Dodge & Cox

Q2 2014 13F

As of: Jun 30, 2014
Filed: Aug 13, 2014
US stock: $104.9B · prev $97.8B
Positions: 168 · prev 165
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%

Moves134 since the prior filing

+4.0 pp in · −4.1 pp out

New 4 +1.68 pp
Added 39 +2.35 pp
Trimmed 90 −4.10 pp
Exited 1 0.00 pp

The book

Diversified · behaves like 46 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.1 years per position

Low
Moderate
High

Top 5 positions21% of US stock

unresolved Hewlett Packard Co trimmed−0.20 pp trimmed−0.205.4%
NVS Novartis AG added+0.37 pp added+0.374.4%
SLB SLB Limited trimmed+0.07 pp trimmed+0.074.0%
COF Capital One Financial trimmed−0.02 pp trimmed−0.023.7%
WFC Wells Fargo & Co. added−0.05 pp added−0.053.6%

Positions168 in this filing · 1 exited


unresolvedHewlett Packard Co	5.42%	168,738,420	$5.7B	trimmed−1%	−0.20 pp	5 q
NVSNovartis AG	4.41%	51,102,219	$4.6B	added+10%	+0.37 pp	5 q
SLBSLB Limited	3.98%	35,362,918	$4.2B	trimmed−10%	+0.07 pp	5 q
COFCapital One Financial	3.67%	46,602,075	$3.8B	trimmed−0%	−0.02 pp	5 q
WFCWells Fargo & Co.	3.64%	72,719,840	$3.8B	added0%	−0.05 pp	5 q
MSFTMicrosoft Corp	3.40%	85,613,638	$3.6B	trimmed−0%	−0.20 pp	5 q
unresolvedGlaxosmithkline PLC	3.07%	60,226,050	$3.2B	trimmed−0%	−0.23 pp	5 q
CMCSAComcast Corp	2.83%	55,328,591	$3.0B	trimmed−0%	0.00 pp	5 q
TWXTime Warner Inc	2.47%	36,893,767	$2.6B	added+3%	+0.08 pp	5 q
BNYBank of New York Mellon Corporation	2.42%	67,624,874	$2.5B	added+8%	+0.15 pp	5 q
SCHWThe Charles Schwab Corporation	2.33%	90,836,867	$2.4B	added+1%	−0.18 pp	5 q
unresolvedTime Warner Cable Inc	2.22%	15,795,358	$2.3B	added+3%	+0.06 pp	5 q
SNYSanofi	2.21%	43,549,909	$2.3B	trimmed−0%	−0.12 pp	5 q
FDXFedEx Corporation	2.16%	14,948,604	$2.3B	trimmed−1%	+0.10 pp	5 q
0VQJLTe Connectivity Ltd	2.04%	34,637,731	$2.1B	trimmed−1%	−0.12 pp	5 q
BACBank of America Corporation	1.98%	134,954,397	$2.1B	added+8%	−0.21 pp	5 q
MRKMerck & Co., Inc.	1.98%	35,960,137	$2.1B	trimmed−10%	−0.34 pp	5 q
WMTWalmart Inc.	1.97%	27,562,842	$2.1B	added+53%	+0.56 pp	5 q
GSGoldman Sachs Group Inc.	1.87%	11,690,000	$2.0B	added+6%	+0.02 pp	5 q
SYMCGen Digital Inc.	1.83%	84,002,767	$1.9B	added+1%	+0.12 pp	5 q
unresolvedGeneral Electric Co	1.67%	66,441,717	$1.7B	trimmed−23%	−0.61 pp	5 q
9990302DApache Corp	1.63%	16,979,111	$1.7B	added+10%	+0.32 pp	5 q
unresolvedWeatherford Intl Ltd	1.60%	72,869,677	$1.7B	trimmed−0%	+0.30 pp	5 q
