Dodge & Cox

Q4 2015 13F

As of: Dec 31, 2015
Filed: Feb 12, 2016
US stock: $101.9B · prev $99.4B
Positions: 183 · prev 185
Options notional: $0
Documents: 1· no amendments

Picture99.4% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.4%
Foreign stock not listed in the US 0.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves162 since the prior filing

+10.3 pp in · −10.3 pp out

New 8 +7.77 pp
Added 31 +2.56 pp
Trimmed 113 −3.86 pp
Exited 10 −6.45 pp

The book

Diversified · behaves like 46 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 44% a year, about 2.3 years per position

Low
Moderate
High

Top 5 positions19% of US stock

SLB SLB Limited added+0.03 pp added+0.034.3%
NVS Novartis AG trimmed−0.42 pp trimmed−0.423.8%
WFC Wells Fargo & Co. trimmed+0.03 pp trimmed+0.033.7%
MSFT Microsoft Corp trimmed+0.29 pp trimmed+0.293.6%
unresolved Time Warner Cable Inc trimmed+0.03 pp trimmed+0.033.5%

Positions183 in this filing · 10 exited


SLBSLB Limited	4.34%	63,361,537	$4.4B	added+2%	+0.03 pp	11 q
NVSNovartis AG	3.81%	45,107,085	$3.9B	trimmed−1%	−0.42 pp	11 q
WFCWells Fargo & Co.	3.73%	69,913,390	$3.8B	trimmed−2%	+0.03 pp	11 q
MSFTMicrosoft Corp	3.62%	66,559,905	$3.7B	trimmed−11%	+0.29 pp	11 q
unresolvedTime Warner Cable Inc	3.54%	19,420,146	$3.6B	trimmed−0%	+0.03 pp	11 q
COFCapital One Financial	3.46%	48,888,414	$3.5B	trimmed−0%	−0.11 pp	11 q
SCHWThe Charles Schwab Corporation	3.32%	102,622,637	$3.4B	added+6%	+0.55 pp	11 q
HPEHewlett Packard Enterprise Company	3.24%	217,529,528	$3.3B	new	+3.24 pp	new
BACBank of America Corporation	3.09%	187,074,863	$3.1B	trimmed−1%	+0.12 pp	11 q
GOOGAlphabet Inc. Class C	2.44%	3,278,856	$2.5B	trimmed−1%	+0.42 pp	7 q
CMCSAComcast Corp	2.43%	43,935,531	$2.5B	trimmed−2%	−0.13 pp	11 q
TWXTime Warner Inc	2.42%	38,101,959	$2.5B	added+1%	−0.19 pp	11 q
unresolvedE M C Corp Mass	2.41%	95,808,352	$2.5B	added+12%	+0.33 pp	9 q
HPQHP Inc.	2.32%	199,736,878	$2.4B	new	+2.32 pp	new
0VQJLTe Connectivity Ltd	2.24%	35,300,732	$2.3B	trimmed−0%	+0.11 pp	11 q
BNYBank of New York Mellon Corporation	2.20%	54,285,547	$2.2B	trimmed−6%	−0.06 pp	11 q
unresolvedExpress Scripts Hldg Co	2.19%	25,520,318	$2.2B	trimmed−10%	−0.12 pp	9 q
SNYSanofi	2.09%	49,915,073	$2.1B	added0%	−0.29 pp	11 q
unresolvedCigna Corporation	1.94%	13,515,865	$2.0B	added+5%	+0.19 pp	11 q
GSGoldman Sachs Group Inc.	1.91%	10,798,990	$1.9B	trimmed−0%	+0.02 pp	11 q
WMTWalmart Inc.	1.86%	30,936,193	$1.9B	added0%	−0.16 pp	11 q
CSCOCisco Systems, Inc. (DE)	1.81%	67,753,678	$1.8B	added+1%	+0.03 pp	6 q
FDXFedEx Corporation	1.80%	12,311,592	$1.8B	trimmed−0%	+0.01 pp	11 q
SYMCGen Digital Inc.	1.80%	87,383,425	$1.8B	trimmed−0%	+0.09 pp	11 q
JPMJPMorgan Chase & Co.	1.71%	26,338,039	$1.7B	trimmed−1%	+0.07 pp	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.60%	13,859,053	$1.6B	added+8%	+0.11 pp	11 q
