Dodge & Cox

Q3 2017 13F

As of: Sep 30, 2017
Filed: Nov 13, 2017
US stock: $124.3B · prev $118.6B
Positions: 180 · prev 179
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

+5.3 pp in · −5.3 pp out

New 5 +1.84 pp
Added 26 +3.44 pp
Trimmed 115 −4.17 pp
Exited 4 −1.11 pp

The book

Diversified · behaves like 54 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.3 years per position

Low
Moderate
High

Top 5 positions16% of US stock

Positions180 in this filing · 4 exited


BACBank of America Corporation	3.46%	169,614,131	$4.3B	trimmed−1%	−0.03 pp	18 q
SCHWThe Charles Schwab Corporation	3.11%	88,251,967	$3.9B	trimmed−7%	−0.32 pp	18 q
WFCWells Fargo & Co.	3.09%	69,694,805	$3.8B	trimmed−2%	−0.22 pp	18 q
NVSNovartis AG	3.08%	44,643,925	$3.8B	trimmed−11%	−0.45 pp	18 q
COFCapital One Financial	2.99%	43,927,401	$3.7B	trimmed−1%	−0.10 pp	18 q
HPEHewlett Packard Enterprise Company	2.81%	237,757,379	$3.5B	trimmed−0%	−0.53 pp	8 q
CHTRCharter Comm Inc Del CL A New	2.76%	9,440,412	$3.4B	trimmed−4%	−0.04 pp	6 q
SLBSLB Limited	2.73%	48,621,287	$3.4B	added+1%	+0.05 pp	18 q
GSGoldman Sachs Group Inc.	2.64%	13,817,680	$3.3B	trimmed−1%	+0.04 pp	18 q
GOOGAlphabet Inc. Class C	2.50%	3,239,665	$3.1B	trimmed−1%	0.00 pp	14 q
SNYSanofi	2.49%	62,183,081	$3.1B	trimmed−1%	−0.04 pp	18 q
MSFTMicrosoft Corp	2.41%	40,230,755	$3.0B	trimmed−2%	+0.03 pp	18 q
CMCSAComcast Corp	2.35%	75,986,369	$2.9B	added+2%	−0.10 pp	18 q
JCIJohnson Controls International plc	2.11%	65,053,287	$2.6B	added+12%	−0.01 pp	5 q
FDXFedEx Corporation	2.05%	11,271,745	$2.5B	trimmed−1%	−0.04 pp	18 q
JPMJPMorgan Chase & Co.	1.99%	25,839,297	$2.5B	trimmed−1%	−0.02 pp	18 q
AXPAmerican Express Company	1.96%	26,876,964	$2.4B	trimmed−3%	−0.01 pp	18 q
unresolvedCigna Corporation	1.96%	13,008,253	$2.4B	trimmed−6%	0.00 pp	18 q
TWXTime Warner Inc	1.95%	23,692,769	$2.4B	trimmed−22%	−0.61 pp	18 q
BNYBank of New York Mellon Corporation	1.87%	43,795,278	$2.3B	trimmed−1%	−0.04 pp	18 q
HPQHP Inc.	1.85%	115,270,677	$2.3B	trimmed−1%	+0.13 pp	8 q
APCAnadarko Petroleum Corp	1.82%	46,221,028	$2.3B	added+41%	+0.57 pp	18 q
0VQJLTe Connectivity Ltd	1.81%	27,108,837	$2.3B	trimmed−0%	+0.01 pp	18 q
unresolvedExpress Scripts Hldg Co	1.78%	34,938,393	$2.2B	trimmed−3%	−0.17 pp	16 q
CSCOCisco Systems, Inc. (DE)	1.72%	63,485,857	$2.1B	trimmed−1%	+0.03 pp	13 q
METMetLife, Inc.	1.66%	39,681,890	$2.1B	trimmed−2%	−0.22 pp	18 q
AZNNAstrazeneca Plc-spons ADR	1.53%	56,200,178	$1.9B	trimmed−1%	−0.10 pp	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.51%	9,605,624	$1.9B	trimmed−5%	−0.06 pp	18 q
