Dodge & Cox

Q1 2018 13F

As of: Mar 31, 2018
Filed: May 14, 2018
US stock: $123.9B · prev $129.1B
Positions: 177 · prev 178
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 1.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves155 since the prior filing

+4.1 pp in · −4.1 pp out

New 7 +1.89 pp
Added 25 +2.24 pp
Trimmed 115 −2.42 pp
Exited 8 −1.71 pp

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 23% a year, about 4.4 years per position

Low
Moderate
High

Top 5 positions17% of US stock

SCHW The Charles Schwab Corporation trimmed+0.14 pp trimmed+0.143.6%
COF Capital One Financial trimmed−0.04 pp trimmed−0.043.3%
BAC Bank of America Corporation trimmed−0.08 pp trimmed−0.083.3%
WFC Wells Fargo & Co. added−0.05 pp added−0.053.3%
HPE Hewlett Packard Enterprise Company trimmed+0.48 pp trimmed+0.483.1%

Positions177 in this filing · 8 exited


SCHWThe Charles Schwab Corporation	3.60%	85,484,446	$4.5B	trimmed−2%	+0.14 pp	20 q
COFCapital One Financial	3.34%	43,164,037	$4.1B	trimmed−2%	−0.04 pp	20 q
BACBank of America Corporation	3.28%	135,534,435	$4.1B	trimmed−8%	−0.08 pp	20 q
WFCWells Fargo & Co.	3.27%	77,382,281	$4.1B	added+9%	−0.05 pp	20 q
HPEHewlett Packard Enterprise Company	3.13%	220,884,661	$3.9B	trimmed−7%	+0.48 pp	10 q
NVSNovartis AG	2.89%	44,300,162	$3.6B	trimmed−1%	−0.01 pp	20 q
MSFTMicrosoft Corp	2.83%	38,380,491	$3.5B	trimmed−2%	+0.24 pp	20 q
CMCSAComcast Corp	2.81%	101,781,445	$3.5B	added+9%	−0.09 pp	20 q
JCIJohnson Controls International plc	2.71%	95,364,511	$3.4B	added+26%	+0.47 pp	7 q
GOOGAlphabet Inc. Class C	2.63%	3,159,044	$3.3B	trimmed−2%	+0.03 pp	16 q
CHTRCharter Comm Inc Del CL A New	2.54%	10,120,571	$3.1B	added+8%	+0.11 pp	8 q
TWXTime Warner Inc	2.41%	31,548,482	$3.0B	added+51%	+0.93 pp	20 q
SLBSLB Limited	2.27%	43,423,343	$2.8B	trimmed−12%	−0.30 pp	20 q
APCAnadarko Petroleum Corp	2.24%	45,924,992	$2.8B	trimmed−1%	+0.31 pp	20 q
JPMJPMorgan Chase & Co.	2.24%	25,264,090	$2.8B	trimmed−2%	+0.11 pp	20 q
GSGoldman Sachs Group Inc.	2.17%	10,668,523	$2.7B	trimmed−8%	−0.11 pp	20 q
unresolvedTwenty First Centy Fox Inc	2.04%	68,756,433	$2.5B	trimmed−3%	+0.14 pp	20 q
FDXFedEx Corporation	2.02%	10,416,573	$2.5B	trimmed−3%	−0.05 pp	20 q
SNYSanofi	1.99%	61,512,540	$2.5B	trimmed−1%	−0.08 pp	20 q
AXPAmerican Express Company	1.97%	26,197,062	$2.4B	trimmed−1%	−0.06 pp	20 q
unresolvedExpress Scripts Hldg Co	1.95%	34,977,619	$2.4B	added+1%	−0.06 pp	18 q
0VQJLTe Connectivity Ltd	1.89%	23,406,224	$2.3B	trimmed−5%	+0.07 pp	20 q
BNYBank of New York Mellon Corporation	1.87%	44,917,941	$2.3B	trimmed−1%	−0.03 pp	20 q
CSCOCisco Systems, Inc. (DE)	1.74%	50,300,958	$2.2B	trimmed−16%	−0.04 pp	15 q
