Dodge & Cox

Q2 2019 13F

As of: Jun 30, 2019
Filed: Aug 13, 2019
US stock: $123.6B · prev $121.8B
Positions: 180 · prev 178
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%

Moves142 since the prior filing

+5.4 pp in · −5.5 pp out

New 7 +2.03 pp
Added 53 +3.40 pp
Trimmed 77 −4.66 pp
Exited 5 −0.81 pp

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.4 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions180 in this filing · 5 exited


CHTRCharter Comm Inc Del CL A New	3.76%	11,768,188	$4.7B	trimmed−1%	+0.37 pp	13 q
MSFTMicrosoft Corp	3.40%	31,360,290	$4.2B	trimmed−1%	+0.34 pp	25 q
JCIJohnson Controls International plc	3.34%	99,842,224	$4.1B	trimmed−8%	+0.06 pp	12 q
CMCSAComcast Corp	3.27%	95,716,441	$4.0B	trimmed−24%	−0.89 pp	25 q
WFCWells Fargo & Co.	3.21%	83,837,773	$4.0B	added+2%	−0.04 pp	25 q
COFCapital One Financial	3.04%	41,392,870	$3.8B	added+1%	+0.28 pp	25 q
FDXFedEx Corporation	3.00%	22,585,089	$3.7B	added+16%	+0.09 pp	25 q
SCHWThe Charles Schwab Corporation	2.71%	83,249,245	$3.3B	added+9%	+0.03 pp	25 q
BACBank of America Corporation	2.70%	115,004,685	$3.3B	added0%	+0.10 pp	25 q
GOOGAlphabet Inc. Class C	2.69%	3,082,425	$3.3B	added+1%	−0.24 pp	21 q
0VQJLTe Connectivity Ltd	2.42%	31,203,386	$3.0B	added0%	+0.36 pp	25 q
JPMJPMorgan Chase & Co.	2.26%	24,985,619	$2.8B	added0%	+0.19 pp	25 q
OXYOccidental Petroleum Corporation	2.21%	54,409,890	$2.7B	added+79%	+0.56 pp	25 q
BKNGBooking Holdings Inc.	2.19%	1,442,499	$2.7B	added+22%	+0.50 pp	6 q
NVSNovartis AG	2.17%	29,424,569	$2.7B	trimmed−19%	−0.70 pp	25 q
SNYSanofi	2.12%	60,714,337	$2.6B	added0%	−0.08 pp	25 q
CIThe Cigna Group	2.06%	16,203,850	$2.6B	added+22%	+0.31 pp	3 q
HPQHP Inc.	1.97%	116,999,173	$2.4B	added+27%	+0.50 pp	15 q
AXPAmerican Express Company	1.91%	19,181,129	$2.4B	trimmed−19%	−0.21 pp	25 q
GSGoldman Sachs Group Inc.	1.90%	11,492,419	$2.4B	added+1%	+0.10 pp	25 q
METMetLife, Inc.	1.87%	46,546,221	$2.3B	added0%	+0.25 pp	25 q
BMYBristol-Myers Squibb Co.	1.82%	49,644,524	$2.3B	added+15%	+0.13 pp	25 q
MCHPMicrochip Technology Inc	1.77%	25,240,121	$2.2B	added+35%	+0.50 pp	4 q
SLBSLB Limited	1.76%	54,674,850	$2.2B	added+1%	−0.18 pp	25 q
UTXZRTX Corporation	1.72%	16,292,518	$2.1B	added+6%	+0.10 pp	13 q
AZNNAstrazeneca Plc-spons ADR	1.65%	49,336,962	$2.0B	trimmed−0%	+0.01 pp	15 q
BNYBank of New York Mellon Corporation	1.65%	46,336,158	$2.0B	trimmed−7%	−0.42 pp	25 q
HPEHewlett Packard Enterprise Company	1.61%	133,309,874	$2.0B	trimmed−15%	−0.38 pp	15 q
unresolvedGlaxosmithkline PLC	1.56%	48,233,018	$1.9B	added0%	−0.09 pp	25 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.31%	6,631,047	$1.6B	added+5%	+0.03 pp	25 q