unresolvedTwenty First Centy Fox Inc	1.50%	70,904,262	$1.9B	added+4%	−0.13 pp	18 q
BMYBristol-Myers Squibb Co.	1.49%	29,054,961	$1.9B	trimmed−2%	+0.10 pp	18 q
LLYEli Lilly & Co.	1.38%	20,020,077	$1.7B	added×3.3	+0.96 pp	18 q
WMTWalmart Inc.	1.32%	21,055,702	$1.6B	trimmed−1%	−0.04 pp	18 q
UNPUnion Pacific Corp.	1.27%	13,617,369	$1.6B	added+1%	+0.03 pp	18 q
SUSuncor Energy, Inc.	1.13%	40,236,200	$1.4B	added+9%	+0.22 pp	5 q
unresolvedPriceline Grp Inc	1.11%	754,463	$1.4B	trimmed−3%	−0.12 pp	10 q
9990302DApache Corp	1.10%	29,938,979	$1.4B	added0%	−0.11 pp	18 q
unresolvedSprint Corporation	1.04%	166,256,751	$1.3B	trimmed−3%	−0.15 pp	17 q
unresolvedUBS Group AG	1.04%	75,798,027	$1.3B	added+9%	+0.05 pp	8 q
BIDUBaidu, Inc.	0.97%	4,890,587	$1.2B	trimmed−14%	+0.11 pp	18 q
CECelanese Corporation	0.96%	11,480,169	$1.2B	trimmed−2%	+0.02 pp	18 q
TGTTarget Corporation	0.96%	20,264,017	$1.2B	added+1%	+0.08 pp	18 q
unresolvedMicro Focus Intl ADR	0.94%	36,661,106	$1.2B	new	+0.94 pp	new
LBTYKLiberty Global Ltd. Class C	0.93%	35,541,105	$1.2B	added+10%	+0.08 pp	18 q
JDJD.com, Inc.	0.91%	29,608,191	$1.1B	trimmed−9%	−0.17 pp	8 q
NOVNOV Inc.	0.90%	31,182,566	$1.1B	trimmed−1%	+0.03 pp	15 q
ALNYAlnylam Pharmaceuticals, Inc.	0.86%	9,141,495	$1.1B	trimmed−0%	+0.24 pp	6 q
TVGrupo Televisa S.A.	0.80%	40,148,717	$990M	trimmed−0%	−0.03 pp	18 q
BBTTruist Financial Corporation	0.78%	20,606,484	$967M	trimmed−1%	−0.01 pp	18 q
MDTMedtronic plc	0.76%	12,147,095	$945M	added+5%	−0.11 pp	11 q
BKRBaker Hughes Company	0.70%	23,798,371	$871M	new	+0.70 pp	new
DISHDISH Network Corp.	0.70%	16,039,596	$870M	trimmed−1%	−0.16 pp	18 q
MXIMMaxim Integrated Products	0.70%	18,278,516	$872M	trimmed−1%	0.00 pp	18 q
MRKMerck & Co., Inc.	0.69%	13,462,469	$862M	trimmed−1%	−0.04 pp	18 q
ZAYOZayo Group Holdings, Inc.	0.66%	23,769,321	$818M	added+43%	+0.23 pp	4 q
GILDGilead Sciences Inc	0.65%	9,909,731	$803M	added×3049.1	+0.65 pp	13 q
unresolvedLiberty Interactive Corp	0.64%	33,998,661	$801M	added+20%	+0.05 pp	18 q
unresolvedDell Technologies Inc	0.62%	10,034,264	$775M	added+21%	+0.19 pp	5 q
CXOConcho Resources Inc.	0.60%	5,664,498	$746M	added+2%	+0.03 pp	9 q
VMWVMware, Inc	0.54%	6,092,862	$665M	trimmed−32%	−0.12 pp	8 q
CXCemex S.A.B. de C.V.	0.52%	71,734,416	$651M	trimmed−0%	−0.05 pp	18 q
LBTYALiberty Global Ltd. Class A	0.52%	18,978,503	$644M	trimmed−0%	+0.01 pp	18 q
unresolvedAgrium Inc.	0.51%	5,880,226	$630M	added+4%	+0.08 pp	9 q
unresolvedAegon NV	0.50%	107,043,459	$620M	trimmed−1%	+0.04 pp	18 q
unresolvedGlaxosmithkline PLC	0.49%	14,858,137	$603M	added×500.5	+0.49 pp	18 q
JNPJuniper Networks Inc	0.45%	19,948,757	$555M	added+13%	+0.03 pp	12 q
