Dodge & Cox

Q4 2014 13F

As of: Dec 31, 2014
Filed: Feb 13, 2015
US stock: $107.6B · prev $104.6B
Positions: 190 · prev 204
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%

Moves175 since the prior filing

+6.5 pp in · −6.5 pp out

New 8 +1.93 pp
Added 50 +4.56 pp
Trimmed 95 −5.01 pp
Exited 22 −1.48 pp

The book

Diversified · behaves like 45 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.5 years per position

Low
Moderate
High

Top 5 positions21% of US stock

unresolved Hewlett Packard Co trimmed+0.07 pp trimmed+0.075.3%
NVS Novartis AG trimmed−0.25 pp trimmed−0.254.3%
SLB SLB Limited added+0.18 pp added+0.183.7%
WFC Wells Fargo & Co. trimmed+0.09 pp trimmed+0.093.7%
COF Capital One Financial added−0.06 pp added−0.063.6%

Positions190 in this filing · 22 exited


unresolvedHewlett Packard Co	5.34%	143,242,518	$5.7B	trimmed−8%	+0.07 pp	7 q
NVSNovartis AG	4.33%	50,324,645	$4.7B	trimmed−1%	−0.25 pp	7 q
SLBSLB Limited	3.69%	46,514,140	$4.0B	added+29%	+0.18 pp	7 q
WFCWells Fargo & Co.	3.69%	72,473,721	$4.0B	trimmed−0%	+0.09 pp	7 q
COFCapital One Financial	3.56%	46,449,361	$3.8B	added0%	−0.06 pp	7 q
MSFTMicrosoft Corp	3.54%	82,070,749	$3.8B	trimmed−1%	−0.15 pp	7 q
TWXTime Warner Inc	2.98%	37,543,409	$3.2B	added+2%	+0.33 pp	7 q
unresolvedTime Warner Cable Inc	2.74%	19,396,055	$2.9B	added+24%	+0.59 pp	7 q
SCHWThe Charles Schwab Corporation	2.61%	93,165,777	$2.8B	added+1%	+0.03 pp	7 q
BACBank of America Corporation	2.57%	154,312,628	$2.8B	added+10%	+0.27 pp	7 q
BNYBank of New York Mellon Corporation	2.54%	67,339,717	$2.7B	added0%	+0.05 pp	7 q
CMCSAComcast Corp	2.51%	46,487,162	$2.7B	trimmed−16%	−0.32 pp	7 q
WMTWalmart Inc.	2.45%	30,762,239	$2.6B	added+2%	+0.24 pp	7 q
FDXFedEx Corporation	2.36%	14,640,104	$2.5B	trimmed−1%	+0.08 pp	7 q
0VQJLTe Connectivity Ltd	2.26%	38,427,408	$2.4B	added+11%	+0.43 pp	7 q
GSGoldman Sachs Group Inc.	2.11%	11,728,734	$2.3B	added0%	+0.05 pp	7 q
SYMCGen Digital Inc.	2.02%	84,607,395	$2.2B	added+1%	+0.14 pp	7 q
SNYSanofi	1.83%	43,272,800	$2.0B	added0%	−0.51 pp	7 q
MRKMerck & Co., Inc.	1.77%	33,616,093	$1.9B	trimmed−4%	−0.22 pp	7 q
9990302DApache Corp	1.74%	29,914,330	$1.9B	added+72%	+0.17 pp	7 q
unresolvedTwenty First Centy Fox Inc	1.65%	46,210,752	$1.8B	trimmed−0%	+0.13 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.59%	16,887,943	$1.7B	trimmed−0%	+0.20 pp	7 q
GOOGAlphabet Inc. Class C	1.54%	3,155,397	$1.7B	added+20%	+0.09 pp	3 q
