Dodge & Cox

Q3 2018 13F

As of: Sep 30, 2018
Filed: Nov 21, 2018
US stock: $130.7B · prev $125.2B
Positions: 190 · prev 176
Options notional: $0
Documents: 1· 1 amendment

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves159 since the prior filing

+5.5 pp in · −5.5 pp out

New 17 +2.99 pp
Added 50 +2.51 pp
Trimmed 89 −4.20 pp
Exited 3 −1.27 pp

The book

Diversified · behaves like 53 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.5 years per position

Low
Moderate
High

Top 5 positions16% of US stock

Revealed late, restated

restated 1 row corrected by the filer · US stock +1.29%; later quarters recomputed 13F-HR/A · Nov 21, 2018 ↗

Positions190 in this filing · 3 exited


CMCSAComcast Corp	3.59%	132,526,363	$4.7B	added0%	+0.13 pp	22 q
WFCWells Fargo & Co.	3.21%	79,848,292	$4.2B	added0%	−0.32 pp	22 q
MSFTMicrosoft Corp	3.19%	36,405,244	$4.2B	trimmed−4%	+0.21 pp	22 q
CHTRCharter Comm Inc Del CL A New	2.97%	11,924,338	$3.9B	added0%	+0.18 pp	10 q
NVSNovartis AG	2.92%	44,361,387	$3.8B	added+1%	+0.26 pp	22 q
unresolvedExpress Scripts Hldg Co	2.90%	39,936,856	$3.8B	trimmed−4%	+0.34 pp	20 q
SCHWThe Charles Schwab Corporation	2.86%	76,008,133	$3.7B	trimmed−1%	−0.27 pp	22 q
GOOGAlphabet Inc. Class C	2.83%	3,096,035	$3.7B	trimmed−2%	+0.01 pp	18 q
COFCapital One Financial	2.77%	38,134,401	$3.6B	trimmed−12%	−0.41 pp	22 q
JCIJohnson Controls International plc	2.66%	99,462,999	$3.5B	trimmed−0%	−0.01 pp	9 q
BACBank of America Corporation	2.56%	113,576,385	$3.3B	trimmed−14%	−0.43 pp	22 q
FDXFedEx Corporation	2.28%	12,391,153	$3.0B	added+20%	+0.41 pp	22 q
APCAnadarko Petroleum Corp	2.24%	43,463,717	$2.9B	trimmed−2%	−0.36 pp	22 q
HPEHewlett Packard Enterprise Company	2.20%	176,026,592	$2.9B	trimmed−4%	+0.06 pp	12 q
JPMJPMorgan Chase & Co.	2.15%	24,936,752	$2.8B	trimmed−1%	+0.06 pp	22 q
AXPAmerican Express Company	2.12%	26,052,633	$2.8B	trimmed−0%	+0.07 pp	22 q
SNYSanofi	2.09%	61,110,540	$2.7B	trimmed−0%	+0.13 pp	22 q
SLBSLB Limited	1.93%	41,418,305	$2.5B	trimmed−4%	−0.37 pp	22 q
LLYEli Lilly & Co.	1.86%	22,692,971	$2.4B	trimmed−16%	+0.02 pp	22 q
GSGoldman Sachs Group Inc.	1.74%	10,129,233	$2.3B	trimmed−6%	−0.16 pp	22 q
unresolvedTwenty First Centy Fox Inc	1.72%	48,452,392	$2.2B	trimmed−29%	−0.99 pp	22 q
BNYBank of New York Mellon Corporation	1.71%	43,947,951	$2.2B	trimmed−0%	−0.19 pp	22 q
BKNGBooking Holdings Inc.	1.69%	1,111,386	$2.2B	added+61%	+0.58 pp	3 q
METMetLife, Inc.	1.65%	46,174,712	$2.2B	trimmed−0%	+0.03 pp	22 q
HPQHP Inc.	1.61%	81,743,986	$2.1B	trimmed−1%	+0.12 pp	12 q
BMYBristol-Myers Squibb Co.	1.57%	32,969,186	$2.0B	added+1%	+0.12 pp	22 q
AZNNAstrazeneca Plc-spons ADR	1.55%	51,140,309	$2.0B	trimmed−3%	+0.07 pp	12 q
0VQJLTe Connectivity Ltd	1.49%	22,211,855	$2.0B	trimmed−0%	−0.12 pp	22 q