METMetLife, Inc.	1.69%	45,616,887	$2.1B	added+15%	+0.14 pp	20 q
AZNNAstrazeneca Plc-spons ADR	1.54%	54,530,179	$1.9B	trimmed−4%	+0.02 pp	10 q
unresolvedGlaxosmithkline PLC	1.53%	48,551,967	$1.9B	added+10%	+0.32 pp	20 q
HPQHP Inc.	1.46%	82,757,309	$1.8B	trimmed−2%	+0.09 pp	10 q
UNPUnion Pacific Corp.	1.43%	13,217,459	$1.8B	trimmed−2%	+0.03 pp	20 q
BMYBristol-Myers Squibb Co.	1.42%	27,817,611	$1.8B	trimmed−4%	+0.04 pp	20 q
unresolvedCigna Corporation	1.41%	10,401,022	$1.7B	trimmed−3%	−0.28 pp	20 q
LLYEli Lilly & Co.	1.36%	21,842,117	$1.7B	added+8%	+0.04 pp	20 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.28%	7,406,972	$1.6B	trimmed−21%	−0.33 pp	20 q
BKNGBooking Holdings Inc.	1.23%	731,030	$1.5B	new	+1.23 pp	new
MDTMedtronic plc	1.21%	18,721,632	$1.5B	added+2%	+0.07 pp	13 q
unresolvedUBS Group AG	1.19%	83,364,327	$1.5B	added+4%	+0.04 pp	10 q
9990302DApache Corp	1.15%	36,978,997	$1.4B	added+18%	+0.12 pp	20 q
SUSuncor Energy, Inc.	1.14%	40,909,500	$1.4B	trimmed−0%	−0.03 pp	7 q
NOVNOV Inc.	0.96%	32,445,864	$1.2B	added+4%	+0.09 pp	17 q
GILDGilead Sciences Inc	0.94%	15,445,461	$1.2B	added0%	+0.08 pp	15 q
LBTYKLiberty Global Ltd. Class C	0.94%	38,439,605	$1.2B	added+2%	−0.04 pp	20 q
CECelanese Corporation	0.86%	10,679,400	$1.1B	trimmed−3%	−0.05 pp	20 q
unresolvedDell Technologies Inc	0.84%	14,211,436	$1.0B	trimmed−0%	−0.06 pp	7 q
BKRBaker Hughes Company	0.83%	37,059,953	$1.0B	added+14%	+0.04 pp	3 q
MXIMMaxim Integrated Products	0.82%	16,868,114	$1.0B	trimmed−5%	+0.10 pp	20 q
BBTTruist Financial Corporation	0.79%	18,917,798	$984M	trimmed−5%	+0.03 pp	20 q
JNPJuniper Networks Inc	0.77%	39,053,157	$950M	added+8%	−0.03 pp	14 q
TGTTarget Corporation	0.77%	13,770,640	$956M	trimmed−31%	−0.24 pp	20 q
TVGrupo Televisa S.A.	0.74%	57,436,661	$917M	added+21%	+0.06 pp	20 q
JDJD.com, Inc.	0.71%	21,593,992	$874M	trimmed−22%	−0.18 pp	10 q
unresolvedLiberty Interactive Corp	0.69%	33,941,808	$854M	trimmed−2%	+0.04 pp	20 q
ZAYOZayo Group Holdings, Inc.	0.69%	24,858,035	$849M	added+4%	+0.01 pp	6 q
BIDUBaidu, Inc.	0.67%	3,730,187	$833M	trimmed−23%	−0.20 pp	20 q
unresolvedSprint Corporation	0.65%	165,602,430	$808M	trimmed−0%	−0.11 pp	19 q
MRKMerck & Co., Inc.	0.61%	13,788,353	$751M	trimmed−0%	+0.01 pp	20 q
unresolvedAegon NV	0.58%	106,108,964	$718M	trimmed−1%	+0.06 pp	20 q
CXOConcho Resources Inc.	0.56%	4,591,098	$690M	trimmed−19%	−0.10 pp	11 q
CXCemex S.A.B. de C.V.	0.54%	101,315,616	$671M	added+3%	−0.03 pp	20 q
unresolvedMicro Focus Intl ADR	0.53%	46,801,986	$657M	added+28%	−0.42 pp	3 q
DISHDISH Network Corp.	0.50%	16,381,146	$621M	trimmed−0%	−0.11 pp	20 q
LBTYALiberty Global Ltd. Class A	0.48%	18,976,803	$594M	trimmed−0%	−0.05 pp	20 q
