Dodge & Cox

Q2 2016 13F

As of: Jun 30, 2016
Filed: Aug 12, 2016
US stock: $101.3B · prev $102.2B
Positions: 175 · prev 191
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%

Moves165 since the prior filing

+4.6 pp in · −4.5 pp out

New 5 +2.70 pp
Added 39 +1.87 pp
Trimmed 100 +0.36 pp
Exited 21 −4.90 pp

The book

Diversified · behaves like 49 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions18% of US stock

SLB SLB Limited trimmed−0.25 pp trimmed−0.254.3%
HPE Hewlett Packard Enterprise Company trimmed+0.01 pp trimmed+0.013.9%
NVS Novartis AG trimmed+0.43 pp trimmed+0.433.6%
WFC Wells Fargo & Co. trimmed−0.05 pp trimmed−0.053.2%
COF Capital One Financial added−0.24 pp added−0.243.1%

Positions175 in this filing · 21 exited


SLBSLB Limited	4.27%	54,658,662	$4.3B	trimmed−13%	−0.25 pp	13 q
HPEHewlett Packard Enterprise Company	3.90%	216,321,878	$4.0B	trimmed−3%	+0.01 pp	3 q
NVSNovartis AG	3.62%	44,366,511	$3.7B	trimmed−2%	+0.43 pp	13 q
WFCWells Fargo & Co.	3.16%	67,648,371	$3.2B	trimmed−0%	−0.05 pp	13 q
COFCapital One Financial	3.09%	49,231,610	$3.1B	added0%	−0.24 pp	13 q
BACBank of America Corporation	2.91%	221,999,832	$2.9B	added+3%	+0.06 pp	13 q
CMCSAComcast Corp	2.77%	42,946,829	$2.8B	trimmed−2%	+0.16 pp	13 q
TWXTime Warner Inc	2.75%	37,841,768	$2.8B	trimmed−1%	+0.05 pp	13 q
MSFTMicrosoft Corp	2.60%	51,487,095	$2.6B	trimmed−3%	−0.26 pp	13 q
SCHWThe Charles Schwab Corporation	2.57%	102,931,469	$2.6B	trimmed−0%	−0.25 pp	13 q
CHTRCharter Comm Inc Del CL A New	2.56%	11,347,398	$2.6B	new	+2.56 pp	new
HPQHP Inc.	2.41%	194,550,860	$2.4B	trimmed−3%	0.00 pp	3 q
SNYSanofi	2.28%	55,155,913	$2.3B	added+3%	+0.18 pp	13 q
GSGoldman Sachs Group Inc.	2.20%	15,020,855	$2.2B	added+11%	+0.13 pp	13 q
GOOGAlphabet Inc. Class C	2.18%	3,183,725	$2.2B	trimmed−1%	−0.16 pp	9 q
BNYBank of New York Mellon Corporation	2.15%	55,928,092	$2.2B	added+3%	+0.20 pp	13 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.06%	14,739,539	$2.1B	trimmed−3%	+0.15 pp	13 q
unresolvedE M C Corp Mass	2.05%	76,298,392	$2.1B	trimmed−17%	−0.36 pp	11 q
WMTWalmart Inc.	2.04%	28,228,423	$2.1B	trimmed−7%	+0.01 pp	13 q
CSCOCisco Systems, Inc. (DE)	1.95%	68,738,446	$2.0B	trimmed−1%	+0.03 pp	8 q
unresolvedCigna Corporation	1.93%	15,282,616	$2.0B	added+13%	+0.11 pp	13 q
FDXFedEx Corporation	1.86%	12,390,568	$1.9B	added0%	−0.11 pp	13 q
JPMJPMorgan Chase & Co.	1.71%	27,832,599	$1.7B	added+5%	+0.18 pp	13 q
AXPAmerican Express Company	1.70%	28,248,637	$1.7B	added+7%	+0.12 pp	13 q
unresolvedExpress Scripts Hldg Co	1.62%	21,691,413	$1.6B	trimmed−2%	+0.14 pp	11 q
unresolvedTyco Intl PLC	1.61%	38,204,464	$1.6B	trimmed−7%	+0.14 pp	7 q
9990302DApache Corp	1.60%	29,097,064	$1.6B	trimmed−1%	+0.20 pp	13 q
