Dodge & Cox 2025Q3: $185B Value Book Across 219 Names

Dodge & Cox — the San Francisco-based value house whose continuity stretches back to 1930 — filed its 2025Q3 Form 13F-HR on November 13, 2025 reporting $185.33 billion across 219 positions. The portfolio is the textbook expression of disciplined value: no single name exceeds 4.3% weight, the top 10 sit at roughly 27% of the book, and the long tail of 209 additional positions captures the rest. There is no top-of-book conviction trade; there is a deliberately diffuse expression of bottom-up stock-picking across financials, healthcare, industrials, energy, and select mega-cap technology.

That structure is the firm's signature. Most $100B+ active managers run measurably more concentrated portfolios, with the top 10 frequently exceeding 40% of the book. Dodge & Cox runs nearly the opposite shape — a flatter weight distribution that compounds risk control across many lines rather than picking three or four conviction lottery tickets.

What the 2025Q3 filing reports

The top twelve positions, with portfolio weights from the 13F-HR:

1. Charles Schwab (SCHW) — $7.93B / 4.28% portfolio weight
2. Johnson Controls International (JCI) — $7.06B / 3.81%
3. RTX Corp (RTX) — $6.71B / 3.62%
4. CVS Health (CVS) — $5.52B / 2.98%
5. Fiserv (FISV) — $4.98B / 2.69%
6. MetLife (MET) — $4.42B / 2.38%
7. Microsoft (MSFT) — $4.08B / 2.20%
8. FedEx (FDX) — $3.83B / 2.06%
9. Bank of New York Mellon (BK) — $3.80B / 2.05%
10. Occidental Petroleum (OXY) — $3.77B / 2.04%
11. Booking Holdings (BKNG) — $3.64B / 1.97%
12. Amazon (AMZN) — $2.58B / 1.93%

Concentration math: top 5 = 17.4%, top 10 = 27.4%, top 12 = 31.4%. A 219-name book at $185 billion implies an average non-top-10 position of roughly $620 million — large enough to register as a meaningful institutional voter on most mid-cap and large-cap names, small enough that single-name losses are absorbed by the rest of the book.

The sector composition reads value, not factor

The top 12 spans six distinct sectors: financials (SCHW, MET, BK), industrials (JCI, RTX, FDX), healthcare (CVS), payments/processing (FISV), technology (MSFT, AMZN), energy (OXY), and travel (BKNG). That dispersion matters. A pure value-factor portfolio sourced from a screening model would typically over-index on financials and energy at the expense of technology; Dodge & Cox's top 12 includes both MSFT and AMZN alongside OXY and RTX. The portfolio is bottom-up name selection inside a value philosophy, not a factor wrapper.

AUM trajectory through 2025Q3

The eight-quarter history maps to a steady scaling pattern:

• 2024Q1: $172.38B / 199 positions
• 2024Q2: $166.62B / 202 (-3.3% QoQ)
• 2024Q3: $176.83B / 205 (+6.1%)
• 2024Q4: $171.84B / 214 (-2.8%)
• 2025Q1: $175.45B / 214 (+2.1%)
• 2025Q2: $177.97B / 219 (+1.4%)
• 2025Q3: $185.33B / 219 (+4.1%)

From 2024Q1 to 2025Q3, AUM scaled +7.5% while position count expanded from 199 to 219 — a 10% expansion in breadth. The book got modestly bigger and modestly broader. That is not the signature of a manager pressing existing convictions; it is the signature of a manager whose process keeps surfacing new names that survive bottom-up due diligence, with each new addition sized into the existing weight distribution rather than displacing it.

How the top names diverge from index-tracking peers

The top 12 includes several names that index funds hold at materially smaller portfolio weights. CVS Health at 2.98% sits well above its S&P 500 weight (where it would be a fraction of 1%). Charles Schwab at 4.28% is the largest line in the book despite being mid-pack by market capitalization among financials peers. RTX Corp at 3.62% is sized larger than most diversified equity mandates would carry. The pattern: Dodge & Cox is willing to overweight specific value candidates by 2-5x their index weights when the bottom-up case supports it, without sacrificing the diversification floor.

Concentration vs the 219-name diversification floor

Comparing 2025Q3 against the broader active register, Dodge & Cox sits at one of the more diffuse ends of the spectrum. Sanders Capital in the same quarter ran 47 positions with top-5 at 43%; Dodge & Cox runs 219 positions with top-5 at 17%. Both books are unmistakably active and unmistakably value-tilted — the difference is whether risk is sized at the position level or at the philosophy level. Dodge & Cox's answer is unambiguously the latter.

What to watch into 2025Q4

Three structural questions the next quarterly filing will resolve:

1. Did the top 10 rotate? SCHW has anchored the top for most of the last two years. A movement off the #1 line would signal a deliberate rebalance rather than mechanical price drift.
2. Did position count expand past 220? The 219-line floor has held for three quarters. A break above signals continued buy-side capacity; a contraction signals a discipline cycle on the long tail.
3. Did the CVS Health weight survive? The 2.98% allocation is one of the larger active-mandate weights on the name in our register. Continued conviction through 2025Q4 would reinforce the bottom-up read; a meaningful trim would suggest the thesis is closing.

For broader 13F context across active managers and aggregate signal flow, browse the insights feed and the filer directory for peer comparisons.

FAQ

What is Dodge & Cox's largest position in 2025Q3?

Charles Schwab (SCHW) at $7.93 billion / 4.28% portfolio weight. The top 10 take 27.4% of the $185.33 billion book, and the top 5 take 17.4% — flatter than most peer active mandates of comparable AUM.

How many positions does Dodge & Cox hold?

The 2025Q3 13F reports 219 positions, up from 199 in 2024Q1. Average non-top-10 position size is roughly $620 million — large enough to register as a meaningful institutional shareholder on most mid- and large-cap names.

How does Dodge & Cox's structure differ from concentrated value peers?

Dodge & Cox runs a deliberately flat weight distribution: no top holding exceeds 4.3%, and the long tail of 209 additional positions absorbs structural risk. Most $100B+ value managers concentrate the top 10 at 40%+ of the book. The 27% top-10 share here is one of the lower marks in the active register.