NTAPNetApp, Inc	0.43%	12,195,045	$534M	trimmed−1%	+0.01 pp	18 q
GLWCorning Incorporated	0.38%	15,983,457	$478M	trimmed−1%	−0.03 pp	18 q
SNPSSynopsys Inc	0.37%	5,777,225	$465M	trimmed−7%	−0.01 pp	18 q
DHRDanaher Corporation	0.36%	5,217,123	$448M	trimmed−1%	−0.01 pp	13 q
HOGHarley-Davidson, Inc.	0.34%	8,713,712	$420M	trimmed−0%	−0.06 pp	9 q
0WEWeatherford International plc	0.31%	83,144,621	$381M	trimmed−0%	+0.04 pp	13 q
DXCDXC Technology Company	0.29%	4,142,400	$356M	trimmed−69%	−0.58 pp	2 q
unresolvedTwenty First Centy Fox Inc	0.29%	14,046,460	$362M	added0%	−0.04 pp	9 q
unresolvedCoach Inc	0.26%	8,069,629	$325M	trimmed−46%	−0.34 pp	18 q
BHFBrighthouse Financial, Inc.	0.18%	3,689,140	$224M	new	+0.18 pp	new
OXYOccidental Petroleum Corporation	0.17%	3,231,404	$207M	added×22.4	+0.16 pp	18 q
GOOGLAlphabet Inc. Class A	0.16%	202,924	$198M	trimmed−20%	−0.04 pp	8 q
NWSANews Corporation Class A	0.12%	11,358,193	$151M	added+4%	−0.01 pp	17 q
1LGEUSDLiberty Global PLC Lilac - C	0.12%	6,646,609	$155M	trimmed−0%	0.00 pp	9 q
99998USDLiberty Global PLC Lilac - A	0.10%	4,996,789	$119M	trimmed−0%	+0.01 pp	9 q
ITUBItau Unibanco Holding S.A.	0.06%	5,825,616	$80M	trimmed−5%	0.00 pp	5 q
CVXChevron Corporation	0.04%	382,227	$45M	trimmed−8%	0.00 pp	18 q
WUBA58.COM Inc	0.03%	651,800	$41M	trimmed−56%	−0.03 pp	2 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.03%	3,806,600	$37M	trimmed−5%	0.00 pp	18 q
CDNSCadence Design Systems	0.02%	772,024	$30M	trimmed−13%	−0.01 pp	18 q
unresolvedDowdupont Inc	0.02%	347,396	$24M	new	+0.02 pp	new
unresolvedGeneral Electric Co	0.02%	870,606	$21M	trimmed−19%	0.00 pp	18 q
PFEPfizer Inc.	0.02%	529,642	$19M	trimmed−8%	0.00 pp	18 q
unresolvedSunTrust Banks Inc	0.02%	340,470	$20M	trimmed−11%	0.00 pp	18 q
TRVThe Travelers Companies, Inc.	0.02%	171,159	$21M	trimmed−6%	0.00 pp	18 q
ADBEAdobe Inc.	0.01%	100,603	$15M	trimmed−19%	0.00 pp	18 q
BSXBoston Scientific Corp.	0.01%	302,355	$9M	trimmed−7%	0.00 pp	18 q
CATCaterpillar Inc.	0.01%	52,181	$7M	trimmed−4%	+0.01 pp	18 q
unresolvedCredit Suisse Group Spon ADR	0.01%	931,463	$15M	added0%	0.00 pp	18 q
ERICEricsson	0.01%	1,916,742	$11M	added+2%	0.00 pp	18 q
XOMExxon Mobil Corp	0.01%	131,530	$11M	trimmed−2%	0.00 pp	18 q
HDHome Depot, Inc.	0.01%	70,430	$12M	trimmed−5%	0.00 pp	18 q
IBNICICI Bank Limited	0.01%	2,014,030	$17M	trimmed−1%	−0.01 pp	4 q
IBMInternational Business Machines Corporation	0.01%	90,057	$13M	trimmed−4%	0.00 pp	18 q
PYPLPayPal Holdings, Inc.	0.01%	101,020	$6M	trimmed−11%	0.00 pp	9 q
PGProcter & Gamble Company	0.01%	141,786	$13M	trimmed−1%	0.00 pp	18 q