0VQJLTe Connectivity Ltd	1.60%	28,455,613	$1.6B	trimmed−2%	−0.15 pp	13 q
METMetLife, Inc.	1.54%	39,133,326	$1.6B	added+26%	+0.21 pp	13 q
unresolvedBaker Hughes Inc.	1.50%	33,694,040	$1.5B	trimmed−1%	+0.04 pp	13 q
SYMCGen Digital Inc.	1.42%	70,042,025	$1.4B	trimmed−5%	+0.10 pp	13 q
MRKMerck & Co., Inc.	1.39%	24,372,814	$1.4B	trimmed−1%	+0.12 pp	13 q
UNPUnion Pacific Corp.	1.31%	15,188,949	$1.3B	added+24%	+0.36 pp	13 q
unresolvedTwenty First Centy Fox Inc	1.25%	46,920,031	$1.3B	added0%	−0.03 pp	13 q
PBR.APetroleo Brasileiro S.A.-Petrobras	1.12%	194,732,203	$1.1B	trimmed−1%	+0.24 pp	13 q
GLWCorning Incorporated	1.07%	53,116,905	$1.1B	trimmed−7%	−0.10 pp	13 q
NOVNOV Inc.	1.06%	31,881,470	$1.1B	added+20%	+0.25 pp	10 q
AZNNAstrazeneca Plc-spons ADR	0.97%	32,532,723	$982M	added+25%	+0.25 pp	3 q
BIDUBaidu, Inc.	0.90%	5,490,787	$907M	added+4%	−0.08 pp	13 q
NTAPNetApp, Inc	0.88%	36,281,441	$892M	added+1%	−0.08 pp	13 q
BBTTruist Financial Corporation	0.87%	24,726,502	$881M	trimmed−0%	+0.06 pp	13 q
unresolvedPriceline Grp Inc	0.83%	674,778	$842M	trimmed−1%	−0.03 pp	5 q
CECelanese Corporation	0.82%	12,666,629	$829M	trimmed−4%	−0.02 pp	13 q
JDJD.com, Inc.	0.82%	39,331,236	$835M	added+34%	+0.06 pp	3 q
unresolvedSprint Corporation	0.82%	184,335,741	$835M	trimmed−0%	+0.19 pp	12 q
TGTTarget Corporation	0.81%	11,757,005	$821M	added+13%	−0.03 pp	13 q
LBTYKLiberty Global Ltd. Class C	0.76%	26,981,147	$773M	added+20%	−0.07 pp	13 q
DISHDISH Network Corp.	0.73%	14,122,580	$740M	added0%	+0.09 pp	13 q
SNPSSynopsys Inc	0.73%	13,659,473	$739M	trimmed−6%	+0.05 pp	13 q
MXIMMaxim Integrated Products	0.72%	20,406,935	$728M	trimmed−6%	−0.06 pp	13 q
TVGrupo Televisa S.A.	0.71%	27,625,692	$719M	added0%	−0.03 pp	13 q
unresolvedCoach Inc	0.67%	16,736,280	$682M	trimmed−3%	−0.01 pp	13 q
VMWVMware, Inc	0.67%	11,890,635	$680M	added+30%	+0.20 pp	3 q
CXOConcho Resources Inc.	0.66%	5,604,950	$669M	trimmed−1%	+0.10 pp	4 q
DHRDanaher Corporation	0.66%	6,654,158	$672M	trimmed−10%	−0.02 pp	8 q
RDS.ARoyal Dutch Shell PLC	0.57%	10,459,227	$578M	trimmed−5%	+0.05 pp	13 q
MDTMedtronic plc	0.55%	6,452,264	$560M	trimmed−6%	+0.05 pp	6 q
unresolvedLiberty Interactive Corp	0.52%	20,735,573	$526M	trimmed−1%	0.00 pp	13 q
APCAnadarko Petroleum Corp	0.48%	9,212,463	$491M	added×1093.6	+0.48 pp	13 q
unresolvedUBS Group AG	0.47%	37,021,727	$479M	added+20%	−0.02 pp	3 q
LBTYALiberty Global Ltd. Class A	0.46%	15,989,587	$465M	added+5%	−0.11 pp	13 q
0WEWeatherford International plc	0.45%	81,192,317	$451M	added0%	−0.17 pp	8 q
unresolvedAegon NV	0.44%	110,757,413	$444M	added+3%	−0.14 pp	13 q
ELVElevance Health, Inc.	0.42%	3,205,245	$421M	trimmed−5%	−0.04 pp	7 q
HOGHarley-Davidson, Inc.	0.42%	9,425,983	$427M	added+1%	−0.05 pp	4 q
unresolvedTwenty First Centy Fox Inc	0.38%	14,239,300	$388M	added0%	−0.01 pp	4 q
