Dodge & Cox

Q1 2019 13F

As of: Mar 31, 2019
Filed: May 14, 2019
US stock: $121.8B · prev $109.1B
Positions: 178 · prev 181
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%

Moves150 since the prior filing

+3.4 pp in · −3.3 pp out

New 2 +0.52 pp
Added 56 +2.83 pp
Trimmed 87 −0.58 pp
Exited 5 −2.75 pp

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.1 years per position

Low
Moderate
High

Top 5 positions17% of US stock

CMCSA Comcast Corp trimmed+0.18 pp trimmed+0.184.2%
CHTR Charter Comm Inc Del CL A New added+0.34 pp added+0.343.4%
JCI Johnson Controls International plc added+0.39 pp added+0.393.3%
WFC Wells Fargo & Co. added−0.14 pp added−0.143.3%
MSFT Microsoft Corp trimmed+0.08 pp trimmed+0.083.1%

Positions178 in this filing · 5 exited


CMCSAComcast Corp	4.16%	126,663,394	$5.1B	trimmed−1%	+0.18 pp	24 q
CHTRCharter Comm Inc Del CL A New	3.39%	11,896,502	$4.1B	added+2%	+0.34 pp	12 q
JCIJohnson Controls International plc	3.28%	108,259,610	$4.0B	added+2%	+0.39 pp	11 q
WFCWells Fargo & Co.	3.25%	81,808,640	$4.0B	added+2%	−0.14 pp	24 q
MSFTMicrosoft Corp	3.06%	31,622,852	$3.7B	trimmed−1%	+0.08 pp	24 q
GOOGAlphabet Inc. Class C	2.93%	3,042,879	$3.6B	added+1%	+0.06 pp	20 q
FDXFedEx Corporation	2.91%	19,513,279	$3.5B	added+22%	+0.55 pp	24 q
NVSNovartis AG	2.87%	36,344,595	$3.5B	trimmed−1%	−0.02 pp	24 q
COFCapital One Financial	2.76%	41,112,655	$3.4B	added+9%	+0.15 pp	24 q
SCHWThe Charles Schwab Corporation	2.68%	76,385,888	$3.3B	added0%	−0.21 pp	24 q
BACBank of America Corporation	2.60%	114,743,993	$3.2B	added0%	+0.02 pp	24 q
SNYSanofi	2.20%	60,590,539	$2.7B	added0%	−0.20 pp	24 q
AXPAmerican Express Company	2.12%	23,576,924	$2.6B	trimmed−9%	−0.14 pp	24 q
BNYBank of New York Mellon Corporation	2.07%	50,051,150	$2.5B	trimmed−0%	−0.10 pp	24 q
JPMJPMorgan Chase & Co.	2.07%	24,942,765	$2.5B	added+1%	−0.15 pp	24 q
0VQJLTe Connectivity Ltd	2.06%	31,111,066	$2.5B	added+28%	+0.37 pp	24 q
HPEHewlett Packard Enterprise Company	1.99%	156,936,903	$2.4B	trimmed−8%	−0.08 pp	14 q
SLBSLB Limited	1.94%	54,156,506	$2.4B	added+31%	+0.57 pp	24 q
GSGoldman Sachs Group Inc.	1.80%	11,389,893	$2.2B	added+7%	+0.17 pp	24 q
CIThe Cigna Group	1.75%	13,249,653	$2.1B	added0%	−0.55 pp	2 q
APCAnadarko Petroleum Corp	1.70%	45,401,436	$2.1B	added+3%	−0.07 pp	24 q
BKNGBooking Holdings Inc.	1.69%	1,181,512	$2.1B	added+2%	−0.14 pp	5 q
BMYBristol-Myers Squibb Co.	1.69%	43,147,416	$2.1B	added+1%	−0.34 pp	24 q
unresolvedGlaxosmithkline PLC	1.65%	48,081,945	$2.0B	added0%	−0.03 pp	24 q
OXYOccidental Petroleum Corporation	1.65%	30,368,000	$2.0B	added+9%	+0.08 pp	24 q