unresolvedTwenty First Centy Fox Inc	1.56%	46,620,129	$1.6B	trimmed−0%	+0.03 pp	5 q
PFEPfizer Inc.	1.38%	48,902,097	$1.5B	trimmed−24%	−0.73 pp	5 q
GOOGAlphabet Inc. Class C	1.37%	2,495,357	$1.4B	new	+1.37 pp	new
CVXChevron Corporation	1.36%	10,951,777	$1.4B	trimmed−1%	+0.02 pp	5 q
unresolvedTyco International Ltd	1.31%	30,035,546	$1.4B	added+3%	+0.05 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.29%	16,538,560	$1.4B	added+26%	+0.19 pp	5 q
unresolvedBaker Hughes Inc.	1.23%	17,263,375	$1.3B	trimmed−2%	+0.06 pp	5 q
GLWCorning Incorporated	1.21%	57,842,418	$1.3B	trimmed−0%	−0.02 pp	5 q
unresolvedExpress Scripts Hldg Co	1.18%	17,874,930	$1.2B	added+54%	+0.29 pp	3 q
EBAYeBay Inc	1.11%	23,344,404	$1.2B	added+14%	−0.05 pp	5 q
JPMJPMorgan Chase & Co.	1.10%	20,025,733	$1.2B	added+15%	+0.02 pp	5 q
NOVNOV Inc.	1.08%	13,783,733	$1.1B	added+5%	+0.04 pp	2 q
NTAPNetApp, Inc	1.04%	29,735,353	$1.1B	added+7%	−0.01 pp	5 q
NOKNokia Corporation	1.02%	141,935,671	$1.1B	trimmed−2%	−0.07 pp	5 q
unresolvedE M C Corp Mass	0.99%	39,519,400	$1.0B	added×2.1	+0.46 pp	3 q
CECelanese Corporation	0.97%	15,773,420	$1.0B	trimmed−1%	+0.06 pp	5 q
TGTTarget Corporation	0.94%	17,046,272	$988M	added×87.9	+0.93 pp	5 q
unresolvedThe Adt Corporation	0.93%	27,976,177	$977M	trimmed−1%	+0.07 pp	5 q
RDS.ARoyal Dutch Shell PLC	0.89%	11,309,551	$932M	added+1%	+0.05 pp	5 q
unresolvedAegon NV	0.85%	102,173,340	$896M	added+1%	−0.10 pp	5 q
SNPSSynopsys Inc	0.80%	21,519,511	$835M	added0%	−0.04 pp	5 q
METMetLife, Inc.	0.77%	14,605,150	$811M	trimmed−0%	−0.02 pp	5 q
BIDUBaidu, Inc.	0.71%	3,995,787	$746M	added+17%	+0.18 pp	5 q
unresolvedGoogle Inc.	0.70%	1,263,117	$739M	added+1%	−0.73 pp	5 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.70%	46,996,900	$735M	trimmed−1%	+0.03 pp	5 q
DISHDISH Network Corp.	0.68%	10,964,269	$714M	trimmed−27%	−0.28 pp	5 q
TVGrupo Televisa S.A.	0.68%	20,904,792	$717M	added+1%	−0.03 pp	5 q
unresolvedLiberty Interactive Corp	0.65%	23,176,986	$680M	trimmed−0%	−0.04 pp	5 q
BBTTruist Financial Corporation	0.64%	17,113,595	$675M	trimmed−3%	−0.09 pp	5 q
unresolvedSunTrust Banks Inc	0.64%	16,729,196	$670M	trimmed−1%	−0.05 pp	5 q
MXIMMaxim Integrated Products	0.63%	19,471,180	$658M	added0%	−0.03 pp	5 q
unresolvedCoach Inc	0.57%	17,517,080	$599M	added+9%	−0.25 pp	5 q
BSXBoston Scientific Corp.	0.55%	44,872,818	$573M	trimmed−1%	−0.08 pp	5 q
