Dodge & Cox

Q3 2016 13F

As of: Sep 30, 2016
Filed: Nov 14, 2016
US stock: $106.4B · prev $101.3B
Positions: 176 · prev 175
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%

Moves118 since the prior filing

+6.2 pp in · −6.2 pp out

New 5 +2.51 pp
Added 23 +3.66 pp
Trimmed 86 −2.50 pp
Exited 4 −3.66 pp

The book

Diversified · behaves like 49 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.6 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions176 in this filing · 4 exited


HPEHewlett Packard Enterprise Company	4.52%	211,469,572	$4.8B	trimmed−2%	+0.62 pp	4 q
SLBSLB Limited	3.69%	49,997,984	$3.9B	trimmed−9%	−0.58 pp	14 q
BACBank of America Corporation	3.36%	228,153,359	$3.6B	added+3%	+0.45 pp	14 q
COFCapital One Financial	3.33%	49,306,476	$3.5B	added0%	+0.24 pp	14 q
NVSNovartis AG	3.23%	43,581,886	$3.4B	trimmed−2%	−0.39 pp	14 q
SCHWThe Charles Schwab Corporation	3.02%	101,788,384	$3.2B	trimmed−1%	+0.45 pp	14 q
WFCWells Fargo & Co.	2.80%	67,255,750	$3.0B	trimmed−1%	−0.36 pp	14 q
CHTRCharter Comm Inc Del CL A New	2.76%	10,898,490	$2.9B	trimmed−4%	+0.20 pp	2 q
TWXTime Warner Inc	2.74%	36,666,411	$2.9B	trimmed−3%	−0.01 pp	14 q
CMCSAComcast Corp	2.57%	41,241,033	$2.7B	trimmed−4%	−0.20 pp	14 q
HPQHP Inc.	2.47%	169,156,699	$2.6B	trimmed−13%	+0.06 pp	4 q
MSFTMicrosoft Corp	2.41%	44,449,176	$2.6B	trimmed−14%	−0.19 pp	14 q
GSGoldman Sachs Group Inc.	2.32%	15,287,200	$2.5B	added+2%	+0.12 pp	14 q
GOOGAlphabet Inc. Class C	2.28%	3,116,627	$2.4B	trimmed−2%	+0.10 pp	10 q
SNYSanofi	2.13%	59,267,298	$2.3B	added+7%	−0.15 pp	14 q
BNYBank of New York Mellon Corporation	2.12%	56,537,289	$2.3B	added+1%	−0.03 pp	14 q
CSCOCisco Systems, Inc. (DE)	1.99%	66,632,428	$2.1B	trimmed−3%	+0.04 pp	9 q
FDXFedEx Corporation	1.97%	12,010,834	$2.1B	trimmed−3%	+0.11 pp	14 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.80%	13,677,691	$1.9B	trimmed−7%	−0.26 pp	14 q
JPMJPMorgan Chase & Co.	1.78%	28,520,669	$1.9B	added+2%	+0.07 pp	14 q
unresolvedCigna Corporation	1.77%	14,448,844	$1.9B	trimmed−5%	−0.16 pp	14 q
AXPAmerican Express Company	1.76%	29,219,762	$1.9B	added+3%	+0.06 pp	14 q
9990302DApache Corp	1.75%	29,142,376	$1.9B	added0%	+0.15 pp	14 q
METMetLife, Inc.	1.71%	41,052,181	$1.8B	added+5%	+0.17 pp	14 q
0VQJLTe Connectivity Ltd	1.70%	28,169,629	$1.8B	trimmed−1%	+0.10 pp	14 q
unresolvedBaker Hughes Inc.	1.58%	33,243,542	$1.7B	trimmed−1%	+0.08 pp	14 q
unresolvedTwenty First Centy Fox Inc	1.57%	69,186,779	$1.7B	added+47%	+0.32 pp	14 q
