Dodge & Cox

Q4 2013 13F

As of: Dec 31, 2013
Filed: Feb 13, 2014
US stock: $95.9B · prev $88.0B
Positions: 163 · prev 164
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves122 since the prior filing

+3.5 pp in · −3.5 pp out

New 3 +0.49 pp
Added 19 +3.03 pp
Trimmed 96 −2.11 pp
Exited 4 −1.36 pp

The book

Diversified · behaves like 46 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.5 years per position

Low
Moderate
High

Top 5 positions20% of US stock

unresolved Hewlett Packard Co added+1.12 pp added+1.125.0%
NVS Novartis AG trimmed−0.18 pp trimmed−0.183.9%
COF Capital One Financial trimmed0.00 pp trimmed0.003.7%
SLB SLB Limited trimmed−0.30 pp trimmed−0.303.7%
WFC Wells Fargo & Co. trimmed−0.05 pp trimmed−0.053.4%

Positions163 in this filing · 4 exited


unresolvedHewlett Packard Co	4.99%	171,145,618	$4.8B	added+5%	+1.12 pp	3 q
NVSNovartis AG	3.90%	46,485,352	$3.7B	trimmed−1%	−0.18 pp	3 q
COFCapital One Financial	3.74%	46,807,942	$3.6B	trimmed−2%	0.00 pp	3 q
SLBSLB Limited	3.72%	39,611,494	$3.6B	trimmed−1%	−0.30 pp	3 q
WFCWells Fargo & Co.	3.44%	72,589,936	$3.3B	trimmed−2%	−0.05 pp	3 q
unresolvedGlaxosmithkline PLC	3.37%	60,479,650	$3.2B	trimmed−1%	−0.12 pp	3 q
MSFTMicrosoft Corp	3.34%	85,715,099	$3.2B	trimmed−1%	+0.07 pp	3 q
CMCSAComcast Corp	3.25%	59,912,100	$3.1B	trimmed−3%	+0.09 pp	3 q
TWXTime Warner Inc	2.62%	36,059,767	$2.5B	trimmed−2%	−0.14 pp	3 q
MRKMerck & Co., Inc.	2.55%	48,798,496	$2.4B	trimmed−3%	−0.16 pp	3 q
unresolvedGeneral Electric Co	2.54%	87,056,914	$2.4B	trimmed−3%	+0.10 pp	3 q
SNYSanofi	2.44%	43,628,729	$2.3B	trimmed−1%	−0.09 pp	3 q
SCHWThe Charles Schwab Corporation	2.44%	90,120,817	$2.3B	trimmed−3%	+0.22 pp	3 q
FDXFedEx Corporation	2.28%	15,207,295	$2.2B	trimmed−18%	−0.12 pp	3 q
unresolvedTime Warner Cable Inc	2.19%	15,524,188	$2.1B	trimmed−6%	+0.11 pp	3 q
BNYBank of New York Mellon Corporation	2.11%	57,967,724	$2.0B	trimmed−1%	+0.10 pp	3 q
PFEPfizer Inc.	2.08%	65,289,814	$2.0B	trimmed−3%	−0.12 pp	3 q
GSGoldman Sachs Group Inc.	2.04%	11,060,900	$2.0B	trimmed−2%	+0.01 pp	3 q
BACBank of America Corporation	2.03%	125,324,421	$2.0B	trimmed−3%	+0.01 pp	3 q
0VQJLTe Connectivity Ltd	2.02%	35,191,231	$1.9B	trimmed−2%	−0.08 pp	3 q
SYMCGen Digital Inc.	1.98%	80,562,067	$1.9B	added+27%	+0.19 pp	3 q
unresolvedTwenty First Centy Fox Inc	1.73%	47,131,366	$1.7B	trimmed−3%	−0.11 pp	3 q
CVXChevron Corporation	1.49%	11,431,382	$1.4B	trimmed−1%	−0.11 pp	3 q
unresolvedGoogle Inc.	1.47%	1,254,920	$1.4B	trimmed−3%	+0.18 pp	3 q
WMTWalmart Inc.	1.37%	16,727,023	$1.3B	added+18%	+0.18 pp	3 q
unresolvedBaker Hughes Inc.	1.32%	22,878,609	$1.3B	trimmed−6%	−0.03 pp	3 q
NOKNokia Corporation	1.30%	153,941,671	$1.2B	trimmed−9%	+0.04 pp	3 q
unresolvedTyco International Ltd	1.24%	29,085,546	$1.2B	added+1%	+0.09 pp	3 q
unresolvedThe Adt Corporation	1.18%	28,008,568	$1.1B	added+7%	−0.03 pp	3 q
9990302DApache Corp	1.12%	12,532,800	$1.1B	added+1%	−0.08 pp	3 q
