Dodge & Cox

Q2 2015 13F

As of: Jun 30, 2015
Filed: Aug 13, 2015
US stock: $110.9B · prev $108.5B
Positions: 181 · prev 187
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%

Moves140 since the prior filing

+4.1 pp in · −4.1 pp out

New 2 +0.71 pp
Added 29 +3.38 pp
Trimmed 101 −3.45 pp
Exited 8 −0.64 pp

The book

Diversified · behaves like 45 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.1 years per position

Low
Moderate
High

Top 5 positions21% of US stock

unresolved Hewlett Packard Co added+0.06 pp added+0.064.7%
SLB SLB Limited trimmed+0.04 pp trimmed+0.044.4%
NVS Novartis AG trimmed−0.30 pp trimmed−0.304.3%
COF Capital One Financial trimmed+0.28 pp trimmed+0.283.7%
WFC Wells Fargo & Co. trimmed−0.01 pp trimmed−0.013.6%

Positions181 in this filing · 8 exited


unresolvedHewlett Packard Co	4.68%	173,070,320	$5.2B	added+8%	+0.06 pp	9 q
SLBSLB Limited	4.42%	56,824,046	$4.9B	trimmed−0%	+0.04 pp	9 q
NVSNovartis AG	4.25%	47,970,345	$4.7B	trimmed−4%	−0.30 pp	9 q
COFCapital One Financial	3.68%	46,402,688	$4.1B	trimmed−1%	+0.28 pp	9 q
WFCWells Fargo & Co.	3.60%	70,896,684	$4.0B	trimmed−1%	−0.01 pp	9 q
MSFTMicrosoft Corp	3.26%	81,802,094	$3.6B	trimmed−2%	+0.14 pp	9 q
unresolvedTime Warner Cable Inc	3.11%	19,360,833	$3.4B	trimmed−1%	+0.42 pp	9 q
TWXTime Warner Inc	2.93%	37,168,951	$3.2B	trimmed−1%	+0.02 pp	9 q
SCHWThe Charles Schwab Corporation	2.80%	95,108,862	$3.1B	added0%	+0.14 pp	9 q
BACBank of America Corporation	2.71%	176,610,183	$3.0B	added+13%	+0.48 pp	9 q
CMCSAComcast Corp	2.45%	45,153,213	$2.7B	trimmed−2%	+0.05 pp	9 q
unresolvedExpress Scripts Hldg Co	2.24%	27,932,629	$2.5B	added+15%	+0.30 pp	7 q
SNYSanofi	2.22%	49,765,693	$2.5B	added+16%	+0.26 pp	9 q
BNYBank of New York Mellon Corporation	2.20%	58,218,752	$2.4B	trimmed−13%	−0.29 pp	9 q
GSGoldman Sachs Group Inc.	2.06%	10,959,790	$2.3B	trimmed−6%	+0.05 pp	9 q
0VQJLTe Connectivity Ltd	2.04%	35,235,611	$2.3B	trimmed−5%	−0.42 pp	9 q
FDXFedEx Corporation	1.96%	12,736,893	$2.2B	trimmed−2%	−0.02 pp	9 q
WMTWalmart Inc.	1.96%	30,689,864	$2.2B	trimmed−1%	−0.38 pp	9 q
SYMCGen Digital Inc.	1.82%	86,644,400	$2.0B	added+2%	−0.01 pp	9 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.81%	16,415,117	$2.0B	trimmed−3%	−0.03 pp	9 q
unresolvedE M C Corp Mass	1.71%	71,755,113	$1.9B	added+64%	+0.68 pp	7 q
JPMJPMorgan Chase & Co.	1.60%	26,176,067	$1.8B	added+10%	+0.27 pp	9 q
9990302DApache Corp	1.56%	30,013,813	$1.7B	trimmed−4%	−0.17 pp	9 q
GOOGAlphabet Inc. Class C	1.53%	3,257,582	$1.7B	added+2%	−0.09 pp	5 q
unresolvedBaker Hughes Inc.	1.51%	27,169,101	$1.7B	trimmed−0%	−0.08 pp	9 q
