Dodge & Cox

Q2 2018 13F

As of: Jun 30, 2018
Filed: Aug 14, 2018
US stock: $125.2B · prev $123.9B
Positions: 176 · prev 177
Options notional: $0
Documents: 1· no amendments

Picture98.7% US stock

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

US stock listed on a US exchange 98.7%
Foreign stock not listed in the US 1.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves139 since the prior filing

+5.8 pp in · −5.8 pp out

New 5 +2.38 pp
Added 31 +3.46 pp
Trimmed 97 −2.71 pp
Exited 6 −3.10 pp

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 23% a year, about 4.3 years per position

Low
Moderate
High

Top 5 positions16% of US stock

WFC Wells Fargo & Co. added+0.26 pp added+0.263.5%
CMCSA Comcast Corp added+0.65 pp added+0.653.5%
COF Capital One Financial added−0.16 pp added−0.163.2%
SCHW The Charles Schwab Corporation trimmed−0.47 pp trimmed−0.473.1%
BAC Bank of America Corporation trimmed−0.29 pp trimmed−0.293.0%

Positions176 in this filing · 6 exited


WFCWells Fargo & Co.	3.53%	79,732,532	$4.4B	added+3%	+0.26 pp	21 q
CMCSAComcast Corp	3.46%	132,016,633	$4.3B	added+30%	+0.65 pp	21 q
COFCapital One Financial	3.18%	43,286,662	$4.0B	added0%	−0.16 pp	21 q
SCHWThe Charles Schwab Corporation	3.13%	76,733,733	$3.9B	trimmed−10%	−0.47 pp	21 q
BACBank of America Corporation	2.99%	132,827,405	$3.7B	trimmed−2%	−0.29 pp	21 q
MSFTMicrosoft Corp	2.98%	37,789,269	$3.7B	trimmed−2%	+0.15 pp	21 q
GOOGAlphabet Inc. Class C	2.82%	3,167,044	$3.5B	added0%	+0.19 pp	17 q
CHTRCharter Comm Inc Del CL A New	2.79%	11,923,076	$3.5B	added+18%	+0.25 pp	9 q
unresolvedTwenty First Centy Fox Inc	2.71%	68,369,433	$3.4B	trimmed−1%	+0.67 pp	21 q
JCIJohnson Controls International plc	2.67%	99,724,232	$3.3B	added+5%	−0.04 pp	8 q
NVSNovartis AG	2.66%	44,131,862	$3.3B	trimmed−0%	−0.23 pp	21 q
APCAnadarko Petroleum Corp	2.60%	44,397,140	$3.3B	trimmed−3%	+0.36 pp	21 q
unresolvedExpress Scripts Hldg Co	2.56%	41,463,656	$3.2B	added+19%	+0.61 pp	19 q
SLBSLB Limited	2.30%	43,023,403	$2.9B	trimmed−1%	+0.03 pp	21 q
HPEHewlett Packard Enterprise Company	2.14%	183,669,236	$2.7B	trimmed−17%	−0.99 pp	11 q
JPMJPMorgan Chase & Co.	2.09%	25,067,202	$2.6B	trimmed−1%	−0.15 pp	21 q
AXPAmerican Express Company	2.05%	26,162,537	$2.6B	trimmed−0%	+0.08 pp	21 q
SNYSanofi	1.96%	61,358,770	$2.5B	trimmed−0%	−0.03 pp	21 q
BNYBank of New York Mellon Corporation	1.90%	44,119,591	$2.4B	trimmed−2%	+0.03 pp	21 q
GSGoldman Sachs Group Inc.	1.90%	10,776,183	$2.4B	added+1%	−0.27 pp	21 q
FDXFedEx Corporation	1.87%	10,325,300	$2.3B	trimmed−1%	−0.15 pp	21 q
LLYEli Lilly & Co.	1.84%	27,020,471	$2.3B	added+24%	+0.48 pp	21 q
