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Funds (13F)

Dodge & Cox

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+13.2%
S&P 500 +14.1%
Last 12 months
+13.8%
S&P 500 +12.1%
Sharpe ratio
0.65
S&P 500 0.78
Biggest drop
−39.8%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$51.3k
Dodge & CoxS&P 500 $10,000 in Dodge & Cox from 16 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Dodge & Cox's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Dodge & Cox's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+13.2%+14.1%
Total return+413%+470%
Last 12 months+13.8%+12.1%
Last 3 months+0.6%—
Last month+5.3%—
This year so far+9.5%—
Volatility a year18.7%16.0%
Sharpe ratio0.650.78
Biggest drop−39.8%−31.8%
Beta to the S&P 5001.041.00
Alpha a year (t-statistic)−0.8% (−0.35)—
Share of weeks up59%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
JCI4.5%——
SCHW3.9%——
RTX3.7%——
CVS2.9%——
MSFT2.7%——
BKNG2.5%——
HUM2.4%——
MET2.3%——
SUNB2.3%——
AMZN2.2%——
GOOGL2.1%——
UNH2.1%——
META2.0%——
OXY2.0%——
TEL1.9%——
CI1.9%——
REGN1.7%——
GILD1.7%——
IFF1.6%——
AON1.6%——
CMCSA1.6%——
APD1.5%——
FTV1.5%——
WFC1.4%——
GSK1.4%——
FISV1.4%——
BUD1.4%——
GEHC1.3%——
BNY1.3%——
ROP1.3%——
FDX1.3%——
SBAC1.2%——
AJG1.2%——
CHTR1.2%——
WTW1.2%——
ZBH1.1%——
CARR1.1%——
BKR1.1%——
FIS1.1%——
V1.0%——
COF1.0%——
TRU1.0%——
UBS0.9%——
ELAN0.9%——
TMO0.8%——
HLN0.8%——
SU0.8%——
INCY0.8%——
LPLA0.7%——
CPNG0.7%——
D0.7%——
BAX0.7%——
AVTR0.7%——
AEP0.7%——
SUI0.6%——
FDXF0.6%——
ADM0.6%——
TDY0.6%——
TMUS0.6%——
RAL0.6%——
NVO0.5%——
COP0.5%——
BABA0.5%——
NBIX0.5%——
HPQ0.5%——
BMRN0.5%——
FCNCA0.5%——
NSC0.4%——
TIGO0.4%——
TAP0.4%——
KKR0.4%——
CE0.4%——
LIN0.4%——
TSM0.4%——
ADBE0.3%——
MDT0.3%——
GLPI0.3%——
ALNY0.3%——
FOXA0.3%——
CTSH0.3%——
XP0.3%——
MCHP0.3%——
AEG0.2%——
VFC0.2%——
PDD0.2%——
BNTX0.2%——
YUMC0.2%——
TRP0.2%——
NWSA0.2%——
JD0.2%——
NTES0.1%——
GE0.1%——
COHR0.1%——
HDB0.1%——
VSNT0.1%——
GEV0.1%——
GS0.1%——
BAC0.1%——
AXP0.1%——
CDNS0.1%——
UNP0.0%——
WMB0.0%——
FLUT0.0%——
LLY0.0%——
DHR0.0%——
NESR0.0%——
CAT0.0%——
JPM0.0%——
CVX0.0%——
TRV0.0%——
DIS0.0%——
WMT0.0%——
MRK0.0%——
ACMR0.0%——
PG0.0%——
IBM0.0%——
TGT0.0%——
AZN0.0%——
CSCO0.0%——
AAPL0.0%——
GLW0.0%——
DE0.0%——
HD0.0%——
ADI0.0%——
DELL0.0%——
AVGO0.0%——
VMC0.0%——
STT0.0%——
JNJ0.0%——
AMGN0.0%——
SLB0.0%——
MSI0.0%——
SNPS0.0%——
SHEL0.0%——
TBBB0.0%——
BSX0.0%——
KARO0.0%——
PNC0.0%——
MELI0.0%——
PM0.0%——
BIDU0.0%——
HPE0.0%——
JOYY0.0%——
ABBV0.0%——
VIPS0.0%——
PH0.0%——
BMY0.0%——
SE0.0%——
SPGI0.0%——
PFE0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+13.2%+14.1%0.650.78−39.8%1.04−0.8% (−0.35)
2018 onwards5 Jan 2018 to 2 Nov 2026+11.1%+13.9%0.480.66−39.8%1.02−2.2% (−0.67)
Last three years3 Nov 2023 to 2 Nov 2026+16.8%+21.8%0.911.16−13.0%0.73+0.1% (0.02)
Last year7 Nov 2025 to 2 Nov 2026+14.3%+14.2%0.910.84−7.4%0.56+4.4% (0.50)
DateCompanyAction
14 Aug 2026SEBought
14 Aug 2026KKRBought
14 Aug 2026HONABought
14 Aug 2026HONBought
14 Aug 2026FUTUBought
14 Aug 2026FDXFBought
14 Aug 2026DDBought
14 Aug 2026AMGBought
15 May 2026VSNTBought
15 May 2026TBBBBought
15 May 2026SUNBBought
15 May 2026ROPBought
15 May 2026NVOBought
15 May 2026HALBought
15 May 2026AZNBought
20 Feb 2026ULBought
20 Feb 2026TRUBought
20 Feb 2026QBought
20 Feb 2026PDDBought
20 Feb 2026KAROBought
20 Feb 2026FCNCABought
20 Feb 2026ATATBought
20 Feb 2026AJGBought
14 Nov 2025ZHBought
14 Nov 2025PSMTBought

Dated at the rebalance that made the change.

DateCompanyAction
14 Aug 2026PSMTSold
14 Aug 2026LYBSold
14 Aug 2026LBTYKSold
14 Aug 2026ISRGSold
14 Aug 2026HALSold
14 Aug 2026EBAYSold
15 May 2026PYPLSold
15 May 2026IEXSold
15 May 2026ECHOSold
15 May 2026AMRZSold
20 Feb 2026ZTSSold
20 Feb 2026HALSold
20 Feb 2026GAPSold
20 Feb 2026AMGSold
14 Nov 2025NTRSold
14 Nov 2025HMCSold
15 Aug 2025BDXSold
16 May 2025USBSold
16 May 2025NOAHSold
16 May 2025BHFSold
14 Feb 2025CBSold
14 Feb 2025BEKESold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest