Dodge & Cox

Q4 2017 13F

As of: Dec 31, 2017
Filed: Feb 14, 2018
US stock: $129.1B · prev $124.3B
Positions: 178 · prev 180
Options notional: $0
Documents: 1· no amendments

Picture98.8% US stock

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

US stock listed on a US exchange 98.8%
Foreign stock not listed in the US 1.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves146 since the prior filing

+3.1 pp in · −3.1 pp out

New 3 +0.32 pp
Added 33 +2.77 pp
Trimmed 105 −2.86 pp
Exited 5 −0.29 pp

The book

Diversified · behaves like 53 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.9 years per position

Low
Moderate
High

Top 5 positions16% of US stock

Positions178 in this filing · 5 exited


SCHWThe Charles Schwab Corporation	3.46%	87,011,496	$4.5B	trimmed−1%	+0.35 pp	19 q
COFCapital One Financial	3.38%	43,826,372	$4.4B	trimmed−0%	+0.39 pp	19 q
BACBank of America Corporation	3.36%	146,919,685	$4.3B	trimmed−13%	−0.10 pp	19 q
WFCWells Fargo & Co.	3.32%	70,689,742	$4.3B	added+1%	+0.23 pp	19 q
CMCSAComcast Corp	2.90%	93,442,695	$3.7B	added+23%	+0.55 pp	19 q
NVSNovartis AG	2.90%	44,579,387	$3.7B	trimmed−0%	−0.18 pp	19 q
HPEHewlett Packard Enterprise Company	2.65%	238,392,731	$3.4B	added0%	−0.16 pp	9 q
GOOGAlphabet Inc. Class C	2.60%	3,211,798	$3.4B	trimmed−1%	+0.10 pp	15 q
MSFTMicrosoft Corp	2.59%	39,045,591	$3.3B	trimmed−3%	+0.18 pp	19 q
SLBSLB Limited	2.57%	49,242,673	$3.3B	added+1%	−0.16 pp	19 q
CHTRCharter Comm Inc Del CL A New	2.43%	9,348,060	$3.1B	trimmed−1%	−0.33 pp	7 q
GSGoldman Sachs Group Inc.	2.28%	11,536,453	$2.9B	trimmed−17%	−0.36 pp	19 q
JCIJohnson Controls International plc	2.24%	75,971,744	$2.9B	added+17%	+0.13 pp	6 q
JPMJPMorgan Chase & Co.	2.13%	25,727,219	$2.8B	trimmed−0%	+0.14 pp	19 q
FDXFedEx Corporation	2.07%	10,686,413	$2.7B	trimmed−5%	+0.02 pp	19 q
SNYSanofi	2.07%	62,080,354	$2.7B	trimmed−0%	−0.42 pp	19 q
AXPAmerican Express Company	2.03%	26,415,489	$2.6B	trimmed−2%	+0.07 pp	19 q
unresolvedExpress Scripts Hldg Co	2.01%	34,767,794	$2.6B	trimmed−0%	+0.23 pp	17 q
APCAnadarko Petroleum Corp	1.93%	46,385,642	$2.5B	added0%	+0.11 pp	19 q
BNYBank of New York Mellon Corporation	1.90%	45,583,491	$2.5B	added+4%	+0.03 pp	19 q
unresolvedTwenty First Centy Fox Inc	1.90%	71,139,883	$2.5B	added0%	+0.40 pp	19 q
0VQJLTe Connectivity Ltd	1.82%	24,697,064	$2.3B	trimmed−9%	+0.01 pp	19 q
CSCOCisco Systems, Inc. (DE)	1.78%	60,047,653	$2.3B	trimmed−5%	+0.06 pp	14 q
unresolvedCigna Corporation	1.69%	10,734,593	$2.2B	trimmed−17%	−0.27 pp	19 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.61%	9,417,622	$2.1B	trimmed−2%	+0.10 pp	19 q
METMetLife, Inc.	1.55%	39,698,537	$2.0B	added0%	−0.11 pp	19 q
AZNNAstrazeneca Plc-spons ADR	1.52%	56,530,979	$2.0B	added+1%	−0.01 pp	9 q
TWXTime Warner Inc	1.48%	20,884,431	$1.9B	trimmed−12%	−0.47 pp	19 q
UNPUnion Pacific Corp.	1.40%	13,481,579	$1.8B	trimmed−1%	+0.13 pp	19 q
BMYBristol-Myers Squibb Co.	1.38%	29,106,111	$1.8B	added0%	−0.11 pp	19 q
HPQHP Inc.	1.37%	84,240,797	$1.8B	trimmed−27%	−0.48 pp	9 q
LLYEli Lilly & Co.	1.32%	20,181,287	$1.7B	added+1%	−0.06 pp	19 q
unresolvedGlaxosmithkline PLC	1.21%	44,083,293	$1.6B	added×3.0	+0.72 pp	19 q
SUSuncor Energy, Inc.	1.17%	41,068,900	$1.5B	added+2%	+0.04 pp	6 q
unresolvedUBS Group AG	1.15%	80,495,327	$1.5B	added+6%	+0.11 pp	9 q
MDTMedtronic plc	1.14%	18,284,758	$1.5B	added+51%	+0.38 pp	12 q
9990302DApache Corp	1.03%	31,343,245	$1.3B	added+5%	−0.07 pp	19 q
unresolvedPriceline Grp Inc	1.03%	764,035	$1.3B	added+1%	−0.08 pp	11 q
TGTTarget Corporation	1.01%	20,069,301	$1.3B	trimmed−1%	+0.05 pp	19 q
LBTYKLiberty Global Ltd. Class C	0.98%	37,545,905	$1.3B	added+6%	+0.05 pp	19 q
unresolvedMicro Focus Intl ADR	0.95%	36,591,316	$1.2B	trimmed−0%	+0.01 pp	2 q
CECelanese Corporation	0.91%	10,962,170	$1.2B	trimmed−5%	−0.05 pp	19 q
unresolvedDell Technologies Inc	0.90%	14,279,005	$1.2B	added+42%	+0.28 pp	6 q
JDJD.com, Inc.	0.89%	27,711,291	$1.1B	trimmed−6%	−0.02 pp	9 q
BIDUBaidu, Inc.	0.87%	4,817,587	$1.1B	trimmed−1%	−0.10 pp	19 q
NOVNOV Inc.	0.87%	31,174,239	$1.1B	trimmed−0%	−0.03 pp	16 q
GILDGilead Sciences Inc	0.86%	15,416,361	$1.1B	added+56%	+0.21 pp	14 q
ALNYAlnylam Pharmaceuticals, Inc.	0.81%	8,231,595	$1.0B	trimmed−10%	−0.05 pp	7 q
JNPJuniper Networks Inc	0.80%	36,092,857	$1.0B	added+81%	+0.35 pp	13 q
BKRBaker Hughes Company	0.79%	32,428,460	$1.0B	added+36%	+0.09 pp	2 q
BBTTruist Financial Corporation	0.76%	19,841,938	$987M	trimmed−4%	−0.02 pp	19 q
unresolvedSprint Corporation	0.76%	165,926,159	$977M	trimmed−0%	−0.28 pp	18 q
MXIMMaxim Integrated Products	0.72%	17,784,464	$930M	trimmed−3%	+0.02 pp	19 q
TVGrupo Televisa S.A.	0.68%	47,333,975	$884M	added+18%	−0.12 pp	19 q
ZAYOZayo Group Holdings, Inc.	0.68%	23,908,669	$880M	added+1%	+0.02 pp	5 q
CXOConcho Resources Inc.	0.66%	5,660,918	$850M	trimmed−0%	+0.06 pp	10 q
unresolvedLiberty Interactive Corp	0.65%	34,583,908	$845M	added+2%	+0.01 pp	19 q
DISHDISH Network Corp.	0.61%	16,458,596	$786M	added+3%	−0.09 pp	19 q
MRKMerck & Co., Inc.	0.60%	13,793,936	$776M	added+2%	−0.09 pp	19 q
CXCemex S.A.B. de C.V.	0.57%	97,945,322	$735M	added+37%	+0.05 pp	19 q
LBTYALiberty Global Ltd. Class A	0.53%	18,979,403	$680M	added0%	+0.01 pp	19 q
unresolvedAegon NV	0.52%	106,664,847	$672M	trimmed−0%	+0.02 pp	19 q