unresolvedWeatherford Intl Ltd	1.09%	67,712,743	$1.0B	added+47%	+0.29 pp	3 q
GLWCorning Incorporated	1.08%	57,946,118	$1.0B	trimmed−1%	+0.11 pp	3 q
EBAYeBay Inc	1.07%	18,774,269	$1.0B	added+50%	+0.28 pp	3 q
NTAPNetApp, Inc	1.06%	24,703,903	$1.0B	trimmed−2%	−0.16 pp	3 q
unresolvedAegon NV	1.00%	100,821,343	$956M	trimmed−2%	+0.14 pp	3 q
DISHDISH Network Corp.	0.92%	15,174,269	$879M	added+1%	+0.15 pp	3 q
CECelanese Corporation	0.91%	15,839,670	$876M	trimmed−2%	−0.06 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.89%	11,322,985	$853M	added+83%	+0.39 pp	3 q
unresolvedCoach Inc	0.88%	15,101,203	$848M	added+46%	+0.24 pp	3 q
SNPSSynopsys Inc	0.87%	20,657,413	$838M	added+5%	+0.03 pp	3 q
METMetLife, Inc.	0.82%	14,622,067	$788M	trimmed−3%	+0.02 pp	3 q
RDS.ARoyal Dutch Shell PLC	0.82%	11,076,713	$789M	added+1%	0.00 pp	3 q
unresolvedDow Chemical Co	0.81%	17,435,724	$774M	trimmed−40%	−0.45 pp	3 q
JPMJPMorgan Chase & Co.	0.73%	11,962,669	$700M	trimmed−1%	+0.02 pp	3 q
unresolvedLiberty Interactive Corp	0.71%	23,360,653	$686M	trimmed−3%	+0.06 pp	3 q
unresolvedSprint Corporation	0.71%	63,072,662	$678M	trimmed−5%	+0.24 pp	2 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.70%	45,587,800	$670M	added+10%	−0.09 pp	3 q
BBTTruist Financial Corporation	0.69%	17,817,598	$665M	trimmed−1%	0.00 pp	3 q
BIDUBaidu, Inc.	0.69%	3,717,187	$661M	trimmed−23%	−0.16 pp	3 q
TVGrupo Televisa S.A.	0.67%	21,306,792	$645M	added0%	−0.01 pp	3 q
ADBEAdobe Inc.	0.66%	10,578,204	$633M	trimmed−37%	−0.33 pp	3 q
unresolvedSunTrust Banks Inc	0.65%	16,885,979	$622M	trimmed−2%	+0.01 pp	3 q
unresolvedMcGraw Hill	0.64%	7,803,732	$610M	trimmed−5%	+0.02 pp	3 q
unresolvedVodafone Group PLC New	0.59%	14,288,750	$562M	trimmed−1%	+0.01 pp	3 q
BSXBoston Scientific Corp.	0.58%	45,938,468	$552M	trimmed−22%	−0.21 pp	3 q
unresolvedComputer Sciences Corp	0.58%	9,972,770	$557M	trimmed−6%	−0.04 pp	3 q
PHGKoninklijke Philips N.v.	0.57%	14,783,844	$547M	trimmed−9%	−0.03 pp	3 q
HSBCHSBC Holdings PLC	0.55%	9,552,988	$527M	added0%	−0.04 pp	3 q
unresolvedXerox Corp	0.55%	43,343,159	$527M	trimmed−13%	−0.03 pp	3 q
unresolvedMedtronic Inc	0.54%	9,019,976	$518M	trimmed−6%	−0.04 pp	3 q
unresolvedCigna Corporation	0.48%	5,297,220	$463M	trimmed−6%	−0.01 pp	3 q
unresolvedForest Labs Inc	0.48%	7,647,837	$459M	added×2.2	+0.31 pp	2 q
unresolvedAOL Inc	0.47%	9,590,836	$447M	trimmed−0%	+0.09 pp	3 q
MXIMMaxim Integrated Products	0.45%	15,379,724	$429M	added+17%	+0.01 pp	3 q
VMCVulcan Materials Company(Holding Company)	0.44%	7,024,759	$417M	trimmed−10%	−0.02 pp	3 q
unresolvedUnilever Spn.Adr 1:1	0.42%	9,817,564	$404M	trimmed−5%	−0.03 pp	3 q
unresolvedExpress Scripts Hldg Co	0.41%	5,609,705	$394M	new	+0.41 pp	new
KMXCarMax Inc.	0.38%	7,655,027	$360M	trimmed−1%	−0.05 pp	3 q
LBTYKLiberty Global Ltd. Class C	0.32%	3,591,171	$303M	trimmed−0%	+0.01 pp	3 q
HMCHonda Motor Co., Ltd.	0.29%	6,764,800	$280M	held	—	3 q
CDNSCadence Design Systems	0.28%	19,359,742	$271M	trimmed−1%	−0.02 pp	3 q
