Dodge & Cox

Q1 2015 13F

As of: Mar 31, 2015
Filed: May 14, 2015
US stock: $108.5B · prev $107.6B
Positions: 187 · prev 190
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%

Moves154 since the prior filing

+1.3 pp in · −1.3 pp out

New 4 +0.91 pp
Added 35 +0.41 pp
Trimmed 108 −0.68 pp
Exited 7 −0.60 pp

The book

Diversified · behaves like 46 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.1% a year, about 12.4 years per position

Low
Moderate
High

Top 5 positions21% of US stock

unresolved Hewlett Packard Co added−0.72 pp added−0.724.6%
NVS Novartis AG trimmed+0.22 pp trimmed+0.224.5%
SLB SLB Limited added+0.69 pp added+0.694.4%
WFC Wells Fargo & Co. trimmed−0.08 pp trimmed−0.083.6%
COF Capital One Financial added−0.16 pp added−0.163.4%

Positions187 in this filing · 7 exited


unresolvedHewlett Packard Co	4.62%	160,770,370	$5.0B	added+12%	−0.72 pp	8 q
NVSNovartis AG	4.55%	50,032,795	$4.9B	trimmed−1%	+0.22 pp	8 q
SLBSLB Limited	4.38%	56,942,812	$4.8B	added+22%	+0.69 pp	8 q
WFCWells Fargo & Co.	3.61%	71,933,893	$3.9B	trimmed−1%	−0.08 pp	8 q
COFCapital One Financial	3.40%	46,800,911	$3.7B	added+1%	−0.16 pp	8 q
MSFTMicrosoft Corp	3.12%	83,350,600	$3.4B	added+2%	−0.42 pp	8 q
TWXTime Warner Inc	2.91%	37,446,403	$3.2B	trimmed−0%	−0.07 pp	8 q
unresolvedTime Warner Cable Inc	2.69%	19,483,979	$2.9B	added0%	−0.05 pp	8 q
SCHWThe Charles Schwab Corporation	2.66%	94,671,937	$2.9B	added+2%	+0.05 pp	8 q
BNYBank of New York Mellon Corporation	2.49%	67,054,467	$2.7B	trimmed−0%	−0.05 pp	8 q
0VQJLTe Connectivity Ltd	2.46%	37,218,367	$2.7B	trimmed−3%	+0.20 pp	8 q
CMCSAComcast Corp	2.40%	46,072,436	$2.6B	trimmed−1%	−0.11 pp	8 q
WMTWalmart Inc.	2.34%	30,876,839	$2.5B	added0%	−0.11 pp	8 q
BACBank of America Corporation	2.23%	156,991,569	$2.4B	added+2%	−0.34 pp	8 q
GSGoldman Sachs Group Inc.	2.01%	11,621,340	$2.2B	trimmed−1%	−0.10 pp	8 q
FDXFedEx Corporation	1.98%	13,013,612	$2.2B	trimmed−11%	−0.38 pp	8 q
SNYSanofi	1.96%	43,034,073	$2.1B	trimmed−1%	+0.13 pp	8 q
unresolvedExpress Scripts Hldg Co	1.94%	24,221,504	$2.1B	added+26%	+0.43 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.84%	16,896,393	$2.0B	added0%	+0.25 pp	8 q
SYMCGen Digital Inc.	1.83%	85,082,495	$2.0B	added+1%	−0.19 pp	8 q
9990302DApache Corp	1.73%	31,168,219	$1.9B	added+4%	−0.01 pp	8 q
unresolvedTyco Intl PLC	1.68%	42,420,144	$1.8B	added+14%	+0.17 pp	2 q
GOOGAlphabet Inc. Class C	1.62%	3,199,998	$1.8B	added+1%	+0.08 pp	4 q
unresolvedBaker Hughes Inc.	1.59%	27,187,515	$1.7B	added+13%	+0.33 pp	8 q
PFEPfizer Inc.	1.50%	46,776,959	$1.6B	trimmed−1%	+0.13 pp	8 q
unresolvedTwenty First Centy Fox Inc	1.44%	46,037,152	$1.6B	trimmed−0%	−0.21 pp	8 q
EBAYeBay Inc	1.42%	26,706,343	$1.5B	trimmed−3%	−0.01 pp	8 q