9990302DApache Corp	1.30%	55,493,689	$1.6B	added0%	−0.27 pp	25 q
APCAnadarko Petroleum Corp	1.24%	21,737,617	$1.5B	trimmed−52%	−0.46 pp	25 q
UBSUBS Group AG	1.24%	129,141,427	$1.5B	added0%	−0.04 pp	4 q
BKRBaker Hughes Company	1.19%	59,654,298	$1.5B	added+1%	−0.15 pp	8 q
CSCOCisco Systems, Inc. (DE)	1.14%	25,664,697	$1.4B	trimmed−18%	−0.24 pp	20 q
99952EURLinde PLC/OLD	1.12%	6,899,769	$1.4B	trimmed−12%	0.00 pp	3 q
JNPJuniper Networks Inc	1.04%	48,190,180	$1.3B	added+8%	+0.07 pp	19 q
LBTYKLiberty Global Ltd. Class C	1.03%	48,161,868	$1.3B	added+2%	+0.09 pp	25 q
CECelanese Corporation	0.94%	10,804,730	$1.2B	trimmed−0%	+0.06 pp	25 q
GILDGilead Sciences Inc	0.94%	17,226,811	$1.2B	added+1%	+0.03 pp	20 q
DISHDISH Network Corp.	0.92%	29,593,023	$1.1B	added+4%	+0.18 pp	25 q
CVSCvs Health Corporation	0.91%	20,690,304	$1.1B	added+4%	+0.03 pp	4 q
SUSuncor Energy, Inc.	0.91%	36,007,300	$1.1B	added+3%	−0.02 pp	12 q
CTSHCognizant Technology Solutions	0.88%	17,257,544	$1.1B	new	+0.88 pp	new
BBTTruist Financial Corporation	0.82%	20,552,644	$1.0B	added+13%	+0.12 pp	25 q
LLYEli Lilly & Co.	0.79%	8,861,157	$982M	trimmed−40%	−0.77 pp	25 q
BIDUBaidu, Inc.	0.78%	8,269,187	$970M	added+67%	+0.11 pp	25 q
ZAYOZayo Group Holdings, Inc.	0.71%	26,802,213	$882M	trimmed−7%	+0.04 pp	11 q
MFGPMicro Focus International plc.	0.64%	29,979,582	$785M	new	+0.64 pp	new
TAPMolson Coors Beverage Company Class B	0.63%	13,862,998	$776M	added+3%	−0.03 pp	5 q
unresolvedQurate Retail Inc	0.63%	63,359,813	$785M	added+12%	−0.11 pp	5 q
JDJD.com, Inc.	0.62%	25,321,077	$767M	trimmed−26%	−0.23 pp	15 q
DELLDell Technologies Inc.	0.60%	14,640,837	$744M	added+1%	−0.10 pp	3 q
HALHalliburton Company	0.56%	30,190,200	$687M	added+5%	−0.13 pp	25 q
unresolvedSprint Corporation	0.54%	101,390,110	$666M	trimmed−2%	+0.06 pp	24 q
DHRDanaher Corporation	0.53%	4,593,968	$657M	trimmed−2%	+0.02 pp	20 q
FOXAFox Corporation Class A	0.52%	17,523,610	$642M	added+32%	+0.12 pp	2 q
MDTMedtronic plc	0.52%	6,629,524	$646M	added+15%	+0.09 pp	18 q
CXOConcho Resources Inc.	0.51%	6,097,148	$629M	added+42%	+0.12 pp	16 q
HESHess Corporation	0.50%	9,649,119	$613M	new	+0.50 pp	new
BABAAlibaba Group Holding Limited	0.49%	3,582,500	$607M	added+30%	+0.08 pp	3 q
TVGrupo Televisa S.A.	0.48%	70,248,420	$593M	added+20%	−0.05 pp	25 q
unresolvedAegon NV	0.45%	111,576,337	$552M	added+3%	+0.02 pp	25 q
MXIMMaxim Integrated Products	0.43%	8,925,293	$534M	added+3%	+0.05 pp	25 q
LBTYALiberty Global Ltd. Class A	0.41%	18,569,703	$501M	held	—	25 q
NOVNOV Inc.	0.40%	22,205,068	$494M	added+33%	+0.03 pp	22 q