unresolvedExpress Scripts Hldg Co	1.51%	19,248,979	$1.6B	added+4%	+0.26 pp	5 q
unresolvedTyco Intl PLC	1.51%	37,051,169	$1.6B	new	+1.51 pp	new
EBAYeBay Inc	1.43%	27,406,243	$1.5B	trimmed−24%	−0.53 pp	7 q
JPMJPMorgan Chase & Co.	1.38%	23,757,905	$1.5B	added+19%	+0.23 pp	7 q
PFEPfizer Inc.	1.37%	47,195,573	$1.5B	trimmed−1%	+0.02 pp	7 q
CVXChevron Corporation	1.32%	12,662,230	$1.4B	added+17%	+0.08 pp	7 q
TGTTarget Corporation	1.29%	18,301,976	$1.4B	added+3%	+0.23 pp	7 q
NTAPNetApp, Inc	1.27%	33,086,586	$1.4B	added+2%	−0.06 pp	7 q
unresolvedBaker Hughes Inc.	1.26%	24,140,300	$1.4B	added+39%	+0.18 pp	7 q
GLWCorning Incorporated	1.24%	58,052,475	$1.3B	added+1%	+0.17 pp	7 q
unresolvedE M C Corp Mass	1.15%	41,462,003	$1.2B	added+2%	+0.01 pp	5 q
METMetLife, Inc.	1.01%	20,194,345	$1.1B	added+37%	+0.25 pp	7 q
unresolvedCigna Corporation	0.99%	10,351,758	$1.1B	added0%	+0.09 pp	7 q
BBTTruist Financial Corporation	0.98%	27,029,453	$1.1B	added+57%	+0.37 pp	7 q
unresolvedGlaxosmithkline PLC	0.95%	23,959,301	$1.0B	trimmed−38%	−0.75 pp	7 q
unresolvedThe Adt Corporation	0.94%	27,884,826	$1.0B	added0%	0.00 pp	7 q
unresolvedGeneral Electric Co	0.91%	38,786,099	$980M	trimmed−41%	−0.69 pp	7 q
CECelanese Corporation	0.88%	15,733,381	$943M	added0%	0.00 pp	7 q
NOVNOV Inc.	0.87%	14,269,362	$935M	added+2%	−0.15 pp	4 q
SNPSSynopsys Inc	0.86%	21,310,523	$926M	trimmed−1%	+0.04 pp	7 q
BIDUBaidu, Inc.	0.80%	3,780,487	$862M	trimmed−5%	−0.03 pp	7 q
0WEWeatherford International plc	0.80%	75,010,077	$859M	added+2%	−0.66 pp	2 q
DHRDanaher Corporation	0.79%	9,975,933	$855M	added×2043.0	+0.79 pp	2 q
DISHDISH Network Corp.	0.78%	11,501,480	$838M	trimmed−2%	+0.06 pp	7 q
MXIMMaxim Integrated Products	0.75%	25,439,327	$811M	added+7%	+0.06 pp	7 q
LBTYKLiberty Global Ltd. Class C	0.74%	16,502,047	$797M	added+6%	+0.13 pp	7 q
unresolvedAegon NV	0.73%	104,322,994	$782M	added+1%	−0.08 pp	7 q
TVGrupo Televisa S.A.	0.73%	22,951,422	$782M	added+10%	+0.05 pp	7 q
CSCOCisco Systems, Inc. (DE)	0.72%	27,682,778	$770M	added×847.8	+0.72 pp	2 q
unresolvedGoogle Inc.	0.64%	1,301,073	$690M	added+1%	−0.09 pp	7 q
unresolvedSunTrust Banks Inc	0.64%	16,560,969	$694M	trimmed−0%	+0.04 pp	7 q
unresolvedCoach Inc	0.61%	17,489,761	$657M	added0%	+0.01 pp	7 q
unresolvedLiberty Interactive Corp	0.61%	22,228,347	$654M	trimmed−3%	−0.01 pp	7 q
unresolvedMedtronic Inc	0.59%	8,817,773	$637M	trimmed−1%	+0.06 pp	7 q
RDS.ARoyal Dutch Shell PLC	0.53%	8,457,505	$566M	trimmed−28%	−0.33 pp	7 q
