Dodge & Cox

Q2 2017 13F

As of: Jun 30, 2017
Filed: Aug 11, 2017
US stock: $118.6B · prev $117.7B
Positions: 179 · prev 178
Options notional: $0
Documents: 1· no amendments

Picture99.0% US stock

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

US stock listed on a US exchange 99.0%
Foreign stock not listed in the US 1.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves150 since the prior filing

+2.7 pp in · −2.7 pp out

New 6 +0.93 pp
Added 26 +1.80 pp
Trimmed 113 −2.55 pp
Exited 5 −0.13 pp

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.2 years per position

Low
Moderate
High

Top 5 positions17% of US stock

NVS Novartis AG trimmed+0.34 pp trimmed+0.343.5%
BAC Bank of America Corporation trimmed−0.23 pp trimmed−0.233.5%
SCHW The Charles Schwab Corporation trimmed+0.12 pp trimmed+0.123.4%
HPE Hewlett Packard Enterprise Company added−0.94 pp added−0.943.3%
WFC Wells Fargo & Co. trimmed−0.06 pp trimmed−0.063.3%

Positions179 in this filing · 5 exited


NVSNovartis AG	3.53%	50,143,509	$4.2B	trimmed−1%	+0.34 pp	17 q
BACBank of America Corporation	3.49%	170,593,039	$4.1B	trimmed−8%	−0.23 pp	17 q
SCHWThe Charles Schwab Corporation	3.43%	94,777,563	$4.1B	trimmed−1%	+0.12 pp	17 q
HPEHewlett Packard Enterprise Company	3.34%	238,615,401	$4.0B	added+12%	−0.94 pp	7 q
WFCWells Fargo & Co.	3.31%	70,845,441	$3.9B	trimmed−0%	−0.06 pp	17 q
COFCapital One Financial	3.09%	44,371,017	$3.7B	trimmed−0%	−0.19 pp	17 q
CHTRCharter Comm Inc Del CL A New	2.80%	9,848,231	$3.3B	trimmed−4%	−0.04 pp	5 q
SLBSLB Limited	2.68%	48,271,463	$3.2B	added+13%	−0.16 pp	17 q
GSGoldman Sachs Group Inc.	2.60%	13,908,167	$3.1B	trimmed−1%	−0.13 pp	17 q
TWXTime Warner Inc	2.56%	30,237,925	$3.0B	trimmed−5%	−0.07 pp	17 q
SNYSanofi	2.53%	62,683,955	$3.0B	trimmed−8%	−0.08 pp	17 q
GOOGAlphabet Inc. Class C	2.50%	3,259,488	$3.0B	added+1%	+0.22 pp	13 q
CMCSAComcast Corp	2.45%	74,508,135	$2.9B	trimmed−1%	+0.04 pp	17 q
MSFTMicrosoft Corp	2.38%	40,957,925	$2.8B	trimmed−3%	+0.02 pp	17 q
JCIJohnson Controls International plc	2.12%	57,851,274	$2.5B	added+83%	+0.99 pp	4 q
FDXFedEx Corporation	2.09%	11,377,092	$2.5B	trimmed−1%	+0.18 pp	17 q
JPMJPMorgan Chase & Co.	2.01%	26,105,040	$2.4B	trimmed−1%	+0.04 pp	17 q
AXPAmerican Express Company	1.97%	27,714,370	$2.3B	trimmed−1%	+0.09 pp	17 q
unresolvedCigna Corporation	1.96%	13,909,629	$2.3B	trimmed−3%	+0.17 pp	17 q
unresolvedExpress Scripts Hldg Co	1.95%	36,188,517	$2.3B	added+26%	+0.34 pp	15 q
BNYBank of New York Mellon Corporation	1.91%	44,390,531	$2.3B	trimmed−1%	+0.10 pp	17 q
METMetLife, Inc.	1.88%	40,636,461	$2.2B	trimmed−0%	+0.05 pp	17 q
0VQJLTe Connectivity Ltd	1.80%	27,179,182	$2.1B	trimmed−1%	+0.07 pp	17 q
