Dodge & Cox

Q1 2016 13F

As of: Mar 31, 2016
Filed: May 13, 2016
US stock: $102.2B · prev $101.9B
Positions: 191 · prev 183
Options notional: $0
Documents: 1· no amendments

Picture99.5% US stock

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

US stock listed on a US exchange 99.5%
Foreign stock not listed in the US 0.5%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves170 since the prior filing

+4.1 pp in · −4.2 pp out

New 13 0.00 pp
Added 56 +4.15 pp
Trimmed 96 −3.93 pp
Exited 5 −0.24 pp

The book

Diversified · behaves like 48 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.4 years per position

Low
Moderate
High

Top 5 positions19% of US stock

SLB SLB Limited trimmed+0.18 pp trimmed+0.184.5%
HPE Hewlett Packard Enterprise Company added+0.65 pp added+0.653.9%
unresolved Time Warner Cable Inc trimmed+0.11 pp trimmed+0.113.6%
COF Capital One Financial added−0.13 pp added−0.133.3%
WFC Wells Fargo & Co. trimmed−0.52 pp trimmed−0.523.2%

Positions191 in this filing · 5 exited


SLBSLB Limited	4.52%	62,666,542	$4.6B	trimmed−1%	+0.18 pp	12 q
HPEHewlett Packard Enterprise Company	3.89%	224,069,718	$4.0B	added+3%	+0.65 pp	2 q
unresolvedTime Warner Cable Inc	3.65%	18,227,262	$3.7B	trimmed−6%	+0.11 pp	12 q
COFCapital One Financial	3.33%	49,048,291	$3.4B	added0%	−0.13 pp	12 q
WFCWells Fargo & Co.	3.21%	67,922,588	$3.3B	trimmed−3%	−0.52 pp	12 q
NVSNovartis AG	3.19%	45,054,916	$3.3B	trimmed−0%	−0.62 pp	12 q
MSFTMicrosoft Corp	2.86%	52,928,060	$2.9B	trimmed−20%	−0.76 pp	12 q
BACBank of America Corporation	2.85%	215,803,933	$2.9B	added+15%	−0.24 pp	12 q
SCHWThe Charles Schwab Corporation	2.82%	103,001,887	$2.9B	added0%	−0.50 pp	12 q
TWXTime Warner Inc	2.70%	38,112,381	$2.8B	added0%	+0.28 pp	12 q
CMCSAComcast Corp	2.61%	43,741,144	$2.7B	trimmed−0%	+0.18 pp	12 q
unresolvedE M C Corp Mass	2.41%	92,291,552	$2.5B	trimmed−4%	0.00 pp	10 q
HPQHP Inc.	2.41%	200,347,510	$2.5B	added0%	+0.09 pp	2 q
GOOGAlphabet Inc. Class C	2.34%	3,213,014	$2.4B	trimmed−2%	−0.10 pp	8 q
SNYSanofi	2.10%	53,530,129	$2.1B	added+7%	+0.01 pp	12 q
GSGoldman Sachs Group Inc.	2.07%	13,489,040	$2.1B	added+25%	+0.16 pp	12 q
WMTWalmart Inc.	2.03%	30,270,241	$2.1B	trimmed−2%	+0.17 pp	12 q
FDXFedEx Corporation	1.97%	12,389,882	$2.0B	added+1%	+0.17 pp	12 q
BNYBank of New York Mellon Corporation	1.95%	54,047,847	$2.0B	trimmed−0%	−0.25 pp	12 q
CSCOCisco Systems, Inc. (DE)	1.92%	69,095,628	$2.0B	added+2%	+0.11 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.91%	15,183,189	$2.0B	added+10%	+0.31 pp	12 q
unresolvedCigna Corporation	1.82%	13,554,225	$1.9B	added0%	−0.12 pp	12 q
0VQJLTe Connectivity Ltd	1.75%	28,899,289	$1.8B	trimmed−18%	−0.49 pp	12 q
AXPAmerican Express Company	1.58%	26,360,258	$1.6B	added+54%	+0.41 pp	12 q
JPMJPMorgan Chase & Co.	1.53%	26,416,949	$1.6B	added0%	−0.18 pp	12 q
