Dodge & Cox

Q3 2015 13F

As of: Sep 30, 2015
Filed: Nov 12, 2015
US stock: $99.4B · prev $110.9B
Positions: 185 · prev 181
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%

Moves143 since the prior filing

+4.3 pp in · −4.3 pp out

New 9 +1.86 pp
Added 45 +2.39 pp
Trimmed 84 −4.16 pp
Exited 5 −0.10 pp

The book

Diversified · behaves like 44 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.9 years per position

Low
Moderate
High

Top 5 positions21% of US stock

unresolved Hewlett Packard Co added+0.38 pp added+0.385.1%
SLB SLB Limited added−0.11 pp added−0.114.3%
NVS Novartis AG trimmed−0.02 pp trimmed−0.024.2%
WFC Wells Fargo & Co. added+0.10 pp added+0.103.7%
COF Capital One Financial added−0.11 pp added−0.113.6%

Positions185 in this filing · 5 exited


unresolvedHewlett Packard Co	5.06%	196,556,357	$5.0B	added+14%	+0.38 pp	10 q
SLBSLB Limited	4.31%	62,107,301	$4.3B	added+9%	−0.11 pp	10 q
NVSNovartis AG	4.23%	45,723,035	$4.2B	trimmed−5%	−0.02 pp	10 q
WFCWells Fargo & Co.	3.70%	71,544,477	$3.7B	added+1%	+0.10 pp	10 q
COFCapital One Financial	3.57%	48,917,988	$3.5B	added+5%	−0.11 pp	10 q
unresolvedTime Warner Cable Inc	3.51%	19,444,541	$3.5B	added0%	+0.40 pp	10 q
MSFTMicrosoft Corp	3.33%	74,792,774	$3.3B	trimmed−9%	+0.07 pp	10 q
BACBank of America Corporation	2.97%	189,615,263	$3.0B	added+7%	+0.26 pp	10 q
SCHWThe Charles Schwab Corporation	2.77%	96,419,718	$2.8B	added+1%	−0.03 pp	10 q
TWXTime Warner Inc	2.61%	37,730,510	$2.6B	added+2%	−0.32 pp	10 q
CMCSAComcast Corp	2.56%	44,700,285	$2.5B	trimmed−1%	+0.11 pp	10 q
SNYSanofi	2.38%	49,859,813	$2.4B	added0%	+0.16 pp	10 q
unresolvedExpress Scripts Hldg Co	2.31%	28,405,375	$2.3B	added+2%	+0.07 pp	8 q
BNYBank of New York Mellon Corporation	2.26%	57,469,938	$2.2B	trimmed−1%	+0.06 pp	10 q
0VQJLTe Connectivity Ltd	2.13%	35,309,351	$2.1B	added0%	+0.09 pp	10 q
unresolvedE M C Corp Mass	2.08%	85,474,449	$2.1B	added+19%	+0.37 pp	8 q
GOOGAlphabet Inc. Class C	2.02%	3,308,209	$2.0B	added+2%	+0.49 pp	6 q
WMTWalmart Inc.	2.02%	30,896,914	$2.0B	added+1%	+0.06 pp	10 q
GSGoldman Sachs Group Inc.	1.89%	10,820,390	$1.9B	trimmed−1%	−0.17 pp	10 q
FDXFedEx Corporation	1.79%	12,335,446	$1.8B	trimmed−3%	−0.17 pp	10 q
CSCOCisco Systems, Inc. (DE)	1.78%	67,295,678	$1.8B	added+53%	+0.69 pp	5 q
unresolvedBaker Hughes Inc.	1.77%	33,771,551	$1.8B	added+24%	+0.26 pp	10 q
unresolvedCigna Corporation	1.75%	12,879,034	$1.7B	added+26%	+0.25 pp	10 q
SYMCGen Digital Inc.	1.71%	87,452,480	$1.7B	added+1%	−0.11 pp	10 q
JPMJPMorgan Chase & Co.	1.64%	26,679,607	$1.6B	added+2%	+0.04 pp	10 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.49%	12,795,477	$1.5B	trimmed−22%	−0.32 pp	10 q