unresolvedCigna Corporation	1.50%	10,245,758	$1.7B	trimmed−1%	+0.27 pp	9 q
unresolvedTyco Intl PLC	1.48%	42,636,266	$1.6B	added+1%	−0.20 pp	3 q
METMetLife, Inc.	1.41%	27,953,771	$1.6B	added0%	+0.11 pp	9 q
PFEPfizer Inc.	1.37%	45,234,031	$1.5B	trimmed−3%	−0.13 pp	9 q
unresolvedTwenty First Centy Fox Inc	1.34%	45,777,056	$1.5B	trimmed−1%	−0.10 pp	9 q
EBAYeBay Inc	1.33%	24,441,634	$1.5B	trimmed−8%	−0.09 pp	9 q
MRKMerck & Co., Inc.	1.27%	24,680,781	$1.4B	trimmed−3%	−0.08 pp	9 q
TGTTarget Corporation	1.25%	16,982,144	$1.4B	trimmed−6%	−0.11 pp	9 q
BIDUBaidu, Inc.	1.20%	6,681,087	$1.3B	added+15%	+0.09 pp	9 q
CSCOCisco Systems, Inc. (DE)	1.09%	44,090,378	$1.2B	added+54%	+0.36 pp	4 q
NTAPNetApp, Inc	1.00%	35,231,683	$1.1B	added+1%	−0.14 pp	9 q
CVXChevron Corporation	0.99%	11,392,606	$1.1B	trimmed−11%	−0.24 pp	9 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.97%	132,159,103	$1.1B	added+77%	+0.55 pp	9 q
BBTTruist Financial Corporation	0.93%	25,543,152	$1.0B	trimmed−5%	−0.04 pp	9 q
CECelanese Corporation	0.93%	14,348,052	$1.0B	trimmed−8%	+0.12 pp	9 q
SNPSSynopsys Inc	0.90%	19,771,373	$1.0B	trimmed−7%	−0.01 pp	9 q
LBTYKLiberty Global Ltd. Class C	0.89%	19,515,347	$988M	added+10%	+0.07 pp	9 q
TVGrupo Televisa S.A.	0.86%	24,474,592	$950M	added+7%	+0.16 pp	9 q
GLWCorning Incorporated	0.83%	46,425,266	$916M	trimmed−17%	−0.34 pp	9 q
NOVNOV Inc.	0.83%	19,173,522	$926M	added+32%	+0.16 pp	6 q
0WEWeatherford International plc	0.83%	75,106,777	$922M	added0%	−0.02 pp	4 q
unresolvedThe Adt Corporation	0.82%	26,933,165	$904M	trimmed−2%	−0.23 pp	9 q
unresolvedGeneral Electric Co	0.80%	33,290,375	$885M	trimmed−12%	−0.07 pp	9 q
MXIMMaxim Integrated Products	0.78%	25,125,299	$869M	added+1%	−0.02 pp	9 q
DHRDanaher Corporation	0.77%	10,009,951	$857M	trimmed−7%	−0.07 pp	4 q
unresolvedPriceline Grp Inc	0.71%	680,765	$784M	new	+0.71 pp	new
unresolvedSprint Corporation	0.71%	172,874,571	$788M	added+47%	+0.20 pp	8 q
unresolvedAegon NV	0.70%	104,783,892	$775M	added0%	−0.06 pp	9 q
DISHDISH Network Corp.	0.70%	11,499,730	$779M	trimmed−0%	−0.05 pp	9 q
unresolvedGoogle Inc.	0.63%	1,294,066	$699M	trimmed−0%	−0.03 pp	9 q
unresolvedSunTrust Banks Inc	0.57%	14,710,224	$633M	trimmed−10%	−0.05 pp	9 q
LBTYALiberty Global Ltd. Class A	0.57%	11,631,705	$629M	added0%	+0.02 pp	9 q
unresolvedLiberty Interactive Corp	0.55%	21,779,378	$604M	trimmed−1%	−0.04 pp	9 q
unresolvedCoach Inc	0.54%	17,317,436	$599M	added0%	−0.12 pp	9 q
MDTMedtronic plc	0.54%	8,011,783	$594M	trimmed−8%	−0.09 pp	2 q
RDS.ARoyal Dutch Shell PLC	0.50%	9,735,549	$555M	added+6%	−0.01 pp	9 q
JNPJuniper Networks Inc	0.48%	20,666,309	$537M	added+17%	+0.11 pp	3 q