LBTYALiberty Global Ltd. Class A	0.23%	2,493,005	$222M	trimmed−0%	0.00 pp	3 q
NWSANews Corporation Class A	0.21%	11,024,967	$199M	trimmed−6%	0.00 pp	2 q
UFSDOMTAR CORPORATION (New)	0.15%	1,518,702	$143M	trimmed−3%	+0.01 pp	3 q
NVRNVR, Inc.	0.12%	116,765	$120M	trimmed−1%	0.00 pp	3 q
unresolvedE M C Corp Mass	0.08%	3,194,980	$80M	new	+0.08 pp	new
unresolvedCredit Suisse Group Spon ADR	0.03%	860,926	$27M	trimmed−3%	0.00 pp	3 q
ERICEricsson	0.03%	1,984,774	$24M	added+6%	0.00 pp	3 q
HDHome Depot, Inc.	0.03%	300,364	$25M	trimmed−12%	0.00 pp	3 q
IBMInternational Business Machines Corporation	0.03%	133,348	$25M	trimmed−1%	0.00 pp	3 q
OXYOccidental Petroleum Corporation	0.03%	293,537	$28M	trimmed−6%	0.00 pp	3 q
TRVThe Travelers Companies, Inc.	0.03%	280,950	$25M	trimmed−2%	0.00 pp	3 q
UNPUnion Pacific Corp.	0.03%	179,432	$30M	trimmed−1%	0.00 pp	3 q
AXPAmerican Express Company	0.02%	223,686	$20M	trimmed−1%	0.00 pp	3 q
AMGNAmgen Inc	0.02%	136,620	$16M	trimmed−15%	0.00 pp	3 q
DEODiageo plc	0.02%	145,058	$19M	trimmed−8%	0.00 pp	3 q
XOMExxon Mobil Corp	0.02%	171,576	$17M	trimmed−1%	0.00 pp	3 q
PGProcter & Gamble Company	0.02%	177,520	$14M	trimmed−0%	0.00 pp	3 q
CATCaterpillar Inc.	0.01%	72,850	$7M	trimmed−0%	0.00 pp	3 q
unresolvedChubb	0.01%	137,862	$13M	trimmed−2%	0.00 pp	3 q
unresolvedCompuware Corp	0.01%	648,730	$7M	trimmed−34%	0.00 pp	3 q
DISThe Walt Disney Company	0.01%	83,870	$6M	trimmed−1%	0.00 pp	3 q
MCDMcDonald's Corporation	0.01%	63,678	$6M	trimmed−3%	0.00 pp	3 q
MSIMotorola Solutions, Inc. New	0.01%	78,424	$5M	trimmed−2%	0.00 pp	3 q
TGTTarget Corporation	0.01%	196,864	$12M	trimmed−0%	0.00 pp	3 q
TMOThermo Fisher Scientific, Inc.	0.01%	98,902	$11M	trimmed−1%	0.00 pp	3 q
USBU.S. Bancorp	0.01%	290,584	$12M	trimmed−1%	0.00 pp	3 q
unresolvedCovidien PLC	0.01%	111,317	$8M	held	—	3 q
TAT&T Inc.	0.00%	14,992	$527,000	trimmed−1%	0.00 pp	3 q
ABTAbbott Laboratories	0.00%	36,930	$1M	held	—	3 q
ABBVAbbvie Inc.	0.00%	36,649	$2M	trimmed−1%	0.00 pp	3 q
unresolvedAetna Inc New	0.00%	6,000	$412,000	held	—	3 q
APDAir Products & Chemicals, Inc.	0.00%	10,950	$1M	held	—	3 q
unresolvedAllergan Inc	0.00%	3,564	$396,000	held	—	3 q
ALLThe Allstate Corporation	0.00%	4,724	$258,000	held	—	3 q
MOAltria Group, Inc.	0.00%	24,800	$952,000	held	—	3 q
AMPAmeriprise Financial, Inc.	0.00%	4,182	$481,000	held	—	3 q
APCAnadarko Petroleum Corp	0.00%	10,964	$870,000	held	—	3 q
AAPLApple Inc.	0.00%	2,018	$1M	held	—	3 q
ADPAutomatic Data Processing	0.00%	2,720	$220,000	new	0.00 pp	new
BAXBaxter International Inc.	0.00%	3,382	$235,000	held	—	3 q
BDXBecton, Dickinson and Co.	0.00%	17,380	$2M	trimmed−1%	0.00 pp	3 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$890,000	held	—	3 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	17,450	$2M	held	—	3 q
BMYBristol-Myers Squibb Co.	0.00%	79,921	$4M	trimmed−0%	0.00 pp	3 q
CXCemex S.A.B. de C.V.	0.00%	73,074	$864,000	trimmed−8%	0.00 pp	3 q
CTXSCitrix Systems Inc	0.00%	9,776	$618,000	trimmed−2%	0.00 pp	3 q