unresolvedCigna Corporation	0.53%	6,049,387	$556M	added+13%	+0.07 pp	5 q
unresolvedMedtronic Inc	0.53%	8,776,593	$560M	trimmed−2%	−0.04 pp	5 q
unresolvedDow Chemical Co	0.52%	10,544,796	$543M	trimmed−38%	−0.33 pp	5 q
unresolvedMcGraw Hill	0.51%	6,440,265	$535M	trimmed−14%	−0.08 pp	5 q
ADBEAdobe Inc.	0.50%	7,241,071	$524M	added+3%	+0.03 pp	5 q
LBTYKLiberty Global Ltd. Class C	0.49%	12,190,894	$516M	added+26%	+0.09 pp	5 q
unresolvedAOL Inc	0.48%	12,676,355	$504M	added+34%	+0.06 pp	5 q
HSBCHSBC Holdings PLC	0.48%	9,883,660	$502M	added+3%	−0.02 pp	5 q
PHGKoninklijke Philips N.v.	0.42%	14,013,807	$445M	added+1%	−0.08 pp	5 q
unresolvedUnilever Spn.Adr 1:1	0.39%	8,933,236	$405M	trimmed−9%	−0.04 pp	5 q
KMXCarMax Inc.	0.38%	7,724,510	$402M	added+1%	+0.01 pp	5 q
CDNSCadence Design Systems	0.32%	19,187,175	$336M	trimmed−0%	+0.01 pp	5 q
unresolvedSprint Corporation	0.31%	38,587,443	$329M	trimmed−6%	−0.08 pp	4 q
VMCVulcan Materials Company(Holding Company)	0.29%	4,761,795	$304M	trimmed−31%	−0.18 pp	5 q
HMCHonda Motor Co., Ltd.	0.23%	6,759,200	$237M	held	—	5 q
TIMETime Inc	0.19%	8,123,224	$197M	new	+0.19 pp	new
NWSANews Corporation Class A	0.18%	10,308,192	$185M	trimmed−6%	−0.01 pp	4 q
unresolvedComputer Sciences Corp	0.14%	2,329,186	$147M	trimmed−67%	−0.29 pp	5 q
NVRNVR, Inc.	0.13%	117,165	$135M	added0%	−0.01 pp	5 q
DNOWDNOW Inc.	0.12%	3,402,802	$123M	new	+0.12 pp	new
LBTYALiberty Global Ltd. Class A	0.11%	2,492,405	$110M	held	—	5 q
UNPUnion Pacific Corp.	0.03%	340,192	$34M	trimmed−4%	0.00 pp	5 q
AXPAmerican Express Company	0.02%	220,483	$21M	trimmed−1%	0.00 pp	5 q
unresolvedCredit Suisse Group Spon ADR	0.02%	856,616	$24M	trimmed−0%	−0.01 pp	5 q
ERICEricsson	0.02%	2,042,574	$25M	added+2%	−0.01 pp	5 q
XOMExxon Mobil Corp	0.02%	169,252	$17M	trimmed−0%	0.00 pp	5 q
IBMInternational Business Machines Corporation	0.02%	127,420	$23M	trimmed−2%	−0.01 pp	5 q
OXYOccidental Petroleum Corporation	0.02%	235,469	$24M	trimmed−8%	0.00 pp	5 q
TRVThe Travelers Companies, Inc.	0.02%	247,350	$23M	trimmed−7%	0.00 pp	5 q
AMGNAmgen Inc	0.01%	85,857	$10M	trimmed−19%	0.00 pp	5 q
CATCaterpillar Inc.	0.01%	72,319	$8M	trimmed−1%	0.00 pp	5 q
unresolvedChubb	0.01%	133,512	$12M	trimmed−2%	0.00 pp	5 q
DEODiageo plc	0.01%	121,035	$15M	trimmed−2%	−0.01 pp	5 q
DISThe Walt Disney Company	0.01%	63,324	$5M	trimmed−1%	0.00 pp	5 q
HDHome Depot, Inc.	0.01%	149,429	$12M	trimmed−19%	0.00 pp	5 q
