Dodge & Cox

Q4 2018 13F

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $109.1B · prev $130.7B
Positions: 181 · prev 190
Options notional: $0
Documents: 1· no amendments

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%

Moves156 since the prior filing

+8.7 pp in · −8.7 pp out

New 6 +4.77 pp
Added 37 +3.90 pp
Trimmed 98 −3.05 pp
Exited 15 −5.66 pp

The book

Diversified · behaves like 52 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 46% a year, about 2.2 years per position

Low
Moderate
High

Top 5 positions16% of US stock

Positions181 in this filing · 15 exited


CMCSAComcast Corp	3.98%	127,555,330	$4.3B	trimmed−4%	+0.39 pp	23 q
WFCWells Fargo & Co.	3.39%	80,222,956	$3.7B	added0%	+0.18 pp	23 q
CHTRCharter Comm Inc Del CL A New	3.05%	11,680,954	$3.3B	trimmed−2%	+0.08 pp	11 q
MSFTMicrosoft Corp	2.98%	31,983,072	$3.2B	trimmed−12%	−0.21 pp	23 q
NVSNovartis AG	2.89%	36,798,618	$3.2B	trimmed−17%	−0.03 pp	23 q
SCHWThe Charles Schwab Corporation	2.89%	76,016,388	$3.2B	added0%	+0.03 pp	23 q
JCIJohnson Controls International plc	2.89%	106,275,577	$3.2B	added+7%	+0.23 pp	10 q
GOOGAlphabet Inc. Class C	2.87%	3,027,833	$3.1B	trimmed−2%	+0.04 pp	19 q
COFCapital One Financial	2.61%	37,735,829	$2.9B	trimmed−1%	−0.16 pp	23 q
BACBank of America Corporation	2.58%	114,196,520	$2.8B	added+1%	+0.02 pp	23 q
SNYSanofi	2.40%	60,376,172	$2.6B	trimmed−1%	+0.31 pp	23 q
FDXFedEx Corporation	2.36%	15,945,178	$2.6B	added+29%	+0.08 pp	23 q
CIThe Cigna Group	2.30%	13,231,894	$2.5B	new	+2.30 pp	new
AXPAmerican Express Company	2.26%	25,846,978	$2.5B	trimmed−1%	+0.14 pp	23 q
JPMJPMorgan Chase & Co.	2.22%	24,808,398	$2.4B	trimmed−1%	+0.07 pp	23 q
BNYBank of New York Mellon Corporation	2.17%	50,269,750	$2.4B	added+14%	+0.46 pp	23 q
HPEHewlett Packard Enterprise Company	2.07%	170,681,391	$2.3B	trimmed−3%	−0.13 pp	13 q
BMYBristol-Myers Squibb Co.	2.03%	42,587,957	$2.2B	added+29%	+0.46 pp	23 q
BKNGBooking Holdings Inc.	1.83%	1,160,937	$2.0B	added+4%	+0.14 pp	4 q
unresolvedTwenty First Centy Fox Inc	1.83%	41,533,329	$2.0B	trimmed−14%	+0.11 pp	23 q
APCAnadarko Petroleum Corp	1.77%	44,065,467	$1.9B	added+1%	−0.47 pp	23 q
METMetLife, Inc.	1.74%	46,141,883	$1.9B	trimmed−0%	+0.09 pp	23 q
AZNNAstrazeneca Plc-spons ADR	1.72%	49,516,401	$1.9B	trimmed−3%	+0.17 pp	13 q
0VQJLTe Connectivity Ltd	1.69%	24,400,495	$1.8B	added+10%	+0.20 pp	23 q
unresolvedGlaxosmithkline PLC	1.68%	47,986,487	$1.8B	trimmed−0%	+0.20 pp	23 q
LLYEli Lilly & Co.	1.64%	15,500,895	$1.8B	trimmed−32%	−0.22 pp	23 q
GSGoldman Sachs Group Inc.	1.63%	10,671,637	$1.8B	added+5%	−0.11 pp	23 q
OXYOccidental Petroleum Corporation	1.57%	27,982,415	$1.7B	added×2.8	+0.95 pp	23 q
HPQHP Inc.	1.51%	80,636,601	$1.6B	trimmed−1%	−0.10 pp	13 q