AZNNAstrazeneca Plc-spons ADR	1.64%	49,414,201	$2.0B	trimmed−0%	−0.08 pp	14 q
METMetLife, Inc.	1.62%	46,429,183	$2.0B	added+1%	−0.12 pp	24 q
UTXZRTX Corporation	1.62%	15,336,800	$2.0B	added+25%	+0.42 pp	12 q
9990302DApache Corp	1.57%	55,348,135	$1.9B	added+6%	+0.31 pp	24 q
LLYEli Lilly & Co.	1.56%	14,679,395	$1.9B	trimmed−5%	−0.08 pp	24 q
HPQHP Inc.	1.47%	92,086,739	$1.8B	added+14%	−0.04 pp	14 q
CSCOCisco Systems, Inc. (DE)	1.38%	31,192,816	$1.7B	trimmed−3%	+0.11 pp	19 q
BKRBaker Hughes Company	1.34%	59,024,104	$1.6B	added+8%	+0.26 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.28%	6,300,827	$1.6B	trimmed−1%	−0.17 pp	24 q
UBSUBS Group AG	1.28%	129,000,027	$1.6B	added0%	−0.19 pp	3 q
MCHPMicrochip Technology Inc	1.27%	18,684,483	$1.6B	trimmed−1%	+0.03 pp	3 q
99952EURLinde PLC/OLD	1.12%	7,822,194	$1.4B	trimmed−3%	−0.06 pp	2 q
JNPJuniper Networks Inc	0.97%	44,593,857	$1.2B	added+7%	−0.06 pp	18 q
LBTYKLiberty Global Ltd. Class C	0.94%	47,111,868	$1.1B	added+16%	+0.17 pp	24 q
SUSuncor Energy, Inc.	0.93%	35,031,800	$1.1B	added+7%	+0.09 pp	11 q
GILDGilead Sciences Inc	0.91%	17,073,680	$1.1B	added+3%	−0.04 pp	19 q
CVSCvs Health Corporation	0.88%	19,848,164	$1.1B	added+24%	−0.08 pp	3 q
CECelanese Corporation	0.88%	10,814,285	$1.1B	added+1%	0.00 pp	24 q
JDJD.com, Inc.	0.85%	34,352,177	$1.0B	trimmed−12%	+0.10 pp	14 q
unresolvedMicro Focus Intl ADR	0.77%	36,136,417	$932M	added0%	+0.20 pp	7 q
DISHDISH Network Corp.	0.74%	28,368,173	$899M	added+50%	+0.31 pp	24 q
unresolvedQurate Retail Inc	0.74%	56,553,024	$904M	added+5%	−0.23 pp	4 q
BBTTruist Financial Corporation	0.70%	18,206,728	$847M	added+6%	+0.02 pp	24 q
DELLDell Technologies Inc.	0.70%	14,429,237	$847M	added+49%	+0.27 pp	2 q
HALHalliburton Company	0.69%	28,662,164	$840M	added+8%	+0.05 pp	24 q
BIDUBaidu, Inc.	0.67%	4,950,287	$816M	added0%	−0.05 pp	24 q
ZAYOZayo Group Holdings, Inc.	0.67%	28,758,922	$817M	added+1%	+0.08 pp	10 q
TAPMolson Coors Beverage Company Class B	0.66%	13,468,849	$803M	added+56%	+0.22 pp	4 q
UNPUnion Pacific Corp.	0.57%	4,167,442	$697M	trimmed−2%	+0.03 pp	24 q
TVGrupo Televisa S.A.	0.53%	58,534,820	$647M	added+7%	−0.10 pp	24 q
DHRDanaher Corporation	0.51%	4,709,368	$622M	added0%	+0.07 pp	19 q
TAT&T Inc.	0.50%	19,512,531	$612M	trimmed−6%	−0.04 pp	4 q
unresolvedSprint Corporation	0.48%	103,873,348	$587M	added0%	−0.07 pp	23 q
unresolvedAegon NV	0.43%	108,542,339	$520M	added0%	−0.03 pp	24 q
MDTMedtronic plc	0.43%	5,780,148	$526M	trimmed−4%	−0.07 pp	17 q
BABAAlibaba Group Holding Limited	0.41%	2,751,800	$502M	added+11%	+0.10 pp	2 q
CXCemex S.A.B. de C.V.	0.41%	107,594,390	$499M	trimmed−14%	−0.14 pp	24 q