TGTTarget Corporation	1.36%	17,995,656	$1.5B	trimmed−2%	+0.07 pp	8 q
MRKMerck & Co., Inc.	1.35%	25,448,977	$1.5B	trimmed−24%	−0.42 pp	8 q
JPMJPMorgan Chase & Co.	1.33%	23,893,905	$1.4B	added+1%	−0.05 pp	8 q
METMetLife, Inc.	1.30%	27,886,395	$1.4B	added+38%	+0.29 pp	8 q
unresolvedCigna Corporation	1.23%	10,315,208	$1.3B	trimmed−0%	+0.24 pp	8 q
CVXChevron Corporation	1.23%	12,731,623	$1.3B	added+1%	−0.09 pp	8 q
GLWCorning Incorporated	1.17%	55,821,375	$1.3B	trimmed−4%	−0.07 pp	8 q
NTAPNetApp, Inc	1.14%	34,947,736	$1.2B	added+6%	−0.13 pp	8 q
BIDUBaidu, Inc.	1.11%	5,790,087	$1.2B	added+53%	+0.31 pp	8 q
unresolvedThe Adt Corporation	1.05%	27,414,014	$1.1B	trimmed−2%	+0.11 pp	8 q
unresolvedE M C Corp Mass	1.03%	43,825,013	$1.1B	added+6%	−0.12 pp	6 q
unresolvedGlaxosmithkline PLC	1.00%	23,436,551	$1.1B	trimmed−2%	+0.05 pp	8 q
BBTTruist Financial Corporation	0.97%	26,890,303	$1.0B	trimmed−1%	−0.01 pp	8 q
SNPSSynopsys Inc	0.91%	21,222,723	$983M	trimmed−0%	+0.05 pp	8 q
unresolvedGeneral Electric Co	0.87%	38,032,872	$944M	trimmed−2%	−0.04 pp	8 q
0WEWeatherford International plc	0.85%	74,927,277	$922M	trimmed−0%	+0.05 pp	3 q
DHRDanaher Corporation	0.84%	10,724,501	$911M	added+8%	+0.05 pp	3 q
LBTYKLiberty Global Ltd. Class C	0.82%	17,776,647	$885M	added+8%	+0.08 pp	8 q
CECelanese Corporation	0.81%	15,639,131	$874M	trimmed−1%	−0.07 pp	8 q
MXIMMaxim Integrated Products	0.80%	24,863,127	$865M	trimmed−2%	+0.05 pp	8 q
unresolvedAegon NV	0.76%	104,369,216	$828M	added0%	+0.03 pp	8 q
DISHDISH Network Corp.	0.75%	11,541,130	$809M	added0%	−0.03 pp	8 q
CSCOCisco Systems, Inc. (DE)	0.73%	28,655,978	$789M	added+4%	+0.01 pp	3 q
TVGrupo Televisa S.A.	0.70%	22,943,922	$757M	trimmed−0%	−0.03 pp	8 q
NOVNOV Inc.	0.67%	14,572,351	$728M	added+2%	−0.20 pp	5 q
unresolvedCoach Inc	0.66%	17,259,611	$715M	trimmed−1%	+0.05 pp	8 q
unresolvedGoogle Inc.	0.66%	1,296,823	$719M	trimmed−0%	+0.02 pp	8 q
MDTMedtronic plc	0.63%	8,696,577	$678M	new	+0.63 pp	new
unresolvedSunTrust Banks Inc	0.62%	16,319,769	$671M	trimmed−1%	−0.02 pp	8 q
unresolvedLiberty Interactive Corp	0.59%	22,074,162	$644M	trimmed−1%	−0.02 pp	8 q
LBTYALiberty Global Ltd. Class A	0.55%	11,630,605	$599M	added+5%	+0.03 pp	8 q
RDS.ARoyal Dutch Shell PLC	0.51%	9,193,530	$548M	added+9%	−0.02 pp	8 q
unresolvedSprint Corporation	0.51%	117,394,003	$556M	added+21%	+0.14 pp	7 q
unresolvedAOL Inc	0.43%	11,717,432	$464M	trimmed−0%	−0.07 pp	8 q
KMXCarMax Inc.	0.42%	6,678,921	$461M	trimmed−11%	−0.04 pp	8 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.42%	74,578,000	$454M	added+16%	−0.03 pp	8 q
JNPJuniper Networks Inc	0.37%	17,650,209	$399M	added+19%	+0.06 pp	2 q
PHGKoninklijke Philips N.v.	0.33%	12,711,146	$360M	trimmed−3%	−0.02 pp	8 q