CXCemex S.A.B. de C.V.	0.28%	45,899,590	$283M	trimmed−6%	−0.06 pp	13 q
GOOGLAlphabet Inc. Class A	0.26%	379,111	$267M	trimmed−18%	−0.09 pp	3 q
unresolvedAgrium Inc.	0.24%	2,665,183	$241M	trimmed−4%	0.00 pp	4 q
ALNYAlnylam Pharmaceuticals, Inc.	0.14%	2,516,669	$140M	new	+0.14 pp	new
HMCHonda Motor Co., Ltd.	0.14%	5,749,300	$146M	held	—	13 q
1LGEUSDLiberty Global PLC Lilac - C	0.13%	3,902,609	$127M	added×4.1	+0.09 pp	4 q
NWSANews Corporation Class A	0.09%	8,250,440	$94M	trimmed−1%	−0.01 pp	12 q
TMOThermo Fisher Scientific, Inc.	0.08%	526,642	$78M	trimmed−4%	0.00 pp	13 q
99998USDLiberty Global PLC Lilac - A	0.08%	2,527,589	$82M	added×4.3	+0.06 pp	4 q
CVXChevron Corporation	0.05%	514,311	$54M	trimmed−5%	0.00 pp	13 q
unresolvedGeneral Electric Co	0.05%	1,614,731	$51M	trimmed−12%	−0.01 pp	13 q
JNPJuniper Networks Inc	0.04%	1,877,139	$42M	trimmed−1%	−0.01 pp	7 q
CDNSCadence Design Systems	0.03%	1,194,535	$29M	trimmed−15%	0.00 pp	13 q
PFEPfizer Inc.	0.03%	830,581	$29M	trimmed−11%	0.00 pp	13 q
ADBEAdobe Inc.	0.02%	213,264	$20M	trimmed−15%	0.00 pp	13 q
unresolvedCredit Suisse Group Spon ADR	0.02%	1,424,729	$15M	added+62%	+0.01 pp	13 q
unresolvedDow Chemical Co	0.02%	419,382	$21M	trimmed−9%	0.00 pp	13 q
ERICEricsson	0.02%	2,216,336	$17M	added+3%	0.00 pp	13 q
unresolvedSunTrust Banks Inc	0.02%	557,099	$23M	trimmed−6%	0.00 pp	13 q
TRVThe Travelers Companies, Inc.	0.02%	197,333	$23M	trimmed−2%	0.00 pp	13 q
AMGNAmgen Inc	0.01%	41,257	$6M	trimmed−5%	0.00 pp	13 q
BSXBoston Scientific Corp.	0.01%	384,930	$9M	trimmed−10%	0.00 pp	13 q
BMYBristol-Myers Squibb Co.	0.01%	72,158	$5M	trimmed−2%	+0.01 pp	13 q
DEODiageo plc	0.01%	73,874	$8M	trimmed−7%	0.00 pp	13 q
DISThe Walt Disney Company	0.01%	67,656	$7M	added+3%	0.00 pp	13 q
EBAYeBay Inc	0.01%	562,313	$13M	trimmed−20%	−0.01 pp	13 q
XOMExxon Mobil Corp	0.01%	141,970	$13M	trimmed−2%	0.00 pp	13 q
HDHome Depot, Inc.	0.01%	86,555	$11M	trimmed−6%	0.00 pp	13 q
IBMInternational Business Machines Corporation	0.01%	99,556	$15M	trimmed−2%	−0.01 pp	13 q
OXYOccidental Petroleum Corporation	0.01%	190,184	$14M	trimmed−3%	0.00 pp	13 q
PYPLPayPal Holdings, Inc.	0.01%	248,563	$9M	trimmed−43%	−0.01 pp	4 q
PGProcter & Gamble Company	0.01%	151,563	$13M	trimmed−0%	0.00 pp	13 q
USBU.S. Bancorp	0.01%	155,934	$6M	trimmed−1%	0.00 pp	13 q
VMCVulcan Materials Company(Holding Company)	0.01%	100,405	$12M	trimmed−10%	0.00 pp	13 q
ABTAbbott Laboratories	0.00%	29,268	$1M	held	—	13 q
ABBVAbbvie Inc.	0.00%	33,232	$2M	held	—	13 q
APDAir Products & Chemicals, Inc.	0.00%	6,250	$888,000	trimmed−1%	0.00 pp	13 q
ALLThe Allstate Corporation	0.00%	3,796	$266,000	held	—	13 q
MOAltria Group, Inc.	0.00%	23,800	$2M	held	—	13 q
AMZNAmazon.Com Inc	0.00%	1,055	$755,000	added+19%	0.00 pp	8 q