unresolvedGlaxosmithkline PLC	1.48%	48,004,737	$1.9B	trimmed−0%	−0.07 pp	22 q
9990302DApache Corp	1.44%	39,601,676	$1.9B	added+1%	−0.02 pp	22 q
unresolvedCigna Corporation	1.42%	8,897,427	$1.9B	trimmed−15%	+0.01 pp	22 q
MDTMedtronic plc	1.33%	17,662,282	$1.7B	trimmed−6%	+0.05 pp	15 q
CSCOCisco Systems, Inc. (DE)	1.32%	35,387,868	$1.7B	trimmed−11%	−0.05 pp	17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.31%	6,447,568	$1.7B	trimmed−10%	−0.10 pp	22 q
UBSUBS Group AG	1.28%	105,532,270	$1.7B	new	+1.28 pp	new
UNPUnion Pacific Corp.	1.25%	10,054,574	$1.6B	trimmed−1%	+0.10 pp	22 q
unresolvedDell Technologies Inc	1.19%	16,005,353	$1.6B	added+1%	+0.12 pp	9 q
BKRBaker Hughes Company	1.03%	39,653,536	$1.3B	added+4%	+0.03 pp	5 q
GILDGilead Sciences Inc	0.97%	16,450,181	$1.3B	added+1%	+0.05 pp	17 q
SUSuncor Energy, Inc.	0.97%	32,613,533	$1.3B	trimmed−7%	−0.17 pp	9 q
JNPJuniper Networks Inc	0.95%	41,586,457	$1.2B	added+5%	+0.08 pp	16 q
CVSCvs Health Corporation	0.91%	15,125,686	$1.2B	new	+0.91 pp	new
CECelanese Corporation	0.89%	10,251,050	$1.2B	trimmed−1%	−0.02 pp	22 q
unresolvedQurate Retail Inc	0.89%	52,572,349	$1.2B	added+35%	+0.23 pp	2 q
NOVNOV Inc.	0.88%	26,668,555	$1.1B	trimmed−15%	−0.21 pp	19 q
LBTYKLiberty Global Ltd. Class C	0.87%	40,367,135	$1.1B	trimmed−0%	+0.01 pp	22 q
unresolvedSprint Corporation	0.82%	164,093,409	$1.1B	trimmed−1%	+0.10 pp	21 q
unresolvedMicro Focus Intl ADR	0.76%	53,699,061	$992M	added+14%	+0.11 pp	5 q
TAT&T Inc.	0.74%	28,834,447	$968M	trimmed−37%	−0.43 pp	2 q
TVGrupo Televisa S.A.	0.73%	53,806,553	$955M	trimmed−7%	−0.15 pp	22 q
CXCemex S.A.B. de C.V.	0.68%	125,711,760	$885M	added0%	+0.02 pp	22 q
ZAYOZayo Group Holdings, Inc.	0.68%	25,531,785	$886M	added+2%	−0.05 pp	8 q
BIDUBaidu, Inc.	0.67%	3,821,913	$874M	added+13%	+0.01 pp	22 q
BBTTruist Financial Corporation	0.66%	17,689,748	$859M	trimmed−1%	−0.06 pp	22 q
JDJD.com, Inc.	0.64%	31,986,772	$835M	added+20%	−0.19 pp	12 q
MCHPMicrochip Technology Inc	0.63%	10,490,101	$828M	new	+0.63 pp	new
OXYOccidental Petroleum Corporation	0.62%	9,887,895	$812M	added+59%	+0.20 pp	22 q
TGTTarget Corporation	0.60%	8,823,250	$778M	trimmed−34%	−0.21 pp	22 q
unresolvedAegon NV	0.53%	107,339,450	$690M	added+1%	+0.03 pp	22 q
DISHDISH Network Corp.	0.51%	18,756,046	$671M	added+14%	+0.07 pp	22 q
CXOConcho Resources Inc.	0.47%	4,052,023	$619M	trimmed−2%	+0.01 pp	13 q
unresolvedTwenty First Centy Fox Inc	0.44%	12,472,410	$571M	trimmed−8%	−0.09 pp	13 q
MATMattel, Inc.	0.43%	35,620,185	$559M	added0%	−0.04 pp	4 q
NTRNutrien Ltd.	0.43%	9,810,476	$566M	trimmed−13%	−0.06 pp	3 q
LBTYALiberty Global Ltd. Class A	0.42%	18,970,536	$549M	trimmed−0%	0.00 pp	22 q
DHRDanaher Corporation	0.40%	4,810,818	$523M	trimmed−1%	+0.02 pp	17 q