unresolvedExpress Scripts Hldg Co	1.48%	22,069,813	$1.5B	trimmed−14%	−0.71 pp	10 q
unresolvedTyco Intl PLC	1.47%	40,877,986	$1.5B	trimmed−1%	+0.18 pp	6 q
unresolvedBaker Hughes Inc.	1.46%	33,993,785	$1.5B	added0%	−0.08 pp	12 q
9990302DApache Corp	1.40%	29,259,714	$1.4B	added+12%	+0.26 pp	12 q
METMetLife, Inc.	1.33%	30,948,079	$1.4B	added+10%	0.00 pp	12 q
SYMCGen Digital Inc.	1.32%	73,658,375	$1.4B	trimmed−16%	−0.48 pp	12 q
unresolvedTwenty First Centy Fox Inc	1.28%	46,865,031	$1.3B	trimmed−0%	+0.03 pp	12 q
MRKMerck & Co., Inc.	1.27%	24,543,704	$1.3B	trimmed−0%	0.00 pp	12 q
GLWCorning Incorporated	1.17%	57,248,905	$1.2B	trimmed−1%	+0.13 pp	12 q
BIDUBaidu, Inc.	0.98%	5,256,187	$1.0B	trimmed−5%	−0.05 pp	12 q
NTAPNetApp, Inc	0.96%	36,034,991	$983M	added+3%	+0.05 pp	12 q
UNPUnion Pacific Corp.	0.95%	12,252,674	$975M	added×42.6	+0.93 pp	12 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.88%	197,553,903	$895M	trimmed−0%	+0.22 pp	12 q
unresolvedPriceline Grp Inc	0.86%	678,743	$875M	added0%	+0.01 pp	4 q
CECelanese Corporation	0.84%	13,153,929	$862M	trimmed−1%	−0.04 pp	12 q
TGTTarget Corporation	0.84%	10,415,327	$857M	trimmed−4%	+0.07 pp	12 q
LBTYKLiberty Global Ltd. Class C	0.83%	22,471,947	$844M	added+3%	−0.04 pp	12 q
unresolvedThe Adt Corporation	0.82%	20,426,715	$843M	trimmed−21%	−0.01 pp	12 q
BBTTruist Financial Corporation	0.81%	24,736,302	$823M	added+3%	−0.08 pp	12 q
NOVNOV Inc.	0.81%	26,622,720	$828M	added+25%	+0.11 pp	9 q
MXIMMaxim Integrated Products	0.78%	21,778,785	$801M	trimmed−0%	−0.04 pp	12 q
JDJD.com, Inc.	0.76%	29,396,436	$779M	added×4.0	+0.53 pp	2 q
TVGrupo Televisa S.A.	0.74%	27,615,992	$758M	trimmed0%	0.00 pp	12 q
AZNNAstrazeneca Plc-spons ADR	0.72%	26,049,650	$734M	added×2.2	+0.33 pp	2 q
unresolvedCoach Inc	0.68%	17,326,480	$695M	trimmed−0%	+0.12 pp	12 q
DHRDanaher Corporation	0.68%	7,366,508	$699M	trimmed−1%	0.00 pp	7 q
SNPSSynopsys Inc	0.68%	14,453,773	$700M	trimmed−4%	+0.01 pp	12 q
DISHDISH Network Corp.	0.64%	14,120,430	$653M	added+24%	0.00 pp	12 q
unresolvedSprint Corporation	0.63%	185,186,573	$644M	trimmed−0%	−0.03 pp	11 q
0WEWeatherford International plc	0.62%	81,021,617	$630M	added+9%	+0.01 pp	7 q
unresolvedAegon NV	0.58%	107,500,525	$591M	added0%	−0.02 pp	12 q
LBTYALiberty Global Ltd. Class A	0.57%	15,194,305	$585M	added+31%	+0.09 pp	12 q
CXOConcho Resources Inc.	0.56%	5,668,500	$573M	added+16%	+0.11 pp	3 q
unresolvedLiberty Interactive Corp	0.52%	20,903,398	$528M	trimmed−0%	−0.04 pp	12 q
RDS.ARoyal Dutch Shell PLC	0.52%	11,036,805	$535M	added+6%	+0.05 pp	12 q
MDTMedtronic plc	0.50%	6,838,035	$513M	trimmed−0%	−0.02 pp	5 q
unresolvedUBS Group AG	0.49%	30,911,827	$498M	trimmed−1%	−0.10 pp	2 q
HOGHarley-Davidson, Inc.	0.47%	9,327,733	$479M	added+21%	+0.13 pp	3 q
VMWVMware, Inc	0.47%	9,164,491	$479M	added×3.3	+0.31 pp	2 q
ELVElevance Health, Inc.	0.46%	3,382,350	$470M	added+14%	+0.05 pp	6 q