FOXAFox Corporation Class A	0.40%	13,278,252	$487M	new	+0.40 pp	new
MATMattel, Inc.	0.40%	37,018,261	$481M	added+5%	+0.08 pp	6 q
CXOConcho Resources Inc.	0.39%	4,302,648	$477M	added+10%	+0.02 pp	15 q
ALNYAlnylam Pharmaceuticals, Inc.	0.38%	4,998,001	$467M	added+7%	+0.07 pp	12 q
GAPThe Gap, Inc.	0.38%	17,670,928	$463M	added+41%	+0.08 pp	2 q
MXIMMaxim Integrated Products	0.38%	8,666,460	$461M	added0%	−0.02 pp	24 q
LBTYALiberty Global Ltd. Class A	0.38%	18,569,703	$463M	trimmed−2%	+0.01 pp	24 q
NOVNOV Inc.	0.37%	16,720,726	$445M	added+4%	−0.01 pp	21 q
NTRNutrien Ltd.	0.35%	8,072,408	$426M	trimmed−1%	0.00 pp	5 q
BHFBrighthouse Financial, Inc.	0.30%	9,904,165	$359M	added+1%	+0.03 pp	7 q
INCYIncyte Genomics Inc	0.30%	4,255,350	$366M	added0%	+0.05 pp	2 q
HOGHarley-Davidson, Inc.	0.29%	9,809,472	$350M	added+1%	−0.01 pp	15 q
TGTTarget Corporation	0.17%	2,591,090	$208M	trimmed−4%	+0.01 pp	24 q
NWSANews Corporation Class A	0.14%	13,646,574	$170M	added+19%	+0.02 pp	23 q
GOOGLAlphabet Inc. Class A	0.13%	136,624	$161M	trimmed−1%	0.00 pp	14 q
FOXFox Corporation Class B	0.12%	4,029,595	$145M	new	+0.12 pp	new
BALLBall Corporation	0.11%	2,415,471	$140M	trimmed−2%	+0.01 pp	3 q
DISThe Walt Disney Company	0.10%	1,093,598	$121M	added×19.2	+0.09 pp	24 q
ITUBItau Unibanco Holding S.A.	0.07%	9,138,005	$81M	trimmed−16%	−0.02 pp	11 q
MRKMerck & Co., Inc.	0.05%	768,690	$64M	trimmed−7%	−0.01 pp	24 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.04%	3,277,607	$47M	trimmed−9%	0.00 pp	24 q
CVXChevron Corporation	0.03%	340,481	$42M	trimmed−1%	0.00 pp	24 q
0WEWeatherford International plc	0.03%	59,311,130	$41M	trimmed−28%	−0.01 pp	19 q
CDNSCadence Design Systems	0.02%	435,294	$28M	trimmed−4%	0.00 pp	24 q
TRVThe Travelers Companies, Inc.	0.02%	149,044	$20M	trimmed−0%	0.00 pp	24 q
ADBEAdobe Inc.	0.01%	43,310	$12M	trimmed−4%	0.00 pp	24 q
BSXBoston Scientific Corp.	0.01%	176,745	$7M	trimmed−10%	0.00 pp	24 q
GLWCorning Incorporated	0.01%	468,577	$16M	trimmed−18%	−0.01 pp	24 q
unresolvedCredit Suisse Group Spon ADR	0.01%	606,789	$7M	trimmed−30%	0.00 pp	24 q
unresolvedDowdupont Inc	0.01%	250,831	$13M	trimmed−3%	0.00 pp	7 q
ERICEricsson	0.01%	1,040,371	$10M	trimmed−40%	0.00 pp	24 q
XOMExxon Mobil Corp	0.01%	123,711	$10M	trimmed−1%	0.00 pp	24 q
unresolvedGeneral Electric Co	0.01%	792,254	$8M	trimmed−9%	0.00 pp	24 q
HDHome Depot, Inc.	0.01%	58,005	$11M	trimmed−5%	0.00 pp	24 q
IBNICICI Bank Limited	0.01%	1,488,830	$17M	trimmed−15%	−0.01 pp	10 q
IBMInternational Business Machines Corporation	0.01%	75,181	$11M	trimmed−3%	0.00 pp	24 q
MSIMotorola Solutions, Inc. New	0.01%	49,339	$7M	trimmed−6%	0.00 pp	24 q