HPQHP Inc.	1.72%	116,747,562	$2.0B	trimmed−1%	−0.07 pp	7 q
CSCOCisco Systems, Inc. (DE)	1.69%	64,126,413	$2.0B	trimmed−1%	−0.16 pp	12 q
AZNNAstrazeneca Plc-spons ADR	1.63%	56,669,449	$1.9B	trimmed−0%	+0.12 pp	7 q
unresolvedTwenty First Centy Fox Inc	1.63%	68,166,289	$1.9B	trimmed−0%	−0.25 pp	17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.57%	10,070,308	$1.9B	trimmed−1%	+0.16 pp	17 q
BMYBristol-Myers Squibb Co.	1.39%	29,579,461	$1.6B	added+2%	+0.04 pp	17 q
WMTWalmart Inc.	1.36%	21,249,526	$1.6B	trimmed−1%	+0.05 pp	17 q
APCAnadarko Petroleum Corp	1.25%	32,794,208	$1.5B	added+44%	+0.05 pp	17 q
UNPUnion Pacific Corp.	1.24%	13,482,029	$1.5B	trimmed−1%	+0.01 pp	17 q
unresolvedPriceline Grp Inc	1.23%	776,833	$1.5B	trimmed−5%	−0.01 pp	9 q
9990302DApache Corp	1.21%	29,922,731	$1.4B	added+4%	−0.05 pp	17 q
unresolvedSprint Corporation	1.19%	171,472,536	$1.4B	trimmed−2%	−0.10 pp	16 q
unresolvedBaker Hughes Inc.	1.09%	23,820,739	$1.3B	trimmed−2%	−0.14 pp	17 q
JDJD.com, Inc.	1.08%	32,714,191	$1.3B	trimmed−20%	0.00 pp	7 q
unresolvedUBS Group AG	0.99%	69,617,427	$1.2B	added+11%	+0.14 pp	7 q
CECelanese Corporation	0.94%	11,757,179	$1.1B	trimmed−9%	−0.04 pp	17 q
SUSuncor Energy, Inc.	0.91%	36,821,800	$1.1B	added+8%	+0.02 pp	4 q
TGTTarget Corporation	0.88%	20,025,223	$1.0B	added+83%	+0.37 pp	17 q
DXCDXC Technology Company	0.87%	13,459,431	$1.0B	new	+0.87 pp	new
NOVNOV Inc.	0.87%	31,339,689	$1.0B	trimmed−0%	−0.20 pp	14 q
MDTMedtronic plc	0.87%	11,583,871	$1.0B	trimmed−5%	+0.03 pp	10 q
BIDUBaidu, Inc.	0.86%	5,679,287	$1.0B	added0%	+0.03 pp	17 q
DISHDISH Network Corp.	0.86%	16,181,380	$1.0B	trimmed−0%	−0.01 pp	17 q
LBTYKLiberty Global Ltd. Class C	0.85%	32,306,221	$1.0B	added+12%	−0.01 pp	17 q
TVGrupo Televisa S.A.	0.83%	40,308,617	$982M	added+6%	−0.01 pp	17 q
BBTTruist Financial Corporation	0.79%	20,714,919	$941M	trimmed−1%	−0.01 pp	17 q
MRKMerck & Co., Inc.	0.73%	13,557,699	$869M	trimmed−1%	−0.01 pp	17 q
MXIMMaxim Integrated Products	0.70%	18,519,734	$832M	trimmed−2%	−0.02 pp	17 q
VMWVMware, Inc	0.66%	9,009,171	$788M	trimmed−2%	−0.06 pp	7 q
ALNYAlnylam Pharmaceuticals, Inc.	0.62%	9,185,820	$733M	trimmed−2%	+0.21 pp	5 q
unresolvedCoach Inc	0.60%	15,021,982	$711M	trimmed−1%	+0.07 pp	17 q
unresolvedLiberty Interactive Corp	0.59%	28,349,750	$696M	added+19%	+0.18 pp	17 q
CXCemex S.A.B. de C.V.	0.57%	71,865,916	$677M	added+10%	+0.08 pp	17 q
CXOConcho Resources Inc.	0.57%	5,535,730	$673M	trimmed−0%	−0.03 pp	8 q
LBTYALiberty Global Ltd. Class A	0.51%	18,980,203	$610M	added+18%	+0.02 pp	17 q
unresolvedAegon NV	0.46%	107,897,358	$551M	trimmed−0%	−0.01 pp	17 q
unresolvedAgrium Inc.	0.43%	5,644,826	$511M	added+33%	+0.09 pp	8 q
