Dodge & Cox

Q3 2014 13F

As of: Sep 30, 2014
Filed: Nov 13, 2014
US stock: $104.6B · prev $104.9B
Positions: 204 · prev 168
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%

Moves185 since the prior filing

+4.6 pp in · −4.5 pp out

New 41 +1.55 pp
Added 54 +3.02 pp
Trimmed 85 −2.93 pp
Exited 5 −1.60 pp

The book

Diversified · behaves like 46 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.5 years per position

Low
Moderate
High

Top 5 positions21% of US stock

unresolved Hewlett Packard Co trimmed−0.15 pp trimmed−0.155.3%
NVS Novartis AG trimmed+0.17 pp trimmed+0.174.6%
MSFT Microsoft Corp trimmed+0.29 pp trimmed+0.293.7%
COF Capital One Financial trimmed−0.05 pp trimmed−0.053.6%
WFC Wells Fargo & Co. trimmed−0.04 pp trimmed−0.043.6%

Positions204 in this filing · 5 exited


unresolvedHewlett Packard Co	5.27%	155,379,204	$5.5B	trimmed−8%	−0.15 pp	6 q
NVSNovartis AG	4.58%	50,905,449	$4.8B	trimmed−0%	+0.17 pp	6 q
MSFTMicrosoft Corp	3.69%	83,135,795	$3.9B	trimmed−3%	+0.29 pp	6 q
COFCapital One Financial	3.62%	46,391,870	$3.8B	trimmed−0%	−0.05 pp	6 q
WFCWells Fargo & Co.	3.60%	72,605,295	$3.8B	trimmed−0%	−0.04 pp	6 q
SLBSLB Limited	3.51%	36,083,334	$3.7B	added+2%	−0.47 pp	6 q
CMCSAComcast Corp	2.83%	55,049,654	$3.0B	trimmed−1%	0.00 pp	6 q
TWXTime Warner Inc	2.65%	36,814,384	$2.8B	trimmed−0%	+0.18 pp	6 q
SCHWThe Charles Schwab Corporation	2.58%	91,884,964	$2.7B	added+1%	+0.25 pp	6 q
BNYBank of New York Mellon Corporation	2.49%	67,150,764	$2.6B	trimmed−1%	+0.07 pp	6 q
SNYSanofi	2.34%	43,267,004	$2.4B	trimmed−1%	+0.13 pp	6 q
BACBank of America Corporation	2.30%	140,899,780	$2.4B	added+4%	+0.32 pp	6 q
FDXFedEx Corporation	2.28%	14,761,276	$2.4B	trimmed−1%	+0.12 pp	6 q
WMTWalmart Inc.	2.21%	30,282,752	$2.3B	added+10%	+0.24 pp	6 q
unresolvedTime Warner Cable Inc	2.15%	15,697,865	$2.3B	trimmed−1%	−0.07 pp	6 q
GSGoldman Sachs Group Inc.	2.06%	11,708,144	$2.1B	added0%	+0.19 pp	6 q
MRKMerck & Co., Inc.	1.99%	35,057,668	$2.1B	trimmed−3%	+0.01 pp	6 q
EBAYeBay Inc	1.96%	36,227,184	$2.1B	added+55%	+0.85 pp	6 q
SYMCGen Digital Inc.	1.88%	83,677,017	$2.0B	trimmed−0%	+0.05 pp	6 q
0VQJLTe Connectivity Ltd	1.83%	34,620,289	$1.9B	trimmed−0%	−0.21 pp	6 q
unresolvedGlaxosmithkline PLC	1.70%	38,589,161	$1.8B	trimmed−36%	−1.37 pp	6 q
unresolvedGeneral Electric Co	1.60%	65,379,047	$1.7B	trimmed−2%	−0.07 pp	6 q
9990302DApache Corp	1.57%	17,432,611	$1.6B	added+3%	−0.06 pp	6 q
