Dodge & Cox Q1 2026 Preview: Brookfield, TransUnion and PDD Broke a Flat Quarter
Dodge & Cox’s Q4 2025 filing barely moved on headline AUM, but the underlying changes were more interesting: fresh positions in Brookfield, TransUnion and PDD inside a still-diversified value book. The next filing will show whether those adds were conviction moves or just incremental reshuffling.
DODGE & COX did not deliver a dramatic headline in Q4 2025. Disclosed market value was basically flat quarter over quarter. But that is exactly why the underlying changes matter. New positions such as BN and TRU, plus a fresh PDD stake, made the filing more interesting than the headline AUM line suggests. By May 15, 2026, readers should know whether those adds were the start of a new value cycle inside the portfolio.
TL;DR
- The headline was quiet: the filing stayed around $185.26B and barely moved quarter over quarter.
- The internals were not quiet: BN, TRU, and PDD all showed up as new positions.
- The core was still classic Dodge & Cox: SCHW, CVS, and other diversified value holdings remained central.
- There were trims too: some financial and healthcare names were cut even while new ideas were added.
- Q1 watch: which of the new entries gets scaled, and which was just a starter position?
DODGE & COX Top Holdings — 2025Q4 ($M)
Why This Filing Matters
Dodge & Cox matters because flat AUM can hide genuine idea generation. When a traditionally diversified value manager adds new positions without changing the portfolio headline much, the best signal is often the direction of those new ideas, not the size of the quarter’s total market value change.
Visible Signals In The Latest Filing
| Position | Value | Weight | Why it matters |
|---|---|---|---|
| SCHW | $7.64B | 4.13% | Charles Schwab remained the largest disclosed position, keeping the filing anchored in classic financial value. |
| CVS | $4.96B | 2.68% | CVS still mattered in size even after a trim, which says healthcare value remains part of the core mix. |
| BKNG | $3.92B | 2.12% | Booking was one of the more meaningful growth-facing names that still gained inside an otherwise value-heavy portfolio. |
| BN | $1.89B | 1.02% | Brookfield was one of the cleanest new ideas in the quarter and immediately large enough to matter. |
| TRU | $844.0M | 0.46% | TransUnion gave the filing another new cyclical-financial angle worth tracking into Q1. |
DODGE & COX Top 5 vs Rest Concentration — 2025Q4
What Q4 2025 Set Up
Q4 2025 kept the core book intact. SCHW, CVS, BKNG, and other long-standing large positions still defined the filing. But the new entries mattered because they nudged the book toward a slightly different mix of alternatives, credit-sensitive names and international consumer exposure. That is enough to make the next filing genuinely worth watching.
DODGE & COX AUM History
Questions For Q1 2026
Does Brookfield grow from here?
If BN expands again, it will look like a real high-conviction addition rather than a placeholder starter position.
Can the new data-and-consumer names stick?
If TRU and PDD are still there in size next quarter, Dodge & Cox will look more willing to widen its opportunity set.
Does the old core stay dominant?
If SCHW and CVS remain near the top, the filing still belongs to the legacy value framework even with some new ideas underneath.
Bottom Line
Dodge & Cox’s next filing matters because Q4 2025 was more active under the hood than it first appeared. If the new positions get bigger without a big AUM swing, the portfolio will look more intentionally rebalanced. If they fade, Q4 will look more like incremental maintenance.
Q&A
When is Dodge & Cox’s next 13F due?
Dodge & Cox’s next 13F is due on May 15, 2026.
Why was a flat quarter still interesting?
Because new positions like Brookfield and TransUnion can tell you more than a nearly unchanged AUM line.
What kind of manager is Dodge & Cox?
It is generally a diversified value-oriented manager, which is why new positions often stand out more clearly than they would in a hyperactive trading book.
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