KOCoca-Cola Company	0.00%	35,442	$1M	held	—	3 q
CLColgate-Palmolive Company	0.00%	14,000	$913,000	held	—	3 q
unresolvedComcast Corp. Spl Cl A	0.00%	76,961	$4M	held	—	3 q
COPConocoPhillips	0.00%	45,438	$3M	held	—	3 q
DEDeere & Company	0.00%	30,024	$3M	trimmed−2%	0.00 pp	3 q
DDominion Energy, Inc	0.00%	6,690	$433,000	held	—	3 q
unresolvedDu Pont E I De Nemours & Co	0.00%	46,023	$3M	held	—	3 q
DUKDuke Energy Corporation	0.00%	25,214	$2M	trimmed−1%	0.00 pp	3 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$666,000	held	—	3 q
FLRFluor Corporation	0.00%	8,105	$651,000	trimmed−5%	0.00 pp	3 q
GISGeneral Mills, Inc.	0.00%	11,200	$559,000	held	—	3 q
GPCGenuine Parts Company	0.00%	34,762	$3M	held	—	3 q
HALHalliburton Company	0.00%	9,500	$482,000	held	—	3 q
HESHess Corporation	0.00%	6,812	$565,000	held	—	3 q
HONHoneywell International, Inc.	0.00%	17,398	$2M	held	—	3 q
JNJJohnson & Johnson	0.00%	38,625	$4M	trimmed−0%	0.00 pp	3 q
KMBKimberly-Clark Corp.	0.00%	4,083	$427,000	held	—	3 q
unresolvedKraft Foods Group Inc	0.00%	3,946	$213,000	held	—	3 q
LMLegg Mason, Inc.	0.00%	20,000	$870,000	trimmed−23%	0.00 pp	3 q
LLYEli Lilly & Co.	0.00%	35,760	$2M	held	—	3 q
LLoews Corporation	0.00%	13,000	$627,000	trimmed−14%	0.00 pp	3 q
MMacy's Inc.	0.00%	17,772	$949,000	held	—	3 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$418,000	held	—	3 q
MCOMoody's Corporation	0.00%	4,300	$337,000	held	—	3 q
NEENextEra Energy, Inc.	0.00%	14,199	$1M	held	—	3 q
NSCNorfolk Southern Corp.	0.00%	7,297	$677,000	held	—	3 q
NUENucor Corporation	0.00%	72,400	$4M	held	—	3 q
PCGPG&E Corporation	0.00%	6,382	$257,000	held	—	3 q
PNCPNC Financial Services Group	0.00%	30,100	$2M	trimmed−0%	0.00 pp	3 q
PPGPPG Industries, Inc.	0.00%	9,000	$2M	held	—	3 q
PHParker-Hannifin Corporation	0.00%	4,960	$638,000	held	—	3 q
PEPPepsiCo, Inc.	0.00%	6,345	$526,000	held	—	3 q
PMPhilip Morris International Inc.	0.00%	21,300	$2M	held	—	3 q
PSXPhillips 66	0.00%	4,600	$355,000	trimmed−10%	0.00 pp	3 q
PBIPitney Bowes Inc.	0.00%	54,200	$1M	trimmed−67%	0.00 pp	3 q
RIORio Tinto plc	0.00%	26,712	$2M	trimmed−1%	0.00 pp	3 q
unresolvedSigma Aldrich Corp	0.00%	21,000	$2M	held	—	3 q
STTState Street Corporation	0.00%	11,600	$851,000	held	—	3 q
MMM3M Company	0.00%	31,588	$4M	trimmed−1%	0.00 pp	3 q
UNUnilever N V -ny Shares	0.00%	88,817	$4M	trimmed−0%	0.00 pp	3 q
VFCV.F. Corporation	0.00%	9,060	$565,000	held	—	3 q
VZVerizon Communications	0.00%	5,500	$270,000	trimmed−11%	0.00 pp	3 q
unresolvedWalgreen Co	0.00%	6,069	$349,000	held	—	3 q
unresolvedWellpoint Inc	0.00%	3,000	$277,000	held	—	3 q
DOXAmdocs Limited	0.00%	37,400	$2M	trimmed−100%	−0.53 pp	3 q
ETNEaton Corporation, plc	0.00%	13,650	$1M	trimmed−6%	0.00 pp	3 q
unresolvedMolex Inc	—	−17,754,019	—	exited	−0.77 pp	—
GNWGenworth Financial, Inc.	—	−32,373,141	—	exited	−0.47 pp	—
unresolvedMolex Inc	—	−2,712,027	—	exited	−0.12 pp	—
UTXZRTX Corporation	—	−1,892	—	exited	0.00 pp	—