CDNSCadence Design Systems	0.28%	16,534,200	$305M	trimmed−4%	−0.02 pp	8 q
TECKTeck Resources Limited	0.28%	22,071,213	$303M	new	+0.28 pp	new
unresolvedNew Oriental Ed & Tech Grp I	0.21%	10,282,429	$228M	added+58%	+0.09 pp	3 q
NOKNokia Corporation	0.21%	30,548,266	$232M	trimmed−7%	−0.03 pp	8 q
HMCHonda Motor Co., Ltd.	0.20%	6,759,200	$221M	held	—	8 q
TIMETime Inc	0.17%	8,273,369	$186M	added+3%	−0.01 pp	4 q
NWSANews Corporation Class A	0.14%	9,629,952	$154M	trimmed−1%	0.00 pp	7 q
NVRNVR, Inc.	0.13%	107,426	$143M	trimmed−1%	0.00 pp	8 q
DNOWDNOW Inc.	0.07%	3,278,568	$71M	trimmed−1%	−0.01 pp	4 q
unresolvedDow Chemical Co	0.03%	693,433	$33M	trimmed−11%	0.00 pp	8 q
UNPUnion Pacific Corp.	0.03%	306,235	$33M	trimmed−4%	−0.01 pp	8 q
ADBEAdobe Inc.	0.02%	359,325	$27M	trimmed−26%	−0.01 pp	8 q
unresolvedCredit Suisse Group Spon ADR	0.02%	836,882	$23M	added+4%	0.00 pp	8 q
ERICEricsson	0.02%	2,107,934	$26M	trimmed−1%	0.00 pp	8 q
IBMInternational Business Machines Corporation	0.02%	118,202	$19M	trimmed−3%	0.00 pp	8 q
TRVThe Travelers Companies, Inc.	0.02%	223,807	$24M	trimmed−4%	0.00 pp	8 q
unresolvedUnilever Spn.Adr 1:1	0.02%	403,058	$17M	trimmed−13%	0.00 pp	8 q
AXPAmerican Express Company	0.01%	201,973	$16M	trimmed−4%	−0.01 pp	8 q
AMGNAmgen Inc	0.01%	54,704	$9M	trimmed−18%	0.00 pp	8 q
BSXBoston Scientific Corp.	0.01%	729,460	$13M	trimmed−38%	0.00 pp	8 q
BMYBristol-Myers Squibb Co.	0.01%	87,828	$6M	trimmed−4%	+0.01 pp	8 q
unresolvedChubb	0.01%	121,610	$12M	trimmed−3%	0.00 pp	8 q
unresolvedComputer Sciences Corp	0.01%	88,750	$6M	trimmed−31%	0.00 pp	8 q
DEODiageo plc	0.01%	104,590	$12M	trimmed−6%	0.00 pp	8 q
DISThe Walt Disney Company	0.01%	66,469	$7M	trimmed−2%	0.00 pp	8 q
XOMExxon Mobil Corp	0.01%	161,032	$14M	trimmed−3%	0.00 pp	8 q
HSBCHSBC Holdings PLC	0.01%	222,820	$9M	trimmed−60%	−0.01 pp	8 q
HDHome Depot, Inc.	0.01%	109,264	$12M	trimmed−12%	0.00 pp	8 q
unresolvedMcGraw Hill	0.01%	75,071	$8M	trimmed−49%	0.00 pp	8 q
OXYOccidental Petroleum Corporation	0.01%	204,384	$15M	trimmed−4%	−0.01 pp	8 q
PGProcter & Gamble Company	0.01%	166,102	$14M	trimmed−3%	0.00 pp	8 q
TMOThermo Fisher Scientific, Inc.	0.01%	53,802	$7M	trimmed−4%	0.00 pp	8 q
USBU.S. Bancorp	0.01%	217,934	$10M	trimmed−2%	0.00 pp	8 q
VMCVulcan Materials Company(Holding Company)	0.01%	178,125	$15M	trimmed−34%	−0.01 pp	8 q
TAT&T Inc.	0.00%	14,492	$473,000	held	—	8 q
ABTAbbott Laboratories	0.00%	32,068	$1M	trimmed−13%	0.00 pp	8 q
ABBVAbbvie Inc.	0.00%	35,055	$2M	trimmed−8%	0.00 pp	8 q
unresolvedAetna Inc New	0.00%	3,000	$320,000	trimmed−50%	0.00 pp	8 q
APDAir Products & Chemicals, Inc.	0.00%	10,100	$2M	held	—	8 q
ALLThe Allstate Corporation	0.00%	4,724	$336,000	held	—	8 q
MOAltria Group, Inc.	0.00%	23,800	$1M	held	—	8 q