UBSUBS Group AG	1.47%	128,752,027	$1.6B	added+22%	+0.19 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.45%	6,345,642	$1.6B	trimmed−2%	+0.14 pp	23 q
SLBSLB Limited	1.37%	41,434,313	$1.5B	added0%	−0.56 pp	23 q
CSCOCisco Systems, Inc. (DE)	1.27%	32,027,260	$1.4B	trimmed−10%	−0.05 pp	18 q
9990302DApache Corp	1.26%	52,383,637	$1.4B	added+32%	−0.18 pp	23 q
MCHPMicrochip Technology Inc	1.24%	18,879,583	$1.4B	added+80%	+0.61 pp	2 q
UTXZRTX Corporation	1.20%	12,298,300	$1.3B	added×5590.1	+1.20 pp	11 q
99952EURLinde PLC/OLD	1.18%	8,101,094	$1.3B	new	+1.18 pp	new
BKRBaker Hughes Company	1.08%	54,838,110	$1.2B	added+38%	+0.05 pp	6 q
JNPJuniper Networks Inc	1.03%	41,653,207	$1.1B	added0%	+0.08 pp	17 q
unresolvedQurate Retail Inc	0.97%	54,022,174	$1.1B	added+3%	+0.08 pp	3 q
CVSCvs Health Corporation	0.96%	16,048,889	$1.1B	added+6%	+0.05 pp	2 q
GILDGilead Sciences Inc	0.95%	16,520,430	$1.0B	added0%	−0.02 pp	18 q
CECelanese Corporation	0.88%	10,727,345	$965M	added+5%	−0.01 pp	23 q
SUSuncor Energy, Inc.	0.84%	32,870,100	$919M	added+1%	−0.13 pp	10 q
LBTYKLiberty Global Ltd. Class C	0.77%	40,662,805	$839M	added+1%	−0.10 pp	23 q
JDJD.com, Inc.	0.75%	39,052,431	$817M	added+22%	+0.11 pp	13 q
BIDUBaidu, Inc.	0.72%	4,940,187	$784M	added+29%	+0.05 pp	23 q
BBTTruist Financial Corporation	0.68%	17,159,548	$743M	trimmed−3%	+0.02 pp	23 q
HALHalliburton Company	0.64%	26,423,375	$702M	added×3.9	+0.43 pp	23 q
TVGrupo Televisa S.A.	0.63%	54,942,120	$691M	added+2%	−0.10 pp	23 q
ZAYOZayo Group Holdings, Inc.	0.59%	28,388,472	$648M	added+11%	−0.09 pp	9 q
unresolvedMicro Focus Intl ADR	0.57%	36,054,745	$621M	trimmed−33%	−0.19 pp	6 q
CXCemex S.A.B. de C.V.	0.55%	124,800,090	$602M	trimmed−1%	−0.13 pp	23 q
unresolvedSprint Corporation	0.55%	103,567,744	$603M	trimmed−37%	−0.27 pp	22 q
TAT&T Inc.	0.54%	20,692,684	$591M	trimmed−28%	−0.20 pp	3 q
UNPUnion Pacific Corp.	0.54%	4,244,168	$587M	trimmed−58%	−0.71 pp	23 q
unresolvedTwenty First Centy Fox Inc	0.53%	12,083,660	$577M	trimmed−3%	+0.09 pp	14 q
MDTMedtronic plc	0.50%	6,047,948	$550M	trimmed−66%	−0.83 pp	16 q
unresolvedAegon NV	0.46%	108,208,391	$503M	added+1%	−0.07 pp	23 q
DHRDanaher Corporation	0.44%	4,690,968	$484M	trimmed−2%	+0.04 pp	18 q
TAPMolson Coors Beverage Company Class B	0.44%	8,616,173	$484M	added+3%	+0.05 pp	3 q
DELLDell Technologies Inc.	0.43%	9,695,027	$474M	new	+0.43 pp	new
DISHDISH Network Corp.	0.43%	18,931,596	$473M	added+1%	−0.08 pp	23 q
MXIMMaxim Integrated Products	0.40%	8,640,080	$439M	trimmed−4%	+0.01 pp	23 q
OPTUOptimum Communications, Inc.	0.38%	24,852,965	$411M	trimmed−12%	−0.01 pp	3 q
NOVNOV Inc.	0.38%	16,133,946	$415M	trimmed−40%	−0.50 pp	20 q
CXOConcho Resources Inc.	0.37%	3,901,302	$401M	trimmed−4%	−0.10 pp	14 q