unresolvedGlaxosmithkline PLC	0.47%	12,476,998	$520M	trimmed−47%	−0.53 pp	9 q
TECKTeck Resources Limited	0.29%	32,962,161	$327M	added+49%	+0.01 pp	2 q
CDNSCadence Design Systems	0.26%	14,515,700	$285M	trimmed−12%	−0.02 pp	9 q
unresolvedNew Oriental Ed & Tech Grp I	0.23%	10,401,329	$255M	added+1%	+0.02 pp	4 q
HMCHonda Motor Co., Ltd.	0.20%	6,759,200	$219M	held	—	9 q
PHGKoninklijke Philips N.v.	0.13%	5,574,177	$142M	trimmed−58%	−0.20 pp	9 q
NWSANews Corporation Class A	0.11%	8,011,652	$117M	trimmed−17%	−0.03 pp	8 q
NVRNVR, Inc.	0.10%	86,051	$115M	trimmed−20%	−0.03 pp	9 q
DNOWDNOW Inc.	0.06%	3,136,222	$62M	trimmed−4%	−0.01 pp	5 q
TIMETime Inc	0.05%	2,248,157	$52M	trimmed−73%	−0.12 pp	5 q
KMXCarMax Inc.	0.03%	579,748	$38M	trimmed−91%	−0.39 pp	9 q
unresolvedDow Chemical Co	0.03%	550,705	$28M	trimmed−21%	0.00 pp	9 q
UNPUnion Pacific Corp.	0.03%	299,760	$29M	trimmed−2%	0.00 pp	9 q
ADBEAdobe Inc.	0.02%	328,243	$27M	trimmed−9%	0.00 pp	9 q
unresolvedCredit Suisse Group Spon ADR	0.02%	812,199	$22M	trimmed−3%	0.00 pp	9 q
ERICEricsson	0.02%	2,152,858	$22M	added+2%	0.00 pp	9 q
IBMInternational Business Machines Corporation	0.02%	112,652	$18M	trimmed−5%	0.00 pp	9 q
TRVThe Travelers Companies, Inc.	0.02%	217,841	$21M	trimmed−3%	0.00 pp	9 q
AXPAmerican Express Company	0.01%	194,523	$15M	trimmed−4%	0.00 pp	9 q
AMGNAmgen Inc	0.01%	50,804	$8M	trimmed−7%	0.00 pp	9 q
BSXBoston Scientific Corp.	0.01%	588,260	$10M	trimmed−19%	0.00 pp	9 q
unresolvedChubb	0.01%	118,610	$11M	trimmed−2%	0.00 pp	9 q
DEODiageo plc	0.01%	92,674	$11M	trimmed−11%	0.00 pp	9 q
DISThe Walt Disney Company	0.01%	66,457	$8M	trimmed−0%	0.00 pp	9 q
XOMExxon Mobil Corp	0.01%	156,552	$13M	trimmed−3%	0.00 pp	9 q
HDHome Depot, Inc.	0.01%	102,822	$11M	trimmed−6%	0.00 pp	9 q
unresolvedMcGraw Hill	0.01%	63,146	$6M	trimmed−16%	0.00 pp	9 q
OXYOccidental Petroleum Corporation	0.01%	200,081	$16M	trimmed−2%	0.00 pp	9 q
PGProcter & Gamble Company	0.01%	160,370	$13M	trimmed−3%	0.00 pp	9 q
TMOThermo Fisher Scientific, Inc.	0.01%	53,802	$7M	held	—	9 q
USBU.S. Bancorp	0.01%	180,734	$8M	trimmed−17%	0.00 pp	9 q
unresolvedUnilever Spn.Adr 1:1	0.01%	200,291	$9M	trimmed−50%	−0.01 pp	9 q
VMCVulcan Materials Company(Holding Company)	0.01%	143,355	$12M	trimmed−20%	0.00 pp	9 q
ABTAbbott Laboratories	0.00%	31,268	$2M	trimmed−2%	0.00 pp	9 q
ABBVAbbvie Inc.	0.00%	34,255	$2M	trimmed−2%	0.00 pp	9 q
APDAir Products & Chemicals, Inc.	0.00%	6,100	$835,000	trimmed−40%	0.00 pp	9 q
ALLThe Allstate Corporation	0.00%	3,966	$257,000	trimmed−16%	0.00 pp	9 q
MOAltria Group, Inc.	0.00%	23,800	$1M	held	—	9 q
AMZNAmazon.Com Inc	0.00%	770	$334,000	held	—	4 q
AMPAmeriprise Financial, Inc.	0.00%	4,182	$522,000	held	—	9 q