unresolvedDell Technologies Inc	0.43%	8,321,572	$509M	trimmed−21%	−0.14 pp	4 q
ZAYOZayo Group Holdings, Inc.	0.43%	16,565,828	$512M	added+1%	−0.03 pp	3 q
JNPJuniper Networks Inc	0.42%	17,690,957	$493M	added0%	0.00 pp	11 q
LLYEli Lilly & Co.	0.42%	5,991,952	$493M	added×221.9	+0.42 pp	17 q
NTAPNetApp, Inc	0.42%	12,319,220	$493M	trimmed−16%	−0.10 pp	17 q
GLWCorning Incorporated	0.41%	16,166,252	$486M	trimmed−44%	−0.25 pp	17 q
HOGHarley-Davidson, Inc.	0.40%	8,746,112	$472M	trimmed−0%	−0.05 pp	8 q
SNPSSynopsys Inc	0.38%	6,217,525	$453M	trimmed−44%	−0.31 pp	17 q
DHRDanaher Corporation	0.37%	5,250,773	$443M	added+3%	0.00 pp	12 q
unresolvedTwenty First Centy Fox Inc	0.33%	14,018,960	$391M	trimmed−0%	−0.05 pp	8 q
0WEWeatherford International plc	0.27%	83,358,621	$323M	trimmed−0%	−0.20 pp	12 q
GOOGLAlphabet Inc. Class A	0.20%	252,123	$234M	trimmed−21%	−0.03 pp	7 q
NWSANews Corporation Class A	0.13%	10,882,034	$149M	added+11%	+0.02 pp	16 q
1LGEUSDLiberty Global PLC Lilac - C	0.12%	6,669,509	$143M	added0%	−0.01 pp	8 q
99998USDLiberty Global PLC Lilac - A	0.09%	5,018,489	$109M	added0%	0.00 pp	8 q
WUBA58.COM Inc	0.06%	1,479,566	$65M	new	+0.06 pp	new
ITUBItau Unibanco Holding S.A.	0.06%	6,154,116	$68M	added+5%	0.00 pp	4 q
CVXChevron Corporation	0.04%	414,839	$43M	trimmed−8%	0.00 pp	17 q
CDNSCadence Design Systems	0.03%	892,269	$30M	trimmed−11%	0.00 pp	17 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.03%	4,025,100	$30M	trimmed−97%	−0.94 pp	17 q
unresolvedDow Chemical Co	0.02%	343,588	$22M	trimmed−4%	0.00 pp	17 q
unresolvedGeneral Electric Co	0.02%	1,078,169	$29M	trimmed−15%	−0.01 pp	17 q
IBNICICI Bank Limited	0.02%	2,036,330	$18M	trimmed−4%	+0.01 pp	3 q
PFEPfizer Inc.	0.02%	575,228	$19M	trimmed−15%	0.00 pp	17 q
unresolvedSunTrust Banks Inc	0.02%	382,553	$22M	trimmed−9%	0.00 pp	17 q
TRVThe Travelers Companies, Inc.	0.02%	181,583	$23M	trimmed−1%	0.00 pp	17 q
ADBEAdobe Inc.	0.01%	124,667	$18M	trimmed−19%	−0.01 pp	17 q
ELVElevance Health, Inc.	0.01%	66,350	$12M	trimmed−98%	−0.39 pp	11 q
BSXBoston Scientific Corp.	0.01%	324,255	$9M	trimmed−1%	0.00 pp	17 q
unresolvedCredit Suisse Group Spon ADR	0.01%	927,460	$14M	trimmed−0%	0.00 pp	17 q
DISThe Walt Disney Company	0.01%	56,156	$6M	held	—	17 q
EBAYeBay Inc	0.01%	201,696	$7M	trimmed−27%	0.00 pp	17 q
ERICEricsson	0.01%	1,870,113	$13M	trimmed−3%	0.00 pp	17 q
XOMExxon Mobil Corp	0.01%	134,680	$11M	trimmed−1%	0.00 pp	17 q
HDHome Depot, Inc.	0.01%	74,055	$11M	trimmed−1%	0.00 pp	17 q
IBMInternational Business Machines Corporation	0.01%	93,937	$14M	trimmed−2%	0.00 pp	17 q
OXYOccidental Petroleum Corporation	0.01%	144,422	$9M	trimmed−13%	0.00 pp	17 q
PYPLPayPal Holdings, Inc.	0.01%	112,920	$6M	trimmed−18%	0.00 pp	8 q
