HANG IN THERE WITH THIS VALUE FUND

VALUE investing enjoyed 15 minutes of sunshine in early 2025, when the S&P 500 sank 19% from its February peak to its early April trough. Dodge & Cox Stock held up better, albeit with a 15% decline. Since then, the large-company value fund has rebounded 21% through September. That’s impressive, but it lags the S&P 500, which has bounced 34%. All told, over the past 12 months through September 30, Dodge & Cox Stock has climbed just over 9%, far short of the nearly 18% gain in the S&P 500.

- KIPLINGER 25 UPDATE BY NELLIE S. HUANG

It’s a good time to remember that the point of holding funds with different investing approaches is to enhance diversification—it can smooth out your returns, for starters. These days, the S&P 500 is more growth- and momentum-tilted than ever, which makes Dodge & Cox Stock a good foil. The fund’s biggest holdings, Charles Schwab, industrial firm Johnson Controls International and aerospace and defense company RTX, bear no resemb