NTAPNetApp, Inc	0.51%	11,906,898	$659M	trimmed−2%	+0.08 pp	19 q
unresolvedAgrium Inc.	0.49%	5,519,926	$635M	trimmed−6%	−0.02 pp	10 q
WMTWalmart Inc.	0.47%	6,101,588	$603M	trimmed−71%	−0.85 pp	19 q
GLWCorning Incorporated	0.39%	15,789,186	$505M	trimmed−1%	+0.01 pp	19 q
DHRDanaher Corporation	0.37%	5,192,223	$482M	trimmed−0%	+0.01 pp	14 q
SNPSSynopsys Inc	0.37%	5,652,855	$482M	trimmed−2%	0.00 pp	19 q
unresolvedTwenty First Centy Fox Inc	0.37%	14,041,660	$479M	trimmed−0%	+0.08 pp	10 q
HOGHarley-Davidson, Inc.	0.34%	8,693,301	$442M	trimmed−0%	0.00 pp	10 q
MATMattel, Inc.	0.31%	26,067,900	$401M	new	+0.31 pp	new
0WEWeatherford International plc	0.27%	83,005,521	$346M	trimmed−0%	−0.04 pp	14 q
OXYOccidental Petroleum Corporation	0.21%	3,730,760	$275M	added+15%	+0.04 pp	19 q
GOOGLAlphabet Inc. Class A	0.16%	193,494	$204M	trimmed−5%	0.00 pp	9 q
BHFBrighthouse Financial, Inc.	0.15%	3,292,201	$193M	trimmed−11%	−0.03 pp	2 q
NWSANews Corporation Class A	0.15%	11,923,424	$193M	added+5%	+0.03 pp	18 q
1LGEUSDLiberty Global PLC Lilac - C	0.10%	6,645,509	$132M	trimmed−0%	−0.02 pp	10 q
99998USDLiberty Global PLC Lilac - A	0.09%	5,572,489	$112M	added+12%	−0.01 pp	10 q
ITUBItau Unibanco Holding S.A.	0.06%	5,747,216	$75M	trimmed−1%	0.00 pp	6 q
CVXChevron Corporation	0.04%	368,257	$46M	trimmed−4%	0.00 pp	19 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.03%	3,774,100	$37M	trimmed−1%	0.00 pp	19 q
CDNSCadence Design Systems	0.02%	720,160	$30M	trimmed−7%	0.00 pp	19 q
DXCDXC Technology Company	0.02%	239,343	$23M	trimmed−94%	−0.27 pp	3 q
unresolvedDowdupont Inc	0.02%	301,330	$21M	trimmed−13%	0.00 pp	2 q
IBNICICI Bank Limited	0.02%	2,014,030	$20M	held	—	5 q
TRVThe Travelers Companies, Inc.	0.02%	163,843	$22M	trimmed−4%	0.00 pp	19 q
ADBEAdobe Inc.	0.01%	91,653	$16M	trimmed−9%	0.00 pp	19 q
CATCaterpillar Inc.	0.01%	49,334	$8M	trimmed−5%	0.00 pp	19 q
unresolvedCredit Suisse Group Spon ADR	0.01%	925,232	$17M	trimmed−1%	0.00 pp	19 q
ERICEricsson	0.01%	1,734,674	$12M	trimmed−10%	0.00 pp	19 q
XOMExxon Mobil Corp	0.01%	129,068	$11M	trimmed−2%	0.00 pp	19 q
unresolvedGeneral Electric Co	0.01%	771,991	$13M	trimmed−11%	−0.01 pp	19 q
HDHome Depot, Inc.	0.01%	68,885	$13M	trimmed−2%	0.00 pp	19 q
IBMInternational Business Machines Corporation	0.01%	86,484	$13M	trimmed−4%	0.00 pp	19 q
PYPLPayPal Holdings, Inc.	0.01%	94,700	$7M	trimmed−6%	0.00 pp	10 q
PFEPfizer Inc.	0.01%	477,331	$17M	trimmed−10%	−0.01 pp	19 q
PGProcter & Gamble Company	0.01%	138,816	$13M	trimmed−2%	0.00 pp	19 q
RDS.ARoyal Dutch Shell PLC	0.01%	164,379	$11M	trimmed−5%	0.00 pp	19 q
