13F filing recap · Q4 2025
What did Dodge & Cox buy in Q4 2025?
Reported stock-position changes between this filing and the previous one. US-listed stocks across every Dodge & Cox account, including accounts that belong to no fund below.
Stock value
$185.26B
Positions
222
Estimated turnover
14.7%
Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.
Quarter in review
Dodge & Cox opened new positions in Brookfield Corporation, Transunion, PDD Holdings, Arthur J. Gallagher & Co., and First Citizens Bancshares, among several smaller initiations. The firm exited Affiliated Managers Group, Gap, Grupo Televisa, Halliburton, Teck Resources, Unilever, and Zoetis. Notable increases included a dramatic addition to Aon and substantial boosts to Willis Towers Watson, T-Mobile US, and Adobe. On the trimming side, the firm substantially reduced Bank of America and Jd.com, while moderately cutting CVS Health, GSK, Fiserv, Meta Platforms, and Wells Fargo, among others.