LBTYALiberty Global Ltd. Class A	0.52%	11,053,605	$555M	added0%	+0.07 pp	7 q
unresolvedAOL Inc	0.50%	11,770,897	$543M	trimmed−5%	−0.03 pp	7 q
KMXCarMax Inc.	0.46%	7,500,571	$499M	trimmed−1%	+0.12 pp	7 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.45%	64,097,858	$486M	added+63%	−0.11 pp	7 q
unresolvedSprint Corporation	0.37%	96,876,234	$402M	added+53%	−0.01 pp	6 q
PHGKoninklijke Philips N.v.	0.35%	13,143,445	$381M	trimmed−3%	−0.06 pp	7 q
JNPJuniper Networks Inc	0.31%	14,842,903	$331M	new	+0.31 pp	new
CDNSCadence Design Systems	0.30%	17,248,976	$327M	trimmed−5%	0.00 pp	7 q
NOKNokia Corporation	0.24%	32,788,214	$258M	trimmed−55%	−0.34 pp	7 q
HMCHonda Motor Co., Ltd.	0.19%	6,759,200	$200M	held	—	7 q
TIMETime Inc	0.18%	8,042,850	$198M	added+1%	0.00 pp	3 q
NWSANews Corporation Class A	0.14%	9,750,202	$153M	trimmed−1%	−0.01 pp	6 q
NVRNVR, Inc.	0.13%	108,046	$138M	trimmed−7%	0.00 pp	7 q
unresolvedNew Oriental Ed & Tech Grp I	0.12%	6,506,500	$133M	added+63%	+0.03 pp	2 q
unresolvedLiberty Interactive Corp	0.11%	3,228,528	$122M	new	+0.11 pp	new
DNOWDNOW Inc.	0.08%	3,321,593	$85M	trimmed−2%	−0.02 pp	3 q
UNPUnion Pacific Corp.	0.04%	320,585	$38M	trimmed−5%	+0.01 pp	7 q
ADBEAdobe Inc.	0.03%	487,612	$35M	trimmed−93%	−0.44 pp	7 q
unresolvedDow Chemical Co	0.03%	780,731	$36M	trimmed−86%	−0.26 pp	7 q
AXPAmerican Express Company	0.02%	210,950	$20M	trimmed−3%	0.00 pp	7 q
unresolvedCredit Suisse Group Spon ADR	0.02%	806,776	$20M	trimmed−4%	0.00 pp	7 q
ERICEricsson	0.02%	2,122,034	$26M	added+1%	−0.01 pp	7 q
HSBCHSBC Holdings PLC	0.02%	538,188	$25M	trimmed−95%	−0.46 pp	7 q
IBMInternational Business Machines Corporation	0.02%	121,357	$19M	trimmed−3%	0.00 pp	7 q
OXYOccidental Petroleum Corporation	0.02%	212,834	$17M	trimmed−7%	0.00 pp	7 q
TRVThe Travelers Companies, Inc.	0.02%	233,380	$25M	trimmed−3%	0.00 pp	7 q
unresolvedUnilever Spn.Adr 1:1	0.02%	461,018	$19M	trimmed−94%	−0.30 pp	7 q
VMCVulcan Materials Company(Holding Company)	0.02%	271,434	$18M	trimmed−94%	−0.22 pp	7 q
AMGNAmgen Inc	0.01%	66,427	$11M	trimmed−9%	0.00 pp	7 q
BSXBoston Scientific Corp.	0.01%	1,184,730	$16M	trimmed−97%	−0.49 pp	7 q
CATCaterpillar Inc.	0.01%	67,830	$6M	trimmed−5%	0.00 pp	7 q
unresolvedChubb	0.01%	125,659	$13M	trimmed−2%	0.00 pp	7 q
unresolvedComputer Sciences Corp	0.01%	128,908	$8M	trimmed−24%	0.00 pp	7 q
DEODiageo plc	0.01%	111,051	$13M	trimmed−4%	0.00 pp	7 q
DISThe Walt Disney Company	0.01%	67,854	$6M	held	—	7 q
