Dodge & Cox

Q1 2014 13F

As of: Mar 31, 2014
Filed: May 14, 2014
US stock: $97.8B · prev $95.9B
Positions: 165 · prev 163
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%

Moves131 since the prior filing

+3.2 pp in · −3.2 pp out

New 3 +1.22 pp
Added 39 +2.01 pp
Trimmed 88 −2.63 pp
Exited 1 −0.59 pp

The book

Diversified · behaves like 45 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.4 years per position

Low
Moderate
High

Top 5 positions21% of US stock

unresolved Hewlett Packard Co trimmed+0.63 pp trimmed+0.635.6%
NVS Novartis AG trimmed+0.14 pp trimmed+0.144.0%
SLB SLB Limited trimmed+0.19 pp trimmed+0.193.9%
COF Capital One Financial trimmed−0.05 pp trimmed−0.053.7%
WFC Wells Fargo & Co. trimmed+0.25 pp trimmed+0.253.7%

Positions165 in this filing · 1 exited


unresolvedHewlett Packard Co	5.62%	169,957,558	$5.5B	trimmed−1%	+0.63 pp	4 q
NVSNovartis AG	4.04%	46,441,169	$3.9B	trimmed−0%	+0.14 pp	4 q
SLBSLB Limited	3.91%	39,244,199	$3.8B	trimmed−1%	+0.19 pp	4 q
COFCapital One Financial	3.69%	46,709,425	$3.6B	trimmed−0%	−0.05 pp	4 q
WFCWells Fargo & Co.	3.69%	72,553,999	$3.6B	trimmed−0%	+0.25 pp	4 q
MSFTMicrosoft Corp	3.60%	85,845,688	$3.5B	added0%	+0.26 pp	4 q
unresolvedGlaxosmithkline PLC	3.30%	60,386,550	$3.2B	trimmed−0%	−0.07 pp	4 q
CMCSAComcast Corp	2.83%	55,363,004	$2.8B	trimmed−8%	−0.42 pp	4 q
SCHWThe Charles Schwab Corporation	2.51%	89,705,117	$2.5B	trimmed−0%	+0.07 pp	4 q
TWXTime Warner Inc	2.39%	35,759,899	$2.3B	trimmed−1%	−0.23 pp	4 q
SNYSanofi	2.33%	43,664,887	$2.3B	added0%	−0.11 pp	4 q
MRKMerck & Co., Inc.	2.32%	39,959,196	$2.3B	trimmed−18%	−0.23 pp	4 q
unresolvedGeneral Electric Co	2.28%	86,249,838	$2.2B	trimmed−1%	−0.26 pp	4 q
BNYBank of New York Mellon Corporation	2.27%	62,794,463	$2.2B	added+8%	+0.16 pp	4 q
BACBank of America Corporation	2.19%	124,668,488	$2.1B	trimmed−1%	+0.16 pp	4 q
unresolvedTime Warner Cable Inc	2.16%	15,377,316	$2.1B	trimmed−1%	−0.03 pp	4 q
0VQJLTe Connectivity Ltd	2.16%	35,131,256	$2.1B	trimmed−0%	+0.14 pp	4 q
PFEPfizer Inc.	2.11%	64,121,017	$2.1B	trimmed−2%	+0.03 pp	4 q
FDXFedEx Corporation	2.06%	15,160,662	$2.0B	trimmed−0%	−0.22 pp	4 q
GSGoldman Sachs Group Inc.	1.85%	11,027,800	$1.8B	trimmed−0%	−0.19 pp	4 q
SYMCGen Digital Inc.	1.71%	83,534,567	$1.7B	added+4%	−0.27 pp	4 q
unresolvedTwenty First Centy Fox Inc	1.53%	46,769,066	$1.5B	trimmed−1%	−0.20 pp	4 q