TECKTeck Resources Limited	0.43%	58,085,503	$442M	added+1%	+0.21 pp	5 q
unresolvedTwenty First Centy Fox Inc	0.39%	14,227,300	$401M	added+2%	+0.02 pp	3 q
GOOGLAlphabet Inc. Class A	0.35%	462,656	$353M	trimmed−58%	−0.49 pp	2 q
CXCemex S.A.B. de C.V.	0.34%	47,104,125	$343M	added+9%	+0.10 pp	12 q
unresolvedAgrium Inc.	0.24%	2,772,183	$245M	added+33%	+0.06 pp	3 q
HMCHonda Motor Co., Ltd.	0.15%	5,749,300	$157M	held	—	12 q
NWSANews Corporation Class A	0.10%	8,318,002	$106M	added+4%	0.00 pp	11 q
TMOThermo Fisher Scientific, Inc.	0.08%	550,892	$78M	trimmed−4%	0.00 pp	12 q
unresolvedGeneral Electric Co	0.06%	1,834,354	$58M	trimmed−12%	0.00 pp	12 q
CVXChevron Corporation	0.05%	541,784	$52M	trimmed−8%	0.00 pp	12 q
JNPJuniper Networks Inc	0.05%	1,894,839	$48M	trimmed−65%	−0.10 pp	6 q
1LGEUSDLiberty Global PLC Lilac - C	0.04%	960,567	$36M	added0%	0.00 pp	3 q
CDNSCadence Design Systems	0.03%	1,409,289	$33M	trimmed−90%	−0.26 pp	12 q
PFEPfizer Inc.	0.03%	929,604	$28M	trimmed−59%	−0.04 pp	12 q
ADBEAdobe Inc.	0.02%	252,128	$24M	trimmed−8%	−0.01 pp	12 q
unresolvedDow Chemical Co	0.02%	458,832	$23M	trimmed−3%	0.00 pp	12 q
EBAYeBay Inc	0.02%	699,723	$17M	trimmed−84%	−0.10 pp	12 q
ERICEricsson	0.02%	2,146,186	$22M	trimmed−1%	0.00 pp	12 q
IBMInternational Business Machines Corporation	0.02%	101,680	$15M	trimmed−2%	+0.01 pp	12 q
PYPLPayPal Holdings, Inc.	0.02%	436,388	$17M	trimmed−46%	−0.01 pp	3 q
unresolvedSunTrust Banks Inc	0.02%	591,549	$21M	trimmed−12%	−0.01 pp	12 q
TRVThe Travelers Companies, Inc.	0.02%	201,045	$23M	trimmed−1%	0.00 pp	12 q
99998USDLiberty Global PLC Lilac - A	0.02%	581,570	$20M	trimmed0%	0.00 pp	3 q
AMGNAmgen Inc	0.01%	43,557	$7M	trimmed−7%	0.00 pp	12 q
BSXBoston Scientific Corp.	0.01%	427,430	$8M	trimmed−5%	0.00 pp	12 q
unresolvedCredit Suisse Group Spon ADR	0.01%	878,687	$12M	added+11%	−0.01 pp	12 q
DEODiageo plc	0.01%	79,674	$9M	trimmed−7%	0.00 pp	12 q
DISThe Walt Disney Company	0.01%	65,656	$7M	trimmed−1%	0.00 pp	12 q
XOMExxon Mobil Corp	0.01%	144,970	$12M	trimmed−1%	0.00 pp	12 q
HDHome Depot, Inc.	0.01%	92,555	$12M	trimmed−6%	0.00 pp	12 q
OXYOccidental Petroleum Corporation	0.01%	195,984	$13M	trimmed−1%	0.00 pp	12 q
PGProcter & Gamble Company	0.01%	151,863	$13M	trimmed−1%	0.00 pp	12 q
USBU.S. Bancorp	0.01%	156,734	$6M	trimmed−6%	0.00 pp	12 q
VMCVulcan Materials Company(Holding Company)	0.01%	111,555	$12M	trimmed−6%	0.00 pp	12 q
ABTAbbott Laboratories	0.00%	29,268	$1M	trimmed−3%	0.00 pp	12 q
ABBVAbbvie Inc.	0.00%	33,232	$2M	trimmed−0%	0.00 pp	12 q
APDAir Products & Chemicals, Inc.	0.00%	6,319	$910,000	added+4%	0.00 pp	12 q
ALXNAlexion Pharmaceuticals Inc	0.00%	1,820	$253,000	new	0.00 pp	new
ALLThe Allstate Corporation	0.00%	3,796	$256,000	held	—	12 q
MOAltria Group, Inc.	0.00%	23,800	$1M	held	—	12 q
AMZNAmazon.Com Inc	0.00%	890	$528,000	added+47%	0.00 pp	7 q
AMPAmeriprise Financial, Inc.	0.00%	3,182	$299,000	held	—	12 q
APCAnadarko Petroleum Corp	0.00%	8,424	$392,000	trimmed−5%	0.00 pp	12 q
AAPLApple Inc.	0.00%	24,401	$3M	added+3%	0.00 pp	12 q
BDXBecton, Dickinson and Co.	0.00%	14,930	$2M	added+1%	0.00 pp	12 q
BRK.ABerkshire Hathaway Inc.	0.00%	3	$640,000	trimmed−40%	0.00 pp	12 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	16,200	$2M	held	—	12 q
BLQADBlackrock Inc	0.00%	600	$204,000	new	0.00 pp	new
BMYBristol-Myers Squibb Co.	0.00%	73,458	$5M	trimmed−5%	−0.01 pp	12 q
unresolvedCsra Inc	0.00%	53,600	$1M	trimmed−14%	0.00 pp	2 q
CVSCvs Health Corporation	0.00%	2,630	$273,000	new	0.00 pp	new
unresolvedCalifornia Res Corp	0.00%	66,152	$68,000	added+27%	0.00 pp	6 q
KMXCarMax Inc.	0.00%	73,640	$4M	trimmed−4%	0.00 pp	12 q
CATCaterpillar Inc.	0.00%	57,548	$4M	trimmed−1%	0.00 pp	12 q
CCitigroup Inc.	0.00%	6,800	$284,000	trimmed−4%	0.00 pp	7 q
CTXSCitrix Systems Inc	0.00%	9,026	$709,000	held	—	12 q
KOCoca-Cola Company	0.00%	34,242	$2M	held	—	12 q
CLColgate-Palmolive Company	0.00%	14,421	$1M	added+3%	0.00 pp	12 q
unresolvedComputer Sciences Corp	0.00%	43,400	$1M	trimmed−28%	0.00 pp	12 q
COPConocoPhillips	0.00%	28,688	$1M	trimmed−2%	0.00 pp	12 q
DEDeere & Company	0.00%	26,816	$2M	trimmed−2%	0.00 pp	12 q
DDominion Energy, Inc	0.00%	5,012	$377,000	trimmed−2%	0.00 pp	12 q
UFSDOMTAR CORPORATION (New)	0.00%	6,200	$251,000	held	—	12 q
unresolvedDu Pont E I De Nemours & Co	0.00%	34,866	$2M	added+7%	0.00 pp	12 q
DUKDuke Energy Corporation	0.00%	14,295	$1M	trimmed−1%	0.00 pp	12 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$559,000	held	—	12 q
EPDEnterprise Products Partners L.P.	0.00%	12,000	$295,000	new	0.00 pp	new
EQIXEquinix, Inc.	0.00%	1,291	$427,000	held	—	5 q
METAMeta Platforms, Inc. Class A	0.00%	3,900	$445,000	new	0.00 pp	new
FLRFluor Corporation	0.00%	8,395	$451,000	held	—	12 q
GISGeneral Mills, Inc.	0.00%	11,692	$741,000	added+4%	0.00 pp	12 q
GPCGenuine Parts Company	0.00%	23,562	$2M	trimmed−0%	0.00 pp	12 q
GILDGilead Sciences Inc	0.00%	7,620	$700,000	added×2.0	0.00 pp	7 q
unresolvedGlaxosmithkline PLC	0.00%	81,262	$3M	trimmed−28%	0.00 pp	12 q
HSBCHSBC Holdings PLC	0.00%	11,255	$350,000	trimmed−20%	0.00 pp	12 q
HALHalliburton Company	0.00%	9,200	$329,000	held	—	12 q
HIGThe Hartford Insurance Group, Inc.	0.00%	5,140	$237,000	trimmed−27%	0.00 pp	7 q
HESHess Corporation	0.00%	4,106	$216,000	trimmed−7%	0.00 pp	12 q
HONHoneywell International, Inc.	0.00%	12,031	$1M	added+60%	0.00 pp	12 q
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF	0.00%	6,030	$716,000	new	0.00 pp	new
JNJJohnson & Johnson	0.00%	34,808	$4M	trimmed−2%	0.00 pp	12 q
unresolvedKkr & Co L P DEL	0.00%	23,000	$338,000	new	0.00 pp	new
KMBKimberly-Clark Corp.	0.00%	4,023	$541,000	held	—	12 q
PHGKoninklijke Philips N.v.	0.00%	45,750	$1M	trimmed−55%	0.00 pp	12 q