unresolvedTwenty First Centy Fox Inc	1.52%	46,266,079	$1.6B	trimmed−1%	−0.04 pp	6 q
unresolvedTyco International Ltd	1.48%	34,684,929	$1.5B	added+15%	+0.17 pp	6 q
0WEWeatherford International plc	1.46%	73,402,287	$1.5B	new	+1.46 pp	new
GOOGAlphabet Inc. Class C	1.45%	2,624,338	$1.5B	added+5%	+0.08 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.39%	16,907,750	$1.5B	added+2%	+0.10 pp	6 q
PFEPfizer Inc.	1.35%	47,604,980	$1.4B	trimmed−3%	−0.03 pp	6 q
NTAPNetApp, Inc	1.33%	32,421,740	$1.4B	added+9%	+0.29 pp	6 q
unresolvedExpress Scripts Hldg Co	1.25%	18,469,695	$1.3B	added+3%	+0.07 pp	4 q
CVXChevron Corporation	1.24%	10,852,313	$1.3B	trimmed−1%	−0.12 pp	6 q
JPMJPMorgan Chase & Co.	1.15%	20,016,864	$1.2B	trimmed−0%	+0.05 pp	6 q
unresolvedE M C Corp Mass	1.14%	40,593,700	$1.2B	added+3%	+0.15 pp	4 q
unresolvedBaker Hughes Inc.	1.08%	17,379,520	$1.1B	added+1%	−0.15 pp	6 q
GLWCorning Incorporated	1.07%	57,660,438	$1.1B	trimmed−0%	−0.14 pp	6 q
TGTTarget Corporation	1.06%	17,758,389	$1.1B	added+4%	+0.12 pp	6 q
NOVNOV Inc.	1.02%	13,989,033	$1.1B	added+1%	−0.06 pp	3 q
unresolvedThe Adt Corporation	0.94%	27,853,069	$988M	trimmed−0%	+0.01 pp	6 q
unresolvedCigna Corporation	0.90%	10,321,737	$936M	added+71%	+0.37 pp	6 q
CECelanese Corporation	0.88%	15,676,536	$917M	trimmed−1%	−0.09 pp	6 q
RDS.ARoyal Dutch Shell PLC	0.86%	11,792,375	$898M	added+4%	−0.03 pp	6 q
BIDUBaidu, Inc.	0.83%	3,964,487	$865M	trimmed−1%	+0.12 pp	6 q
SNPSSynopsys Inc	0.82%	21,508,411	$854M	trimmed−0%	+0.02 pp	6 q
unresolvedAegon NV	0.81%	103,404,597	$850M	added+1%	−0.04 pp	6 q
METMetLife, Inc.	0.76%	14,784,950	$794M	added+1%	−0.01 pp	6 q
unresolvedGoogle Inc.	0.73%	1,294,055	$761M	added+2%	+0.03 pp	6 q
DISHDISH Network Corp.	0.72%	11,689,719	$755M	added+7%	+0.04 pp	6 q
MXIMMaxim Integrated Products	0.69%	23,726,730	$717M	added+22%	+0.06 pp	6 q
TVGrupo Televisa S.A.	0.68%	20,920,622	$709M	added0%	0.00 pp	6 q
unresolvedLiberty Interactive Corp	0.62%	22,872,051	$652M	trimmed−1%	−0.03 pp	6 q
BBTTruist Financial Corporation	0.61%	17,255,676	$642M	added+1%	−0.03 pp	6 q
LBTYKLiberty Global Ltd. Class C	0.61%	15,632,447	$641M	added+28%	+0.12 pp	6 q
unresolvedCoach Inc	0.60%	17,487,956	$623M	trimmed−0%	+0.03 pp	6 q
unresolvedSunTrust Banks Inc	0.60%	16,593,996	$631M	trimmed−1%	−0.04 pp	6 q
NOKNokia Corporation	0.58%	72,176,891	$611M	trimmed−49%	−0.44 pp	6 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.56%	39,347,800	$586M	trimmed−16%	−0.14 pp	6 q