WMTWalmart Inc.	1.55%	22,893,958	$1.7B	trimmed−19%	−0.49 pp	14 q
JCIJohnson Controls International plc	1.44%	32,979,554	$1.5B	new	+1.44 pp	new
unresolvedExpress Scripts Hldg Co	1.42%	21,410,369	$1.5B	trimmed−1%	−0.20 pp	12 q
APCAnadarko Petroleum Corp	1.37%	22,936,298	$1.5B	added×2.5	+0.89 pp	14 q
UNPUnion Pacific Corp.	1.32%	14,410,139	$1.4B	trimmed−5%	+0.01 pp	14 q
AZNNAstrazeneca Plc-spons ADR	1.30%	42,189,973	$1.4B	added+30%	+0.33 pp	4 q
NTAPNetApp, Inc	1.13%	33,565,047	$1.2B	trimmed−7%	+0.25 pp	14 q
unresolvedSprint Corporation	1.13%	181,353,094	$1.2B	trimmed−2%	+0.31 pp	13 q
unresolvedPriceline Grp Inc	1.12%	807,358	$1.2B	added+20%	+0.29 pp	6 q
NOVNOV Inc.	1.09%	31,554,488	$1.2B	trimmed−1%	+0.03 pp	11 q
JDJD.com, Inc.	1.08%	43,855,936	$1.1B	added+12%	+0.26 pp	4 q
MRKMerck & Co., Inc.	1.07%	18,327,311	$1.1B	trimmed−25%	−0.32 pp	14 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.98%	126,005,803	$1.0B	trimmed−35%	−0.14 pp	14 q
BIDUBaidu, Inc.	0.96%	5,624,887	$1.0B	added+2%	+0.06 pp	14 q
SYMCGen Digital Inc.	0.92%	38,905,167	$977M	trimmed−44%	−0.50 pp	14 q
BBTTruist Financial Corporation	0.85%	24,005,503	$905M	trimmed−3%	−0.02 pp	14 q
CECelanese Corporation	0.85%	13,585,809	$904M	added+7%	+0.03 pp	14 q
LBTYKLiberty Global Ltd. Class C	0.84%	26,964,047	$891M	trimmed−0%	+0.08 pp	14 q
GLWCorning Incorporated	0.81%	36,466,267	$862M	trimmed−31%	−0.26 pp	14 q
VMWVMware, Inc	0.80%	11,670,085	$856M	trimmed−2%	+0.13 pp	4 q
TVGrupo Televisa S.A.	0.79%	32,906,392	$845M	added+19%	+0.08 pp	14 q
TGTTarget Corporation	0.74%	11,472,510	$788M	trimmed−2%	−0.07 pp	14 q
MXIMMaxim Integrated Products	0.73%	19,437,788	$776M	trimmed−5%	+0.01 pp	14 q
CXOConcho Resources Inc.	0.72%	5,539,800	$761M	trimmed−1%	+0.06 pp	5 q
DISHDISH Network Corp.	0.72%	13,967,119	$765M	trimmed−1%	−0.01 pp	14 q
SNPSSynopsys Inc	0.70%	12,518,161	$743M	trimmed−8%	−0.03 pp	14 q
unresolvedUBS Group AG	0.59%	46,366,527	$631M	added+25%	+0.12 pp	4 q
SUSuncor Energy, Inc.	0.54%	20,642,700	$573M	new	+0.54 pp	new
unresolvedCoach Inc	0.53%	15,435,475	$564M	trimmed−8%	−0.14 pp	14 q
LBTYALiberty Global Ltd. Class A	0.51%	15,990,987	$547M	added0%	+0.05 pp	14 q
unresolvedDell Technologies Inc	0.49%	10,811,775	$517M	new	+0.49 pp	new
HOGHarley-Davidson, Inc.	0.45%	9,069,783	$477M	trimmed−4%	+0.03 pp	5 q
MDTMedtronic plc	0.45%	5,584,858	$483M	trimmed−13%	−0.10 pp	7 q
0WEWeatherford International plc	0.44%	83,256,967	$468M	added+3%	−0.01 pp	9 q