RDS.ARoyal Dutch Shell PLC	0.01%	172,783	$10M	trimmed−10%	0.00 pp	18 q
TMOThermo Fisher Scientific, Inc.	0.01%	45,737	$9M	trimmed−4%	0.00 pp	18 q
VMCVulcan Materials Company(Holding Company)	0.01%	65,380	$8M	trimmed−7%	0.00 pp	18 q
ADNTAdient plc	0.01%	77,136	$6M	trimmed−5%	+0.01 pp	4 q
ABTAbbott Laboratories	0.00%	27,332	$1M	trimmed−7%	0.00 pp	18 q
ABBVAbbvie Inc.	0.00%	31,896	$3M	trimmed−4%	0.00 pp	18 q
unresolvedAetna Inc New	0.00%	1,400	$223,000	held	—	2 q
APDAir Products & Chemicals, Inc.	0.00%	5,050	$764,000	trimmed−17%	0.00 pp	18 q
ALLThe Allstate Corporation	0.00%	3,796	$349,000	held	—	18 q
AABAAltaba Inc.	0.00%	4,500	$298,000	trimmed−18%	0.00 pp	2 q
MOAltria Group, Inc.	0.00%	23,800	$2M	held	—	18 q
AMZNAmazon.Com Inc	0.00%	830	$798,000	trimmed−6%	0.00 pp	13 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	332,900	$6M	trimmed−4%	0.00 pp	4 q
AMPAmeriprise Financial, Inc.	0.00%	2,942	$437,000	held	—	18 q
AMGNAmgen Inc	0.00%	27,837	$5M	trimmed−11%	0.00 pp	18 q
ELVElevance Health, Inc.	0.00%	2,200	$418,000	trimmed−97%	−0.01 pp	12 q
AAPLApple Inc.	0.00%	12,300	$2M	trimmed−3%	0.00 pp	18 q
ADPAutomatic Data Processing	0.00%	1,950	$213,000	trimmed−5%	0.00 pp	4 q
BAXBaxter International Inc.	0.00%	3,382	$212,000	held	—	2 q
BDXBecton, Dickinson and Co.	0.00%	7,730	$2M	trimmed−1%	0.00 pp	18 q
BRK.ABerkshire Hathaway Inc.	0.00%	3	$824,000	held	—	18 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	16,600	$3M	trimmed−5%	0.00 pp	18 q
unresolvedCsra Inc	0.00%	14,250	$460,000	trimmed−32%	0.00 pp	8 q
KMXCarMax Inc.	0.00%	29,000	$2M	trimmed−25%	0.00 pp	18 q
CTXSCitrix Systems Inc	0.00%	7,226	$555,000	held	—	18 q
KOCoca-Cola Company	0.00%	32,042	$1M	trimmed−6%	0.00 pp	18 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	18 q
COPConocoPhillips	0.00%	25,288	$1M	held	—	18 q
DEDeere & Company	0.00%	22,537	$3M	trimmed−9%	0.00 pp	18 q
DEODiageo plc	0.00%	38,158	$5M	trimmed−18%	0.00 pp	18 q
DISThe Walt Disney Company	0.00%	56,156	$6M	held	—	18 q
DDominion Energy, Inc	0.00%	4,712	$362,000	held	—	18 q
UFSDOMTAR CORPORATION (New)	0.00%	5,700	$247,000	held	—	18 q
DUKDuke Energy Corporation	0.00%	11,368	$954,000	trimmed−2%	0.00 pp	18 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$632,000	held	—	18 q
EBAYeBay Inc	0.00%	159,516	$6M	trimmed−21%	−0.01 pp	18 q
EQIXEquinix, Inc.	0.00%	554	$247,000	trimmed−8%	0.00 pp	11 q
FLRFluor Corporation	0.00%	5,205	$219,000	trimmed−16%	0.00 pp	18 q
GISGeneral Mills, Inc.	0.00%	11,200	$580,000	held	—	18 q
GPCGenuine Parts Company	0.00%	19,862	$2M	held	—	18 q
HALHalliburton Company	0.00%	9,200	$423,000	held	—	18 q