unresolvedAOL Inc	0.53%	12,327,997	$554M	trimmed−3%	+0.05 pp	6 q
unresolvedMedtronic Inc	0.53%	8,864,623	$549M	added+1%	0.00 pp	6 q
BSXBoston Scientific Corp.	0.50%	44,458,338	$525M	trimmed−1%	−0.05 pp	6 q
HSBCHSBC Holdings PLC	0.48%	9,845,287	$501M	trimmed−0%	0.00 pp	6 q
ADBEAdobe Inc.	0.47%	7,061,371	$489M	trimmed−2%	−0.03 pp	6 q
LBTYALiberty Global Ltd. Class A	0.45%	11,051,305	$470M	added×4.4	+0.34 pp	6 q
PHGKoninklijke Philips N.v.	0.41%	13,597,307	$431M	trimmed−3%	−0.01 pp	6 q
unresolvedSprint Corporation	0.38%	63,428,278	$402M	added+64%	+0.07 pp	5 q
KMXCarMax Inc.	0.34%	7,612,110	$354M	trimmed−1%	−0.04 pp	6 q
unresolvedUnilever Spn.Adr 1:1	0.32%	8,071,868	$338M	trimmed−10%	−0.07 pp	6 q
CDNSCadence Design Systems	0.30%	18,119,975	$312M	trimmed−6%	−0.02 pp	6 q
unresolvedDow Chemical Co	0.29%	5,763,629	$302M	trimmed−45%	−0.23 pp	6 q
VMCVulcan Materials Company(Holding Company)	0.24%	4,175,466	$251M	trimmed−12%	−0.05 pp	6 q
HMCHonda Motor Co., Ltd.	0.22%	6,759,200	$232M	held	—	6 q
TIMETime Inc	0.18%	7,998,579	$187M	trimmed−2%	−0.01 pp	2 q
NWSANews Corporation Class A	0.15%	9,864,140	$161M	trimmed−4%	−0.03 pp	5 q
NVRNVR, Inc.	0.13%	116,165	$131M	trimmed−1%	0.00 pp	6 q
DNOWDNOW Inc.	0.10%	3,387,327	$103M	trimmed−0%	−0.02 pp	2 q
unresolvedNew Oriental Ed & Tech Grp I	0.09%	4,002,900	$93M	new	+0.09 pp	new
ERICEricsson	0.03%	2,098,184	$26M	added+3%	+0.01 pp	6 q
UNPUnion Pacific Corp.	0.03%	335,694	$36M	trimmed−1%	0.00 pp	6 q
AXPAmerican Express Company	0.02%	218,138	$19M	trimmed−1%	0.00 pp	6 q
unresolvedCredit Suisse Group Spon ADR	0.02%	839,575	$23M	trimmed−2%	0.00 pp	6 q
XOMExxon Mobil Corp	0.02%	169,360	$16M	added0%	0.00 pp	6 q
IBMInternational Business Machines Corporation	0.02%	125,165	$24M	trimmed−2%	0.00 pp	6 q
unresolvedMcGraw Hill	0.02%	224,530	$19M	trimmed−97%	−0.49 pp	6 q
OXYOccidental Petroleum Corporation	0.02%	228,136	$22M	trimmed−3%	0.00 pp	6 q
TRVThe Travelers Companies, Inc.	0.02%	240,340	$23M	trimmed−3%	0.00 pp	6 q
AMGNAmgen Inc	0.01%	72,907	$10M	trimmed−15%	0.00 pp	6 q
CATCaterpillar Inc.	0.01%	71,619	$7M	trimmed−1%	0.00 pp	6 q
unresolvedChubb	0.01%	128,619	$12M	trimmed−4%	0.00 pp	6 q
unresolvedComputer Sciences Corp	0.01%	169,318	$10M	trimmed−93%	−0.13 pp	6 q
DEODiageo plc	0.01%	115,872	$13M	trimmed−4%	0.00 pp	6 q
DISThe Walt Disney Company	0.01%	67,854	$6M	added+7%	0.00 pp	6 q
HDHome Depot, Inc.	0.01%	139,801	$13M	trimmed−6%	0.00 pp	6 q