OPTUOptimum Communications, Inc.	0.39%	28,249,077	$512M	added0%	+0.01 pp	2 q
MXIMMaxim Integrated Products	0.39%	9,018,180	$509M	trimmed−1%	−0.04 pp	22 q
TAPMolson Coors Beverage Company Class B	0.39%	8,367,441	$515M	added×2.6	+0.22 pp	2 q
HOGHarley-Davidson, Inc.	0.34%	9,767,376	$442M	added+13%	+0.05 pp	13 q
ALNYAlnylam Pharmaceuticals, Inc.	0.31%	4,655,651	$407M	added0%	−0.06 pp	10 q
SNPSSynopsys Inc	0.26%	3,417,640	$337M	trimmed−35%	−0.10 pp	22 q
HALHalliburton Company	0.21%	6,734,967	$273M	added×732.1	+0.21 pp	22 q
0WEWeatherford International plc	0.17%	83,142,392	$225M	trimmed−0%	−0.05 pp	17 q
GOOGLAlphabet Inc. Class A	0.13%	139,479	$168M	trimmed−4%	0.00 pp	12 q
BHFBrighthouse Financial, Inc.	0.13%	3,852,594	$170M	added+18%	+0.03 pp	5 q
BALLBall Corporation	0.12%	3,530,021	$155M	new	+0.12 pp	new
NWSANews Corporation Class A	0.12%	11,498,624	$152M	trimmed−0%	−0.02 pp	21 q
LILAKLiberty Latin America Ltd. Class C	0.10%	6,643,722	$137M	trimmed−0%	0.00 pp	3 q
LILALiberty Latin America Ltd. Class A	0.09%	5,570,821	$116M	trimmed−0%	0.00 pp	3 q
ITUBItau Unibanco Holding S.A.	0.06%	6,807,589	$75M	added+42%	+0.02 pp	9 q
ELANElanco Animal Health Incorporated	0.05%	2,012,033	$70M	new	+0.05 pp	new
MRKMerck & Co., Inc.	0.05%	992,263	$70M	trimmed−70%	−0.11 pp	22 q
CVXChevron Corporation	0.03%	346,218	$42M	trimmed−1%	−0.01 pp	22 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.03%	4,012,282	$42M	added+19%	+0.01 pp	22 q
CDNSCadence Design Systems	0.02%	473,505	$21M	trimmed−3%	0.00 pp	22 q
GLWCorning Incorporated	0.02%	624,574	$22M	trimmed−19%	0.00 pp	22 q
TRVThe Travelers Companies, Inc.	0.02%	151,173	$20M	trimmed−1%	+0.01 pp	22 q
WMTWalmart Inc.	0.02%	240,369	$23M	trimmed−24%	0.00 pp	22 q
ADBEAdobe Inc.	0.01%	48,339	$13M	trimmed−1%	0.00 pp	22 q
BSXBoston Scientific Corp.	0.01%	204,255	$8M	trimmed−4%	0.00 pp	22 q
CATCaterpillar Inc.	0.01%	46,292	$7M	trimmed−3%	0.00 pp	22 q
unresolvedCredit Suisse Group Spon ADR	0.01%	922,641	$14M	added+1%	0.00 pp	22 q
DXCDXC Technology Company	0.01%	106,467	$10M	trimmed−19%	0.00 pp	6 q
DISThe Walt Disney Company	0.01%	57,656	$7M	added+5%	+0.01 pp	22 q
unresolvedDowdupont Inc	0.01%	262,856	$17M	trimmed−1%	0.00 pp	5 q
ERICEricsson	0.01%	1,737,974	$15M	trimmed−0%	0.00 pp	22 q
XOMExxon Mobil Corp	0.01%	128,344	$11M	added+1%	0.00 pp	22 q
unresolvedGeneral Electric Co	0.01%	685,824	$8M	trimmed−2%	0.00 pp	22 q
HDHome Depot, Inc.	0.01%	62,500	$13M	added0%	0.00 pp	22 q
IBNICICI Bank Limited	0.01%	2,037,930	$17M	trimmed−3%	0.00 pp	8 q
IBMInternational Business Machines Corporation	0.01%	78,910	$12M	trimmed−4%	0.00 pp	22 q
MSIMotorola Solutions, Inc. New	0.01%	53,082	$7M	held	—	22 q
NTAPNetApp, Inc	0.01%	156,078	$13M	trimmed−27%	0.00 pp	22 q