CXCemex S.A.B. de C.V.	0.38%	109,801,890	$466M	added+2%	−0.03 pp	25 q
MATMattel, Inc.	0.35%	38,301,917	$429M	added+3%	−0.05 pp	7 q
NTRNutrien Ltd.	0.35%	8,072,408	$432M	held	—	6 q
ALNYAlnylam Pharmaceuticals, Inc.	0.31%	5,241,501	$380M	added+5%	−0.07 pp	13 q
BHFBrighthouse Financial, Inc.	0.29%	9,908,524	$364M	added0%	−0.01 pp	8 q
HOGHarley-Davidson, Inc.	0.29%	9,897,986	$355M	added+1%	0.00 pp	16 q
INCYIncyte Genomics Inc	0.29%	4,209,175	$358M	trimmed−1%	−0.01 pp	3 q
GAPThe Gap, Inc.	0.26%	17,883,736	$321M	added+1%	−0.12 pp	3 q
FOXFox Corporation Class B	0.15%	5,169,179	$189M	added+28%	+0.03 pp	2 q
NWSANews Corporation Class A	0.15%	13,696,224	$185M	added0%	+0.01 pp	24 q
GOOGLAlphabet Inc. Class A	0.12%	134,364	$145M	trimmed−2%	−0.01 pp	15 q
DISThe Walt Disney Company	0.08%	749,273	$105M	trimmed−31%	−0.02 pp	25 q
ITUBItau Unibanco Holding S.A.	0.07%	9,238,005	$87M	added+1%	0.00 pp	12 q
UNPUnion Pacific Corp.	0.06%	404,391	$68M	trimmed−90%	−0.51 pp	25 q
MRKMerck & Co., Inc.	0.05%	714,622	$60M	trimmed−7%	0.00 pp	25 q
CVXChevron Corporation	0.03%	339,631	$42M	trimmed−0%	0.00 pp	25 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.03%	2,524,607	$36M	trimmed−23%	−0.01 pp	25 q
TGTTarget Corporation	0.03%	389,757	$34M	trimmed−85%	−0.14 pp	25 q
CDNSCadence Design Systems	0.02%	428,614	$30M	trimmed−2%	0.00 pp	25 q
IBNICICI Bank Limited	0.02%	1,488,830	$19M	held	—	11 q
TRVThe Travelers Companies, Inc.	0.02%	147,844	$22M	trimmed−1%	0.00 pp	25 q
TAT&T Inc.	0.01%	320,340	$11M	trimmed−98%	−0.49 pp	5 q
ADBEAdobe Inc.	0.01%	42,265	$12M	trimmed−2%	0.00 pp	25 q
BSXBoston Scientific Corp.	0.01%	176,640	$8M	trimmed−0%	0.00 pp	25 q
GLWCorning Incorporated	0.01%	413,364	$14M	trimmed−12%	0.00 pp	25 q
ERICEricsson	0.01%	752,388	$7M	trimmed−28%	0.00 pp	25 q
XOMExxon Mobil Corp	0.01%	122,449	$9M	trimmed−1%	0.00 pp	25 q
unresolvedGeneral Electric Co	0.01%	737,554	$8M	trimmed−7%	0.00 pp	25 q
HDHome Depot, Inc.	0.01%	53,570	$11M	trimmed−8%	0.00 pp	25 q
IBMInternational Business Machines Corporation	0.01%	72,631	$10M	trimmed−3%	0.00 pp	25 q
NTAPNetApp, Inc	0.01%	108,828	$7M	trimmed−11%	0.00 pp	25 q
PFEPfizer Inc.	0.01%	397,227	$17M	trimmed−2%	0.00 pp	25 q
PGProcter & Gamble Company	0.01%	131,515	$14M	trimmed−0%	0.00 pp	25 q
RDS.ARoyal Dutch Shell PLC	0.01%	145,629	$9M	trimmed−1%	0.00 pp	25 q
unresolvedSunTrust Banks Inc	0.01%	179,620	$11M	trimmed−1%	0.00 pp	25 q
TMOThermo Fisher Scientific, Inc.	0.01%	37,343	$11M	trimmed−2%	0.00 pp	25 q
WMTWalmart Inc.	0.01%	145,515	$16M	trimmed−12%	0.00 pp	25 q
ALCAlcon Inc.	0.01%	118,960	$7M	new	+0.01 pp	new