unresolvedBaker Hughes Inc.	1.54%	33,970,635	$1.6B	added+1%	−0.23 pp	11 q
METMetLife, Inc.	1.33%	28,086,251	$1.4B	trimmed−0%	0.00 pp	11 q
unresolvedTyco Intl PLC	1.29%	41,368,444	$1.3B	trimmed−3%	−0.15 pp	5 q
MRKMerck & Co., Inc.	1.27%	24,563,150	$1.3B	trimmed−0%	+0.05 pp	11 q
unresolvedTwenty First Centy Fox Inc	1.25%	46,925,807	$1.3B	added+1%	−0.02 pp	11 q
AXPAmerican Express Company	1.17%	17,137,288	$1.2B	added×3.6	+0.81 pp	11 q
9990302DApache Corp	1.14%	26,014,684	$1.2B	added0%	+0.12 pp	11 q
GLWCorning Incorporated	1.04%	57,804,025	$1.1B	added+21%	+0.22 pp	11 q
BIDUBaidu, Inc.	1.03%	5,526,272	$1.0B	trimmed−33%	−0.10 pp	11 q
NTAPNetApp, Inc	0.91%	34,850,491	$925M	trimmed−5%	−0.18 pp	11 q
BBTTruist Financial Corporation	0.89%	24,022,327	$908M	trimmed−4%	−0.01 pp	11 q
CECelanese Corporation	0.88%	13,291,279	$895M	trimmed−6%	+0.04 pp	11 q
LBTYKLiberty Global Ltd. Class C	0.87%	21,822,547	$890M	added+3%	0.00 pp	11 q
unresolvedPriceline Grp Inc	0.85%	676,368	$862M	added0%	+0.01 pp	3 q
GOOGLAlphabet Inc. Class A	0.84%	1,099,716	$856M	new	+0.84 pp	new
unresolvedThe Adt Corporation	0.83%	25,761,553	$850M	trimmed−5%	+0.02 pp	11 q
MXIMMaxim Integrated Products	0.82%	21,876,261	$831M	trimmed−8%	+0.02 pp	11 q
TGTTarget Corporation	0.77%	10,833,926	$787M	trimmed−12%	−0.20 pp	11 q
TVGrupo Televisa S.A.	0.74%	27,616,992	$751M	added0%	+0.02 pp	11 q
NOVNOV Inc.	0.70%	21,275,670	$713M	trimmed−2%	−0.12 pp	8 q
DHRDanaher Corporation	0.68%	7,419,808	$689M	trimmed−20%	−0.12 pp	6 q
SNPSSynopsys Inc	0.67%	15,019,673	$685M	trimmed−13%	−0.13 pp	11 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.66%	197,592,403	$672M	added+9%	−0.01 pp	11 q
unresolvedSprint Corporation	0.66%	185,713,517	$672M	added0%	−0.06 pp	10 q
DISHDISH Network Corp.	0.64%	11,412,780	$653M	trimmed−1%	−0.04 pp	11 q
0WEWeatherford International plc	0.61%	74,325,677	$624M	trimmed−1%	−0.03 pp	6 q
unresolvedAegon NV	0.60%	107,393,115	$609M	added0%	−0.02 pp	11 q
unresolvedUBS Group AG	0.59%	31,315,800	$603M	new	+0.59 pp	new
unresolvedCoach Inc	0.56%	17,371,561	$569M	trimmed−0%	+0.05 pp	11 q
unresolvedLiberty Interactive Corp	0.56%	21,000,273	$574M	trimmed−4%	−0.02 pp	11 q
MDTMedtronic plc	0.52%	6,867,935	$528M	trimmed−1%	+0.05 pp	4 q
LBTYALiberty Global Ltd. Class A	0.48%	11,634,405	$493M	added0%	−0.02 pp	11 q
RDS.ARoyal Dutch Shell PLC	0.47%	10,401,982	$476M	added+5%	0.00 pp	11 q
CXOConcho Resources Inc.	0.45%	4,900,850	$455M	added+26%	+0.07 pp	2 q
ELVElevance Health, Inc.	0.41%	2,973,449	$415M	added×1189.4	+0.41 pp	5 q
AZNNAstrazeneca Plc-spons ADR	0.39%	11,777,132	$400M	new	+0.39 pp	new
unresolvedTwenty First Centy Fox Inc	0.37%	14,007,400	$381M	added×782.5	+0.37 pp	2 q
HOGHarley-Davidson, Inc.	0.34%	7,713,020	$350M	added+7%	−0.06 pp	2 q