PGProcter & Gamble Company	0.01%	143,916	$13M	trimmed−1%	0.00 pp	17 q
RDS.ARoyal Dutch Shell PLC	0.01%	192,132	$10M	trimmed−21%	0.00 pp	17 q
TMOThermo Fisher Scientific, Inc.	0.01%	47,687	$8M	trimmed−1%	0.00 pp	17 q
USBU.S. Bancorp	0.01%	119,134	$6M	trimmed−7%	0.00 pp	17 q
VMCVulcan Materials Company(Holding Company)	0.01%	70,280	$9M	trimmed−4%	0.00 pp	17 q
ABTAbbott Laboratories	0.00%	29,268	$1M	held	—	17 q
ABBVAbbvie Inc.	0.00%	33,232	$2M	held	—	17 q
unresolvedAetna Inc New	0.00%	1,400	$213,000	new	0.00 pp	new
APDAir Products & Chemicals, Inc.	0.00%	6,050	$866,000	trimmed−2%	0.00 pp	17 q
ALLThe Allstate Corporation	0.00%	3,796	$336,000	held	—	17 q
AABAAltaba Inc.	0.00%	5,500	$300,000	new	0.00 pp	new
MOAltria Group, Inc.	0.00%	23,800	$2M	held	—	17 q
AMZNAmazon.Com Inc	0.00%	880	$852,000	trimmed−8%	0.00 pp	12 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	347,000	$6M	held	—	3 q
AMPAmeriprise Financial, Inc.	0.00%	2,942	$374,000	held	—	17 q
AMGNAmgen Inc	0.00%	31,137	$5M	trimmed−3%	0.00 pp	17 q
AAPLApple Inc.	0.00%	12,700	$2M	trimmed−4%	0.00 pp	17 q
ADPAutomatic Data Processing	0.00%	2,050	$210,000	held	—	3 q
BAXBaxter International Inc.	0.00%	3,382	$205,000	new	0.00 pp	new
BDXBecton, Dickinson and Co.	0.00%	7,780	$2M	trimmed−12%	0.00 pp	17 q
BRK.ABerkshire Hathaway Inc.	0.00%	3	$764,000	held	—	17 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	17,400	$3M	held	—	17 q
unresolvedCsra Inc	0.00%	20,850	$662,000	trimmed−10%	0.00 pp	7 q
KMXCarMax Inc.	0.00%	38,440	$2M	trimmed−8%	0.00 pp	17 q
CATCaterpillar Inc.	0.00%	54,276	$6M	trimmed−1%	0.00 pp	17 q
CTXSCitrix Systems Inc	0.00%	7,226	$575,000	trimmed−4%	0.00 pp	17 q
KOCoca-Cola Company	0.00%	34,242	$2M	held	—	17 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	17 q
COPConocoPhillips	0.00%	25,288	$1M	held	—	17 q
DEDeere & Company	0.00%	24,687	$3M	trimmed−1%	0.00 pp	17 q
DEODiageo plc	0.00%	46,256	$6M	trimmed−18%	−0.01 pp	17 q
DDominion Energy, Inc	0.00%	4,712	$361,000	held	—	17 q
UFSDOMTAR CORPORATION (New)	0.00%	5,700	$219,000	trimmed−8%	0.00 pp	17 q
unresolvedDu Pont E I De Nemours & Co	0.00%	29,416	$2M	trimmed−1%	0.00 pp	17 q
DUKDuke Energy Corporation	0.00%	11,601	$970,000	trimmed−5%	0.00 pp	17 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$587,000	held	—	17 q
EQIXEquinix, Inc.	0.00%	604	$259,000	trimmed−8%	0.00 pp	10 q
FLRFluor Corporation	0.00%	6,205	$284,000	held	—	17 q
GISGeneral Mills, Inc.	0.00%	11,200	$620,000	held	—	17 q
GPCGenuine Parts Company	0.00%	19,862	$2M	trimmed−3%	0.00 pp	17 q
GILDGilead Sciences Inc	0.00%	3,250	$230,000	held	—	12 q
unresolvedGlaxosmithkline PLC	0.00%	29,687	$1M	trimmed−8%	0.00 pp	17 q
HALHalliburton Company	0.00%	9,200	$393,000	held	—	17 q
