Dodge & Cox's $185.26B Q4 Portfolio: Value Tilts Stay Intact While Mega-Cap Tech Remains Secondary

Dodge & Cox ended 2025Q4 with $185.26B in reported 13F assets across 222 positions, and a WhaleScore of 74.75. The setup reads like classic Dodge & Cox — broad diversification, durable position sizing, and a value-oriented mix rather than a single-theme momentum bet.

For investors tracking institutional conviction, the key signal this quarter is consistency: AUM held near the prior quarter (full filer profile), while portfolio breadth expanded from 219 to 222 names. That combination usually points to portfolio maintenance and incremental rebalancing, not a style reset.

Scale Without Concentration Shock

The top disclosed positions include SCHW at $7.64B (4.13%), plus large allocations to non-mega-cap names such as CVS ($4.96B) and FDX ($4.50B). Financial exposure is also visible through MET ($4.12B).

Importantly, the 13F dataset marks many names as NEW position this quarter. In this system that status can be a filing-classification artifact, so it should not be interpreted as a confirmed fresh buy without supplemental filing-level validation.

Value-Style Sector Tilt Still Dominates the Character

Even with exposure to platform leaders like GOOG, MSFT, and AMZN, the overall profile still leans toward the fund’s long-standing value discipline. Healthcare and financial franchises remain central, and energy participation (for example, OXY) reinforces the cyclical-value sleeve.

This is why the quarter reads as underweight mega-cap tech versus an index-heavy growth benchmark: the fund owns major tech names, but they do not dominate position weights in the way cap-weighted index exposure typically does.

Holding-Period Signal: Stable AUM Through a Choppy Year

From 2024Q1 to 2025Q4, AUM moved from $172.38B to $185.26B, with alternating quarterly moves rather than one-way expansion. 2025Q3 printed $185.33B and 2025Q4 was $185.26B, essentially flat quarter over quarter. That pattern is consistent with a lower-turnover framework focused on multi-quarter compounding.

What Q4 2025 Signals for Value-Oriented Followers

• Dodge & Cox remains a high-scale, broadly distributed portfolio at $185.26B.
• 222 positions and near-flat QoQ AUM suggest portfolio continuity rather than aggressive regime change.
• Sector character remains value-leaning, while mega-cap tech appears as a supporting sleeve, not the core engine.

Investors who use 13F data to track institutional style drift should watch whether this balance persists into the next filing cycle: if AUM remains stable while non-tech value sleeves stay large, the long-cycle contrarian playbook is still in force.