METMetLife, Inc.	1.62%	46,367,312	$2.0B	added+2%	−0.07 pp	21 q
0VQJLTe Connectivity Ltd	1.61%	22,312,099	$2.0B	trimmed−5%	−0.28 pp	21 q
unresolvedGlaxosmithkline PLC	1.55%	48,158,337	$1.9B	trimmed−1%	+0.02 pp	21 q
HPQHP Inc.	1.49%	82,414,733	$1.9B	trimmed−0%	+0.03 pp	11 q
AZNNAstrazeneca Plc-spons ADR	1.48%	52,774,809	$1.9B	trimmed−3%	−0.06 pp	11 q
9990302DApache Corp	1.46%	39,185,826	$1.8B	added+6%	+0.31 pp	21 q
BMYBristol-Myers Squibb Co.	1.45%	32,705,086	$1.8B	added+18%	+0.03 pp	21 q
unresolvedCigna Corporation	1.41%	10,407,762	$1.8B	added0%	0.00 pp	21 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.41%	7,185,453	$1.8B	trimmed−3%	+0.13 pp	21 q
CSCOCisco Systems, Inc. (DE)	1.37%	39,797,938	$1.7B	trimmed−21%	−0.37 pp	16 q
MDTMedtronic plc	1.28%	18,738,182	$1.6B	added0%	+0.07 pp	14 q
unresolvedUBS Group AG	1.27%	103,122,127	$1.6B	added+24%	+0.08 pp	11 q
TAT&T Inc.	1.17%	45,523,710	$1.5B	new	+1.17 pp	new
UNPUnion Pacific Corp.	1.15%	10,136,876	$1.4B	trimmed−23%	−0.28 pp	21 q
SUSuncor Energy, Inc.	1.14%	35,184,100	$1.4B	trimmed−14%	0.00 pp	8 q
BKNGBooking Holdings Inc.	1.11%	688,382	$1.4B	trimmed−6%	−0.12 pp	2 q
NOVNOV Inc.	1.09%	31,451,264	$1.4B	trimmed−3%	+0.13 pp	18 q
unresolvedDell Technologies Inc	1.07%	15,809,632	$1.3B	added+11%	+0.23 pp	8 q
BKRBaker Hughes Company	1.00%	38,046,639	$1.3B	added+3%	+0.17 pp	4 q
GILDGilead Sciences Inc	0.92%	16,259,811	$1.2B	added+5%	−0.02 pp	16 q
CECelanese Corporation	0.91%	10,307,650	$1.1B	trimmed−3%	+0.05 pp	21 q
TVGrupo Televisa S.A.	0.88%	57,915,461	$1.1B	added+1%	+0.14 pp	21 q
JNPJuniper Networks Inc	0.87%	39,652,757	$1.1B	added+2%	+0.10 pp	15 q
LBTYKLiberty Global Ltd. Class C	0.86%	40,492,754	$1.1B	added+5%	−0.08 pp	21 q
JDJD.com, Inc.	0.83%	26,604,692	$1.0B	added+23%	+0.12 pp	11 q
TGTTarget Corporation	0.81%	13,276,150	$1.0B	trimmed−4%	+0.04 pp	21 q
ZAYOZayo Group Holdings, Inc.	0.73%	24,948,385	$910M	added0%	+0.04 pp	7 q
BBTTruist Financial Corporation	0.72%	17,863,648	$901M	trimmed−6%	−0.07 pp	21 q
unresolvedSprint Corporation	0.72%	165,590,616	$901M	trimmed−0%	+0.07 pp	20 q
BIDUBaidu, Inc.	0.66%	3,394,037	$825M	trimmed−9%	−0.01 pp	21 q
CXCemex S.A.B. de C.V.	0.66%	125,167,995	$821M	added+24%	+0.12 pp	21 q
unresolvedQurate Retail Inc	0.66%	38,850,260	$824M	new	+0.66 pp	new
unresolvedMicro Focus Intl ADR	0.65%	47,117,892	$814M	added+1%	+0.12 pp	4 q
unresolvedTwenty First Centy Fox Inc	0.53%	13,527,360	$666M	trimmed−3%	+0.12 pp	12 q
unresolvedAegon NV	0.50%	105,816,842	$626M	trimmed−0%	−0.08 pp	21 q
NTRNutrien Ltd.	0.49%	11,250,234	$612M	trimmed−9%	+0.02 pp	2 q
MATMattel, Inc.	0.47%	35,546,085	$584M	added+22%	+0.16 pp	3 q
