Dodge & Cox Q4 2025 Portfolio: A $185.26B Value Giant Still Hunting Outside Mega-Cap Momentum

Dodge & Cox Q4 2025 Portfolio: A $185.26B Value Giant Still Hunting Outside Mega-Cap Momentum

Dodge & Cox, the San Francisco value manager founded in 1930, closed 2025Q4 with $185.26B in reported 13F AUM across 222 holdings and a WhaleScore of 72.25. For retail investors who want to follow smart-money behavior rather than index headlines, the important message is simple: this is still a large, patient value shop building exposure well beyond the most crowded parts of the market.

The quarter-end filing is available on 13F Insight’s Dodge & Cox page. It also lines up with Dodge & Cox’s own 2025 public commentary, where the firm reiterated its three- to five-year horizon, deep fundamental research, valuation discipline, and embedded risk management. In the firm’s 2025 U.S. Equity Strategy review, Dodge & Cox argued that the market remained expensive while its U.S. equity portfolio traded at a lower valuation with high active share. The year-end shareholder letter made the same point: stay valuation-sensitive even when headline indexes reward a narrow group of growth winners.

TL;DR

• Dodge & Cox reported $185.26B of 13F AUM in Q4 2025, essentially flat versus $185.33B in Q3 2025.
• The filing still broadened out: holdings count rose from 219 to 222.
• The largest disclosed positions were Charles Schwab, Johnson Controls, RTX, CVS Health, and FedEx.
• The top ten names span financials, industrials, health care, communication services, and software rather than a one-theme AI chase.

What stands out in the Q4 filing

The quarter-end snapshot is notable less for a dramatic AUM jump and more for where the capital sits. Dodge & Cox’s ten largest disclosed positions total roughly $50.51B, or about 27.27% of the full 13F portfolio. That concentration is meaningful, but it is not extreme for a manager of this size, and the names themselves reinforce the firm’s long-running habit of leaning into large, understandable businesses where sentiment and valuation can diverge.

The top end of the book includes SCHW at $7.64B, Johnson Controls at $7.23B, RTX at $6.89B, CVS at $4.96B, FDX at $4.50B, MET at $4.12B, GOOG at $4.04B, BKNG at $3.92B, MSFT at $3.60B, and REGN at $3.55B. That mix does not look like an index clone. It looks like a value manager choosing specific franchises across multiple sectors.

One important caveat: the canonical brief labels each top position as a new position. Taken literally, that would imply an unusually sweeping reset for a firm of this scale. A safer interpretation is that the filing brief is surfacing the quarter-over-quarter dataset status attached to the current top holdings. Investors should treat the ranking and sizing as the durable signal, while treating the "new position" tag as a dataset-level descriptor rather than proof that Dodge & Cox discovered all of these businesses in one quarter.

Top disclosed holdings

Why this looks like classic Dodge & Cox

Dodge & Cox’s own philosophy page emphasizes four pillars: long-term horizon, deep fundamental research, valuation discipline, and embedded risk management. The firm says it invests with an owner’s mindset over three to five years, not around short-term price moves. That framework matters when reading a quarter like this. A portfolio led by Schwab, Johnson Controls, RTX, CVS, FedEx, and MetLife is a portfolio built around operating leverage, cyclical recovery, and valuation re-rating potential rather than pure momentum.

The same theme appears in Dodge & Cox’s 2025 market commentary. In the annual review, the firm said the U.S. Stock Fund traded at 14.7 times earnings with high active share of over 80% against the S&P 500, while many AI-linked stocks carried much richer expectations. The filing’s top holdings support that message. Even where Dodge & Cox owns platform companies such as Alphabet and Microsoft, the broader leadership group is more balanced than the cap-weighted index.

The firm also called out specific opportunity pockets in 2025 public commentary. Health care was described as the largest weighting in the U.S. Stock Fund at over 25%, with Medicare Advantage providers such as CVS highlighted as attractive because current margins are pressured while long-term economics remain compelling. Industrials were another bright spot, with RTX specifically cited as a contributor. In other words, the Q4 13F is not an isolated signal. It fits the research case Dodge & Cox has been laying out publicly.

AUM trend: stable capital, broader roster

The cleanest portfolio-level takeaway is stability. Dodge & Cox’s reported 13F AUM moved from $172.38B in 2024Q1 to $185.26B in 2025Q4. The sharpest swing in the last eight quarters was the +6.1% increase in 2024Q3. More recently, the path was $175.45B in 2025Q1, $177.97B in 2025Q2, $185.33B in 2025Q3, and $185.26B in 2025Q4. That is not the profile of a manager making frantic tactical bets. It is the profile of a large institution steadily reallocating inside a fairly stable capital base.

At the same time, holdings count increased from 199 in 2024Q1 to 222 in 2025Q4. That combination matters. Flat AUM with a rising number of positions usually suggests a manager is widening the opportunity set rather than simply doubling down on a handful of legacy winners.

AUM history snapshot

What retail investors should watch next

For followers of value investing, the interesting question is not whether Dodge & Cox beat a momentum-heavy benchmark in one quarter. It is whether the firm is still building a portfolio that can outperform if market leadership broadens. The Q4 2025 filing says yes. The top positions show large commitments to businesses tied to financial normalization, industrial cash flow, managed-care recovery, and selective platform technology exposure. That is consistent with a manager preparing for a less narrow market regime.

If you want to keep tracking the story, start with the firm page on 13F Insight, then monitor the underlying stock pages for SCHW, CVS, FDX, MET, GOOG, and REGN. Those names capture a large part of the value case Dodge & Cox appeared willing to own at scale heading into 2026.

Source notes

• 13F sizing, holdings count, AUM history, and portfolio weights come from the canonical Dodge & Cox 2025Q4 filer brief used for this article.
• Firm philosophy, time horizon, and process language come from Dodge & Cox’s public philosophy page.
• 2025 valuation and sector commentary come from Dodge & Cox’s 2025 U.S. Equity Strategy review and year-end shareholder materials.