MCDMcDonald's Corporation	0.01%	56,175	$6M	trimmed−7%	0.00 pp	5 q
PGProcter & Gamble Company	0.01%	174,720	$14M	trimmed−0%	0.00 pp	5 q
TMOThermo Fisher Scientific, Inc.	0.01%	81,002	$10M	trimmed−7%	0.00 pp	5 q
USBU.S. Bancorp	0.01%	242,384	$11M	trimmed−3%	0.00 pp	5 q
VODVodafone Group PLC	0.01%	333,326	$11M	trimmed−93%	−0.17 pp	2 q
unresolvedCovidien PLC	0.01%	92,017	$8M	trimmed−9%	0.00 pp	5 q
TAT&T Inc.	0.00%	14,992	$530,000	held	—	5 q
ABTAbbott Laboratories	0.00%	36,898	$2M	trimmed−0%	0.00 pp	5 q
ABBVAbbvie Inc.	0.00%	36,649	$2M	trimmed−0%	0.00 pp	5 q
unresolvedAetna Inc New	0.00%	6,000	$486,000	held	—	5 q
APDAir Products & Chemicals, Inc.	0.00%	10,950	$1M	held	—	5 q
unresolvedAllergan Inc	0.00%	3,564	$603,000	held	—	5 q
ALLThe Allstate Corporation	0.00%	4,724	$277,000	held	—	5 q
MOAltria Group, Inc.	0.00%	24,800	$1M	held	—	5 q
AMPAmeriprise Financial, Inc.	0.00%	4,182	$502,000	trimmed−1%	0.00 pp	5 q
APCAnadarko Petroleum Corp	0.00%	10,964	$1M	held	—	5 q
AAPLApple Inc.	0.00%	14,189	$1M	held	—	5 q
ADPAutomatic Data Processing	0.00%	2,720	$216,000	held	—	3 q
BAXBaxter International Inc.	0.00%	3,382	$245,000	trimmed−1%	0.00 pp	5 q
BDXBecton, Dickinson and Co.	0.00%	16,780	$2M	trimmed−1%	0.00 pp	5 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$950,000	held	—	5 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	17,350	$2M	held	—	5 q
BMYBristol-Myers Squibb Co.	0.00%	78,921	$4M	trimmed−0%	0.00 pp	5 q
CXCemex S.A.B. de C.V.	0.00%	69,068	$914,000	added+4%	0.00 pp	5 q
CTXSCitrix Systems Inc	0.00%	9,676	$605,000	trimmed−1%	0.00 pp	5 q
KOCoca-Cola Company	0.00%	35,442	$2M	held	—	5 q
CLColgate-Palmolive Company	0.00%	14,000	$955,000	trimmed−0%	0.00 pp	5 q
unresolvedComcast Corp. Spl Cl A	0.00%	70,761	$4M	trimmed−7%	0.00 pp	5 q
unresolvedCompuware Corp	0.00%	230,400	$2M	trimmed−5%	0.00 pp	5 q
COPConocoPhillips	0.00%	35,888	$3M	trimmed−12%	0.00 pp	5 q
DEDeere & Company	0.00%	29,924	$3M	trimmed−0%	0.00 pp	5 q
DDominion Energy, Inc	0.00%	6,290	$450,000	held	—	5 q
UFSDOMTAR CORPORATION (New)	0.00%	37,470	$2M	added+78%	0.00 pp	5 q
unresolvedDu Pont E I De Nemours & Co	0.00%	44,948	$3M	trimmed−2%	0.00 pp	5 q
DUKDuke Energy Corporation	0.00%	24,221	$2M	trimmed−0%	0.00 pp	5 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$598,000	held	—	5 q
FLRFluor Corporation	0.00%	8,105	$623,000	held	—	5 q
unresolvedForest Labs Inc	0.00%	45,100	$4M	trimmed−99%	−0.37 pp	4 q
