Dodge & Cox

large-active, value, lo

Quarters 52

2025-12-31 $185.26B

Positions 222

2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30

Quarter Analysis

13F change notes for Dodge & Cox in 2025-12-31.

Dodge & Cox's quietest possible quarter — top-3 weight literally unchanged (11.7%), every top position flagged persistence with tiny share trims. Alphabet GOOG showing the biggest paper gain (+620% over 41 quarters — likely held since their Google IPO entry years ago). MetLife and FedEx round out the classic value-cyclical block.

★ HELD
The Charles Schwab Corp. SCHW
51 quarters held at +173% unrealized — top weight in the book at 4.13%.
★ HELD
Johnson Controls International JCI
38 quarters at +153% unrealized — the long-running industrial compounder.
★ HELD
Alphabet, Inc. GOOG
41 quarters held at +620% unrealized — likely tracking back to a 2014-era entry.
★ HELD
FedEx Corp. FDX
51 quarters in the book at +55% unrealized — the slow-burn industrials bet still in place.
• CONTEXT

This is the definition of a quiet Dodge & Cox quarter — no thesis changes, just incremental rebalancing on multi-year compounders.