unresolvedGoogle Inc.	1.43%	1,253,023	$1.4B	trimmed−0%	−0.04 pp	4 q
WMTWalmart Inc.	1.41%	18,053,842	$1.4B	added+8%	+0.04 pp	4 q
CVXChevron Corporation	1.34%	11,045,812	$1.3B	trimmed−3%	−0.15 pp	4 q
9990302DApache Corp	1.31%	15,425,646	$1.3B	added+23%	+0.19 pp	4 q
unresolvedWeatherford Intl Ltd	1.30%	73,066,277	$1.3B	added+8%	+0.21 pp	4 q
unresolvedTyco International Ltd	1.26%	29,120,796	$1.2B	added0%	+0.02 pp	4 q
GLWCorning Incorporated	1.23%	57,996,868	$1.2B	added0%	+0.15 pp	4 q
unresolvedBaker Hughes Inc.	1.17%	17,546,903	$1.1B	trimmed−23%	−0.15 pp	4 q
EBAYeBay Inc	1.16%	20,456,804	$1.1B	added+9%	+0.09 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.10%	13,078,536	$1.1B	added+16%	+0.21 pp	4 q
NOKNokia Corporation	1.09%	145,125,971	$1.1B	trimmed−6%	−0.21 pp	4 q
JPMJPMorgan Chase & Co.	1.08%	17,383,383	$1.1B	added+45%	+0.35 pp	4 q
NTAPNetApp, Inc	1.05%	27,880,903	$1.0B	added+13%	−0.01 pp	4 q
NOVNOV Inc.	1.04%	13,104,983	$1.0B	new	+1.04 pp	new
DISHDISH Network Corp.	0.96%	15,122,069	$941M	trimmed−0%	+0.04 pp	4 q
unresolvedAegon NV	0.95%	100,979,636	$929M	added0%	−0.05 pp	4 q
CECelanese Corporation	0.91%	16,002,670	$888M	added+1%	0.00 pp	4 q
unresolvedExpress Scripts Hldg Co	0.89%	11,586,300	$870M	added×2.1	+0.48 pp	2 q
unresolvedThe Adt Corporation	0.86%	28,133,204	$843M	added0%	−0.32 pp	4 q
unresolvedDow Chemical Co	0.85%	17,094,039	$831M	trimmed−2%	+0.04 pp	4 q
RDS.ARoyal Dutch Shell PLC	0.84%	11,185,303	$817M	added+1%	+0.02 pp	4 q
SNPSSynopsys Inc	0.84%	21,472,811	$825M	added+4%	−0.03 pp	4 q
unresolvedCoach Inc	0.82%	16,061,130	$798M	added+6%	−0.06 pp	4 q
METMetLife, Inc.	0.79%	14,624,950	$772M	added0%	−0.03 pp	4 q
BBTTruist Financial Corporation	0.73%	17,712,405	$712M	trimmed−1%	+0.04 pp	4 q
TVGrupo Televisa S.A.	0.71%	20,797,092	$692M	trimmed−2%	+0.04 pp	4 q
unresolvedLiberty Interactive Corp	0.69%	23,246,686	$671M	trimmed−0%	−0.02 pp	4 q
unresolvedSunTrust Banks Inc	0.69%	16,907,446	$673M	added0%	+0.04 pp	4 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.67%	47,399,800	$657M	added+4%	−0.03 pp	4 q
MXIMMaxim Integrated Products	0.66%	19,427,080	$643M	added+26%	+0.21 pp	4 q
BSXBoston Scientific Corp.	0.63%	45,224,168	$611M	trimmed−2%	+0.05 pp	4 q
unresolvedMcGraw Hill	0.59%	7,505,965	$573M	trimmed−4%	−0.05 pp	4 q
unresolvedMedtronic Inc	0.57%	8,982,143	$553M	trimmed−0%	+0.03 pp	4 q