AMZNAmazon.Com Inc	0.00%	770	$287,000	held	—	3 q
AMPAmeriprise Financial, Inc.	0.00%	4,182	$547,000	held	—	8 q
APCAnadarko Petroleum Corp	0.00%	10,924	$905,000	trimmed−20%	0.00 pp	8 q
ELVElevance Health, Inc.	0.00%	3,000	$463,000	held	—	2 q
AAPLApple Inc.	0.00%	27,466	$3M	trimmed−6%	0.00 pp	8 q
ADPAutomatic Data Processing	0.00%	2,620	$224,000	held	—	6 q
BAXBaxter International Inc.	0.00%	3,382	$232,000	held	—	8 q
BDXBecton, Dickinson and Co.	0.00%	15,330	$2M	trimmed−3%	0.00 pp	8 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$1M	held	—	8 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	17,300	$2M	trimmed−0%	0.00 pp	8 q
CTRACoterra Energy Inc.	0.00%	7,360	$217,000	held	—	3 q
unresolvedCalifornia Res Corp	0.00%	77,120	$587,000	trimmed−12%	0.00 pp	2 q
CATCaterpillar Inc.	0.00%	63,368	$5M	trimmed−7%	−0.01 pp	8 q
CXCemex S.A.B. de C.V.	0.00%	55,528	$526,000	trimmed−0%	0.00 pp	8 q
CHLChina Mobile Limited	0.00%	6,470	$421,000	held	—	3 q
CCitigroup Inc.	0.00%	7,075	$365,000	held	—	3 q
CTXSCitrix Systems Inc	0.00%	9,026	$576,000	held	—	8 q
KOCoca-Cola Company	0.00%	34,242	$1M	trimmed−4%	0.00 pp	8 q
CLColgate-Palmolive Company	0.00%	14,000	$971,000	held	—	8 q
unresolvedComcast Corp. Spl Cl A	0.00%	39,261	$2M	trimmed−12%	0.00 pp	8 q
COPConocoPhillips	0.00%	30,188	$2M	trimmed−8%	0.00 pp	8 q
DEDeere & Company	0.00%	28,346	$2M	held	—	8 q
DDominion Energy, Inc	0.00%	5,212	$369,000	trimmed−16%	0.00 pp	8 q
UFSDOMTAR CORPORATION (New)	0.00%	6,796	$314,000	held	—	8 q
unresolvedDu Pont E I De Nemours & Co	0.00%	41,548	$3M	trimmed−2%	0.00 pp	8 q
DUKDuke Energy Corporation	0.00%	18,595	$1M	trimmed−13%	0.00 pp	8 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$696,000	held	—	8 q
EQIXEquinix, Inc.	0.00%	1,258	$293,000	new	0.00 pp	new
FLRFluor Corporation	0.00%	8,595	$491,000	held	—	8 q
GISGeneral Mills, Inc.	0.00%	11,200	$634,000	held	—	8 q
GPCGenuine Parts Company	0.00%	27,262	$3M	trimmed−4%	0.00 pp	8 q
GILDGilead Sciences Inc	0.00%	4,250	$417,000	trimmed−6%	0.00 pp	3 q
HALHalliburton Company	0.00%	9,200	$404,000	held	—	8 q
HIGThe Hartford Insurance Group, Inc.	0.00%	8,050	$337,000	held	—	3 q
HESHess Corporation	0.00%	5,006	$340,000	held	—	8 q
HONHoneywell International, Inc.	0.00%	11,851	$1M	trimmed−26%	0.00 pp	8 q
JNJJohnson & Johnson	0.00%	39,985	$4M	trimmed−10%	0.00 pp	8 q
KMBKimberly-Clark Corp.	0.00%	4,083	$437,000	held	—	8 q
unresolvedKraft Foods Group Inc	0.00%	3,946	$344,000	held	—	8 q
LMLegg Mason, Inc.	0.00%	9,360	$517,000	trimmed−22%	0.00 pp	8 q
unresolvedLevel 3 Communications Inc	0.00%	10,278	$553,000	trimmed−25%	0.00 pp	3 q
unresolvedLiberty Interactive Corp	0.00%	83,287	$3M	trimmed−97%	−0.11 pp	2 q
LLYEli Lilly & Co.	0.00%	36,234	$3M	trimmed−7%	0.00 pp	8 q