LBTYALiberty Global Ltd. Class A	0.37%	18,957,003	$405M	trimmed−0%	−0.05 pp	23 q
NTRNutrien Ltd.	0.35%	8,171,308	$384M	trimmed−17%	−0.08 pp	4 q
MATMattel, Inc.	0.32%	35,371,257	$353M	trimmed−1%	−0.11 pp	5 q
BABAAlibaba Group Holding Limited	0.31%	2,471,800	$339M	new	+0.31 pp	new
ALNYAlnylam Pharmaceuticals, Inc.	0.31%	4,690,251	$342M	added+1%	0.00 pp	11 q
GAPThe Gap, Inc.	0.30%	12,567,882	$324M	new	+0.30 pp	new
HOGHarley-Davidson, Inc.	0.30%	9,719,872	$332M	trimmed−0%	−0.04 pp	14 q
BHFBrighthouse Financial, Inc.	0.27%	9,806,273	$299M	added×2.5	+0.14 pp	6 q
INCYIncyte Genomics Inc	0.25%	4,240,100	$270M	new	+0.25 pp	new
TGTTarget Corporation	0.16%	2,698,719	$178M	trimmed−69%	−0.44 pp	23 q
GOOGLAlphabet Inc. Class A	0.13%	137,734	$144M	trimmed−1%	0.00 pp	13 q
NWSANews Corporation Class A	0.12%	11,468,549	$130M	trimmed−0%	0.00 pp	22 q
BALLBall Corporation	0.10%	2,476,121	$114M	trimmed−30%	−0.02 pp	2 q
ITUBItau Unibanco Holding S.A.	0.09%	10,937,105	$100M	added+7%	+0.03 pp	10 q
MRKMerck & Co., Inc.	0.06%	830,025	$63M	trimmed−16%	+0.01 pp	23 q
SNPSSynopsys Inc	0.06%	814,946	$69M	trimmed−76%	−0.20 pp	23 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.04%	3,602,007	$42M	trimmed−10%	+0.01 pp	23 q
0WEWeatherford International plc	0.04%	82,847,831	$46M	trimmed−0%	−0.13 pp	18 q
CVXChevron Corporation	0.03%	342,906	$37M	trimmed−1%	0.00 pp	23 q
CDNSCadence Design Systems	0.02%	452,920	$20M	trimmed−4%	0.00 pp	23 q
GLWCorning Incorporated	0.02%	570,372	$17M	trimmed−9%	0.00 pp	23 q
IBNICICI Bank Limited	0.02%	1,745,830	$18M	trimmed−14%	+0.01 pp	9 q
PFEPfizer Inc.	0.02%	420,643	$18M	trimmed−3%	+0.01 pp	23 q
TRVThe Travelers Companies, Inc.	0.02%	149,094	$18M	trimmed−1%	0.00 pp	23 q
WMTWalmart Inc.	0.02%	216,790	$20M	trimmed−10%	0.00 pp	23 q
ADBEAdobe Inc.	0.01%	45,010	$10M	trimmed−7%	0.00 pp	23 q
BSXBoston Scientific Corp.	0.01%	196,810	$7M	trimmed−4%	0.00 pp	23 q
CATCaterpillar Inc.	0.01%	44,995	$6M	trimmed−3%	0.00 pp	23 q
unresolvedCredit Suisse Group Spon ADR	0.01%	866,299	$9M	trimmed−6%	0.00 pp	23 q
DXCDXC Technology Company	0.01%	104,017	$6M	trimmed−2%	0.00 pp	7 q
DISThe Walt Disney Company	0.01%	57,033	$6M	trimmed−1%	0.00 pp	23 q
unresolvedDowdupont Inc	0.01%	258,787	$14M	trimmed−2%	0.00 pp	6 q
ERICEricsson	0.01%	1,727,229	$15M	trimmed−1%	0.00 pp	23 q
XOMExxon Mobil Corp	0.01%	124,801	$9M	trimmed−3%	0.00 pp	23 q
unresolvedGeneral Electric Co	0.01%	868,254	$7M	added+27%	0.00 pp	23 q
HDHome Depot, Inc.	0.01%	60,855	$10M	trimmed−3%	0.00 pp	23 q
IBMInternational Business Machines Corporation	0.01%	77,870	$9M	trimmed−1%	0.00 pp	23 q
MSIMotorola Solutions, Inc. New	0.01%	52,582	$6M	trimmed−1%	0.00 pp	23 q
NTAPNetApp, Inc	0.01%	147,028	$9M	trimmed−6%	0.00 pp	23 q