XOMExxon Mobil Corp	0.01%	166,484	$15M	trimmed−2%	−0.01 pp	7 q
HDHome Depot, Inc.	0.01%	124,711	$13M	trimmed−11%	0.00 pp	7 q
unresolvedMcGraw Hill	0.01%	147,489	$13M	trimmed−34%	−0.01 pp	7 q
PGProcter & Gamble Company	0.01%	171,022	$16M	trimmed−5%	0.00 pp	7 q
TMOThermo Fisher Scientific, Inc.	0.01%	56,202	$7M	trimmed−2%	0.00 pp	7 q
USBU.S. Bancorp	0.01%	221,434	$10M	trimmed−2%	0.00 pp	7 q
unresolvedCovidien PLC	0.01%	78,686	$8M	trimmed−12%	0.00 pp	7 q
TAT&T Inc.	0.00%	14,492	$487,000	held	—	7 q
ABTAbbott Laboratories	0.00%	37,068	$2M	trimmed−6%	0.00 pp	7 q
ABBVAbbvie Inc.	0.00%	38,055	$2M	trimmed−2%	0.00 pp	7 q
unresolvedAetna Inc New	0.00%	6,000	$533,000	held	—	7 q
APDAir Products & Chemicals, Inc.	0.00%	10,100	$1M	trimmed−9%	0.00 pp	7 q
unresolvedAllergan Inc	0.00%	3,264	$694,000	held	—	7 q
ALLThe Allstate Corporation	0.00%	4,724	$332,000	held	—	7 q
MOAltria Group, Inc.	0.00%	23,800	$1M	held	—	7 q
AMZNAmazon.Com Inc	0.00%	770	$239,000	held	—	2 q
AMPAmeriprise Financial, Inc.	0.00%	4,182	$553,000	held	—	7 q
APCAnadarko Petroleum Corp	0.00%	13,629	$1M	trimmed−8%	0.00 pp	7 q
ELVElevance Health, Inc.	0.00%	3,000	$377,000	new	0.00 pp	new
AAPLApple Inc.	0.00%	29,316	$3M	trimmed−0%	0.00 pp	7 q
ADPAutomatic Data Processing	0.00%	2,620	$218,000	held	—	5 q
BAXBaxter International Inc.	0.00%	3,382	$248,000	held	—	7 q
BDXBecton, Dickinson and Co.	0.00%	15,730	$2M	trimmed−5%	0.00 pp	7 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$1M	held	—	7 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	17,350	$3M	held	—	7 q
BMYBristol-Myers Squibb Co.	0.00%	91,028	$5M	added+1%	0.00 pp	7 q
CTRACoterra Energy Inc.	0.00%	7,360	$218,000	held	—	2 q
unresolvedCalifornia Res Corp	0.00%	87,320	$481,000	new	0.00 pp	new
CXCemex S.A.B. de C.V.	0.00%	55,638	$567,000	trimmed−17%	0.00 pp	7 q
CHLChina Mobile Limited	0.00%	6,470	$381,000	added+30%	0.00 pp	2 q
CCitigroup Inc.	0.00%	7,075	$383,000	trimmed−11%	0.00 pp	2 q
CTXSCitrix Systems Inc	0.00%	9,026	$576,000	trimmed−12%	0.00 pp	7 q
KOCoca-Cola Company	0.00%	35,814	$2M	trimmed−21%	0.00 pp	7 q
CLColgate-Palmolive Company	0.00%	14,000	$969,000	held	—	7 q
unresolvedComcast Corp. Spl Cl A	0.00%	44,761	$3M	trimmed−20%	0.00 pp	7 q
COPConocoPhillips	0.00%	32,788	$2M	trimmed−3%	0.00 pp	7 q
DEDeere & Company	0.00%	28,346	$3M	trimmed−5%	0.00 pp	7 q
DDominion Energy, Inc	0.00%	6,190	$476,000	held	—	7 q
UFSDOMTAR CORPORATION (New)	0.00%	6,796	$273,000	trimmed−7%	0.00 pp	7 q