LLoews Corporation	0.00%	6,300	$257,000	trimmed−14%	0.00 pp	8 q
LOWLowe's Companies Inc.	0.00%	4,960	$369,000	trimmed−31%	0.00 pp	3 q
MMacy's Inc.	0.00%	11,922	$774,000	trimmed−27%	0.00 pp	8 q
MRSHMarsh	0.00%	10,360	$581,000	trimmed−12%	0.00 pp	3 q
MCDMcDonald's Corporation	0.00%	41,092	$4M	trimmed−15%	0.00 pp	8 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$427,000	trimmed−10%	0.00 pp	8 q
MCOMoody's Corporation	0.00%	3,300	$343,000	trimmed−23%	0.00 pp	8 q
MSMorgan Stanley	0.00%	13,620	$486,000	trimmed−13%	0.00 pp	3 q
MSIMotorola Solutions, Inc. New	0.00%	67,396	$4M	trimmed−1%	0.00 pp	8 q
NEENextEra Energy, Inc.	0.00%	11,700	$1M	trimmed−11%	0.00 pp	8 q
NSCNorfolk Southern Corp.	0.00%	6,197	$638,000	trimmed−15%	0.00 pp	8 q
NUENucor Corporation	0.00%	72,400	$3M	held	—	8 q
PCGPG&E Corporation	0.00%	6,382	$339,000	held	—	8 q
PNCPNC Financial Services Group	0.00%	25,500	$2M	trimmed−15%	0.00 pp	8 q
PPGPPG Industries, Inc.	0.00%	9,000	$2M	held	—	8 q
PHParker-Hannifin Corporation	0.00%	4,960	$589,000	held	—	8 q
PEPPepsiCo, Inc.	0.00%	8,965	$857,000	trimmed−19%	0.00 pp	8 q
PMPhilip Morris International Inc.	0.00%	19,900	$1M	trimmed−2%	0.00 pp	8 q
PSXPhillips 66	0.00%	8,590	$675,000	held	—	8 q
QCOMQualcomm Inc	0.00%	8,000	$555,000	trimmed−21%	0.00 pp	3 q
RIORio Tinto plc	0.00%	19,740	$817,000	trimmed−11%	0.00 pp	8 q
SRESempra	0.00%	1,915	$209,000	held	—	4 q
unresolvedSigma Aldrich Corp	0.00%	19,000	$3M	held	—	8 q
STTState Street Corporation	0.00%	11,500	$846,000	held	—	8 q
SYKStryker Corporation	0.00%	3,360	$310,000	held	—	3 q
MMM3M Company	0.00%	27,706	$5M	trimmed−9%	0.00 pp	8 q
TMToyota Motor Corporation	0.00%	1,930	$270,000	held	—	3 q
UAAUnder Armour, Inc.	0.00%	3,300	$266,000	trimmed−31%	0.00 pp	3 q
UNUnilever N V -ny Shares	0.00%	73,333	$3M	trimmed−14%	0.00 pp	8 q
VFCV.F. Corporation	0.00%	4,260	$321,000	held	—	8 q
VZVerizon Communications	0.00%	5,500	$267,000	held	—	8 q
VVISA Inc.	0.00%	7,240	$474,000	held	—	3 q
WBAWalgreens Boots Alliance, Inc	0.00%	11,179	$947,000	trimmed−12%	0.00 pp	2 q
WHRWhirlpool Corp.	0.00%	1,100	$222,000	held	—	2 q
unresolvedXerox Corp	0.00%	96,000	$1M	trimmed−17%	0.00 pp	8 q
unresolvedYahoo Inc	0.00%	8,000	$355,000	trimmed−11%	0.00 pp	3 q
unresolvedActavis PLC	0.00%	1,602	$477,000	trimmed−51%	0.00 pp	3 q
ENDPQEndo International PLC	0.00%	2,560	$230,000	new	0.00 pp	new
unresolvedMedtronic Inc	—	−8,817,773	—	exited	−0.59 pp	—
unresolvedCovidien PLC	—	−78,686	—	exited	−0.01 pp	—
unresolvedAllergan Inc	—	−3,264	—	exited	0.00 pp	—
unresolvedEquinix Inc	—	−1,258	—	exited	0.00 pp	—
unresolvedMonsanto Co	—	−1,684	—	exited	0.00 pp	—
unresolvedSirona Dental Systems Inc	—	−3,405	—	exited	0.00 pp	—
SIRISirius XM Holdings, Inc	—	−10,520	—	exited	0.00 pp	—