PGProcter & Gamble Company	0.01%	179,623	$15M	added+3%	0.00 pp	6 q
TMOThermo Fisher Scientific, Inc.	0.01%	57,082	$7M	trimmed−30%	0.00 pp	6 q
USBU.S. Bancorp	0.01%	225,634	$9M	trimmed−7%	0.00 pp	6 q
unresolvedCovidien PLC	0.01%	89,017	$8M	trimmed−3%	0.00 pp	6 q
TAT&T Inc.	0.00%	14,492	$511,000	trimmed−3%	0.00 pp	6 q
ABTAbbott Laboratories	0.00%	39,628	$2M	added+7%	0.00 pp	6 q
ABBVAbbvie Inc.	0.00%	38,849	$2M	added+6%	0.00 pp	6 q
ANFAbercrombie & Fitch Co.	0.00%	6,000	$218,000	new	0.00 pp	new
unresolvedAetna Inc New	0.00%	6,000	$486,000	held	—	6 q
APDAir Products & Chemicals, Inc.	0.00%	11,081	$1M	added+1%	0.00 pp	6 q
unresolvedAllergan Inc	0.00%	3,264	$582,000	trimmed−8%	0.00 pp	6 q
ALLThe Allstate Corporation	0.00%	4,724	$290,000	held	—	6 q
MOAltria Group, Inc.	0.00%	23,800	$1M	trimmed−4%	0.00 pp	6 q
AMZNAmazon.Com Inc	0.00%	770	$248,000	new	0.00 pp	new
AMPAmeriprise Financial, Inc.	0.00%	4,182	$516,000	held	—	6 q
APCAnadarko Petroleum Corp	0.00%	14,809	$2M	added+35%	0.00 pp	6 q
AAPLApple Inc.	0.00%	29,379	$3M	added×2.1	0.00 pp	6 q
AMATApplied Materials Inc	0.00%	9,500	$205,000	new	0.00 pp	new
ADPAutomatic Data Processing	0.00%	2,620	$218,000	trimmed−4%	0.00 pp	4 q
BAXBaxter International Inc.	0.00%	3,382	$243,000	held	—	6 q
BDXBecton, Dickinson and Co.	0.00%	16,510	$2M	trimmed−2%	0.00 pp	6 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$1M	held	—	6 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	17,350	$2M	held	—	6 q
BMYBristol-Myers Squibb Co.	0.00%	90,428	$5M	added+15%	0.00 pp	6 q
CITCIT Group Inc.	0.00%	7,690	$353,000	new	0.00 pp	new
CVCCablevision Sys Cp NY Grp Cl-a	0.00%	10,000	$175,000	new	0.00 pp	new
CTRACoterra Energy Inc.	0.00%	7,360	$241,000	new	0.00 pp	new
CPBThe Campbell's Company	0.00%	8,530	$364,000	new	0.00 pp	new
CXCemex S.A.B. de C.V.	0.00%	67,086	$875,000	trimmed−3%	0.00 pp	6 q
CHLChina Mobile Limited	0.00%	4,970	$292,000	new	0.00 pp	new
CIENCiena Corporation	0.00%	11,230	$188,000	new	0.00 pp	new
CSCOCisco Systems, Inc. (DE)	0.00%	32,653	$822,000	new	0.00 pp	new
CCitigroup Inc.	0.00%	7,935	$411,000	new	0.00 pp	new
CTXSCitrix Systems Inc	0.00%	10,226	$730,000	added+6%	0.00 pp	6 q
KOCoca-Cola Company	0.00%	45,282	$2M	added+28%	0.00 pp	6 q
CLColgate-Palmolive Company	0.00%	14,000	$913,000	held	—	6 q
unresolvedComcast Corp. Spl Cl A	0.00%	55,761	$3M	trimmed−21%	0.00 pp	6 q
unresolvedCompuware Corp	0.00%	208,500	$2M	trimmed−10%	0.00 pp	6 q