unresolvedTyco Intl PLC	1.44%	42,804,616	$1.4B	added0%	−0.04 pp	4 q
PFEPfizer Inc.	1.43%	45,266,436	$1.4B	added0%	+0.06 pp	10 q
METMetLife, Inc.	1.33%	28,125,231	$1.3B	added+1%	−0.08 pp	10 q
unresolvedTwenty First Centy Fox Inc	1.27%	46,664,136	$1.3B	added+2%	−0.07 pp	10 q
MRKMerck & Co., Inc.	1.22%	24,585,258	$1.2B	trimmed−0%	−0.05 pp	10 q
BIDUBaidu, Inc.	1.13%	8,192,887	$1.1B	added+23%	−0.07 pp	10 q
NTAPNetApp, Inc	1.09%	36,761,933	$1.1B	added+4%	+0.09 pp	10 q
9990302DApache Corp	1.02%	25,977,274	$1.0B	trimmed−13%	−0.54 pp	10 q
TGTTarget Corporation	0.97%	12,306,404	$968M	trimmed−28%	−0.28 pp	10 q
BBTTruist Financial Corporation	0.90%	25,144,982	$895M	trimmed−2%	−0.03 pp	10 q
LBTYKLiberty Global Ltd. Class C	0.87%	21,143,247	$867M	added+8%	−0.02 pp	10 q
CECelanese Corporation	0.84%	14,079,079	$833M	trimmed−2%	−0.09 pp	10 q
unresolvedPriceline Grp Inc	0.84%	673,615	$833M	trimmed−1%	+0.13 pp	2 q
GLWCorning Incorporated	0.82%	47,702,466	$817M	added+3%	−0.01 pp	10 q
unresolvedGoogle Inc.	0.82%	1,280,966	$818M	trimmed−1%	+0.19 pp	10 q
NOVNOV Inc.	0.82%	21,682,683	$816M	added+13%	−0.01 pp	7 q
unresolvedThe Adt Corporation	0.81%	27,004,565	$807M	added0%	−0.01 pp	10 q
DHRDanaher Corporation	0.80%	9,296,558	$792M	trimmed−7%	+0.03 pp	5 q
MXIMMaxim Integrated Products	0.80%	23,809,199	$795M	trimmed−5%	+0.02 pp	10 q
SNPSSynopsys Inc	0.80%	17,258,273	$797M	trimmed−13%	−0.10 pp	10 q
unresolvedGeneral Electric Co	0.74%	29,042,595	$732M	trimmed−13%	−0.06 pp	10 q
TVGrupo Televisa S.A.	0.72%	27,566,692	$717M	added+13%	−0.14 pp	10 q
unresolvedSprint Corporation	0.72%	185,675,129	$713M	added+7%	+0.01 pp	9 q
DISHDISH Network Corp.	0.68%	11,535,480	$673M	added0%	−0.02 pp	10 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.67%	181,065,303	$666M	added+37%	−0.30 pp	10 q
0WEWeatherford International plc	0.64%	75,409,677	$639M	added0%	−0.19 pp	5 q
unresolvedAegon NV	0.62%	107,139,644	$616M	added+2%	−0.08 pp	10 q
unresolvedLiberty Interactive Corp	0.58%	21,836,453	$573M	added0%	+0.03 pp	10 q
UBSUBS Group AG	0.57%	30,534,700	$566M	new	+0.57 pp	new
EBAYeBay Inc	0.54%	21,936,134	$536M	trimmed−10%	−0.79 pp	10 q
JNPJuniper Networks Inc	0.54%	20,729,659	$533M	added0%	+0.06 pp	4 q
unresolvedCoach Inc	0.51%	17,378,986	$503M	added0%	−0.03 pp	10 q
LBTYALiberty Global Ltd. Class A	0.50%	11,631,305	$499M	trimmed0%	−0.07 pp	10 q
RDS.ARoyal Dutch Shell PLC	0.47%	9,896,502	$469M	added+2%	−0.03 pp	10 q
MDTMedtronic plc	0.47%	6,971,380	$467M	trimmed−13%	−0.07 pp	3 q
HOGHarley-Davidson, Inc.	0.40%	7,221,700	$396M	new	+0.40 pp	new
CXOConcho Resources Inc.	0.38%	3,878,800	$381M	new	+0.38 pp	new
AXPAmerican Express Company	0.36%	4,802,206	$356M	added×24.7	+0.35 pp	10 q