BIDUBaidu, Inc.	0.53%	3,412,487	$520M	trimmed−8%	−0.16 pp	4 q
unresolvedE M C Corp Mass	0.53%	18,918,850	$519M	added×5.9	+0.45 pp	2 q
HSBCHSBC Holdings PLC	0.50%	9,573,110	$487M	added0%	−0.05 pp	4 q
PHGKoninklijke Philips N.v.	0.50%	13,918,811	$489M	trimmed−6%	−0.07 pp	4 q
ADBEAdobe Inc.	0.47%	7,026,721	$462M	trimmed−34%	−0.19 pp	4 q
VMCVulcan Materials Company(Holding Company)	0.47%	6,905,925	$459M	trimmed−2%	+0.03 pp	4 q
unresolvedCigna Corporation	0.46%	5,371,387	$450M	added+1%	−0.02 pp	4 q
unresolvedComputer Sciences Corp	0.43%	6,985,814	$425M	trimmed−30%	−0.15 pp	4 q
unresolvedUnilever Spn.Adr 1:1	0.43%	9,869,431	$422M	added+1%	+0.01 pp	4 q
unresolvedAOL Inc	0.42%	9,457,234	$414M	trimmed−1%	−0.05 pp	4 q
LBTYKLiberty Global Ltd. Class C	0.40%	9,662,747	$393M	added+35%	+0.08 pp	4 q
unresolvedSprint Corporation	0.39%	40,984,193	$377M	trimmed−35%	−0.32 pp	3 q
KMXCarMax Inc.	0.37%	7,638,210	$357M	trimmed−0%	−0.01 pp	4 q
unresolvedForest Labs Inc	0.37%	3,888,618	$359M	trimmed−49%	−0.11 pp	3 q
CDNSCadence Design Systems	0.31%	19,260,875	$299M	trimmed−1%	+0.03 pp	4 q
HMCHonda Motor Co., Ltd.	0.24%	6,759,200	$239M	trimmed−0%	−0.05 pp	4 q
NWSANews Corporation Class A	0.19%	11,017,292	$190M	trimmed−0%	−0.02 pp	3 q
VODVodafone Group PLC	0.18%	4,772,079	$176M	new	+0.18 pp	new
NVRNVR, Inc.	0.14%	117,015	$134M	added0%	+0.02 pp	4 q
LBTYALiberty Global Ltd. Class A	0.11%	2,492,405	$104M	trimmed−0%	−0.12 pp	4 q
unresolvedCredit Suisse Group Spon ADR	0.03%	858,396	$28M	trimmed−0%	0.00 pp	4 q
ERICEricsson	0.03%	2,001,374	$27M	added+1%	0.00 pp	4 q
IBMInternational Business Machines Corporation	0.03%	130,151	$25M	trimmed−2%	0.00 pp	4 q
UNPUnion Pacific Corp.	0.03%	176,999	$33M	trimmed−1%	0.00 pp	4 q
AXPAmerican Express Company	0.02%	222,225	$20M	trimmed−1%	0.00 pp	4 q
DEODiageo plc	0.02%	123,785	$15M	trimmed−15%	0.00 pp	4 q
XOMExxon Mobil Corp	0.02%	169,592	$17M	trimmed−1%	0.00 pp	4 q
OXYOccidental Petroleum Corporation	0.02%	254,753	$24M	trimmed−13%	−0.01 pp	4 q
TRVThe Travelers Companies, Inc.	0.02%	267,050	$23M	trimmed−5%	−0.01 pp	4 q
AMGNAmgen Inc	0.01%	105,757	$13M	trimmed−23%	−0.01 pp	4 q
CATCaterpillar Inc.	0.01%	72,745	$7M	trimmed−0%	0.00 pp	4 q
unresolvedChubb	0.01%	136,262	$12M	trimmed−1%	0.00 pp	4 q
DISThe Walt Disney Company	0.01%	63,770	$5M	trimmed−24%	0.00 pp	4 q
HDHome Depot, Inc.	0.01%	184,779	$15M	trimmed−38%	−0.02 pp	4 q