unresolvedDu Pont E I De Nemours & Co	0.00%	42,248	$3M	trimmed−6%	0.00 pp	7 q
DUKDuke Energy Corporation	0.00%	21,311	$2M	trimmed−10%	0.00 pp	7 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$656,000	held	—	7 q
unresolvedEquinix Inc	0.00%	1,258	$285,000	added+2%	0.00 pp	2 q
FLRFluor Corporation	0.00%	8,595	$521,000	held	—	7 q
GISGeneral Mills, Inc.	0.00%	11,200	$597,000	held	—	7 q
GPCGenuine Parts Company	0.00%	28,362	$3M	trimmed−4%	0.00 pp	7 q
GILDGilead Sciences Inc	0.00%	4,510	$425,000	trimmed−6%	0.00 pp	2 q
HALHalliburton Company	0.00%	9,200	$362,000	held	—	7 q
HIGThe Hartford Insurance Group, Inc.	0.00%	8,050	$336,000	added+7%	0.00 pp	2 q
HESHess Corporation	0.00%	5,006	$370,000	trimmed−24%	0.00 pp	7 q
HONHoneywell International, Inc.	0.00%	16,121	$2M	held	—	7 q
JNJJohnson & Johnson	0.00%	44,235	$5M	trimmed−6%	0.00 pp	7 q
KMBKimberly-Clark Corp.	0.00%	4,083	$472,000	held	—	7 q
unresolvedKraft Foods Group Inc	0.00%	3,946	$247,000	held	—	7 q
LMLegg Mason, Inc.	0.00%	12,060	$644,000	trimmed−30%	0.00 pp	7 q
unresolvedLevel 3 Communications Inc	0.00%	13,778	$680,000	added×2.1	0.00 pp	2 q
LLYEli Lilly & Co.	0.00%	39,004	$3M	trimmed−8%	0.00 pp	7 q
LLoews Corporation	0.00%	7,300	$307,000	trimmed−12%	0.00 pp	7 q
LOWLowe's Companies Inc.	0.00%	7,180	$494,000	held	—	2 q
MMacy's Inc.	0.00%	16,422	$1M	held	—	7 q
MRSHMarsh	0.00%	11,740	$672,000	added+8%	0.00 pp	2 q
MCDMcDonald's Corporation	0.00%	48,547	$5M	trimmed−4%	0.00 pp	7 q
MDLZMondelez International, Inc. Class A	0.00%	13,120	$477,000	trimmed−27%	0.00 pp	7 q
unresolvedMonsanto Co	0.00%	1,684	$201,000	new	0.00 pp	new
MCOMoody's Corporation	0.00%	4,300	$412,000	held	—	7 q
MSMorgan Stanley	0.00%	15,570	$604,000	added+4%	0.00 pp	2 q
MSIMotorola Solutions, Inc. New	0.00%	67,996	$5M	held	—	7 q
NEENextEra Energy, Inc.	0.00%	13,100	$1M	trimmed−7%	0.00 pp	7 q
NSCNorfolk Southern Corp.	0.00%	7,297	$800,000	trimmed−13%	0.00 pp	7 q
NUENucor Corporation	0.00%	72,400	$4M	trimmed−1%	0.00 pp	7 q
PCGPG&E Corporation	0.00%	6,382	$340,000	trimmed−35%	0.00 pp	7 q
PNCPNC Financial Services Group	0.00%	30,100	$3M	held	—	7 q
PPGPPG Industries, Inc.	0.00%	9,000	$2M	held	—	7 q
PHParker-Hannifin Corporation	0.00%	4,960	$640,000	held	—	7 q
PEPPepsiCo, Inc.	0.00%	11,115	$1M	trimmed−10%	0.00 pp	7 q
PMPhilip Morris International Inc.	0.00%	20,300	$2M	trimmed−3%	0.00 pp	7 q
PSXPhillips 66	0.00%	8,590	$616,000	held	—	7 q