RDS.ARoyal Dutch Shell PLC	0.43%	9,189,023	$460M	trimmed−12%	−0.14 pp	14 q
DHRDanaher Corporation	0.42%	5,715,408	$448M	trimmed−14%	−0.24 pp	9 q
unresolvedAegon NV	0.40%	111,413,650	$430M	added+1%	−0.04 pp	14 q
unresolvedLiberty Interactive Corp	0.38%	20,180,827	$404M	trimmed−3%	−0.14 pp	14 q
ELVElevance Health, Inc.	0.37%	3,111,405	$390M	trimmed−3%	−0.05 pp	8 q
ALNYAlnylam Pharmaceuticals, Inc.	0.34%	5,276,068	$358M	added×2.1	+0.20 pp	2 q
unresolvedTwenty First Centy Fox Inc	0.33%	14,092,800	$349M	trimmed−1%	−0.05 pp	5 q
GOOGLAlphabet Inc. Class A	0.27%	358,042	$288M	trimmed−6%	+0.01 pp	4 q
CXCemex S.A.B. de C.V.	0.27%	35,521,790	$282M	trimmed−23%	−0.01 pp	14 q
unresolvedAgrium Inc.	0.23%	2,665,183	$242M	held	—	5 q
HMCHonda Motor Co., Ltd.	0.16%	5,749,300	$166M	held	—	14 q
NWSANews Corporation Class A	0.10%	7,563,374	$106M	trimmed−8%	+0.01 pp	13 q
1LGEUSDLiberty Global PLC Lilac - C	0.10%	3,896,809	$109M	trimmed−0%	−0.03 pp	5 q
99998USDLiberty Global PLC Lilac - A	0.07%	2,527,589	$70M	held	—	5 q
CVXChevron Corporation	0.05%	510,026	$52M	trimmed−1%	0.00 pp	14 q
unresolvedGeneral Electric Co	0.04%	1,563,781	$46M	trimmed−3%	−0.01 pp	14 q
ITUBItau Unibanco Holding S.A.	0.04%	4,051,561	$44M	new	+0.04 pp	new
JNPJuniper Networks Inc	0.04%	1,791,239	$43M	trimmed−5%	0.00 pp	8 q
CDNSCadence Design Systems	0.03%	1,166,443	$30M	trimmed−2%	0.00 pp	14 q
ADBEAdobe Inc.	0.02%	205,964	$22M	trimmed−3%	0.00 pp	14 q
unresolvedDow Chemical Co	0.02%	411,442	$21M	trimmed−2%	0.00 pp	14 q
EBAYeBay Inc	0.02%	511,213	$17M	trimmed−9%	+0.01 pp	14 q
ERICEricsson	0.02%	2,360,685	$17M	added+7%	0.00 pp	14 q
PFEPfizer Inc.	0.02%	773,142	$26M	trimmed−7%	−0.01 pp	14 q
unresolvedSunTrust Banks Inc	0.02%	542,599	$24M	trimmed−3%	0.00 pp	14 q
TRVThe Travelers Companies, Inc.	0.02%	195,583	$22M	trimmed−1%	0.00 pp	14 q
AMGNAmgen Inc	0.01%	40,157	$7M	trimmed−3%	0.00 pp	14 q
BSXBoston Scientific Corp.	0.01%	382,130	$9M	trimmed−1%	0.00 pp	14 q
unresolvedCredit Suisse Group Spon ADR	0.01%	1,202,216	$16M	trimmed−16%	−0.01 pp	14 q
DEODiageo plc	0.01%	73,874	$9M	held	—	14 q
DISThe Walt Disney Company	0.01%	66,956	$6M	trimmed−1%	0.00 pp	14 q
XOMExxon Mobil Corp	0.01%	140,870	$12M	trimmed−1%	0.00 pp	14 q
HDHome Depot, Inc.	0.01%	86,115	$11M	trimmed−1%	0.00 pp	14 q
IBMInternational Business Machines Corporation	0.01%	98,956	$16M	trimmed−1%	0.00 pp	14 q
OXYOccidental Petroleum Corporation	0.01%	189,284	$14M	trimmed−0%	0.00 pp	14 q