MCDMcDonald's Corporation	0.01%	60,419	$6M	trimmed−5%	0.00 pp	4 q
PGProcter & Gamble Company	0.01%	175,365	$14M	trimmed−1%	−0.01 pp	4 q
TGTTarget Corporation	0.01%	194,022	$12M	trimmed−1%	0.00 pp	4 q
TMOThermo Fisher Scientific, Inc.	0.01%	86,702	$10M	trimmed−12%	0.00 pp	4 q
USBU.S. Bancorp	0.01%	249,903	$11M	trimmed−14%	0.00 pp	4 q
unresolvedXerox Corp	0.01%	508,721	$6M	trimmed−99%	−0.54 pp	4 q
unresolvedCovidien PLC	0.01%	101,517	$7M	trimmed−9%	0.00 pp	4 q
TAT&T Inc.	0.00%	14,992	$526,000	held	—	4 q
ABTAbbott Laboratories	0.00%	36,950	$1M	added0%	0.00 pp	4 q
ABBVAbbvie Inc.	0.00%	36,701	$2M	added0%	0.00 pp	4 q
unresolvedAetna Inc New	0.00%	6,000	$450,000	held	—	4 q
APDAir Products & Chemicals, Inc.	0.00%	10,950	$1M	held	—	4 q
unresolvedAllergan Inc	0.00%	3,564	$442,000	held	—	4 q
ALLThe Allstate Corporation	0.00%	4,724	$267,000	held	—	4 q
MOAltria Group, Inc.	0.00%	24,800	$928,000	held	—	4 q
AMPAmeriprise Financial, Inc.	0.00%	4,242	$467,000	added+1%	0.00 pp	4 q
APCAnadarko Petroleum Corp	0.00%	10,964	$929,000	held	—	4 q
AAPLApple Inc.	0.00%	2,027	$1M	added0%	0.00 pp	4 q
ADPAutomatic Data Processing	0.00%	2,720	$210,000	held	—	2 q
BAXBaxter International Inc.	0.00%	3,404	$250,000	added+1%	0.00 pp	4 q
BDXBecton, Dickinson and Co.	0.00%	16,880	$2M	trimmed−3%	0.00 pp	4 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$937,000	held	—	4 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	17,350	$2M	trimmed−1%	0.00 pp	4 q
BMYBristol-Myers Squibb Co.	0.00%	79,121	$4M	trimmed−1%	0.00 pp	4 q
CXCemex S.A.B. de C.V.	0.00%	66,419	$839,000	trimmed−9%	0.00 pp	4 q
CTXSCitrix Systems Inc	0.00%	9,776	$561,000	held	—	4 q
KOCoca-Cola Company	0.00%	35,442	$1M	held	—	4 q
CLColgate-Palmolive Company	0.00%	14,054	$912,000	added0%	0.00 pp	4 q
unresolvedComcast Corp. Spl Cl A	0.00%	76,261	$4M	trimmed−1%	0.00 pp	4 q
unresolvedCompuware Corp	0.00%	241,300	$3M	trimmed−63%	−0.01 pp	4 q
COPConocoPhillips	0.00%	40,638	$3M	trimmed−11%	0.00 pp	4 q
DEDeere & Company	0.00%	30,024	$3M	held	—	4 q
DDominion Energy, Inc	0.00%	6,290	$447,000	trimmed−6%	0.00 pp	4 q
UFSDOMTAR CORPORATION (New)	0.00%	21,057	$2M	trimmed−99%	−0.15 pp	4 q
unresolvedDu Pont E I De Nemours & Co	0.00%	45,823	$3M	trimmed−0%	0.00 pp	4 q
DUKDuke Energy Corporation	0.00%	24,321	$2M	trimmed−4%	0.00 pp	4 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$539,000	held	—	4 q