PYPLPayPal Holdings, Inc.	0.36%	11,415,734	$354M	new	+0.36 pp	new
CDNSCadence Design Systems	0.30%	14,492,750	$300M	trimmed−0%	+0.04 pp	10 q
TECKTeck Resources Limited	0.26%	53,203,561	$255M	added+61%	−0.03 pp	3 q
unresolvedNew Oriental Ed & Tech Grp I	0.23%	11,388,129	$230M	added+9%	0.00 pp	5 q
HMCHonda Motor Co., Ltd.	0.20%	6,758,400	$202M	trimmed−0%	0.00 pp	10 q
unresolvedSunTrust Banks Inc	0.11%	2,737,734	$105M	trimmed−81%	−0.46 pp	10 q
unresolvedAgrium Inc.	0.10%	1,132,456	$101M	new	+0.10 pp	new
NWSANews Corporation Class A	0.10%	8,012,302	$101M	added0%	−0.01 pp	9 q
CVXChevron Corporation	0.05%	654,224	$52M	trimmed−94%	−0.94 pp	10 q
DNOWDNOW Inc.	0.05%	3,149,097	$47M	added0%	−0.01 pp	6 q
KMXCarMax Inc.	0.03%	578,788	$34M	trimmed−0%	0.00 pp	10 q
UNPUnion Pacific Corp.	0.03%	293,560	$26M	trimmed−2%	0.00 pp	10 q
1LGEUSDLiberty Global PLC Lilac - C	0.03%	975,767	$33M	new	+0.03 pp	new
ADBEAdobe Inc.	0.02%	294,003	$24M	trimmed−10%	0.00 pp	10 q
unresolvedCredit Suisse Group Spon ADR	0.02%	811,144	$19M	trimmed−0%	0.00 pp	10 q
unresolvedDow Chemical Co	0.02%	486,952	$21M	trimmed−12%	−0.01 pp	10 q
ERICEricsson	0.02%	2,185,978	$21M	added+2%	0.00 pp	10 q
IBMInternational Business Machines Corporation	0.02%	105,695	$15M	trimmed−6%	0.00 pp	10 q
TRVThe Travelers Companies, Inc.	0.02%	209,671	$21M	trimmed−4%	0.00 pp	10 q
99998USDLiberty Global PLC Lilac - A	0.02%	581,585	$20M	new	+0.02 pp	new
AMGNAmgen Inc	0.01%	48,344	$7M	trimmed−5%	0.00 pp	10 q
BSXBoston Scientific Corp.	0.01%	472,960	$8M	trimmed−20%	0.00 pp	10 q
unresolvedChubb	0.01%	115,740	$14M	trimmed−2%	0.00 pp	10 q
DEODiageo plc	0.01%	87,474	$9M	trimmed−6%	0.00 pp	10 q
DISThe Walt Disney Company	0.01%	66,457	$7M	held	—	10 q
XOMExxon Mobil Corp	0.01%	150,952	$11M	trimmed−4%	0.00 pp	10 q
unresolvedGlaxosmithkline PLC	0.01%	202,915	$8M	trimmed−98%	−0.46 pp	10 q
HDHome Depot, Inc.	0.01%	100,582	$12M	trimmed−2%	0.00 pp	10 q
OXYOccidental Petroleum Corporation	0.01%	199,881	$13M	trimmed−0%	0.00 pp	10 q
PGProcter & Gamble Company	0.01%	155,170	$11M	trimmed−3%	0.00 pp	10 q
TMOThermo Fisher Scientific, Inc.	0.01%	52,902	$6M	trimmed−2%	0.00 pp	10 q
TIMETime Inc	0.01%	501,868	$10M	trimmed−78%	−0.04 pp	6 q
USBU.S. Bancorp	0.01%	175,234	$7M	trimmed−3%	0.00 pp	10 q
unresolvedUnilever Spn.Adr 1:1	0.01%	142,406	$6M	trimmed−29%	0.00 pp	10 q
VMCVulcan Materials Company(Holding Company)	0.01%	123,455	$11M	trimmed−14%	0.00 pp	10 q
ABTAbbott Laboratories	0.00%	30,268	$1M	trimmed−3%	0.00 pp	10 q
ABBVAbbvie Inc.	0.00%	33,255	$2M	trimmed−3%	0.00 pp	10 q
APDAir Products & Chemicals, Inc.	0.00%	6,100	$778,000	held	—	10 q
ALLThe Allstate Corporation	0.00%	3,896	$227,000	trimmed−2%	0.00 pp	10 q