APCAnadarko Petroleum Corp	0.00%	9,884	$772,000	trimmed−10%	0.00 pp	9 q
ELVElevance Health, Inc.	0.00%	3,000	$492,000	held	—	3 q
AAPLApple Inc.	0.00%	26,997	$3M	trimmed−2%	0.00 pp	9 q
ADPAutomatic Data Processing	0.00%	2,620	$210,000	held	—	7 q
BAXBaxter International Inc.	0.00%	3,382	$237,000	held	—	9 q
BDXBecton, Dickinson and Co.	0.00%	15,238	$2M	trimmed−1%	0.00 pp	9 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$1M	held	—	9 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	16,300	$2M	trimmed−6%	0.00 pp	9 q
BMYBristol-Myers Squibb Co.	0.00%	80,928	$5M	trimmed−8%	−0.01 pp	9 q
CTRACoterra Energy Inc.	0.00%	7,360	$232,000	held	—	4 q
unresolvedCalifornia Res Corp	0.00%	67,070	$405,000	trimmed−13%	0.00 pp	3 q
CATCaterpillar Inc.	0.00%	59,918	$5M	trimmed−5%	0.00 pp	9 q
CXCemex S.A.B. de C.V.	0.00%	42,200	$387,000	trimmed−27%	0.00 pp	9 q
CHLChina Mobile Limited	0.00%	6,470	$415,000	held	—	4 q
CCitigroup Inc.	0.00%	7,075	$391,000	held	—	4 q
CTXSCitrix Systems Inc	0.00%	9,026	$633,000	held	—	9 q
KOCoca-Cola Company	0.00%	34,242	$1M	held	—	9 q
CLColgate-Palmolive Company	0.00%	14,000	$916,000	held	—	9 q
unresolvedComcast Corp. Spl Cl A	0.00%	39,261	$2M	held	—	9 q
unresolvedComputer Sciences Corp	0.00%	79,050	$5M	trimmed−11%	−0.01 pp	9 q
COPConocoPhillips	0.00%	30,188	$2M	held	—	9 q
DEDeere & Company	0.00%	28,346	$3M	held	—	9 q
DDominion Energy, Inc	0.00%	5,112	$342,000	trimmed−2%	0.00 pp	9 q
UFSDOMTAR CORPORATION (New)	0.00%	6,612	$274,000	trimmed−3%	0.00 pp	9 q
unresolvedDu Pont E I De Nemours & Co	0.00%	41,248	$3M	trimmed−1%	0.00 pp	9 q
DUKDuke Energy Corporation	0.00%	15,445	$1M	trimmed−17%	0.00 pp	9 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$662,000	held	—	9 q
EQIXEquinix, Inc.	0.00%	1,258	$320,000	held	—	2 q
FLRFluor Corporation	0.00%	8,595	$456,000	held	—	9 q
GISGeneral Mills, Inc.	0.00%	11,200	$624,000	held	—	9 q
GPCGenuine Parts Company	0.00%	25,462	$2M	trimmed−7%	0.00 pp	9 q
GILDGilead Sciences Inc	0.00%	4,250	$498,000	held	—	4 q
HSBCHSBC Holdings PLC	0.00%	63,212	$3M	trimmed−72%	−0.01 pp	9 q
HALHalliburton Company	0.00%	9,200	$396,000	held	—	9 q
HIGThe Hartford Insurance Group, Inc.	0.00%	8,050	$335,000	held	—	4 q
HESHess Corporation	0.00%	5,006	$335,000	held	—	9 q
HONHoneywell International, Inc.	0.00%	8,281	$844,000	trimmed−30%	0.00 pp	9 q
JNJJohnson & Johnson	0.00%	38,235	$4M	trimmed−4%	0.00 pp	9 q
KMBKimberly-Clark Corp.	0.00%	4,083	$433,000	held	—	9 q
unresolvedKraft Foods Group Inc	0.00%	3,946	$336,000	held	—	9 q
LMLegg Mason, Inc.	0.00%	8,560	$441,000	trimmed−9%	0.00 pp	9 q