NTAPNetApp, Inc	0.01%	122,378	$8M	trimmed−17%	0.00 pp	24 q
PFEPfizer Inc.	0.01%	404,000	$17M	trimmed−4%	−0.01 pp	24 q
PGProcter & Gamble Company	0.01%	131,825	$14M	trimmed−1%	0.00 pp	24 q
RDS.ARoyal Dutch Shell PLC	0.01%	147,629	$9M	trimmed−2%	0.00 pp	24 q
unresolvedSunTrust Banks Inc	0.01%	181,920	$11M	trimmed−1%	0.00 pp	24 q
TMOThermo Fisher Scientific, Inc.	0.01%	38,248	$10M	trimmed−3%	0.00 pp	24 q
WMTWalmart Inc.	0.01%	164,590	$16M	trimmed−24%	−0.01 pp	24 q
ABTAbbott Laboratories	0.00%	32,329	$3M	trimmed−2%	0.00 pp	24 q
ABBVAbbvie Inc.	0.00%	31,292	$3M	held	—	24 q
APDAir Products & Chemicals, Inc.	0.00%	3,300	$630,000	held	—	24 q
ALLThe Allstate Corporation	0.00%	3,685	$347,000	held	—	24 q
MOAltria Group, Inc.	0.00%	23,800	$1M	held	—	24 q
AMZNAmazon.Com Inc	0.00%	580	$1M	trimmed−44%	0.00 pp	19 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	255,400	$4M	held	—	10 q
AMTAmerican Tower Corporation	0.00%	1,925	$379,000	trimmed−13%	0.00 pp	3 q
AMPAmeriprise Financial, Inc.	0.00%	2,942	$377,000	held	—	24 q
AMGNAmgen Inc	0.00%	21,822	$4M	trimmed−3%	0.00 pp	24 q
ELVElevance Health, Inc.	0.00%	1,200	$344,000	trimmed−14%	0.00 pp	18 q
AAPLApple Inc.	0.00%	12,400	$2M	trimmed−15%	0.00 pp	24 q
ADPAutomatic Data Processing	0.00%	1,800	$288,000	held	—	10 q
BAXBaxter International Inc.	0.00%	3,382	$275,000	held	—	8 q
BDXBecton, Dickinson and Co.	0.00%	5,660	$1M	trimmed−0%	0.00 pp	24 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$2M	held	—	24 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,970	$3M	trimmed−14%	0.00 pp	24 q
BLQADBlackrock Inc	0.00%	750	$321,000	held	—	3 q
BABoeing Company	0.00%	974	$372,000	held	—	3 q
CTRACoterra Energy Inc.	0.00%	8,300	$217,000	trimmed−19%	0.00 pp	3 q
KMXCarMax Inc.	0.00%	23,200	$2M	held	—	24 q
CATCaterpillar Inc.	0.00%	44,395	$6M	trimmed−1%	−0.01 pp	24 q
CTXSCitrix Systems Inc	0.00%	5,500	$548,000	trimmed−4%	0.00 pp	24 q
KOCoca-Cola Company	0.00%	29,478	$1M	held	—	24 q
CLColgate-Palmolive Company	0.00%	14,000	$960,000	held	—	24 q
COPConocoPhillips	0.00%	23,188	$2M	held	—	24 q
DXCDXC Technology Company	0.00%	89,366	$6M	trimmed−14%	−0.01 pp	8 q
DEDeere & Company	0.00%	18,564	$3M	trimmed−1%	0.00 pp	24 q
DEODiageo plc	0.00%	22,713	$4M	trimmed−3%	0.00 pp	24 q
DDominion Energy, Inc	0.00%	4,512	$346,000	held	—	24 q
DUKDuke Energy Corporation	0.00%	6,765	$609,000	held	—	24 q
EBAYeBay Inc	0.00%	56,781	$2M	trimmed−5%	0.00 pp	24 q
GLIBAGci Liberty Inc - Class A	0.00%	6,104	$339,000	trimmed−2%	0.00 pp	5 q
GISGeneral Mills, Inc.	0.00%	11,200	$580,000	held	—	24 q
GPCGenuine Parts Company	0.00%	18,562	$2M	held	—	24 q