COPConocoPhillips	0.00%	33,888	$3M	trimmed−6%	0.00 pp	6 q
DHRDanaher Corporation	0.00%	4,883	$371,000	new	0.00 pp	new
DEDeere & Company	0.00%	29,874	$2M	trimmed−0%	0.00 pp	6 q
DDominion Energy, Inc	0.00%	6,190	$428,000	trimmed−2%	0.00 pp	6 q
UFSDOMTAR CORPORATION (New)	0.00%	7,316	$257,000	trimmed−80%	0.00 pp	6 q
unresolvedDu Pont E I De Nemours & Co	0.00%	44,948	$3M	held	—	6 q
DUKDuke Energy Corporation	0.00%	23,555	$2M	trimmed−3%	0.00 pp	6 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$637,000	held	—	6 q
EMREmerson Electric Co.	0.00%	6,767	$423,000	new	0.00 pp	new
ENZBEnzo Biochem Inc	0.00%	15,570	$80,000	new	0.00 pp	new
unresolvedEquinix Inc	0.00%	1,230	$261,000	new	0.00 pp	new
FCNFTI Consulting, Inc.	0.00%	6,570	$230,000	new	0.00 pp	new
FLRFluor Corporation	0.00%	8,595	$574,000	added+6%	0.00 pp	6 q
GISGeneral Mills, Inc.	0.00%	11,200	$565,000	held	—	6 q
GPCGenuine Parts Company	0.00%	29,462	$3M	trimmed−10%	0.00 pp	6 q
GILDGilead Sciences Inc	0.00%	4,800	$511,000	new	0.00 pp	new
HALHalliburton Company	0.00%	9,200	$593,000	held	—	6 q
HIGThe Hartford Insurance Group, Inc.	0.00%	7,510	$280,000	new	0.00 pp	new
HESHess Corporation	0.00%	6,612	$624,000	held	—	6 q
HONHoneywell International, Inc.	0.00%	16,121	$2M	trimmed−4%	0.00 pp	6 q
HBANHuntington Bancshares Inc	0.00%	11,000	$107,000	new	0.00 pp	new
ISRGIntuitive Surgical Inc.	0.00%	500	$231,000	new	0.00 pp	new
JNJJohnson & Johnson	0.00%	47,095	$5M	added+22%	0.00 pp	6 q
KMBKimberly-Clark Corp.	0.00%	4,083	$439,000	held	—	6 q
unresolvedKraft Foods Group Inc	0.00%	3,946	$223,000	held	—	6 q
LMLegg Mason, Inc.	0.00%	17,330	$887,000	trimmed−8%	0.00 pp	6 q
unresolvedLevel 3 Communications Inc	0.00%	6,500	$297,000	new	0.00 pp	new
LLYEli Lilly & Co.	0.00%	42,464	$3M	added+20%	0.00 pp	6 q
LLoews Corporation	0.00%	8,300	$346,000	added+9%	0.00 pp	6 q
LOWLowe's Companies Inc.	0.00%	7,180	$380,000	new	0.00 pp	new
MMacy's Inc.	0.00%	16,422	$955,000	held	—	6 q
MRSHMarsh	0.00%	10,880	$569,000	new	0.00 pp	new
MCDMcDonald's Corporation	0.00%	50,529	$5M	trimmed−10%	−0.01 pp	6 q
MDLZMondelez International, Inc. Class A	0.00%	17,960	$615,000	added+52%	0.00 pp	6 q
MCOMoody's Corporation	0.00%	4,300	$406,000	held	—	6 q
MSMorgan Stanley	0.00%	14,980	$518,000	new	0.00 pp	new
MSIMotorola Solutions, Inc. New	0.00%	67,996	$4M	trimmed−1%	0.00 pp	6 q
NEENextEra Energy, Inc.	0.00%	14,099	$1M	held	—	6 q
NMRNomura Holdings, Inc	0.00%	10,000	$59,000	new	0.00 pp	new