unresolvedLevel 3 Communications Inc	0.00%	8,778	$462,000	trimmed−15%	0.00 pp	4 q
unresolvedLiberty Interactive Corp	0.00%	53,113	$2M	trimmed−36%	0.00 pp	3 q
LLYEli Lilly & Co.	0.00%	32,634	$3M	trimmed−10%	0.00 pp	9 q
LLoews Corporation	0.00%	6,100	$235,000	trimmed−3%	0.00 pp	9 q
LOWLowe's Companies Inc.	0.00%	4,960	$332,000	held	—	4 q
MMacy's Inc.	0.00%	10,800	$729,000	trimmed−9%	0.00 pp	9 q
MRSHMarsh	0.00%	10,360	$587,000	held	—	4 q
MCDMcDonald's Corporation	0.00%	31,692	$3M	trimmed−23%	0.00 pp	9 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$487,000	held	—	9 q
MCOMoody's Corporation	0.00%	3,300	$356,000	held	—	9 q
MSMorgan Stanley	0.00%	13,620	$528,000	held	—	4 q
MSIMotorola Solutions, Inc. New	0.00%	67,396	$4M	held	—	9 q
NEENextEra Energy, Inc.	0.00%	11,600	$1M	trimmed−1%	0.00 pp	9 q
NSCNorfolk Southern Corp.	0.00%	6,197	$541,000	held	—	9 q
NUENucor Corporation	0.00%	72,400	$3M	held	—	9 q
PNCPNC Financial Services Group	0.00%	23,400	$2M	trimmed−8%	0.00 pp	9 q
PPGPPG Industries, Inc.	0.00%	18,000	$2M	held	—	9 q
PHParker-Hannifin Corporation	0.00%	4,788	$557,000	trimmed−3%	0.00 pp	9 q
PEPPepsiCo, Inc.	0.00%	8,165	$762,000	trimmed−9%	0.00 pp	9 q
PMPhilip Morris International Inc.	0.00%	19,900	$2M	held	—	9 q
PSXPhillips 66	0.00%	8,529	$687,000	trimmed−1%	0.00 pp	9 q
QCOMQualcomm Inc	0.00%	8,000	$501,000	held	—	4 q
RIORio Tinto plc	0.00%	19,140	$789,000	trimmed−3%	0.00 pp	9 q
unresolvedSigma Aldrich Corp	0.00%	19,000	$3M	held	—	9 q
STTState Street Corporation	0.00%	11,500	$886,000	held	—	9 q
SYKStryker Corporation	0.00%	3,360	$321,000	held	—	4 q
MMM3M Company	0.00%	26,206	$4M	trimmed−5%	0.00 pp	9 q
TMToyota Motor Corporation	0.00%	1,930	$258,000	held	—	4 q
UAAUnder Armour, Inc.	0.00%	3,300	$275,000	held	—	4 q
UNUnilever N V -ny Shares	0.00%	67,233	$3M	trimmed−8%	0.00 pp	9 q
VFCV.F. Corporation	0.00%	4,046	$282,000	trimmed−5%	0.00 pp	9 q
VZVerizon Communications	0.00%	5,500	$256,000	held	—	9 q
VVISA Inc.	0.00%	7,240	$486,000	held	—	4 q
WBAWalgreens Boots Alliance, Inc	0.00%	11,179	$944,000	held	—	3 q
unresolvedXerox Corp	0.00%	65,000	$692,000	trimmed−32%	0.00 pp	9 q
unresolvedYahoo Inc	0.00%	8,000	$314,000	held	—	4 q
ACTAllergan PLC	0.00%	1,601	$486,000	new	0.00 pp	new
ENDPQEndo International PLC	0.00%	2,560	$204,000	held	—	2 q
unresolvedAOL Inc	—	−11,717,432	—	exited	−0.43 pp	—
NOKNokia Corporation	—	−30,548,266	—	exited	−0.21 pp	—
TAT&T Inc.	—	−14,492	—	exited	0.00 pp	—
unresolvedAetna Inc New	—	−3,000	—	exited	0.00 pp	—
PCGPG&E Corporation	—	−6,382	—	exited	0.00 pp	—
SRESempra	—	−1,915	—	exited	0.00 pp	—
WHRWhirlpool Corp.	—	−1,100	—	exited	0.00 pp	—
unresolvedActavis PLC	—	−1,602	—	exited	0.00 pp	—