AMPAmeriprise Financial, Inc.	0.00%	3,182	$286,000	held	—	13 q
AAPLApple Inc.	0.00%	25,654	$2M	added+5%	0.00 pp	13 q
BDXBecton, Dickinson and Co.	0.00%	13,830	$2M	trimmed−7%	0.00 pp	13 q
BRK.ABerkshire Hathaway Inc.	0.00%	3	$651,000	held	—	13 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	17,789	$3M	added+10%	0.00 pp	13 q
unresolvedCsra Inc	0.00%	48,500	$1M	trimmed−10%	0.00 pp	3 q
KMXCarMax Inc.	0.00%	65,540	$3M	trimmed−11%	0.00 pp	13 q
CATCaterpillar Inc.	0.00%	57,448	$4M	trimmed−0%	0.00 pp	13 q
CCitigroup Inc.	0.00%	5,450	$231,000	trimmed−20%	0.00 pp	8 q
CTXSCitrix Systems Inc	0.00%	8,226	$659,000	trimmed−9%	0.00 pp	13 q
KOCoca-Cola Company	0.00%	34,242	$2M	held	—	13 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	trimmed−3%	0.00 pp	13 q
unresolvedComputer Sciences Corp	0.00%	40,700	$2M	trimmed−6%	0.00 pp	13 q
COPConocoPhillips	0.00%	26,788	$1M	trimmed−7%	0.00 pp	13 q
DEDeere & Company	0.00%	26,766	$2M	trimmed−0%	0.00 pp	13 q
DDominion Energy, Inc	0.00%	5,012	$391,000	held	—	13 q
UFSDOMTAR CORPORATION (New)	0.00%	6,200	$217,000	held	—	13 q
unresolvedDu Pont E I De Nemours & Co	0.00%	32,556	$2M	trimmed−7%	0.00 pp	13 q
DUKDuke Energy Corporation	0.00%	12,979	$1M	trimmed−9%	0.00 pp	13 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$661,000	held	—	13 q
EQIXEquinix, Inc.	0.00%	904	$351,000	trimmed−30%	0.00 pp	6 q
FLRFluor Corporation	0.00%	7,195	$355,000	trimmed−14%	0.00 pp	13 q
GISGeneral Mills, Inc.	0.00%	11,200	$799,000	trimmed−4%	0.00 pp	13 q
GPCGenuine Parts Company	0.00%	21,962	$2M	trimmed−7%	0.00 pp	13 q
GILDGilead Sciences Inc	0.00%	3,750	$313,000	trimmed−51%	0.00 pp	8 q
unresolvedGlaxosmithkline PLC	0.00%	44,262	$2M	trimmed−46%	0.00 pp	13 q
HALHalliburton Company	0.00%	9,200	$417,000	held	—	13 q
HIGThe Hartford Insurance Group, Inc.	0.00%	5,140	$228,000	held	—	8 q
HESHess Corporation	0.00%	4,106	$247,000	held	—	13 q
HONHoneywell International, Inc.	0.00%	7,531	$876,000	trimmed−37%	0.00 pp	13 q
JNJJohnson & Johnson	0.00%	35,185	$4M	added+1%	0.00 pp	13 q
KMBKimberly-Clark Corp.	0.00%	4,023	$553,000	held	—	13 q
PHGKoninklijke Philips N.v.	0.00%	34,850	$869,000	trimmed−26%	0.00 pp	13 q
KHCThe Kraft Heinz Company	0.00%	3,946	$349,000	held	—	4 q
unresolvedLevel 3 Communications Inc	0.00%	4,778	$246,000	held	—	8 q
unresolvedLiberty Interactive Corp	0.00%	19,837	$735,000	trimmed−6%	0.00 pp	7 q
LLYEli Lilly & Co.	0.00%	29,332	$2M	trimmed−6%	0.00 pp	13 q
LOWLowe's Companies Inc.	0.00%	4,910	$389,000	trimmed−33%	0.00 pp	8 q
MMacy's Inc.	0.00%	10,000	$336,000	held	—	13 q
MRSHMarsh	0.00%	5,360	$367,000	trimmed−32%	0.00 pp	8 q
MCDMcDonald's Corporation	0.00%	24,656	$3M	trimmed−3%	0.00 pp	13 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$539,000	held	—	13 q