FLRFluor Corporation	0.00%	8,105	$630,000	held	—	4 q
GISGeneral Mills, Inc.	0.00%	11,200	$580,000	held	—	4 q
GPCGenuine Parts Company	0.00%	33,362	$3M	trimmed−4%	0.00 pp	4 q
HALHalliburton Company	0.00%	9,500	$559,000	held	—	4 q
HESHess Corporation	0.00%	6,812	$565,000	held	—	4 q
HONHoneywell International, Inc.	0.00%	17,450	$2M	added0%	0.00 pp	4 q
JNJJohnson & Johnson	0.00%	38,625	$4M	held	—	4 q
KMBKimberly-Clark Corp.	0.00%	4,083	$450,000	held	—	4 q
unresolvedKraft Foods Group Inc	0.00%	3,946	$221,000	held	—	4 q
LMLegg Mason, Inc.	0.00%	20,000	$981,000	held	—	4 q
LLYEli Lilly & Co.	0.00%	35,760	$2M	held	—	4 q
LLoews Corporation	0.00%	10,500	$463,000	trimmed−19%	0.00 pp	4 q
MMacy's Inc.	0.00%	17,322	$1M	trimmed−3%	0.00 pp	4 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$409,000	held	—	4 q
MCOMoody's Corporation	0.00%	4,300	$341,000	held	—	4 q
MSIMotorola Solutions, Inc. New	0.00%	72,424	$5M	trimmed−8%	−0.01 pp	4 q
NEENextEra Energy, Inc.	0.00%	14,099	$1M	trimmed−1%	0.00 pp	4 q
NSCNorfolk Southern Corp.	0.00%	7,297	$709,000	held	—	4 q
NUENucor Corporation	0.00%	72,400	$4M	held	—	4 q
PCGPG&E Corporation	0.00%	6,382	$276,000	held	—	4 q
PNCPNC Financial Services Group	0.00%	30,100	$3M	held	—	4 q
PPGPPG Industries, Inc.	0.00%	9,000	$2M	held	—	4 q
PHParker-Hannifin Corporation	0.00%	4,960	$594,000	held	—	4 q
PEPPepsiCo, Inc.	0.00%	5,845	$488,000	trimmed−8%	0.00 pp	4 q
PMPhilip Morris International Inc.	0.00%	21,300	$2M	held	—	4 q
PSXPhillips 66	0.00%	4,600	$354,000	held	—	4 q
PBIPitney Bowes Inc.	0.00%	52,200	$1M	trimmed−4%	0.00 pp	4 q
RIORio Tinto plc	0.00%	25,312	$1M	trimmed−5%	0.00 pp	4 q
unresolvedSigma Aldrich Corp	0.00%	20,500	$2M	trimmed−2%	0.00 pp	4 q
STTState Street Corporation	0.00%	11,600	$807,000	held	—	4 q
MMM3M Company	0.00%	31,088	$4M	trimmed−2%	0.00 pp	4 q
UNUnilever N V -ny Shares	0.00%	88,517	$4M	trimmed−0%	0.00 pp	4 q
UTXZRTX Corporation	0.00%	1,752	$205,000	new	0.00 pp	new
VFCV.F. Corporation	0.00%	6,760	$418,000	trimmed−25%	0.00 pp	4 q
VZVerizon Communications	0.00%	14,677	$698,000	added×2.7	0.00 pp	4 q
unresolvedWalgreen Co	0.00%	6,069	$401,000	held	—	4 q
unresolvedWellpoint Inc	0.00%	3,000	$299,000	held	—	4 q
DOXAmdocs Limited	0.00%	31,100	$1M	trimmed−17%	0.00 pp	4 q
ETNEaton Corporation, plc	0.00%	9,900	$744,000	trimmed−27%	0.00 pp	4 q
unresolvedVodafone Group PLC New	—	−14,288,750	—	exited	−0.59 pp	—