PYPLPayPal Holdings, Inc.	0.01%	216,163	$9M	trimmed−13%	0.00 pp	5 q
PGProcter & Gamble Company	0.01%	151,223	$14M	trimmed−0%	0.00 pp	14 q
TMOThermo Fisher Scientific, Inc.	0.01%	67,602	$11M	trimmed−87%	−0.07 pp	14 q
USBU.S. Bancorp	0.01%	153,734	$7M	trimmed−1%	0.00 pp	14 q
VMCVulcan Materials Company(Holding Company)	0.01%	100,405	$11M	held	—	14 q
ABTAbbott Laboratories	0.00%	29,268	$1M	held	—	14 q
ABBVAbbvie Inc.	0.00%	33,232	$2M	held	—	14 q
APDAir Products & Chemicals, Inc.	0.00%	6,250	$940,000	held	—	14 q
ALLThe Allstate Corporation	0.00%	3,796	$263,000	held	—	14 q
MOAltria Group, Inc.	0.00%	23,800	$2M	held	—	14 q
AMZNAmazon.Com Inc	0.00%	1,055	$883,000	held	—	9 q
AMPAmeriprise Financial, Inc.	0.00%	3,182	$317,000	held	—	14 q
AAPLApple Inc.	0.00%	25,654	$3M	held	—	14 q
BDXBecton, Dickinson and Co.	0.00%	13,830	$2M	held	—	14 q
BRK.ABerkshire Hathaway Inc.	0.00%	3	$649,000	held	—	14 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	17,789	$3M	held	—	14 q
BMYBristol-Myers Squibb Co.	0.00%	71,958	$4M	trimmed−0%	−0.01 pp	14 q
unresolvedCsra Inc	0.00%	43,400	$1M	trimmed−11%	0.00 pp	4 q
KMXCarMax Inc.	0.00%	64,040	$3M	trimmed−2%	0.00 pp	14 q
CATCaterpillar Inc.	0.00%	57,448	$5M	held	—	14 q
CCitigroup Inc.	0.00%	5,450	$257,000	held	—	9 q
CTXSCitrix Systems Inc	0.00%	8,226	$701,000	held	—	14 q
KOCoca-Cola Company	0.00%	34,242	$1M	held	—	14 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	14 q
unresolvedComputer Sciences Corp	0.00%	40,700	$2M	held	—	14 q
COPConocoPhillips	0.00%	26,788	$1M	held	—	14 q
DEDeere & Company	0.00%	26,766	$2M	held	—	14 q
DDominion Energy, Inc	0.00%	5,012	$372,000	held	—	14 q
UFSDOMTAR CORPORATION (New)	0.00%	6,200	$230,000	held	—	14 q
unresolvedDu Pont E I De Nemours & Co	0.00%	31,356	$2M	trimmed−4%	0.00 pp	14 q
DUKDuke Energy Corporation	0.00%	12,979	$1M	held	—	14 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$741,000	held	—	14 q
EQIXEquinix, Inc.	0.00%	904	$326,000	held	—	7 q
FLRFluor Corporation	0.00%	7,195	$369,000	held	—	14 q
GISGeneral Mills, Inc.	0.00%	11,200	$715,000	held	—	14 q
GPCGenuine Parts Company	0.00%	21,962	$2M	held	—	14 q
GILDGilead Sciences Inc	0.00%	3,750	$297,000	held	—	9 q
unresolvedGlaxosmithkline PLC	0.00%	41,962	$2M	trimmed−5%	0.00 pp	14 q
HALHalliburton Company	0.00%	9,200	$413,000	held	—	14 q
HIGThe Hartford Insurance Group, Inc.	0.00%	5,140	$220,000	held	—	9 q
HESHess Corporation	0.00%	4,106	$220,000	held	—	14 q
HONHoneywell International, Inc.	0.00%	7,531	$878,000	held	—	14 q