unresolvedSunTrust Banks Inc	0.01%	288,420	$19M	trimmed−15%	−0.01 pp	19 q
TPRTapestry, Inc.	0.01%	364,715	$16M	new	+0.01 pp	new
TMOThermo Fisher Scientific, Inc.	0.01%	43,937	$8M	trimmed−4%	0.00 pp	19 q
VMCVulcan Materials Company(Holding Company)	0.01%	56,975	$7M	trimmed−13%	0.00 pp	19 q
ABTAbbott Laboratories	0.00%	27,229	$2M	trimmed−0%	0.00 pp	19 q
ABBVAbbvie Inc.	0.00%	29,696	$3M	trimmed−7%	0.00 pp	19 q
unresolvedAetna Inc New	0.00%	1,400	$253,000	held	—	3 q
APDAir Products & Chemicals, Inc.	0.00%	5,050	$829,000	held	—	19 q
ALLThe Allstate Corporation	0.00%	3,796	$397,000	held	—	19 q
AABAAltaba Inc.	0.00%	3,000	$210,000	trimmed−33%	0.00 pp	3 q
MOAltria Group, Inc.	0.00%	23,800	$2M	held	—	19 q
AMZNAmazon.Com Inc	0.00%	830	$971,000	held	—	14 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	332,900	$6M	held	—	5 q
AMPAmeriprise Financial, Inc.	0.00%	2,942	$499,000	held	—	19 q
AMGNAmgen Inc	0.00%	26,697	$5M	trimmed−4%	0.00 pp	19 q
ELVElevance Health, Inc.	0.00%	2,200	$495,000	held	—	13 q
AAPLApple Inc.	0.00%	11,800	$2M	trimmed−4%	0.00 pp	19 q
ADPAutomatic Data Processing	0.00%	1,950	$229,000	held	—	5 q
BAXBaxter International Inc.	0.00%	3,382	$219,000	held	—	3 q
BDXBecton, Dickinson and Co.	0.00%	7,130	$2M	trimmed−8%	0.00 pp	19 q
BRK.ABerkshire Hathaway Inc.	0.00%	3	$893,000	held	—	19 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	16,600	$3M	held	—	19 q
BSXBoston Scientific Corp.	0.00%	253,355	$6M	trimmed−16%	−0.01 pp	19 q
unresolvedCsra Inc	0.00%	12,850	$384,000	trimmed−10%	0.00 pp	9 q
KMXCarMax Inc.	0.00%	26,000	$2M	trimmed−10%	0.00 pp	19 q
CTXSCitrix Systems Inc	0.00%	6,426	$565,000	trimmed−11%	0.00 pp	19 q
KOCoca-Cola Company	0.00%	30,022	$1M	trimmed−6%	0.00 pp	19 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	19 q
COPConocoPhillips	0.00%	25,288	$1M	held	—	19 q
DEDeere & Company	0.00%	20,604	$3M	trimmed−9%	0.00 pp	19 q
DEODiageo plc	0.00%	36,233	$5M	trimmed−5%	0.00 pp	19 q
DISThe Walt Disney Company	0.00%	55,956	$6M	trimmed−0%	0.00 pp	19 q
DDominion Energy, Inc	0.00%	4,512	$366,000	trimmed−4%	0.00 pp	19 q
UFSDOMTAR CORPORATION (New)	0.00%	5,700	$282,000	held	—	19 q
DUKDuke Energy Corporation	0.00%	9,985	$840,000	trimmed−12%	0.00 pp	19 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$642,000	held	—	19 q
EBAYeBay Inc	0.00%	140,941	$5M	trimmed−12%	0.00 pp	19 q
GISGeneral Mills, Inc.	0.00%	11,200	$664,000	held	—	19 q
GPCGenuine Parts Company	0.00%	19,562	$2M	trimmed−2%	0.00 pp	19 q
HALHalliburton Company	0.00%	9,200	$450,000	held	—	19 q
HONHoneywell International, Inc.	0.00%	7,531	$1M	held	—	19 q
JNJJohnson & Johnson	0.00%	30,240	$4M	trimmed−1%	0.00 pp	19 q