CXOConcho Resources Inc.	0.46%	4,133,898	$572M	trimmed−10%	−0.10 pp	12 q
DISHDISH Network Corp.	0.44%	16,464,246	$553M	added+1%	−0.06 pp	21 q
MXIMMaxim Integrated Products	0.43%	9,095,230	$534M	trimmed−46%	−0.39 pp	21 q
OXYOccidental Petroleum Corporation	0.42%	6,231,225	$521M	trimmed−2%	+0.09 pp	21 q
LBTYALiberty Global Ltd. Class A	0.42%	18,973,803	$523M	trimmed−0%	−0.06 pp	21 q
OPTUOptimum Communications, Inc.	0.38%	28,149,485	$480M	new	+0.38 pp	new
DHRDanaher Corporation	0.38%	4,841,618	$478M	trimmed−5%	−0.02 pp	16 q
ALNYAlnylam Pharmaceuticals, Inc.	0.37%	4,654,701	$458M	trimmed−1%	−0.08 pp	9 q
VMWVMware, Inc	0.37%	3,159,550	$464M	trimmed−4%	+0.05 pp	11 q
SNPSSynopsys Inc	0.36%	5,225,435	$447M	trimmed−5%	−0.01 pp	21 q
HOGHarley-Davidson, Inc.	0.29%	8,625,726	$363M	trimmed−0%	−0.01 pp	12 q
0WEWeatherford International plc	0.22%	83,271,821	$274M	added+1%	+0.07 pp	16 q
TAPMolson Coors Beverage Company Class B	0.17%	3,180,041	$216M	new	+0.17 pp	new
MRKMerck & Co., Inc.	0.16%	3,305,109	$201M	trimmed−76%	−0.45 pp	21 q
NWSANews Corporation Class A	0.14%	11,544,324	$179M	trimmed−1%	−0.01 pp	20 q
GOOGLAlphabet Inc. Class A	0.13%	145,589	$164M	trimmed−5%	0.00 pp	11 q
BHFBrighthouse Financial, Inc.	0.10%	3,276,286	$131M	added+1%	−0.04 pp	4 q
LILAKLiberty Latin America Ltd. Class C	0.10%	6,644,809	$129M	trimmed−0%	0.00 pp	2 q
LILALiberty Latin America Ltd. Class A	0.09%	5,571,289	$107M	trimmed−0%	0.00 pp	2 q
CVXChevron Corporation	0.04%	349,948	$44M	trimmed−3%	+0.01 pp	21 q
ITUBItau Unibanco Holding S.A.	0.04%	4,810,016	$50M	trimmed−2%	−0.02 pp	8 q
CDNSCadence Design Systems	0.02%	487,800	$21M	trimmed−11%	0.00 pp	21 q
GLWCorning Incorporated	0.02%	775,097	$21M	trimmed−32%	−0.01 pp	21 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.02%	3,376,600	$30M	trimmed−8%	−0.02 pp	21 q
WMTWalmart Inc.	0.02%	316,719	$27M	trimmed−19%	−0.01 pp	21 q
ADBEAdobe Inc.	0.01%	48,889	$12M	trimmed−16%	0.00 pp	21 q
BSXBoston Scientific Corp.	0.01%	211,955	$7M	trimmed−11%	0.00 pp	21 q
CATCaterpillar Inc.	0.01%	47,745	$6M	trimmed−1%	0.00 pp	21 q
unresolvedCredit Suisse Group Spon ADR	0.01%	910,791	$14M	trimmed−1%	0.00 pp	21 q
DXCDXC Technology Company	0.01%	130,653	$11M	trimmed−18%	0.00 pp	5 q
unresolvedDowdupont Inc	0.01%	264,261	$17M	trimmed−5%	0.00 pp	4 q
ERICEricsson	0.01%	1,739,574	$13M	added0%	0.00 pp	21 q
XOMExxon Mobil Corp	0.01%	126,818	$10M	trimmed−0%	0.00 pp	21 q
unresolvedGeneral Electric Co	0.01%	696,236	$9M	trimmed−3%	0.00 pp	21 q
HDHome Depot, Inc.	0.01%	62,475	$12M	trimmed−2%	0.00 pp	21 q
IBNICICI Bank Limited	0.01%	2,109,430	$17M	added+5%	0.00 pp	7 q
IBMInternational Business Machines Corporation	0.01%	81,999	$11M	trimmed−2%	0.00 pp	21 q