MOAltria Group, Inc.	0.00%	23,800	$1M	held	—	10 q
AMZNAmazon.Com Inc	0.00%	770	$394,000	held	—	5 q
AMPAmeriprise Financial, Inc.	0.00%	3,182	$347,000	trimmed−24%	0.00 pp	10 q
APCAnadarko Petroleum Corp	0.00%	9,884	$597,000	held	—	10 q
ELVElevance Health, Inc.	0.00%	2,500	$350,000	trimmed−17%	0.00 pp	4 q
AAPLApple Inc.	0.00%	26,528	$3M	trimmed−2%	0.00 pp	10 q
ADPAutomatic Data Processing	0.00%	2,620	$211,000	held	—	8 q
BDXBecton, Dickinson and Co.	0.00%	15,038	$2M	trimmed−1%	0.00 pp	10 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$976,000	held	—	10 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	16,300	$2M	held	—	10 q
BMYBristol-Myers Squibb Co.	0.00%	79,928	$5M	trimmed−1%	0.00 pp	10 q
unresolvedCalifornia Res Corp	0.00%	64,030	$166,000	trimmed−5%	0.00 pp	4 q
CATCaterpillar Inc.	0.00%	59,218	$4M	trimmed−1%	0.00 pp	10 q
CXCemex S.A.B. de C.V.	0.00%	30,000	$210,000	trimmed−29%	0.00 pp	10 q
CHLChina Mobile Limited	0.00%	6,470	$385,000	held	—	5 q
CCitigroup Inc.	0.00%	7,075	$351,000	held	—	5 q
CTXSCitrix Systems Inc	0.00%	9,026	$625,000	held	—	10 q
KOCoca-Cola Company	0.00%	34,242	$1M	held	—	10 q
CLColgate-Palmolive Company	0.00%	14,000	$888,000	held	—	10 q
unresolvedComcast Corp. Spl Cl A	0.00%	24,261	$1M	trimmed−38%	0.00 pp	10 q
unresolvedComputer Sciences Corp	0.00%	63,750	$4M	trimmed−19%	0.00 pp	10 q
COPConocoPhillips	0.00%	29,488	$1M	trimmed−2%	0.00 pp	10 q
DEDeere & Company	0.00%	27,541	$2M	trimmed−3%	0.00 pp	10 q
DDominion Energy, Inc	0.00%	5,112	$360,000	held	—	10 q
UFSDOMTAR CORPORATION (New)	0.00%	6,612	$236,000	held	—	10 q
unresolvedDu Pont E I De Nemours & Co	0.00%	33,556	$2M	trimmed−19%	0.00 pp	10 q
DUKDuke Energy Corporation	0.00%	14,945	$1M	trimmed−3%	0.00 pp	10 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$570,000	held	—	10 q
EQIXEquinix, Inc.	0.00%	1,258	$344,000	held	—	3 q
FLRFluor Corporation	0.00%	8,595	$364,000	held	—	10 q
GISGeneral Mills, Inc.	0.00%	11,200	$629,000	held	—	10 q
GPCGenuine Parts Company	0.00%	24,662	$2M	trimmed−3%	0.00 pp	10 q
GILDGilead Sciences Inc	0.00%	4,250	$417,000	held	—	5 q
HSBCHSBC Holdings PLC	0.00%	20,405	$773,000	trimmed−68%	0.00 pp	10 q
HALHalliburton Company	0.00%	9,200	$325,000	held	—	10 q
HIGThe Hartford Insurance Group, Inc.	0.00%	8,050	$369,000	held	—	5 q
HESHess Corporation	0.00%	4,406	$221,000	trimmed−12%	0.00 pp	10 q
HONHoneywell International, Inc.	0.00%	7,531	$713,000	trimmed−9%	0.00 pp	10 q
JNJJohnson & Johnson	0.00%	36,935	$3M	trimmed−3%	0.00 pp	10 q
KMBKimberly-Clark Corp.	0.00%	4,083	$445,000	held	—	10 q
PHGKoninklijke Philips N.v.	0.00%	182,940	$4M	trimmed−97%	−0.13 pp	10 q
KHCThe Kraft Heinz Company	0.00%	3,946	$279,000	new	0.00 pp	new
