Dodge & Cox 13F holdings and portfolio analysis

Following the baseline exposes an investor to a diversified but benchmark-lagging cyclical value portfolio with meaningful reporting-lag and turnover risk. The top 5 weight is only 18.97% and top 20 is 50.38%, so the main exposure is not extreme stock concentration. Instead, it is sector and style mix: Financials 22.71%, Health Care 21.13%, Industrials 18.69%, and only 7.17% Information Technology. Backtested results show 9.8% annualized return, -2.58 alpha, 0.99 beta, and a -44.0% max drawdown, with 3,148 trades and 1.6361 estimated total cost.

Three recent periods summarize the baseline trade-off well. In 2023-03-31, the baseline beat SPY by 3.33 percentage points with an 11.23% period return versus 7.90% for SPY, showing the strategy can work in the right tape. But 2022-12-31 was very weak at -10.10% versus -0.25% for SPY, a -9.85 point excess loss, and 2025-03-31 also lagged badly at 3.59% versus 9.22%, a -5.63 point gap. Even 2024-06-30, a positive quarter, only beat by 1.36 points while turnover was 20.92. These swings explain why long-run return was acceptable but alpha stayed negative.

The next inspection should be sector attribution and the recent trade list, because the baseline weakness came more from what it owned than from top-heavy sizing. The baseline strengths cite positive Value and Low Volatility contributions, but weaknesses say Technology selection detracted heavily. Recent periods also show mixed excess return, and the risk notes warn that delayed filing dates mean live positions may differ materially. A user should therefore inspect which holdings drove the negative Information Technology attribution, how much recent changes like the 5.72% Televisa addition altered sector balance, and whether 12.54% to 29.94% quarterly turnover is acceptable for a copycat strategy.