KHCThe Kraft Heinz Company	0.00%	3,946	$310,000	held	—	3 q
unresolvedLevel 3 Communications Inc	0.00%	4,778	$253,000	trimmed−39%	0.00 pp	7 q
unresolvedLiberty Interactive Corp	0.00%	21,045	$823,000	trimmed−4%	0.00 pp	6 q
LLYEli Lilly & Co.	0.00%	31,192	$2M	trimmed−1%	0.00 pp	12 q
LOWLowe's Companies Inc.	0.00%	7,310	$554,000	added+64%	0.00 pp	7 q
MMacy's Inc.	0.00%	10,000	$441,000	held	—	12 q
MRSHMarsh	0.00%	7,860	$478,000	held	—	7 q
MCDMcDonald's Corporation	0.00%	25,506	$3M	trimmed−7%	0.00 pp	12 q
unresolvedMcGraw Hill	0.00%	18,171	$2M	held	—	12 q
MCKMcKesson Corporation	0.00%	2,590	$407,000	new	0.00 pp	new
MDLZMondelez International, Inc. Class A	0.00%	11,840	$475,000	held	—	12 q
MCOMoody's Corporation	0.00%	3,300	$319,000	held	—	12 q
MSIMotorola Solutions, Inc. New	0.00%	66,596	$5M	held	—	12 q
NEENextEra Energy, Inc.	0.00%	11,030	$1M	added0%	0.00 pp	12 q
NSCNorfolk Southern Corp.	0.00%	6,497	$541,000	added+44%	0.00 pp	12 q
DNOWDNOW Inc.	0.00%	28,575	$506,000	trimmed−99%	−0.04 pp	8 q
NUENucor Corporation	0.00%	72,400	$3M	held	—	12 q
ORCLOracle Corp	0.00%	9,000	$368,000	new	0.00 pp	new
PNCPNC Financial Services Group	0.00%	20,800	$2M	trimmed−0%	0.00 pp	12 q
PPGPPG Industries, Inc.	0.00%	18,000	$2M	held	—	12 q
PHParker-Hannifin Corporation	0.00%	4,668	$519,000	held	—	12 q
PEPPepsiCo, Inc.	0.00%	6,339	$650,000	trimmed−13%	0.00 pp	12 q
PMPhilip Morris International Inc.	0.00%	19,900	$2M	held	—	12 q
PSXPhillips 66	0.00%	8,277	$717,000	added+5%	0.00 pp	12 q
QCOMQualcomm Inc	0.00%	5,430	$278,000	trimmed−32%	0.00 pp	7 q
RIORio Tinto plc	0.00%	15,800	$447,000	trimmed−5%	0.00 pp	12 q
NOWServicenow, Inc.	0.00%	6,525	$399,000	new	0.00 pp	new
SBUXStarbucks Corp	0.00%	6,400	$382,000	new	0.00 pp	new
STTState Street Corporation	0.00%	5,400	$316,000	trimmed−33%	0.00 pp	12 q
SYYSysco Corporation	0.00%	7,662	$358,000	new	0.00 pp	new
MMM3M Company	0.00%	22,791	$4M	trimmed−0%	0.00 pp	12 q
TIMETime Inc	0.00%	12,050	$186,000	trimmed−59%	0.00 pp	8 q
UAAUnder Armour, Inc.	0.00%	3,300	$280,000	held	—	7 q
unresolvedUnilever Spn.Adr 1:1	0.00%	110,406	$5M	trimmed−14%	−0.01 pp	12 q
UNUnilever N V -ny Shares	0.00%	63,447	$3M	trimmed−0%	0.00 pp	12 q
VFCV.F. Corporation	0.00%	3,291	$213,000	trimmed−4%	0.00 pp	12 q
VZVerizon Communications	0.00%	5,500	$297,000	held	—	12 q
VVISA Inc.	0.00%	8,880	$679,000	added+35%	0.00 pp	7 q
WBAWalgreens Boots Alliance, Inc	0.00%	8,579	$723,000	trimmed−6%	0.00 pp	6 q
unresolvedXerox Corp	0.00%	50,000	$558,000	trimmed−18%	0.00 pp	12 q
unresolvedYahoo Inc	0.00%	5,500	$202,000	trimmed−31%	0.00 pp	7 q
CBChubb Limited	0.00%	27,301	$3M	new	0.00 pp	new
unresolvedNew Oriental Ed & Tech Grp I	—	−7,520,300	—	exited	−0.23 pp	—
unresolvedChubb	—	−94,048	—	exited	−0.01 pp	—
CHLChina Mobile Limited	—	−3,870	—	exited	0.00 pp	—
LMLegg Mason, Inc.	—	−7,300	—	exited	0.00 pp	—
MSMorgan Stanley	—	−13,620	—	exited	0.00 pp	—