NTAPNetApp, Inc	0.01%	212,478	$17M	trimmed−50%	−0.01 pp	21 q
PFEPfizer Inc.	0.01%	434,124	$16M	trimmed−2%	0.00 pp	21 q
PGProcter & Gamble Company	0.01%	135,456	$11M	trimmed−1%	0.00 pp	21 q
RDS.ARoyal Dutch Shell PLC	0.01%	158,079	$11M	trimmed−0%	0.00 pp	21 q
unresolvedSunTrust Banks Inc	0.01%	203,290	$13M	trimmed−20%	0.00 pp	21 q
TMOThermo Fisher Scientific, Inc.	0.01%	41,098	$9M	trimmed−2%	0.00 pp	21 q
TRVThe Travelers Companies, Inc.	0.01%	153,393	$19M	trimmed−2%	−0.01 pp	21 q
ABTAbbott Laboratories	0.00%	27,229	$2M	held	—	21 q
ABBVAbbvie Inc.	0.00%	29,592	$3M	held	—	21 q
unresolvedAetna Inc New	0.00%	1,400	$257,000	held	—	5 q
APDAir Products & Chemicals, Inc.	0.00%	3,300	$514,000	trimmed−7%	0.00 pp	21 q
ALLThe Allstate Corporation	0.00%	3,746	$342,000	held	—	21 q
MOAltria Group, Inc.	0.00%	23,800	$1M	held	—	21 q
AMZNAmazon.Com Inc	0.00%	780	$1M	held	—	16 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	332,900	$6M	held	—	7 q
AMPAmeriprise Financial, Inc.	0.00%	2,942	$412,000	held	—	21 q
AMGNAmgen Inc	0.00%	24,322	$4M	trimmed−2%	0.00 pp	21 q
ELVElevance Health, Inc.	0.00%	1,400	$333,000	held	—	15 q
AAPLApple Inc.	0.00%	11,500	$2M	held	—	21 q
ADPAutomatic Data Processing	0.00%	1,800	$241,000	held	—	7 q
BAXBaxter International Inc.	0.00%	3,382	$250,000	held	—	5 q
BDXBecton, Dickinson and Co.	0.00%	6,630	$2M	held	—	21 q
BRK.ABerkshire Hathaway Inc.	0.00%	3	$846,000	held	—	21 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	16,220	$3M	trimmed−0%	0.00 pp	21 q
KMXCarMax Inc.	0.00%	23,200	$2M	trimmed−2%	0.00 pp	21 q
CTXSCitrix Systems Inc	0.00%	6,150	$645,000	trimmed−2%	0.00 pp	21 q
KOCoca-Cola Company	0.00%	30,022	$1M	held	—	21 q
CLColgate-Palmolive Company	0.00%	14,000	$907,000	held	—	21 q
COPConocoPhillips	0.00%	24,688	$2M	trimmed−2%	0.00 pp	21 q
DEDeere & Company	0.00%	20,354	$3M	trimmed−0%	0.00 pp	21 q
DEODiageo plc	0.00%	24,413	$4M	trimmed−17%	0.00 pp	21 q
DISThe Walt Disney Company	0.00%	54,856	$6M	held	—	21 q
DDominion Energy, Inc	0.00%	4,512	$308,000	held	—	21 q
UFSDOMTAR CORPORATION (New)	0.00%	4,600	$220,000	trimmed−10%	0.00 pp	21 q
DUKDuke Energy Corporation	0.00%	7,148	$565,000	trimmed−5%	0.00 pp	21 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,125	$629,000	trimmed−6%	0.00 pp	21 q
EBAYeBay Inc	0.00%	70,335	$3M	trimmed−11%	0.00 pp	21 q
GLIBAGci Liberty Inc - Class A	0.00%	7,631	$344,000	trimmed−5%	0.00 pp	2 q
GISGeneral Mills, Inc.	0.00%	11,200	$496,000	held	—	21 q
GPCGenuine Parts Company	0.00%	19,562	$2M	held	—	21 q
HALHalliburton Company	0.00%	9,200	$415,000	held	—	21 q
HESHess Corporation	0.00%	3,906	$261,000	trimmed−3%	0.00 pp	2 q