JNJJohnson & Johnson	0.00%	34,985	$4M	trimmed−1%	0.00 pp	14 q
KMBKimberly-Clark Corp.	0.00%	4,023	$507,000	held	—	14 q
PHGKoninklijke Philips N.v.	0.00%	29,350	$868,000	trimmed−16%	0.00 pp	14 q
KHCThe Kraft Heinz Company	0.00%	3,946	$353,000	held	—	5 q
unresolvedLevel 3 Communications Inc	0.00%	4,778	$222,000	held	—	9 q
unresolvedLiberty Interactive Corp	0.00%	19,837	$791,000	held	—	8 q
LLYEli Lilly & Co.	0.00%	29,332	$2M	held	—	14 q
LOWLowe's Companies Inc.	0.00%	4,910	$355,000	held	—	9 q
MMacy's Inc.	0.00%	10,000	$370,000	held	—	14 q
MRSHMarsh	0.00%	5,360	$360,000	held	—	9 q
MCDMcDonald's Corporation	0.00%	24,656	$3M	held	—	14 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$520,000	held	—	14 q
MCOMoody's Corporation	0.00%	3,300	$357,000	held	—	14 q
MSMorgan Stanley	0.00%	6,300	$202,000	new	0.00 pp	new
MSIMotorola Solutions, Inc. New	0.00%	66,596	$5M	held	—	14 q
NEENextEra Energy, Inc.	0.00%	10,076	$1M	trimmed−6%	0.00 pp	14 q
NSCNorfolk Southern Corp.	0.00%	5,497	$534,000	held	—	14 q
NUENucor Corporation	0.00%	72,400	$4M	held	—	14 q
PNCPNC Financial Services Group	0.00%	20,800	$2M	held	—	14 q
PPGPPG Industries, Inc.	0.00%	18,000	$2M	held	—	14 q
PHParker-Hannifin Corporation	0.00%	4,618	$580,000	trimmed−1%	0.00 pp	14 q
PEPPepsiCo, Inc.	0.00%	5,245	$570,000	trimmed−16%	0.00 pp	14 q
PMPhilip Morris International Inc.	0.00%	19,900	$2M	held	—	14 q
PSXPhillips 66	0.00%	7,677	$618,000	held	—	14 q
QCOMQualcomm Inc	0.00%	5,430	$372,000	held	—	9 q
RIORio Tinto plc	0.00%	15,000	$501,000	held	—	14 q
SPGIS&P Global Inc.	0.00%	18,171	$2M	held	—	2 q
STTState Street Corporation	0.00%	4,900	$341,000	held	—	14 q
MMM3M Company	0.00%	22,579	$4M	trimmed−1%	0.00 pp	14 q
unresolvedUnilever Spn.Adr 1:1	0.00%	60,400	$3M	trimmed−11%	0.00 pp	14 q
UNUnilever N V -ny Shares	0.00%	60,147	$3M	trimmed−2%	0.00 pp	14 q
UTXZRTX Corporation	0.00%	2,321	$236,000	trimmed−15%	0.00 pp	2 q
VZVerizon Communications	0.00%	5,500	$286,000	held	—	14 q
VVISA Inc.	0.00%	9,080	$751,000	trimmed−5%	0.00 pp	9 q
WBAWalgreens Boots Alliance, Inc	0.00%	8,579	$692,000	held	—	8 q
unresolvedXerox Corp	0.00%	17,000	$172,000	trimmed−26%	0.00 pp	14 q
unresolvedYahoo Inc	0.00%	5,500	$237,000	held	—	9 q
CBChubb Limited	0.00%	15,418	$2M	trimmed−14%	0.00 pp	3 q
unresolvedE M C Corp Mass	—	−76,298,392	—	exited	−2.05 pp	—
unresolvedTyco Intl PLC	—	−38,204,464	—	exited	−1.61 pp	—
SRESempra	—	−1,915	—	exited	0.00 pp	—
VFCV.F. Corporation	—	−3,291	—	exited	0.00 pp	—