CDNSCadence Design Systems	0.29%	14,386,400	$299M	trimmed−1%	−0.01 pp	11 q
CXCemex S.A.B. de C.V.	0.24%	43,167,135	$240M	added×1438.9	+0.24 pp	11 q
JDJD.com, Inc.	0.23%	7,355,736	$237M	new	+0.23 pp	new
unresolvedNew Oriental Ed & Tech Grp I	0.23%	7,520,300	$236M	trimmed−34%	0.00 pp	6 q
TECKTeck Resources Limited	0.22%	57,584,261	$222M	added+8%	−0.04 pp	4 q
unresolvedAgrium Inc.	0.18%	2,082,383	$186M	added+84%	+0.08 pp	2 q
HMCHonda Motor Co., Ltd.	0.18%	5,749,300	$184M	trimmed−15%	−0.02 pp	11 q
VMWVMware, Inc	0.16%	2,800,935	$158M	new	+0.16 pp	new
JNPJuniper Networks Inc	0.15%	5,409,336	$149M	trimmed−74%	−0.39 pp	5 q
EBAYeBay Inc	0.12%	4,348,406	$119M	trimmed−80%	−0.42 pp	11 q
NWSANews Corporation Class A	0.10%	7,970,777	$106M	trimmed−1%	0.00 pp	10 q
TMOThermo Fisher Scientific, Inc.	0.08%	571,892	$81M	added×10.8	+0.07 pp	11 q
PFEPfizer Inc.	0.07%	2,243,178	$72M	trimmed−95%	−1.36 pp	11 q
unresolvedGeneral Electric Co	0.06%	2,074,147	$65M	trimmed−93%	−0.68 pp	11 q
CVXChevron Corporation	0.05%	587,137	$53M	trimmed−10%	0.00 pp	11 q
DNOWDNOW Inc.	0.04%	2,485,246	$39M	trimmed−21%	−0.01 pp	7 q
1LGEUSDLiberty Global PLC Lilac - C	0.04%	959,667	$41M	trimmed−2%	+0.01 pp	2 q
ADBEAdobe Inc.	0.03%	273,828	$26M	trimmed−7%	+0.01 pp	11 q
PYPLPayPal Holdings, Inc.	0.03%	813,612	$29M	trimmed−93%	−0.33 pp	2 q
unresolvedSunTrust Banks Inc	0.03%	670,159	$29M	trimmed−76%	−0.08 pp	11 q
unresolvedCredit Suisse Group Spon ADR	0.02%	789,194	$17M	trimmed−3%	0.00 pp	11 q
unresolvedDow Chemical Co	0.02%	472,782	$24M	trimmed−3%	0.00 pp	11 q
ERICEricsson	0.02%	2,165,946	$21M	trimmed−1%	0.00 pp	11 q
TRVThe Travelers Companies, Inc.	0.02%	203,145	$23M	trimmed−3%	0.00 pp	11 q
UNPUnion Pacific Corp.	0.02%	287,599	$22M	trimmed−2%	−0.01 pp	11 q
99998USDLiberty Global PLC Lilac - A	0.02%	581,585	$24M	held	—	2 q
AMGNAmgen Inc	0.01%	46,644	$8M	trimmed−4%	0.00 pp	11 q
BSXBoston Scientific Corp.	0.01%	450,830	$8M	trimmed−5%	0.00 pp	11 q
BMYBristol-Myers Squibb Co.	0.01%	77,458	$5M	trimmed−3%	+0.01 pp	11 q
unresolvedChubb	0.01%	94,048	$12M	trimmed−19%	0.00 pp	11 q
DEODiageo plc	0.01%	85,774	$9M	trimmed−2%	0.00 pp	11 q
DISThe Walt Disney Company	0.01%	66,121	$7M	trimmed−1%	0.00 pp	11 q
XOMExxon Mobil Corp	0.01%	145,720	$11M	trimmed−3%	0.00 pp	11 q
HDHome Depot, Inc.	0.01%	98,804	$13M	trimmed−2%	0.00 pp	11 q
IBMInternational Business Machines Corporation	0.01%	103,912	$14M	trimmed−2%	−0.01 pp	11 q
OXYOccidental Petroleum Corporation	0.01%	198,234	$13M	trimmed−1%	0.00 pp	11 q
PGProcter & Gamble Company	0.01%	153,720	$12M	trimmed−1%	0.00 pp	11 q
USBU.S. Bancorp	0.01%	167,134	$7M	trimmed−5%	0.00 pp	11 q
unresolvedUnilever Spn.Adr 1:1	0.01%	128,806	$6M	trimmed−10%	0.00 pp	11 q
VMCVulcan Materials Company(Holding Company)	0.01%	119,155	$11M	trimmed−3%	0.00 pp	11 q