PFEPfizer Inc.	0.01%	433,024	$19M	trimmed−0%	0.00 pp	22 q
PGProcter & Gamble Company	0.01%	136,442	$11M	added+1%	0.00 pp	22 q
RDS.ARoyal Dutch Shell PLC	0.01%	159,879	$11M	added+1%	0.00 pp	22 q
unresolvedSunTrust Banks Inc	0.01%	195,190	$13M	trimmed−4%	0.00 pp	22 q
TMOThermo Fisher Scientific, Inc.	0.01%	40,098	$10M	trimmed−2%	0.00 pp	22 q
ABTAbbott Laboratories	0.00%	32,829	$2M	added+21%	0.00 pp	22 q
ABBVAbbvie Inc.	0.00%	31,292	$3M	added+6%	0.00 pp	22 q
unresolvedAetna Inc New	0.00%	2,100	$426,000	added+50%	0.00 pp	6 q
APDAir Products & Chemicals, Inc.	0.00%	3,300	$551,000	held	—	22 q
ALLThe Allstate Corporation	0.00%	3,746	$370,000	held	—	22 q
MOAltria Group, Inc.	0.00%	23,800	$1M	held	—	22 q
AMZNAmazon.Com Inc	0.00%	1,030	$2M	added+32%	0.00 pp	17 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	255,400	$4M	trimmed−23%	0.00 pp	8 q
AMTAmerican Tower Corporation	0.00%	2,625	$381,000	new	0.00 pp	new
AMPAmeriprise Financial, Inc.	0.00%	2,942	$434,000	held	—	22 q
AMGNAmgen Inc	0.00%	23,022	$5M	trimmed−5%	0.00 pp	22 q
ELVElevance Health, Inc.	0.00%	1,400	$384,000	held	—	16 q
AAPLApple Inc.	0.00%	15,000	$3M	added+30%	0.00 pp	22 q
ADPAutomatic Data Processing	0.00%	1,800	$271,000	held	—	8 q
BAXBaxter International Inc.	0.00%	3,382	$261,000	held	—	6 q
BDXBecton, Dickinson and Co.	0.00%	6,030	$2M	trimmed−9%	0.00 pp	22 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$2M	added+67%	0.00 pp	22 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	16,420	$4M	added+1%	0.00 pp	22 q
BLQADBlackrock Inc	0.00%	750	$353,000	new	0.00 pp	new
BABoeing Company	0.00%	1,174	$437,000	new	0.00 pp	new
CTRACoterra Energy Inc.	0.00%	10,300	$232,000	new	0.00 pp	new
KMXCarMax Inc.	0.00%	23,200	$2M	held	—	22 q
CTXSCitrix Systems Inc	0.00%	6,150	$684,000	held	—	22 q
KOCoca-Cola Company	0.00%	30,022	$1M	held	—	22 q
CLColgate-Palmolive Company	0.00%	14,000	$937,000	held	—	22 q
COPConocoPhillips	0.00%	23,188	$2M	trimmed−6%	0.00 pp	22 q
DEDeere & Company	0.00%	19,604	$3M	trimmed−4%	0.00 pp	22 q
DEODiageo plc	0.00%	25,263	$4M	added+3%	0.00 pp	22 q
DDominion Energy, Inc	0.00%	4,512	$317,000	held	—	22 q
UFSDOMTAR CORPORATION (New)	0.00%	4,300	$224,000	trimmed−7%	0.00 pp	22 q
DUKDuke Energy Corporation	0.00%	6,765	$541,000	trimmed−5%	0.00 pp	22 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,125	$730,000	held	—	22 q
EBAYeBay Inc	0.00%	63,735	$2M	trimmed−9%	0.00 pp	22 q
FLRFluor Corporation	0.00%	3,505	$204,000	new	0.00 pp	new
GLIBAGci Liberty Inc - Class A	0.00%	6,206	$317,000	trimmed−19%	0.00 pp	3 q
GISGeneral Mills, Inc.	0.00%	11,200	$481,000	held	—	22 q
GPCGenuine Parts Company	0.00%	18,562	$2M	trimmed−5%	0.00 pp	22 q
HESHess Corporation	0.00%	3,906	$280,000	held	—	3 q
HONHoneywell International, Inc.	0.00%	9,231	$2M	added+35%	0.00 pp	22 q
