Dodge & COX

Dodge & Cox adheres to a deep-value, active investment philosophy with very low turnover, seeking long-term holdings that trade at significant discounts to intrinsic value. The portfolio is diversified across 222 positions with $182 billion in assets, yet displays notable conviction through concentrated positions, as the top 15 holdings comprise roughly 38% of the total. Key sector allocations include a 20.4% healthcare overweight, 14.8% financial services, and 10.3% communication services, while single-name bets like Johnson Controls International at 4.1% and Charles Schwab at 3.9% reflect a willingness to take sizable, patient stakes. The composition and steady AUM trend from $171.8 billion to $182.0 billion over recent quarters underscore a disciplined, research-driven strategy focused on undervalued businesses across diverse sectors.