MCOMoody's Corporation	0.00%	3,300	$309,000	held	—	13 q
MSIMotorola Solutions, Inc. New	0.00%	66,596	$4M	held	—	13 q
NEENextEra Energy, Inc.	0.00%	10,676	$1M	trimmed−3%	0.00 pp	13 q
NSCNorfolk Southern Corp.	0.00%	5,497	$468,000	trimmed−15%	0.00 pp	13 q
NUENucor Corporation	0.00%	72,400	$4M	held	—	13 q
PNCPNC Financial Services Group	0.00%	20,800	$2M	held	—	13 q
PPGPPG Industries, Inc.	0.00%	18,000	$2M	held	—	13 q
PHParker-Hannifin Corporation	0.00%	4,668	$504,000	held	—	13 q
PEPPepsiCo, Inc.	0.00%	6,245	$662,000	trimmed−1%	0.00 pp	13 q
PMPhilip Morris International Inc.	0.00%	19,900	$2M	held	—	13 q
PSXPhillips 66	0.00%	7,677	$609,000	trimmed−7%	0.00 pp	13 q
QCOMQualcomm Inc	0.00%	5,430	$291,000	held	—	8 q
RIORio Tinto plc	0.00%	15,000	$470,000	trimmed−5%	0.00 pp	13 q
SPGIS&P Global Inc.	0.00%	18,171	$2M	new	0.00 pp	new
SRESempra	0.00%	1,915	$218,000	new	0.00 pp	new
STTState Street Corporation	0.00%	4,900	$264,000	trimmed−9%	0.00 pp	13 q
MMM3M Company	0.00%	22,741	$4M	trimmed−0%	0.00 pp	13 q
unresolvedUnilever Spn.Adr 1:1	0.00%	68,100	$3M	trimmed−38%	0.00 pp	13 q
UNUnilever N V -ny Shares	0.00%	61,547	$3M	trimmed−3%	0.00 pp	13 q
UTXZRTX Corporation	0.00%	2,746	$282,000	new	0.00 pp	new
VFCV.F. Corporation	0.00%	3,291	$202,000	held	—	13 q
VZVerizon Communications	0.00%	5,500	$307,000	held	—	13 q
VVISA Inc.	0.00%	9,580	$711,000	added+8%	0.00 pp	8 q
WBAWalgreens Boots Alliance, Inc	0.00%	8,579	$714,000	held	—	7 q
unresolvedXerox Corp	0.00%	23,000	$218,000	trimmed−54%	0.00 pp	13 q
unresolvedYahoo Inc	0.00%	5,500	$207,000	held	—	8 q
CBChubb Limited	0.00%	17,846	$2M	trimmed−35%	0.00 pp	2 q
unresolvedTime Warner Cable Inc	—	−18,227,262	—	exited	−3.65 pp	—
unresolvedThe Adt Corporation	—	−20,426,715	—	exited	−0.82 pp	—
TECKTeck Resources Limited	—	−58,085,503	—	exited	−0.43 pp	—
ALXNAlexion Pharmaceuticals Inc	—	−1,820	—	exited	0.00 pp	—
BLQADBlackrock Inc	—	−600	—	exited	0.00 pp	—
CVSCvs Health Corporation	—	−2,630	—	exited	0.00 pp	—
unresolvedCalifornia Res Corp	—	−66,152	—	exited	0.00 pp	—
EPDEnterprise Products Partners L.P.	—	−12,000	—	exited	0.00 pp	—
METAMeta Platforms, Inc. Class A	—	−3,900	—	exited	0.00 pp	—
HSBCHSBC Holdings PLC	—	−11,255	—	exited	0.00 pp	—
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF	—	−6,030	—	exited	0.00 pp	—
unresolvedKkr & Co L P DEL	—	−23,000	—	exited	0.00 pp	—
unresolvedMcGraw Hill	—	−18,171	—	exited	0.00 pp	—
MCKMcKesson Corporation	—	−2,590	—	exited	0.00 pp	—
DNOWDNOW Inc.	—	−28,575	—	exited	0.00 pp	—
ORCLOracle Corp	—	−9,000	—	exited	0.00 pp	—
NOWServicenow, Inc.	—	−6,525	—	exited	0.00 pp	—
SBUXStarbucks Corp	—	−6,400	—	exited	0.00 pp	—
SYYSysco Corporation	—	−7,662	—	exited	0.00 pp	—
TIMETime Inc	—	−12,050	—	exited	0.00 pp	—
UAAUnder Armour, Inc.	—	−6,600	—	exited	0.00 pp	—