PGProcter & Gamble Company	0.01%	132,827	$12M	trimmed−3%	0.00 pp	23 q
RDS.ARoyal Dutch Shell PLC	0.01%	151,179	$9M	trimmed−5%	0.00 pp	23 q
unresolvedSunTrust Banks Inc	0.01%	184,420	$9M	trimmed−6%	0.00 pp	23 q
TMOThermo Fisher Scientific, Inc.	0.01%	39,348	$9M	trimmed−2%	0.00 pp	23 q
LILALiberty Latin America Ltd. Class A	0.01%	614,968	$9M	trimmed−89%	−0.08 pp	4 q
ABTAbbott Laboratories	0.00%	32,829	$2M	held	—	23 q
ABBVAbbvie Inc.	0.00%	31,292	$3M	held	—	23 q
APDAir Products & Chemicals, Inc.	0.00%	3,300	$528,000	held	—	23 q
ALLThe Allstate Corporation	0.00%	3,685	$304,000	trimmed−2%	0.00 pp	23 q
MOAltria Group, Inc.	0.00%	23,800	$1M	held	—	23 q
AMZNAmazon.Com Inc	0.00%	1,030	$2M	held	—	18 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	255,400	$4M	held	—	9 q
AMTAmerican Tower Corporation	0.00%	2,225	$352,000	trimmed−15%	0.00 pp	2 q
AMPAmeriprise Financial, Inc.	0.00%	2,942	$307,000	held	—	23 q
AMGNAmgen Inc	0.00%	22,422	$4M	trimmed−3%	0.00 pp	23 q
ELVElevance Health, Inc.	0.00%	1,400	$368,000	held	—	17 q
AAPLApple Inc.	0.00%	14,600	$2M	trimmed−3%	0.00 pp	23 q
ADPAutomatic Data Processing	0.00%	1,800	$236,000	held	—	9 q
BAXBaxter International Inc.	0.00%	3,382	$223,000	held	—	7 q
BDXBecton, Dickinson and Co.	0.00%	5,680	$1M	trimmed−6%	0.00 pp	23 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$2M	held	—	23 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	15,070	$3M	trimmed−8%	0.00 pp	23 q
BLQADBlackrock Inc	0.00%	750	$295,000	held	—	2 q
BABoeing Company	0.00%	974	$314,000	trimmed−17%	0.00 pp	2 q
CTRACoterra Energy Inc.	0.00%	10,300	$230,000	held	—	2 q
KMXCarMax Inc.	0.00%	23,200	$1M	held	—	23 q
CTXSCitrix Systems Inc	0.00%	5,750	$589,000	trimmed−7%	0.00 pp	23 q
KOCoca-Cola Company	0.00%	29,478	$1M	trimmed−2%	0.00 pp	23 q
CLColgate-Palmolive Company	0.00%	14,000	$833,000	held	—	23 q
COPConocoPhillips	0.00%	23,188	$1M	held	—	23 q
DEDeere & Company	0.00%	18,764	$3M	trimmed−4%	0.00 pp	23 q
DEODiageo plc	0.00%	23,513	$3M	trimmed−7%	0.00 pp	23 q
DDominion Energy, Inc	0.00%	4,512	$322,000	held	—	23 q
DUKDuke Energy Corporation	0.00%	6,765	$584,000	held	—	23 q
unresolvedDun & Bradstreet Corp/The	0.00%	3,291	$470,000	trimmed−36%	0.00 pp	23 q
EBAYeBay Inc	0.00%	59,581	$2M	trimmed−7%	0.00 pp	23 q
GLIBAGci Liberty Inc - Class A	0.00%	6,206	$255,000	held	—	4 q
GISGeneral Mills, Inc.	0.00%	11,200	$436,000	held	—	23 q
GPCGenuine Parts Company	0.00%	18,562	$2M	held	—	23 q
HONHoneywell International, Inc.	0.00%	9,231	$1M	held	—	23 q
INTCIntel Corp	0.00%	5,000	$235,000	held	—	2 q
JNJJohnson & Johnson	0.00%	31,172	$4M	trimmed−2%	0.00 pp	23 q
KMBKimberly-Clark Corp.	0.00%	3,943	$449,000	held	—	23 q
PHGKoninklijke Philips N.v.	0.00%	21,700	$762,000	held	—	23 q
LMTLockheed Martin Corp.	0.00%	975	$255,000	held	—	2 q