ABTAbbott Laboratories	0.00%	30,268	$1M	held	—	11 q
ABBVAbbvie Inc.	0.00%	33,255	$2M	held	—	11 q
APDAir Products & Chemicals, Inc.	0.00%	6,100	$794,000	held	—	11 q
ALLThe Allstate Corporation	0.00%	3,796	$236,000	trimmed−3%	0.00 pp	11 q
MOAltria Group, Inc.	0.00%	23,800	$1M	held	—	11 q
AMZNAmazon.Com Inc	0.00%	605	$409,000	trimmed−21%	0.00 pp	6 q
AMPAmeriprise Financial, Inc.	0.00%	3,182	$339,000	held	—	11 q
APCAnadarko Petroleum Corp	0.00%	8,884	$432,000	trimmed−10%	0.00 pp	11 q
AAPLApple Inc.	0.00%	23,701	$2M	trimmed−11%	0.00 pp	11 q
BDXBecton, Dickinson and Co.	0.00%	14,780	$2M	trimmed−2%	0.00 pp	11 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$989,000	held	—	11 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	16,200	$2M	trimmed−1%	0.00 pp	11 q
unresolvedCsra Inc	0.00%	62,350	$2M	new	0.00 pp	new
unresolvedCalifornia Res Corp	0.00%	52,250	$122,000	trimmed−18%	0.00 pp	5 q
KMXCarMax Inc.	0.00%	76,505	$4M	trimmed−87%	−0.03 pp	11 q
CATCaterpillar Inc.	0.00%	58,148	$4M	trimmed−2%	0.00 pp	11 q
CHLChina Mobile Limited	0.00%	3,870	$218,000	trimmed−40%	0.00 pp	6 q
CCitigroup Inc.	0.00%	7,075	$366,000	held	—	6 q
CTXSCitrix Systems Inc	0.00%	9,026	$683,000	held	—	11 q
KOCoca-Cola Company	0.00%	34,242	$1M	held	—	11 q
CLColgate-Palmolive Company	0.00%	14,000	$933,000	held	—	11 q
unresolvedComputer Sciences Corp	0.00%	60,350	$2M	trimmed−5%	0.00 pp	11 q
COPConocoPhillips	0.00%	29,388	$1M	trimmed−0%	0.00 pp	11 q
DEDeere & Company	0.00%	27,341	$2M	trimmed−1%	0.00 pp	11 q
DDominion Energy, Inc	0.00%	5,112	$346,000	held	—	11 q
UFSDOMTAR CORPORATION (New)	0.00%	6,200	$229,000	trimmed−6%	0.00 pp	11 q
unresolvedDu Pont E I De Nemours & Co	0.00%	32,556	$2M	trimmed−3%	0.00 pp	11 q
DUKDuke Energy Corporation	0.00%	14,445	$1M	trimmed−3%	0.00 pp	11 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$564,000	held	—	11 q
EQIXEquinix, Inc.	0.00%	1,291	$390,000	added+3%	0.00 pp	4 q
FLRFluor Corporation	0.00%	8,395	$396,000	trimmed−2%	0.00 pp	11 q
GISGeneral Mills, Inc.	0.00%	11,200	$646,000	held	—	11 q
GPCGenuine Parts Company	0.00%	23,662	$2M	trimmed−4%	0.00 pp	11 q
GILDGilead Sciences Inc	0.00%	3,750	$379,000	trimmed−12%	0.00 pp	6 q
unresolvedGlaxosmithkline PLC	0.00%	112,782	$5M	trimmed−44%	−0.01 pp	11 q
HSBCHSBC Holdings PLC	0.00%	14,005	$553,000	trimmed−31%	0.00 pp	11 q
HALHalliburton Company	0.00%	9,200	$313,000	held	—	11 q
HIGThe Hartford Insurance Group, Inc.	0.00%	7,050	$306,000	trimmed−12%	0.00 pp	6 q
HESHess Corporation	0.00%	4,406	$214,000	held	—	11 q
HONHoneywell International, Inc.	0.00%	7,531	$780,000	held	—	11 q
JNJJohnson & Johnson	0.00%	35,435	$4M	trimmed−4%	0.00 pp	11 q
KMBKimberly-Clark Corp.	0.00%	4,023	$512,000	trimmed−1%	0.00 pp	11 q
PHGKoninklijke Philips N.v.	0.00%	102,000	$3M	trimmed−44%	0.00 pp	11 q
