 158 | $2.2T | 0.0% | 0.0% | ▼ | |
| 159 | $2.2T | 0.0% | -99.6% | ▼ | |
| 160 | $2.1T | 0.0% | -1.5% | ▼ | |
| 161 | $2.0T | 0.0% | 0.0% | ▼ | |
| 162 | $1.9T | 0.0% | 0.0% | ▼ | |
| 163 | $1.8T | 0.0% | 0.0% | ▼ | |
| 164 | $1.7T | 0.0% | 0.0% | ▼ | |
| 165 | $1.6T | 0.0% | 0.0% | ▼ | |
| 166 | $1.4T | 0.0% | -3.6% | ▼ | |
| 167 | $1.4T | 0.0% | 0.0% | ▼ | |
| 168 | $1.4T | 0.0% | -0.1% | ▼ | |
| 169 | $1.2T | 0.0% | -0.3% | ▼ | |
| 170 | $1.2T | 0.0% | 0.0% | ▼ | |
| 171 | KARONEW | $1.1T | 0.0% | — | ▼ |
| 172 | $1.1T | 0.0% | -9.3% | ▼ | |
| 173 | ATATNEW | $1.1T | 0.0% | — | ▼ |
| 174 | $1.1T | 0.0% | 0.0% | ▼ | |
| 175 | $1.0T | 0.0% | +15.3% | ▼ | |
| 176 | $1.0T | 0.0% | 0.0% | ▼ | |
| 177 | $955.6B | 0.0% | 0.0% | ▼ | |
| 178 | $942.4B | 0.0% | -8.4% | ▼ | |
| 179 | $829.2B | 0.0% | +2.7% | ▼ | |
| 180 | $766.2B | 0.0% | 0.0% | ▼ | |
| 181 | $761.0B | 0.0% | +8.5% | ▼ | |
| 182 | $755.2B | 0.0% | 0.0% | ▼ | |
| 183 | $736.7B | 0.0% | 0.0% | ▼ | |
| 184 | $735.5B | 0.0% | 0.0% | ▼ | |
| 185 | $731.9B | 0.0% | +7.2% | ▼ | |
| 186 | $689.5B | 0.0% | 0.0% | ▼ | |
| 187 | $637.3B | 0.0% | 0.0% | ▼ | |
| 188 | $634.1B | 0.0% | 0.0% | ▼ | |
| 189 | $619.7B | 0.0% | -22.5% | ▼ | |
| 190 | QNEW | $612.6B | 0.0% | — | ▼ |
| 191 | $596.7B | 0.0% | -2.2% | ▼ | |
| 192 | $571.8B | 0.0% | -0.3% | ▼ | |
| 193 | $563.1B | 0.0% | +19.5% | ▼ | |
| 194 | $550.4B | 0.0% | -36.1% | ▼ | |
| 195 | $549.8B | 0.0% | 0.0% | ▼ | |
| 196 | $545.3B | 0.0% | +0.4% | ▼ | |
| 197 | $540.1B | 0.0% | 0.0% | ▼ | |
| 198 | $528.6B | 0.0% | 0.0% | ▼ | |
| 199 | $520.8B | 0.0% | 0.0% | ▼ | |
| 200 | $518.9B | 0.0% | 0.0% | ▼ | |
| 201 | $498.8B | 0.0% | -22.2% | ▼ | |
| 202 | $476.4B | 0.0% | 0.0% | ▼ | |
| 203 | $455.7B | 0.0% | 0.0% | ▼ | |
| 204 | $441.3B | 0.0% | 0.0% | ▼ | |
| 205 | $376.4B | 0.0% | -7.7% | ▼ | |
| 206 | $374.8B | 0.0% | 0.0% | ▼ | |
| 207 | $369.7B | 0.0% | -4.6% | ▼ | |
| 208 | ULNEW | $343.0B | 0.0% | — | ▼ |
| 209 | $338.5B | 0.0% | 0.0% | ▼ | |
| 210 | $336.9B | 0.0% | 0.0% | ▼ | |
| 211 | $335.5B | 0.0% | 0.0% | ▼ | |
| 212 | $301.3B | 0.0% | 0.0% | ▼ | |
| 213 | $283.2B | 0.0% | 0.0% | ▼ | |
| 214 | $273.7B | 0.0% | -28.6% | ▼ | |
| 215 | $261.3B | 0.0% | 0.0% | ▼ | |
| 216 | $244.4B | 0.0% | +6.3% | ▼ | |
| 217 | RIONEW | $240.1B | 0.0% | — | ▼ |
| 218 | $227.1B | 0.0% | -17.1% | ▼ | |
| 219 | $225.4B | 0.0% | 0.0% | ▼ | |
| 220 | $225.4B | 0.0% | 0.0% | ▼ | |
| 221 | $224.0B | 0.0% | 0.0% | ▼ | |
| 222 | $30.0B | 0.0% | 0.0% | ▼ |
Showing 222 of 222 positions
Stocks in Common
Holdings reflect 13F filings with the SEC — quarterly disclosures required of institutional managers with $100M+ in AUM. Positions are as of quarter-end and may have changed significantly since filing. See full disclaimer.