MMacy's Inc.	0.00%	9,600	$286,000	trimmed−2%	0.00 pp	23 q
MRSHMarsh	0.00%	3,660	$292,000	held	—	18 q
MCDMcDonald's Corporation	0.00%	15,138	$3M	held	—	23 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$474,000	held	—	23 q
MCOMoody's Corporation	0.00%	2,050	$287,000	held	—	23 q
NEENextEra Energy, Inc.	0.00%	7,142	$1M	held	—	23 q
NSCNorfolk Southern Corp.	0.00%	3,224	$482,000	trimmed−15%	0.00 pp	23 q
NUENucor Corporation	0.00%	66,100	$3M	held	—	23 q
PNCPNC Financial Services Group	0.00%	18,680	$2M	trimmed−2%	0.00 pp	23 q
PPGPPG Industries, Inc.	0.00%	17,000	$2M	held	—	23 q
PHParker-Hannifin Corporation	0.00%	3,256	$486,000	held	—	23 q
PYPLPayPal Holdings, Inc.	0.00%	51,046	$4M	trimmed−5%	0.00 pp	14 q
PEPPepsiCo, Inc.	0.00%	5,745	$635,000	trimmed−5%	0.00 pp	23 q
PRSPPerspecta Inc	0.00%	26,415	$455,000	trimmed−2%	0.00 pp	3 q
PMPhilip Morris International Inc.	0.00%	18,913	$1M	held	—	23 q
PSXPhillips 66	0.00%	5,205	$448,000	held	—	23 q
QCOMQualcomm Inc	0.00%	4,830	$275,000	trimmed−13%	0.00 pp	18 q
RIORio Tinto plc	0.00%	10,400	$504,000	trimmed−1%	0.00 pp	23 q
SPGIS&P Global Inc.	0.00%	8,300	$1M	held	—	11 q
STTState Street Corporation	0.00%	4,500	$284,000	held	—	23 q
MMM3M Company	0.00%	16,921	$3M	trimmed−2%	0.00 pp	23 q
USBU.S. Bancorp	0.00%	98,921	$5M	trimmed−6%	0.00 pp	23 q
unresolvedUnilever Spn.Adr 1:1	0.00%	4,700	$246,000	trimmed−20%	0.00 pp	23 q
UNUnilever N V -ny Shares	0.00%	45,771	$2M	trimmed−3%	0.00 pp	23 q
VZVerizon Communications	0.00%	5,500	$309,000	held	—	23 q
VVISA Inc.	0.00%	5,500	$726,000	held	—	18 q
VMWVMware, Inc	0.00%	20,500	$3M	trimmed−5%	0.00 pp	13 q
VMCVulcan Materials Company(Holding Company)	0.00%	46,900	$5M	trimmed−1%	0.00 pp	23 q
WBAWalgreens Boots Alliance, Inc	0.00%	5,469	$374,000	trimmed−4%	0.00 pp	17 q
CBChubb Limited	0.00%	4,783	$618,000	trimmed−11%	0.00 pp	12 q
unresolvedExpress Scripts Hldg Co	—	−39,936,856	—	exited	−2.90 pp	—
unresolvedCigna Corporation	—	−8,897,427	—	exited	−1.42 pp	—
unresolvedDell Technologies Inc	—	−16,005,353	—	exited	−1.19 pp	—
LILAKLiberty Latin America Ltd. Class C	—	−6,643,722	—	exited	−0.10 pp	—
ELANElanco Animal Health Incorporated	—	−2,012,033	—	exited	−0.05 pp	—
unresolvedAetna Inc New	—	−2,100	—	exited	0.00 pp	—
UFSDOMTAR CORPORATION (New)	—	−4,300	—	exited	0.00 pp	—
FLRFluor Corporation	—	−3,505	—	exited	0.00 pp	—
HESHess Corporation	—	−3,906	—	exited	0.00 pp	—
IWNiShares Russell 2000 Value ETF	—	−1,925	—	exited	0.00 pp	—
KHCThe Kraft Heinz Company	—	−3,946	—	exited	0.00 pp	—
LOWLowe's Companies Inc.	—	−1,900	—	exited	0.00 pp	—
RTNRaytheon Company	—	−1,550	—	exited	0.00 pp	—
TPRTapestry, Inc.	—	−4,000	—	exited	0.00 pp	—
UPSUnited Parcel Service, Inc. Class B	—	−2,200	—	exited	0.00 pp	—