HONHoneywell International, Inc.	0.00%	8,831	$1M	trimmed−4%	0.00 pp	24 q
INTCIntel Corp	0.00%	4,200	$226,000	trimmed−16%	0.00 pp	3 q
JNJJohnson & Johnson	0.00%	29,922	$4M	trimmed−4%	0.00 pp	24 q
KMBKimberly-Clark Corp.	0.00%	3,860	$478,000	trimmed−2%	0.00 pp	24 q
PHGKoninklijke Philips N.v.	0.00%	21,700	$887,000	held	—	24 q
LMTLockheed Martin Corp.	0.00%	875	$263,000	trimmed−10%	0.00 pp	3 q
MMacy's Inc.	0.00%	9,100	$219,000	trimmed−5%	0.00 pp	24 q
MRSHMarsh	0.00%	2,860	$269,000	trimmed−22%	0.00 pp	19 q
MCDMcDonald's Corporation	0.00%	15,113	$3M	trimmed−0%	0.00 pp	24 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$591,000	held	—	24 q
MCOMoody's Corporation	0.00%	2,050	$371,000	held	—	24 q
NEENextEra Energy, Inc.	0.00%	7,142	$1M	held	—	24 q
NSCNorfolk Southern Corp.	0.00%	3,124	$584,000	trimmed−3%	0.00 pp	24 q
NUENucor Corporation	0.00%	66,100	$4M	held	—	24 q
PNCPNC Financial Services Group	0.00%	18,680	$2M	held	—	24 q
PPGPPG Industries, Inc.	0.00%	17,000	$2M	held	—	24 q
PHParker-Hannifin Corporation	0.00%	3,256	$559,000	held	—	24 q
PYPLPayPal Holdings, Inc.	0.00%	48,246	$5M	trimmed−5%	0.00 pp	15 q
PEPPepsiCo, Inc.	0.00%	5,545	$680,000	trimmed−3%	0.00 pp	24 q
PRSPPerspecta Inc	0.00%	18,986	$384,000	trimmed−28%	0.00 pp	4 q
PMPhilip Morris International Inc.	0.00%	18,913	$2M	held	—	24 q
PSXPhillips 66	0.00%	5,205	$495,000	held	—	24 q
QCOMQualcomm Inc	0.00%	4,500	$257,000	trimmed−7%	0.00 pp	19 q
RIORio Tinto plc	0.00%	9,500	$559,000	trimmed−9%	0.00 pp	24 q
SPGIS&P Global Inc.	0.00%	8,300	$2M	held	—	12 q
STTState Street Corporation	0.00%	4,500	$296,000	held	—	24 q
SNPSSynopsys Inc	0.00%	38,630	$4M	trimmed−95%	−0.06 pp	24 q
MMM3M Company	0.00%	16,371	$3M	trimmed−3%	0.00 pp	24 q
USBU.S. Bancorp	0.00%	94,721	$5M	trimmed−4%	0.00 pp	24 q
unresolvedUnilever Spn.Adr 1:1	0.00%	4,700	$271,000	held	—	24 q
UNUnilever N V -ny Shares	0.00%	45,571	$3M	trimmed−0%	0.00 pp	24 q
VZVerizon Communications	0.00%	5,500	$325,000	held	—	24 q
VVISA Inc.	0.00%	3,600	$562,000	trimmed−35%	0.00 pp	19 q
VMWVMware, Inc	0.00%	19,700	$4M	trimmed−4%	0.00 pp	14 q
VMCVulcan Materials Company(Holding Company)	0.00%	46,200	$5M	trimmed−1%	0.00 pp	24 q
WBAWalgreens Boots Alliance, Inc	0.00%	4,669	$295,000	trimmed−15%	0.00 pp	18 q
CBChubb Limited	0.00%	4,062	$569,000	trimmed−15%	0.00 pp	13 q
unresolvedTwenty First Centy Fox Inc	—	−41,533,329	—	exited	−1.83 pp	—
unresolvedTwenty First Centy Fox Inc	—	−12,083,660	—	exited	−0.53 pp	—
OPTUOptimum Communications, Inc.	—	−24,852,965	—	exited	−0.38 pp	—
LILALiberty Latin America Ltd. Class A	—	−614,968	—	exited	−0.01 pp	—
unresolvedDun & Bradstreet Corp/The	—	−3,291	—	exited	0.00 pp	—