HONHoneywell International, Inc.	0.00%	7,531	$1M	held	—	18 q
JNJJohnson & Johnson	0.00%	30,514	$4M	trimmed−8%	0.00 pp	18 q
KMBKimberly-Clark Corp.	0.00%	3,943	$464,000	held	—	18 q
PHGKoninklijke Philips N.v.	0.00%	22,050	$908,000	trimmed−3%	0.00 pp	18 q
KHCThe Kraft Heinz Company	0.00%	3,946	$306,000	held	—	9 q
unresolvedLevel 3 Communications Inc	0.00%	4,278	$228,000	held	—	13 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.00%	6,154	$327,000	trimmed−4%	0.00 pp	4 q
unresolvedLiberty Ventures	0.00%	9,230	$531,000	trimmed−4%	0.00 pp	4 q
MMacy's Inc.	0.00%	10,000	$218,000	held	—	18 q
MRSHMarsh	0.00%	3,660	$307,000	held	—	13 q
MCDMcDonald's Corporation	0.00%	19,056	$3M	trimmed−12%	0.00 pp	18 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$481,000	held	—	18 q
MCOMoody's Corporation	0.00%	2,800	$390,000	held	—	18 q
MSIMotorola Solutions, Inc. New	0.00%	64,196	$5M	held	—	18 q
NEENextEra Energy, Inc.	0.00%	8,542	$1M	trimmed−5%	0.00 pp	18 q
NSCNorfolk Southern Corp.	0.00%	3,997	$529,000	trimmed−2%	0.00 pp	18 q
NUENucor Corporation	0.00%	72,400	$4M	held	—	18 q
PNCPNC Financial Services Group	0.00%	20,500	$3M	trimmed−0%	0.00 pp	18 q
PPGPPG Industries, Inc.	0.00%	17,700	$2M	held	—	18 q
PHParker-Hannifin Corporation	0.00%	4,331	$758,000	trimmed−1%	0.00 pp	18 q
PEPPepsiCo, Inc.	0.00%	4,245	$473,000	held	—	18 q
PMPhilip Morris International Inc.	0.00%	18,913	$2M	trimmed−1%	0.00 pp	18 q
PSXPhillips 66	0.00%	6,455	$591,000	trimmed−6%	0.00 pp	18 q
QCOMQualcomm Inc	0.00%	5,430	$281,000	held	—	13 q
RIORio Tinto plc	0.00%	11,200	$529,000	trimmed−10%	0.00 pp	18 q
SPGIS&P Global Inc.	0.00%	15,784	$2M	trimmed−1%	0.00 pp	6 q
STTState Street Corporation	0.00%	4,600	$439,000	held	—	18 q
SYMCGen Digital Inc.	0.00%	121,450	$4M	trimmed−30%	0.00 pp	18 q
MMM3M Company	0.00%	18,915	$4M	trimmed−5%	0.00 pp	18 q
USBU.S. Bancorp	0.00%	114,463	$6M	trimmed−4%	−0.01 pp	18 q
unresolvedUnilever Spn.Adr 1:1	0.00%	14,700	$852,000	held	—	18 q
UNUnilever N V -ny Shares	0.00%	55,176	$3M	trimmed−1%	0.00 pp	18 q
UTXZRTX Corporation	0.00%	1,850	$215,000	held	—	6 q
VFCV.F. Corporation	0.00%	3,191	$203,000	new	0.00 pp	new
VZVerizon Communications	0.00%	5,500	$272,000	held	—	18 q
VVISA Inc.	0.00%	6,380	$671,000	trimmed−7%	0.00 pp	13 q
WBAWalgreens Boots Alliance, Inc	0.00%	7,569	$584,000	held	—	12 q
CBChubb Limited	0.00%	8,274	$1M	trimmed−3%	0.00 pp	7 q
unresolvedBaker Hughes Inc.	—	−23,820,739	—	exited	−1.09 pp	—
unresolvedDow Chemical Co	—	−343,588	—	exited	−0.02 pp	—
unresolvedDu Pont E I De Nemours & Co	—	−29,416	—	exited	0.00 pp	—
MSMorgan Stanley	—	−4,500	—	exited	0.00 pp	—