NSCNorfolk Southern Corp.	0.00%	8,344	$931,000	added+14%	0.00 pp	6 q
NUENucor Corporation	0.00%	73,200	$4M	added+1%	0.00 pp	6 q
PCGPG&E Corporation	0.00%	9,762	$440,000	added+53%	0.00 pp	6 q
PNCPNC Financial Services Group	0.00%	30,100	$3M	held	—	6 q
PPGPPG Industries, Inc.	0.00%	9,000	$2M	held	—	6 q
PHParker-Hannifin Corporation	0.00%	4,960	$566,000	held	—	6 q
PEPPepsiCo, Inc.	0.00%	12,365	$1M	added×2.2	0.00 pp	6 q
PMPhilip Morris International Inc.	0.00%	20,900	$2M	trimmed−2%	0.00 pp	6 q
PSXPhillips 66	0.00%	8,590	$698,000	added×2.0	0.00 pp	6 q
QCOMQualcomm Inc	0.00%	11,456	$857,000	new	0.00 pp	new
RIORio Tinto plc	0.00%	24,512	$1M	added+1%	0.00 pp	6 q
SPYState Street SPDR S&P 500 ETF Trust	0.00%	1,235	$243,000	new	0.00 pp	new
SRESempra	0.00%	1,915	$202,000	held	—	2 q
unresolvedSigma Aldrich Corp	0.00%	19,000	$3M	trimmed−7%	0.00 pp	6 q
unresolvedSirona Dental Systems Inc	0.00%	3,405	$261,000	new	0.00 pp	new
SIRISirius XM Holdings, Inc	0.00%	41,510	$145,000	new	0.00 pp	new
SW5Southwestern Energy Co	0.00%	6,610	$231,000	new	0.00 pp	new
STTState Street Corporation	0.00%	11,600	$854,000	held	—	6 q
STMSTMicroelectronics N.V.	0.00%	10,320	$79,000	new	0.00 pp	new
SYKStryker Corporation	0.00%	4,170	$337,000	new	0.00 pp	new
unresolvedTw Telecom Inc	0.00%	9,920	$413,000	new	0.00 pp	new
MMM3M Company	0.00%	30,558	$4M	trimmed−1%	0.00 pp	6 q
TMToyota Motor Corporation	0.00%	1,930	$227,000	new	0.00 pp	new
UAAUnder Armour, Inc.	0.00%	4,800	$332,000	new	0.00 pp	new
UNUnilever N V -ny Shares	0.00%	90,333	$4M	added+3%	0.00 pp	6 q
VFCV.F. Corporation	0.00%	4,760	$314,000	trimmed−30%	0.00 pp	6 q
VZVerizon Communications	0.00%	9,092	$455,000	trimmed−19%	0.00 pp	6 q
VVISA Inc.	0.00%	2,213	$472,000	new	0.00 pp	new
VODVodafone Group PLC	0.00%	139,675	$5M	trimmed−58%	−0.01 pp	3 q
unresolvedWalgreen Co	0.00%	12,574	$745,000	added×2.2	0.00 pp	6 q
unresolvedWellpoint Inc	0.00%	3,000	$359,000	held	—	6 q
unresolvedWillbros Group Inc DEL	0.00%	11,020	$92,000	new	0.00 pp	new
unresolvedXerox Corp	0.00%	173,500	$2M	trimmed−39%	0.00 pp	6 q
unresolvedYahoo Inc	0.00%	9,000	$367,000	new	0.00 pp	new
unresolvedActavis PLC	0.00%	4,025	$971,000	new	0.00 pp	new
unresolvedWeatherford Intl Ltd	—	−72,869,677	—	exited	−1.60 pp	—
unresolvedForest Labs Inc	—	−45,100	—	exited	0.00 pp	—
PBIPitney Bowes Inc.	—	−48,400	—	exited	0.00 pp	—
DOXAmdocs Limited	—	−28,100	—	exited	0.00 pp	—
ETNEaton Corporation, plc	—	−6,000	—	exited	0.00 pp	—