NTRNutrien Ltd.	0.47%	12,308,134	$582M	new	+0.47 pp	new
ALNYAlnylam Pharmaceuticals, Inc.	0.45%	4,692,841	$559M	trimmed−43%	−0.36 pp	8 q
unresolvedTwenty First Centy Fox Inc	0.41%	13,927,960	$507M	trimmed−1%	+0.04 pp	11 q
DHRDanaher Corporation	0.40%	5,117,323	$501M	trimmed−1%	+0.03 pp	15 q
SNPSSynopsys Inc	0.37%	5,525,630	$460M	trimmed−2%	0.00 pp	20 q
OXYOccidental Petroleum Corporation	0.33%	6,349,925	$412M	added+70%	+0.12 pp	20 q
VMWVMware, Inc	0.32%	3,299,150	$400M	added×113.7	+0.32 pp	10 q
MATMattel, Inc.	0.31%	29,055,937	$382M	added+11%	0.00 pp	2 q
HOGHarley-Davidson, Inc.	0.30%	8,658,901	$371M	trimmed−0%	−0.04 pp	11 q
NWSANews Corporation Class A	0.15%	11,686,049	$185M	trimmed−2%	0.00 pp	19 q
0WEWeatherford International plc	0.15%	82,858,821	$190M	trimmed−0%	−0.12 pp	15 q
BHFBrighthouse Financial, Inc.	0.14%	3,256,266	$167M	trimmed−1%	−0.01 pp	3 q
GOOGLAlphabet Inc. Class A	0.13%	153,249	$159M	trimmed−21%	−0.03 pp	10 q
LILAKLiberty Latin America Ltd. Class C	0.10%	6,645,509	$127M	new	+0.10 pp	new
LILALiberty Latin America Ltd. Class A	0.09%	5,572,489	$108M	new	+0.09 pp	new
ITUBItau Unibanco Holding S.A.	0.06%	4,912,016	$77M	trimmed−15%	0.00 pp	7 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.04%	3,668,100	$48M	trimmed−3%	+0.01 pp	20 q
CVXChevron Corporation	0.03%	359,638	$41M	trimmed−2%	−0.01 pp	20 q
GLWCorning Incorporated	0.03%	1,147,538	$32M	trimmed−93%	−0.36 pp	20 q
WMTWalmart Inc.	0.03%	388,959	$35M	trimmed−94%	−0.44 pp	20 q
CDNSCadence Design Systems	0.02%	550,365	$20M	trimmed−24%	0.00 pp	20 q
NTAPNetApp, Inc	0.02%	427,763	$26M	trimmed−96%	−0.49 pp	20 q
TRVThe Travelers Companies, Inc.	0.02%	156,743	$22M	trimmed−4%	0.00 pp	20 q
ADBEAdobe Inc.	0.01%	58,003	$13M	trimmed−37%	0.00 pp	20 q
AMXNAmerica Movil-spn ADR Cl L	0.01%	332,900	$6M	held	—	6 q
BSXBoston Scientific Corp.	0.01%	238,355	$7M	trimmed−6%	+0.01 pp	20 q
CATCaterpillar Inc.	0.01%	47,995	$7M	trimmed−3%	0.00 pp	20 q
unresolvedCredit Suisse Group Spon ADR	0.01%	922,392	$15M	trimmed−0%	0.00 pp	20 q
DXCDXC Technology Company	0.01%	159,402	$16M	trimmed−33%	−0.01 pp	4 q
unresolvedDowdupont Inc	0.01%	279,605	$18M	trimmed−7%	−0.01 pp	3 q
ERICEricsson	0.01%	1,732,374	$11M	trimmed−0%	0.00 pp	20 q
XOMExxon Mobil Corp	0.01%	127,098	$9M	trimmed−2%	0.00 pp	20 q
unresolvedGeneral Electric Co	0.01%	716,531	$10M	trimmed−7%	0.00 pp	20 q
HDHome Depot, Inc.	0.01%	63,570	$11M	trimmed−8%	0.00 pp	20 q
IBNICICI Bank Limited	0.01%	2,014,030	$18M	held	—	6 q
IBMInternational Business Machines Corporation	0.01%	83,796	$13M	trimmed−3%	0.00 pp	20 q
PFEPfizer Inc.	0.01%	442,209	$16M	trimmed−7%	0.00 pp	20 q
PGProcter & Gamble Company	0.01%	136,866	$11M	trimmed−1%	0.00 pp	20 q