KMBKimberly-Clark Corp.	0.00%	3,943	$476,000	held	—	19 q
PHGKoninklijke Philips N.v.	0.00%	21,700	$820,000	trimmed−2%	0.00 pp	19 q
KHCThe Kraft Heinz Company	0.00%	3,946	$307,000	held	—	10 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.00%	5,700	$253,000	trimmed−7%	0.00 pp	5 q
unresolvedLiberty Ventures	0.00%	8,890	$482,000	trimmed−4%	0.00 pp	5 q
LOWLowe's Companies Inc.	0.00%	2,310	$215,000	new	0.00 pp	new
MMacy's Inc.	0.00%	10,000	$252,000	held	—	19 q
MRSHMarsh	0.00%	3,660	$298,000	held	—	14 q
MCDMcDonald's Corporation	0.00%	17,954	$3M	trimmed−6%	0.00 pp	19 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$507,000	held	—	19 q
MCOMoody's Corporation	0.00%	1,800	$266,000	trimmed−36%	0.00 pp	19 q
MSIMotorola Solutions, Inc. New	0.00%	58,596	$5M	trimmed−9%	0.00 pp	19 q
NEENextEra Energy, Inc.	0.00%	8,342	$1M	trimmed−2%	0.00 pp	19 q
NSCNorfolk Southern Corp.	0.00%	3,997	$579,000	held	—	19 q
NUENucor Corporation	0.00%	72,400	$5M	held	—	19 q
PNCPNC Financial Services Group	0.00%	20,500	$3M	held	—	19 q
PPGPPG Industries, Inc.	0.00%	17,000	$2M	trimmed−4%	0.00 pp	19 q
PHParker-Hannifin Corporation	0.00%	4,331	$864,000	held	—	19 q
PEPPepsiCo, Inc.	0.00%	4,245	$509,000	held	—	19 q
PMPhilip Morris International Inc.	0.00%	18,913	$2M	held	—	19 q
PSXPhillips 66	0.00%	5,455	$552,000	trimmed−15%	0.00 pp	19 q
QCOMQualcomm Inc	0.00%	5,430	$348,000	held	—	14 q
RIORio Tinto plc	0.00%	11,200	$593,000	held	—	19 q
SPGIS&P Global Inc.	0.00%	14,584	$2M	trimmed−8%	0.00 pp	7 q
STTState Street Corporation	0.00%	4,600	$449,000	held	—	19 q
SYMCGen Digital Inc.	0.00%	38,200	$1M	trimmed−69%	0.00 pp	19 q
MMM3M Company	0.00%	18,383	$4M	trimmed−3%	0.00 pp	19 q
USBU.S. Bancorp	0.00%	109,863	$6M	trimmed−4%	0.00 pp	19 q
unresolvedUnilever Spn.Adr 1:1	0.00%	11,300	$625,000	trimmed−23%	0.00 pp	19 q
UNUnilever N V -ny Shares	0.00%	54,776	$3M	trimmed−1%	0.00 pp	19 q
UTXZRTX Corporation	0.00%	1,850	$236,000	held	—	7 q
VFCV.F. Corporation	0.00%	3,191	$236,000	held	—	2 q
VZVerizon Communications	0.00%	5,500	$291,000	held	—	19 q
VVISA Inc.	0.00%	5,880	$670,000	trimmed−8%	0.00 pp	14 q
VMWVMware, Inc	0.00%	29,025	$4M	trimmed−100%	−0.54 pp	9 q
WBAWalgreens Boots Alliance, Inc	0.00%	5,669	$412,000	trimmed−25%	0.00 pp	13 q
ADNTAdient plc	0.00%	15,717	$1M	trimmed−80%	−0.01 pp	5 q
CBChubb Limited	0.00%	8,014	$1M	trimmed−3%	0.00 pp	8 q
unresolvedCoach Inc	—	−8,069,629	—	exited	−0.26 pp	—
WUBA58.COM Inc	—	−651,800	—	exited	−0.03 pp	—
EQIXEquinix, Inc.	—	−554	—	exited	0.00 pp	—
FLRFluor Corporation	—	−5,205	—	exited	0.00 pp	—
unresolvedLevel 3 Communications Inc	—	−4,278	—	exited	0.00 pp	—