HONHoneywell International, Inc.	0.00%	7,531	$1M	held	—	17 q
JNJJohnson & Johnson	0.00%	33,174	$4M	trimmed−1%	0.00 pp	17 q
KMBKimberly-Clark Corp.	0.00%	3,943	$509,000	held	—	17 q
PHGKoninklijke Philips N.v.	0.00%	22,650	$811,000	trimmed−7%	0.00 pp	17 q
KHCThe Kraft Heinz Company	0.00%	3,946	$338,000	held	—	8 q
unresolvedLevel 3 Communications Inc	0.00%	4,278	$254,000	trimmed−10%	0.00 pp	12 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.00%	6,381	$345,000	trimmed−16%	0.00 pp	3 q
unresolvedLiberty Ventures	0.00%	9,570	$500,000	trimmed−16%	0.00 pp	3 q
MMacy's Inc.	0.00%	10,000	$232,000	held	—	17 q
MRSHMarsh	0.00%	3,660	$285,000	trimmed−5%	0.00 pp	12 q
MCDMcDonald's Corporation	0.00%	21,656	$3M	trimmed−5%	0.00 pp	17 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$511,000	held	—	17 q
MCOMoody's Corporation	0.00%	2,800	$341,000	trimmed−15%	0.00 pp	17 q
MSMorgan Stanley	0.00%	4,500	$201,000	new	0.00 pp	new
MSIMotorola Solutions, Inc. New	0.00%	64,196	$6M	trimmed−4%	0.00 pp	17 q
NEENextEra Energy, Inc.	0.00%	8,992	$1M	trimmed−6%	0.00 pp	17 q
NSCNorfolk Southern Corp.	0.00%	4,097	$499,000	trimmed−15%	0.00 pp	17 q
NUENucor Corporation	0.00%	72,400	$4M	held	—	17 q
PNCPNC Financial Services Group	0.00%	20,600	$3M	held	—	17 q
PPGPPG Industries, Inc.	0.00%	17,700	$2M	trimmed−2%	0.00 pp	17 q
PHParker-Hannifin Corporation	0.00%	4,381	$700,000	held	—	17 q
PEPPepsiCo, Inc.	0.00%	4,245	$490,000	trimmed−7%	0.00 pp	17 q
PMPhilip Morris International Inc.	0.00%	19,133	$2M	trimmed−1%	0.00 pp	17 q
PSXPhillips 66	0.00%	6,877	$569,000	held	—	17 q
QCOMQualcomm Inc	0.00%	5,430	$300,000	held	—	12 q
RIORio Tinto plc	0.00%	12,400	$525,000	held	—	17 q
SPGIS&P Global Inc.	0.00%	15,962	$2M	trimmed−6%	0.00 pp	5 q
STTState Street Corporation	0.00%	4,600	$413,000	held	—	17 q
SYMCGen Digital Inc.	0.00%	173,350	$5M	trimmed−69%	−0.01 pp	17 q
MMM3M Company	0.00%	19,865	$4M	trimmed−4%	0.00 pp	17 q
unresolvedUnilever Spn.Adr 1:1	0.00%	14,700	$796,000	trimmed−37%	0.00 pp	17 q
UNUnilever N V -ny Shares	0.00%	55,576	$3M	held	—	17 q
UTXZRTX Corporation	0.00%	1,850	$226,000	trimmed−20%	0.00 pp	5 q
VZVerizon Communications	0.00%	5,500	$246,000	held	—	17 q
VVISA Inc.	0.00%	6,880	$645,000	trimmed−5%	0.00 pp	12 q
WBAWalgreens Boots Alliance, Inc	0.00%	7,569	$593,000	held	—	11 q
ADNTAdient plc	0.00%	80,945	$5M	trimmed−17%	−0.01 pp	3 q
CBChubb Limited	0.00%	8,562	$1M	trimmed−22%	0.00 pp	6 q
HMCHonda Motor Co., Ltd.	—	−5,241,155	—	exited	−0.13 pp	—
CCitigroup Inc.	—	−3,950	—	exited	0.00 pp	—
unresolvedComputer Sciences Corp	—	−38,200	—	exited	0.00 pp	—
unresolvedXerox Corp	—	−13,000	—	exited	0.00 pp	—
unresolvedYahoo Inc	—	−5,500	—	exited	0.00 pp	—