GISGeneral Mills, Inc.	0.00%	11,200	$588,000	held	—	5 q
GPCGenuine Parts Company	0.00%	32,662	$3M	trimmed−2%	0.00 pp	5 q
HALHalliburton Company	0.00%	9,200	$653,000	trimmed−3%	0.00 pp	5 q
HESHess Corporation	0.00%	6,612	$654,000	trimmed−3%	0.00 pp	5 q
HONHoneywell International, Inc.	0.00%	16,851	$2M	trimmed−3%	0.00 pp	5 q
JNJJohnson & Johnson	0.00%	38,625	$4M	held	—	5 q
KMBKimberly-Clark Corp.	0.00%	4,083	$454,000	held	—	5 q
unresolvedKraft Foods Group Inc	0.00%	3,946	$237,000	held	—	5 q
LMLegg Mason, Inc.	0.00%	18,900	$970,000	trimmed−6%	0.00 pp	5 q
LLYEli Lilly & Co.	0.00%	35,274	$2M	trimmed−1%	0.00 pp	5 q
LLoews Corporation	0.00%	7,600	$334,000	trimmed−28%	0.00 pp	5 q
MMacy's Inc.	0.00%	16,422	$953,000	trimmed−5%	0.00 pp	5 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$445,000	held	—	5 q
MCOMoody's Corporation	0.00%	4,300	$377,000	held	—	5 q
MSIMotorola Solutions, Inc. New	0.00%	68,424	$5M	trimmed−6%	0.00 pp	5 q
NEENextEra Energy, Inc.	0.00%	14,099	$1M	held	—	5 q
NSCNorfolk Southern Corp.	0.00%	7,297	$752,000	held	—	5 q
NUENucor Corporation	0.00%	72,400	$4M	held	—	5 q
PCGPG&E Corporation	0.00%	6,382	$306,000	held	—	5 q
PNCPNC Financial Services Group	0.00%	30,100	$3M	held	—	5 q
PPGPPG Industries, Inc.	0.00%	9,000	$2M	held	—	5 q
PHParker-Hannifin Corporation	0.00%	4,960	$624,000	held	—	5 q
PEPPepsiCo, Inc.	0.00%	5,645	$504,000	trimmed−3%	0.00 pp	5 q
PMPhilip Morris International Inc.	0.00%	21,300	$2M	held	—	5 q
PSXPhillips 66	0.00%	4,200	$338,000	trimmed−9%	0.00 pp	5 q
PBIPitney Bowes Inc.	0.00%	48,400	$1M	trimmed−7%	0.00 pp	5 q
RIORio Tinto plc	0.00%	24,212	$1M	trimmed−4%	0.00 pp	5 q
SRESempra	0.00%	1,915	$201,000	new	0.00 pp	new
unresolvedSigma Aldrich Corp	0.00%	20,500	$2M	held	—	5 q
STTState Street Corporation	0.00%	11,600	$780,000	held	—	5 q
MMM3M Company	0.00%	30,958	$4M	trimmed−0%	0.00 pp	5 q
UNUnilever N V -ny Shares	0.00%	87,333	$4M	trimmed−1%	0.00 pp	5 q
VFCV.F. Corporation	0.00%	6,760	$426,000	held	—	5 q
VZVerizon Communications	0.00%	11,258	$551,000	trimmed−23%	0.00 pp	5 q
unresolvedWalgreen Co	0.00%	5,669	$420,000	trimmed−7%	0.00 pp	5 q
unresolvedWellpoint Inc	0.00%	3,000	$323,000	held	—	5 q
unresolvedXerox Corp	0.00%	286,200	$4M	trimmed−44%	−0.01 pp	5 q
DOXAmdocs Limited	0.00%	28,100	$1M	trimmed−10%	0.00 pp	5 q
ETNEaton Corporation, plc	0.00%	6,000	$463,000	trimmed−39%	0.00 pp	5 q
UTXZRTX Corporation	—	−1,752	—	exited	0.00 pp	—