RDS.ARoyal Dutch Shell PLC	0.01%	158,529	$10M	trimmed−4%	0.00 pp	20 q
unresolvedSunTrust Banks Inc	0.01%	253,490	$17M	trimmed−12%	0.00 pp	20 q
TMOThermo Fisher Scientific, Inc.	0.01%	41,778	$9M	trimmed−5%	0.00 pp	20 q
ABTAbbott Laboratories	0.00%	27,229	$2M	held	—	20 q
ABBVAbbvie Inc.	0.00%	29,592	$3M	trimmed−0%	0.00 pp	20 q
unresolvedAetna Inc New	0.00%	1,400	$237,000	held	—	4 q
APDAir Products & Chemicals, Inc.	0.00%	3,550	$565,000	trimmed−30%	0.00 pp	20 q
ALLThe Allstate Corporation	0.00%	3,746	$355,000	trimmed−1%	0.00 pp	20 q
MOAltria Group, Inc.	0.00%	23,800	$1M	held	—	20 q
AMZNAmazon.Com Inc	0.00%	780	$1M	trimmed−6%	0.00 pp	15 q
AMPAmeriprise Financial, Inc.	0.00%	2,942	$435,000	held	—	20 q
AMGNAmgen Inc	0.00%	24,772	$4M	trimmed−7%	0.00 pp	20 q
ELVElevance Health, Inc.	0.00%	1,400	$308,000	trimmed−36%	0.00 pp	14 q
AAPLApple Inc.	0.00%	11,500	$2M	trimmed−3%	0.00 pp	20 q
ADPAutomatic Data Processing	0.00%	1,800	$204,000	trimmed−8%	0.00 pp	6 q
BAXBaxter International Inc.	0.00%	3,382	$220,000	held	—	4 q
BDXBecton, Dickinson and Co.	0.00%	6,630	$1M	trimmed−7%	0.00 pp	20 q
BRK.ABerkshire Hathaway Inc.	0.00%	3	$897,000	held	—	20 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	16,250	$3M	trimmed−2%	0.00 pp	20 q
KMXCarMax Inc.	0.00%	23,600	$1M	trimmed−9%	0.00 pp	20 q
CTXSCitrix Systems Inc	0.00%	6,250	$580,000	trimmed−3%	0.00 pp	20 q
KOCoca-Cola Company	0.00%	30,022	$1M	held	—	20 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	20 q
COPConocoPhillips	0.00%	25,288	$1M	held	—	20 q
DEDeere & Company	0.00%	20,404	$3M	trimmed−1%	0.00 pp	20 q
DEODiageo plc	0.00%	29,573	$4M	trimmed−18%	0.00 pp	20 q
DISThe Walt Disney Company	0.00%	54,856	$6M	trimmed−2%	0.00 pp	20 q
DDominion Energy, Inc	0.00%	4,512	$304,000	held	—	20 q
UFSDOMTAR CORPORATION (New)	0.00%	5,100	$217,000	trimmed−11%	0.00 pp	20 q
DUKDuke Energy Corporation	0.00%	7,498	$581,000	trimmed−25%	0.00 pp	20 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$635,000	held	—	20 q
EBAYeBay Inc	0.00%	78,835	$3M	trimmed−44%	0.00 pp	20 q
FLRFluor Corporation	0.00%	3,505	$201,000	new	0.00 pp	new
GLIBAGci Liberty Inc - Class A	0.00%	8,038	$425,000	new	0.00 pp	new
GISGeneral Mills, Inc.	0.00%	11,200	$505,000	held	—	20 q
GPCGenuine Parts Company	0.00%	19,562	$2M	held	—	20 q
HALHalliburton Company	0.00%	9,200	$432,000	held	—	20 q
HESHess Corporation	0.00%	4,006	$203,000	new	0.00 pp	new
HONHoneywell International, Inc.	0.00%	7,331	$1M	trimmed−3%	0.00 pp	20 q
JNJJohnson & Johnson	0.00%	29,990	$4M	trimmed−1%	0.00 pp	20 q
KMBKimberly-Clark Corp.	0.00%	3,943	$434,000	held	—	20 q
PHGKoninklijke Philips N.v.	0.00%	21,700	$831,000	held	—	20 q