HONHoneywell International, Inc.	0.00%	6,831	$984,000	trimmed−7%	0.00 pp	21 q
JNJJohnson & Johnson	0.00%	29,990	$4M	held	—	21 q
KMBKimberly-Clark Corp.	0.00%	3,943	$415,000	held	—	21 q
PHGKoninklijke Philips N.v.	0.00%	21,700	$917,000	trimmed−2%	0.00 pp	21 q
KHCThe Kraft Heinz Company	0.00%	3,946	$248,000	held	—	12 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.00%	5,087	$224,000	trimmed−1%	0.00 pp	7 q
MMacy's Inc.	0.00%	9,800	$367,000	trimmed−2%	0.00 pp	21 q
MRSHMarsh	0.00%	3,660	$300,000	held	—	16 q
MCDMcDonald's Corporation	0.00%	15,938	$2M	held	—	21 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$485,000	held	—	21 q
MCOMoody's Corporation	0.00%	2,050	$350,000	held	—	21 q
MSIMotorola Solutions, Inc. New	0.00%	53,082	$6M	trimmed−2%	0.00 pp	21 q
NEENextEra Energy, Inc.	0.00%	7,742	$1M	held	—	21 q
NSCNorfolk Southern Corp.	0.00%	3,797	$573,000	held	—	21 q
NUENucor Corporation	0.00%	66,100	$4M	trimmed−9%	0.00 pp	21 q
PNCPNC Financial Services Group	0.00%	20,080	$3M	held	—	21 q
PPGPPG Industries, Inc.	0.00%	17,000	$2M	held	—	21 q
PHParker-Hannifin Corporation	0.00%	4,331	$675,000	held	—	21 q
PYPLPayPal Holdings, Inc.	0.00%	57,000	$5M	trimmed−8%	0.00 pp	12 q
PEPPepsiCo, Inc.	0.00%	4,245	$462,000	held	—	21 q
PRSPPerspecta Inc	0.00%	72,865	$1M	new	0.00 pp	new
PMPhilip Morris International Inc.	0.00%	18,913	$2M	held	—	21 q
PSXPhillips 66	0.00%	5,205	$585,000	held	—	21 q
QCOMQualcomm Inc	0.00%	5,000	$281,000	held	—	16 q
RIORio Tinto plc	0.00%	10,500	$583,000	held	—	21 q
SPGIS&P Global Inc.	0.00%	8,300	$2M	trimmed−2%	0.00 pp	9 q
STTState Street Corporation	0.00%	4,500	$419,000	held	—	21 q
MMM3M Company	0.00%	18,021	$4M	trimmed−0%	0.00 pp	21 q
USBU.S. Bancorp	0.00%	100,121	$5M	trimmed−5%	0.00 pp	21 q
unresolvedUnilever Spn.Adr 1:1	0.00%	6,800	$376,000	trimmed−13%	0.00 pp	21 q
UNUnilever N V -ny Shares	0.00%	50,326	$3M	trimmed−5%	0.00 pp	21 q
UTXZRTX Corporation	0.00%	1,750	$219,000	held	—	9 q
VZVerizon Communications	0.00%	5,500	$277,000	held	—	21 q
VVISA Inc.	0.00%	5,500	$728,000	held	—	16 q
VMCVulcan Materials Company(Holding Company)	0.00%	47,525	$6M	trimmed−4%	0.00 pp	21 q
WBAWalgreens Boots Alliance, Inc	0.00%	5,669	$340,000	held	—	15 q
ADNTAdient plc	0.00%	6,388	$314,000	trimmed−43%	0.00 pp	7 q
CBChubb Limited	0.00%	7,514	$954,000	trimmed−6%	0.00 pp	10 q
TWXTime Warner Inc	—	−31,548,482	—	exited	−2.41 pp	—
unresolvedLiberty Interactive Corp	—	−33,941,808	—	exited	−0.69 pp	—
FLRFluor Corporation	—	−3,505	—	exited	0.00 pp	—
SYMCGen Digital Inc.	—	−24,850	—	exited	0.00 pp	—
TPRTapestry, Inc.	—	−24,100	—	exited	0.00 pp	—
VFCV.F. Corporation	—	−2,941	—	exited	0.00 pp	—