QCOMQualcomm Inc	0.00%	10,120	$752,000	trimmed−12%	0.00 pp	2 q
RIORio Tinto plc	0.00%	22,240	$1M	trimmed−9%	0.00 pp	7 q
SRESempra	0.00%	1,915	$213,000	held	—	3 q
unresolvedSigma Aldrich Corp	0.00%	19,000	$3M	held	—	7 q
unresolvedSirona Dental Systems Inc	0.00%	3,405	$297,000	held	—	2 q
SIRISirius XM Holdings, Inc	0.00%	10,520	$37,000	trimmed−75%	0.00 pp	2 q
STTState Street Corporation	0.00%	11,500	$903,000	trimmed−1%	0.00 pp	7 q
SYKStryker Corporation	0.00%	3,360	$317,000	trimmed−19%	0.00 pp	2 q
MMM3M Company	0.00%	30,426	$5M	trimmed−0%	0.00 pp	7 q
TMToyota Motor Corporation	0.00%	1,930	$242,000	held	—	2 q
UAAUnder Armour, Inc.	0.00%	4,800	$326,000	held	—	2 q
UNUnilever N V -ny Shares	0.00%	85,133	$3M	trimmed−6%	0.00 pp	7 q
VFCV.F. Corporation	0.00%	4,260	$319,000	trimmed−11%	0.00 pp	7 q
VZVerizon Communications	0.00%	5,500	$257,000	trimmed−40%	0.00 pp	7 q
VVISA Inc.	0.00%	1,810	$475,000	trimmed−18%	0.00 pp	2 q
WBAWalgreens Boots Alliance, Inc	0.00%	12,754	$972,000	new	0.00 pp	new
WHRWhirlpool Corp.	0.00%	1,100	$213,000	new	0.00 pp	new
unresolvedXerox Corp	0.00%	116,000	$2M	trimmed−33%	0.00 pp	7 q
unresolvedYahoo Inc	0.00%	9,000	$455,000	held	—	2 q
unresolvedActavis PLC	0.00%	3,293	$848,000	trimmed−18%	0.00 pp	2 q
unresolvedTyco International Ltd	—	−34,684,929	—	exited	−1.48 pp	—
ANFAbercrombie & Fitch Co.	—	−6,000	—	exited	0.00 pp	—
AMATApplied Materials Inc	—	−9,500	—	exited	0.00 pp	—
CITCIT Group Inc.	—	−7,690	—	exited	0.00 pp	—
CVCCablevision Sys Cp NY Grp Cl-a	—	−10,000	—	exited	0.00 pp	—
CPBThe Campbell's Company	—	−8,530	—	exited	0.00 pp	—
CIENCiena Corporation	—	−11,230	—	exited	0.00 pp	—
unresolvedCompuware Corp	—	−208,500	—	exited	0.00 pp	—
EMREmerson Electric Co.	—	−6,767	—	exited	0.00 pp	—
ENZBEnzo Biochem Inc	—	−15,570	—	exited	0.00 pp	—
FCNFTI Consulting, Inc.	—	−6,570	—	exited	0.00 pp	—
HBANHuntington Bancshares Inc	—	−11,000	—	exited	0.00 pp	—
ISRGIntuitive Surgical Inc.	—	−500	—	exited	0.00 pp	—
NMRNomura Holdings, Inc	—	−10,000	—	exited	0.00 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−1,235	—	exited	0.00 pp	—
SW5Southwestern Energy Co	—	−6,610	—	exited	0.00 pp	—
STMSTMicroelectronics N.V.	—	−10,320	—	exited	0.00 pp	—
unresolvedTw Telecom Inc	—	−9,920	—	exited	0.00 pp	—
VODVodafone Group PLC	—	−139,675	—	exited	0.00 pp	—
unresolvedWalgreen Co	—	−12,574	—	exited	0.00 pp	—
unresolvedWellpoint Inc	—	−3,000	—	exited	0.00 pp	—
unresolvedWillbros Group Inc DEL	—	−11,020	—	exited	0.00 pp	—