INTCIntel Corp	0.00%	5,000	$236,000	new	0.00 pp	new
IWNiShares Russell 2000 Value ETF	0.00%	1,925	$256,000	new	0.00 pp	new
JNJJohnson & Johnson	0.00%	31,690	$4M	added+6%	0.00 pp	22 q
KMBKimberly-Clark Corp.	0.00%	3,943	$448,000	held	—	22 q
PHGKoninklijke Philips N.v.	0.00%	21,700	$988,000	held	—	22 q
KHCThe Kraft Heinz Company	0.00%	3,946	$217,000	held	—	13 q
LMTLockheed Martin Corp.	0.00%	975	$337,000	new	0.00 pp	new
LOWLowe's Companies Inc.	0.00%	1,900	$218,000	new	0.00 pp	new
MMacy's Inc.	0.00%	9,800	$340,000	held	—	22 q
MRSHMarsh	0.00%	3,660	$303,000	held	—	17 q
MCDMcDonald's Corporation	0.00%	15,138	$3M	trimmed−5%	0.00 pp	22 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$509,000	held	—	22 q
MCOMoody's Corporation	0.00%	2,050	$343,000	held	—	22 q
NEENextEra Energy, Inc.	0.00%	7,142	$1M	trimmed−8%	0.00 pp	22 q
NSCNorfolk Southern Corp.	0.00%	3,797	$685,000	held	—	22 q
NUENucor Corporation	0.00%	66,100	$4M	held	—	22 q
PNCPNC Financial Services Group	0.00%	18,980	$3M	trimmed−5%	0.00 pp	22 q
PPGPPG Industries, Inc.	0.00%	17,000	$2M	held	—	22 q
PHParker-Hannifin Corporation	0.00%	3,256	$599,000	trimmed−25%	0.00 pp	22 q
PYPLPayPal Holdings, Inc.	0.00%	53,475	$5M	trimmed−6%	0.00 pp	13 q
PEPPepsiCo, Inc.	0.00%	6,045	$676,000	added+42%	0.00 pp	22 q
PRSPPerspecta Inc	0.00%	27,090	$697,000	trimmed−63%	0.00 pp	2 q
PMPhilip Morris International Inc.	0.00%	18,913	$2M	held	—	22 q
PSXPhillips 66	0.00%	5,205	$587,000	held	—	22 q
QCOMQualcomm Inc	0.00%	5,530	$398,000	added+11%	0.00 pp	17 q
RTNRaytheon Company	0.00%	1,550	$320,000	new	0.00 pp	new
RIORio Tinto plc	0.00%	10,500	$536,000	held	—	22 q
SPGIS&P Global Inc.	0.00%	8,300	$2M	held	—	10 q
STTState Street Corporation	0.00%	4,500	$377,000	held	—	22 q
TPRTapestry, Inc.	0.00%	4,000	$201,000	new	0.00 pp	new
MMM3M Company	0.00%	17,321	$4M	trimmed−4%	0.00 pp	22 q
USBU.S. Bancorp	0.00%	105,221	$6M	added+5%	0.00 pp	22 q
unresolvedUnilever Spn.Adr 1:1	0.00%	5,900	$324,000	trimmed−13%	0.00 pp	22 q
UNUnilever N V -ny Shares	0.00%	47,342	$3M	trimmed−6%	0.00 pp	22 q
UPSUnited Parcel Service, Inc. Class B	0.00%	2,200	$257,000	new	0.00 pp	new
UTXZRTX Corporation	0.00%	2,200	$308,000	added+26%	0.00 pp	10 q
VZVerizon Communications	0.00%	5,500	$294,000	held	—	22 q
VVISA Inc.	0.00%	5,500	$825,000	held	—	17 q
VMWVMware, Inc	0.00%	21,600	$3M	trimmed−99%	−0.37 pp	12 q
VMCVulcan Materials Company(Holding Company)	0.00%	47,325	$5M	trimmed−0%	0.00 pp	22 q
WBAWalgreens Boots Alliance, Inc	0.00%	5,669	$413,000	held	—	16 q
CBChubb Limited	0.00%	5,344	$714,000	trimmed−29%	0.00 pp	11 q
unresolvedUBS Group AG	—	−103,122,127	—	exited	−1.27 pp	—
LEXEALiberty Expedia Holdings, Inc. Class A	—	−5,087	—	exited	0.00 pp	—
ADNTAdient plc	—	−6,388	—	exited	0.00 pp	—