KHCThe Kraft Heinz Company	0.00%	3,946	$246,000	held	—	11 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.00%	5,132	$202,000	trimmed−10%	0.00 pp	6 q
MMacy's Inc.	0.00%	10,000	$297,000	held	—	20 q
MRSHMarsh	0.00%	3,660	$302,000	held	—	15 q
MCDMcDonald's Corporation	0.00%	15,938	$2M	trimmed−11%	0.00 pp	20 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$494,000	held	—	20 q
MCOMoody's Corporation	0.00%	2,050	$331,000	added+14%	0.00 pp	20 q
MSIMotorola Solutions, Inc. New	0.00%	54,182	$6M	trimmed−8%	0.00 pp	20 q
NEENextEra Energy, Inc.	0.00%	7,742	$1M	trimmed−7%	0.00 pp	20 q
NSCNorfolk Southern Corp.	0.00%	3,797	$516,000	trimmed−5%	0.00 pp	20 q
NUENucor Corporation	0.00%	72,400	$4M	held	—	20 q
PNCPNC Financial Services Group	0.00%	20,080	$3M	trimmed−2%	0.00 pp	20 q
PPGPPG Industries, Inc.	0.00%	17,000	$2M	held	—	20 q
PHParker-Hannifin Corporation	0.00%	4,331	$741,000	held	—	20 q
PYPLPayPal Holdings, Inc.	0.00%	62,285	$5M	trimmed−34%	−0.01 pp	11 q
PEPPepsiCo, Inc.	0.00%	4,245	$463,000	held	—	20 q
PMPhilip Morris International Inc.	0.00%	18,913	$2M	held	—	20 q
PSXPhillips 66	0.00%	5,205	$499,000	trimmed−5%	0.00 pp	20 q
QCOMQualcomm Inc	0.00%	5,000	$277,000	trimmed−8%	0.00 pp	15 q
RIORio Tinto plc	0.00%	10,500	$541,000	trimmed−6%	0.00 pp	20 q
SPGIS&P Global Inc.	0.00%	8,500	$2M	trimmed−42%	0.00 pp	8 q
STTState Street Corporation	0.00%	4,500	$449,000	trimmed−2%	0.00 pp	20 q
SYMCGen Digital Inc.	0.00%	24,850	$642,000	trimmed−35%	0.00 pp	20 q
TPRTapestry, Inc.	0.00%	24,100	$1M	trimmed−93%	−0.01 pp	2 q
MMM3M Company	0.00%	18,023	$4M	trimmed−2%	0.00 pp	20 q
USBU.S. Bancorp	0.00%	105,613	$5M	trimmed−4%	0.00 pp	20 q
unresolvedUnilever Spn.Adr 1:1	0.00%	7,800	$433,000	trimmed−31%	0.00 pp	20 q
UNUnilever N V -ny Shares	0.00%	52,976	$3M	trimmed−3%	0.00 pp	20 q
UTXZRTX Corporation	0.00%	1,750	$220,000	trimmed−5%	0.00 pp	8 q
VFCV.F. Corporation	0.00%	2,941	$218,000	trimmed−8%	0.00 pp	3 q
VZVerizon Communications	0.00%	5,500	$263,000	held	—	20 q
VVISA Inc.	0.00%	5,500	$658,000	trimmed−6%	0.00 pp	15 q
VMCVulcan Materials Company(Holding Company)	0.00%	49,425	$6M	trimmed−13%	−0.01 pp	20 q
WBAWalgreens Boots Alliance, Inc	0.00%	5,669	$371,000	held	—	14 q
ADNTAdient plc	0.00%	11,304	$676,000	trimmed−28%	0.00 pp	6 q
CBChubb Limited	0.00%	8,014	$1M	held	—	9 q
unresolvedPriceline Grp Inc	—	−764,035	—	exited	−1.03 pp	—
unresolvedAgrium Inc.	—	−5,519,926	—	exited	−0.49 pp	—
1LGEUSDLiberty Global PLC Lilac - C	—	−6,645,509	—	exited	−0.10 pp	—
99998USDLiberty Global PLC Lilac - A	—	−5,572,489	—	exited	−0.09 pp	—
AABAAltaba Inc.	—	−3,000	—	exited	0.00 pp	—
unresolvedCsra Inc	—	−12,850	—	exited	0.00 pp	—
unresolvedLiberty Ventures	—	−8,890	—	exited	0.00 pp	—
LOWLowe's Companies Inc.	—	−2,310	—	exited	0.00 pp	—