KHCThe Kraft Heinz Company	0.00%	3,946	$287,000	held	—	2 q
LMLegg Mason, Inc.	0.00%	7,300	$286,000	trimmed−15%	0.00 pp	11 q
unresolvedLevel 3 Communications Inc	0.00%	7,778	$423,000	trimmed−11%	0.00 pp	6 q
unresolvedLiberty Interactive Corp	0.00%	21,995	$992,000	trimmed−8%	0.00 pp	5 q
LLYEli Lilly & Co.	0.00%	31,592	$3M	trimmed−0%	0.00 pp	11 q
LOWLowe's Companies Inc.	0.00%	4,460	$339,000	trimmed−10%	0.00 pp	6 q
MMacy's Inc.	0.00%	10,000	$350,000	trimmed−7%	0.00 pp	11 q
MRSHMarsh	0.00%	7,860	$436,000	trimmed−24%	0.00 pp	6 q
MCDMcDonald's Corporation	0.00%	27,392	$3M	trimmed−3%	0.00 pp	11 q
unresolvedMcGraw Hill	0.00%	18,171	$2M	held	—	11 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$531,000	held	—	11 q
MCOMoody's Corporation	0.00%	3,300	$331,000	held	—	11 q
MSMorgan Stanley	0.00%	13,620	$433,000	held	—	6 q
MSIMotorola Solutions, Inc. New	0.00%	66,596	$5M	held	—	11 q
NEENextEra Energy, Inc.	0.00%	11,000	$1M	held	—	11 q
NSCNorfolk Southern Corp.	0.00%	4,497	$380,000	trimmed−20%	0.00 pp	11 q
NUENucor Corporation	0.00%	72,400	$3M	held	—	11 q
PNCPNC Financial Services Group	0.00%	20,900	$2M	trimmed−11%	0.00 pp	11 q
PPGPPG Industries, Inc.	0.00%	18,000	$2M	held	—	11 q
PHParker-Hannifin Corporation	0.00%	4,668	$453,000	trimmed−3%	0.00 pp	11 q
PEPPepsiCo, Inc.	0.00%	7,265	$726,000	trimmed−11%	0.00 pp	11 q
PMPhilip Morris International Inc.	0.00%	19,900	$2M	held	—	11 q
PSXPhillips 66	0.00%	7,905	$647,000	trimmed−7%	0.00 pp	11 q
QCOMQualcomm Inc	0.00%	8,000	$400,000	held	—	6 q
RIORio Tinto plc	0.00%	16,640	$485,000	trimmed−3%	0.00 pp	11 q
STTState Street Corporation	0.00%	8,000	$531,000	trimmed−18%	0.00 pp	11 q
MMM3M Company	0.00%	22,841	$3M	trimmed−4%	0.00 pp	11 q
TIMETime Inc	0.00%	29,679	$465,000	trimmed−94%	−0.01 pp	7 q
UAAUnder Armour, Inc.	0.00%	3,300	$266,000	held	—	6 q
UNUnilever N V -ny Shares	0.00%	63,647	$3M	trimmed−3%	0.00 pp	11 q
VFCV.F. Corporation	0.00%	3,441	$214,000	trimmed−15%	0.00 pp	11 q
VZVerizon Communications	0.00%	5,500	$254,000	held	—	11 q
VVISA Inc.	0.00%	6,580	$510,000	trimmed−9%	0.00 pp	6 q
WBAWalgreens Boots Alliance, Inc	0.00%	9,079	$773,000	trimmed−17%	0.00 pp	5 q
unresolvedXerox Corp	0.00%	61,000	$648,000	trimmed−3%	0.00 pp	11 q
unresolvedYahoo Inc	0.00%	8,000	$266,000	held	—	6 q
unresolvedHewlett Packard Co	—	−196,556,357	—	exited	−5.06 pp	—
unresolvedGoogle Inc.	—	−1,280,966	—	exited	−0.82 pp	—
UBSUBS Group AG	—	−30,534,700	—	exited	−0.57 pp	—
ADPAutomatic Data Processing	—	−2,620	—	exited	0.00 pp	—
unresolvedComcast Corp. Spl Cl A	—	−24,261	—	exited	0.00 pp	—
LLoews Corporation	—	−5,800	—	exited	0.00 pp	—
unresolvedSigma Aldrich Corp	—	−19,000	—	exited	0.00 pp	—
SYKStryker Corporation	—	−3,360	—	exited	0.00 pp	—
TMToyota Motor Corporation	—	−1,930	—	exited	0.00 pp	—
ACTAllergan PLC	—	−1,100	—	exited	0.00 pp	—