LMLegg Mason, Inc.	0.00%	8,560	$356,000	held	—	10 q
unresolvedLevel 3 Communications Inc	0.00%	8,778	$384,000	held	—	5 q
unresolvedLiberty Interactive Corp	0.00%	23,798	$960,000	trimmed−55%	0.00 pp	4 q
LLYEli Lilly & Co.	0.00%	31,634	$3M	trimmed−3%	0.00 pp	10 q
LLoews Corporation	0.00%	5,800	$210,000	trimmed−5%	0.00 pp	10 q
LOWLowe's Companies Inc.	0.00%	4,960	$342,000	held	—	5 q
MMacy's Inc.	0.00%	10,800	$554,000	held	—	10 q
MRSHMarsh	0.00%	10,360	$541,000	held	—	5 q
MCDMcDonald's Corporation	0.00%	28,342	$3M	trimmed−11%	0.00 pp	10 q
unresolvedMcGraw Hill	0.00%	18,171	$2M	trimmed−71%	−0.01 pp	10 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$496,000	held	—	10 q
MCOMoody's Corporation	0.00%	3,300	$324,000	held	—	10 q
MSMorgan Stanley	0.00%	13,620	$429,000	held	—	5 q
MSIMotorola Solutions, Inc. New	0.00%	66,596	$5M	trimmed−1%	0.00 pp	10 q
NEENextEra Energy, Inc.	0.00%	11,000	$1M	trimmed−5%	0.00 pp	10 q
NSCNorfolk Southern Corp.	0.00%	5,597	$428,000	trimmed−10%	0.00 pp	10 q
NUENucor Corporation	0.00%	72,400	$3M	held	—	10 q
PNCPNC Financial Services Group	0.00%	23,400	$2M	held	—	10 q
PPGPPG Industries, Inc.	0.00%	18,000	$2M	held	—	10 q
PHParker-Hannifin Corporation	0.00%	4,788	$466,000	held	—	10 q
PEPPepsiCo, Inc.	0.00%	8,165	$770,000	held	—	10 q
PMPhilip Morris International Inc.	0.00%	19,900	$2M	held	—	10 q
PSXPhillips 66	0.00%	8,529	$655,000	held	—	10 q
QCOMQualcomm Inc	0.00%	8,000	$430,000	held	—	5 q
RIORio Tinto plc	0.00%	17,240	$583,000	trimmed−10%	0.00 pp	10 q
unresolvedSigma Aldrich Corp	0.00%	19,000	$3M	held	—	10 q
STTState Street Corporation	0.00%	9,800	$659,000	trimmed−15%	0.00 pp	10 q
SYKStryker Corporation	0.00%	3,360	$316,000	held	—	5 q
MMM3M Company	0.00%	23,906	$3M	trimmed−9%	0.00 pp	10 q
TMToyota Motor Corporation	0.00%	1,930	$226,000	held	—	5 q
unresolvedTwenty First Centy Fox Inc	0.00%	17,900	$485,000	new	0.00 pp	new
UAAUnder Armour, Inc.	0.00%	3,300	$319,000	held	—	5 q
UNUnilever N V -ny Shares	0.00%	65,880	$3M	trimmed−2%	0.00 pp	10 q
VFCV.F. Corporation	0.00%	4,046	$276,000	held	—	10 q
VZVerizon Communications	0.00%	5,500	$239,000	held	—	10 q
VVISA Inc.	0.00%	7,240	$504,000	held	—	5 q
WBAWalgreens Boots Alliance, Inc	0.00%	10,879	$904,000	trimmed−3%	0.00 pp	4 q
unresolvedXerox Corp	0.00%	63,000	$613,000	trimmed−3%	0.00 pp	10 q
unresolvedYahoo Inc	0.00%	8,000	$231,000	held	—	5 q
ACTAllergan PLC	0.00%	1,100	$299,000	trimmed−31%	0.00 pp	2 q
NVRNVR, Inc.	—	−86,051	—	exited	−0.10 pp	—
BAXBaxter International Inc.	—	−3,382	—	exited	0.00 pp	—
CTRACoterra Energy Inc.	—	−7,360	—	exited	0.00 pp	—
unresolvedKraft Foods Group Inc	—	−3,946	—	exited	0.00 pp	—
ENDPQEndo International PLC	—	−2,560	—	exited	0.00 pp	—