ABTAbbott Laboratories	0.00%	32,329	$3M	held	—	25 q
ABBVAbbvie Inc.	0.00%	31,109	$2M	trimmed−1%	0.00 pp	25 q
APDAir Products & Chemicals, Inc.	0.00%	3,300	$747,000	held	—	25 q
ALLThe Allstate Corporation	0.00%	3,685	$375,000	held	—	25 q
MOAltria Group, Inc.	0.00%	23,800	$1M	held	—	25 q
AMZNAmazon.Com Inc	0.00%	530	$1M	trimmed−9%	0.00 pp	20 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	255,400	$4M	held	—	11 q
AMTAmerican Tower Corporation	0.00%	1,825	$373,000	trimmed−5%	0.00 pp	4 q
AMPAmeriprise Financial, Inc.	0.00%	2,942	$427,000	held	—	25 q
AMGNAmgen Inc	0.00%	21,622	$4M	trimmed−1%	0.00 pp	25 q
ELVElevance Health, Inc.	0.00%	1,200	$339,000	held	—	19 q
AAPLApple Inc.	0.00%	11,080	$2M	trimmed−11%	0.00 pp	25 q
ADPAutomatic Data Processing	0.00%	1,800	$298,000	held	—	11 q
BALLBall Corporation	0.00%	16,670	$1M	trimmed−99%	−0.11 pp	4 q
BAXBaxter International Inc.	0.00%	3,382	$277,000	held	—	9 q
BDXBecton, Dickinson and Co.	0.00%	5,660	$1M	held	—	25 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$2M	held	—	25 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,970	$3M	held	—	25 q
BLQADBlackrock Inc	0.00%	750	$352,000	held	—	4 q
BABoeing Company	0.00%	974	$355,000	held	—	4 q
KMXCarMax Inc.	0.00%	13,900	$1M	trimmed−40%	0.00 pp	25 q
CATCaterpillar Inc.	0.00%	43,781	$6M	trimmed−1%	0.00 pp	25 q
CTXSCitrix Systems Inc	0.00%	5,500	$540,000	held	—	25 q
KOCoca-Cola Company	0.00%	28,440	$1M	trimmed−4%	0.00 pp	25 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	25 q
COPConocoPhillips	0.00%	23,188	$1M	held	—	25 q
CTVACorteva, Inc.	0.00%	79,401	$2M	new	0.00 pp	new
unresolvedCredit Suisse Group Spon ADR	0.00%	403,958	$5M	trimmed−33%	−0.01 pp	25 q
DXCDXC Technology Company	0.00%	82,946	$5M	trimmed−7%	0.00 pp	9 q
DEDeere & Company	0.00%	18,564	$3M	held	—	25 q
DEODiageo plc	0.00%	22,613	$4M	trimmed−0%	0.00 pp	25 q
DDominion Energy, Inc	0.00%	4,512	$349,000	held	—	25 q
DOWDow Inc.	0.00%	81,936	$4M	new	0.00 pp	new
DUKDuke Energy Corporation	0.00%	5,432	$479,000	trimmed−20%	0.00 pp	25 q
DDDuPont de Nemours, Inc.	0.00%	81,249	$6M	new	0.00 pp	new
EBAYeBay Inc	0.00%	53,231	$2M	trimmed−6%	0.00 pp	25 q
GLIBAGci Liberty Inc - Class A	0.00%	5,551	$341,000	trimmed−9%	0.00 pp	6 q
GISGeneral Mills, Inc.	0.00%	11,200	$588,000	held	—	25 q
GPCGenuine Parts Company	0.00%	18,562	$2M	held	—	25 q
HONHoneywell International, Inc.	0.00%	8,631	$2M	trimmed−2%	0.00 pp	25 q
INTCIntel Corp	0.00%	4,200	$201,000	held	—	4 q
JNJJohnson & Johnson	0.00%	29,822	$4M	trimmed−0%	0.00 pp	25 q
KMBKimberly-Clark Corp.	0.00%	3,860	$514,000	held	—	25 q
PHGKoninklijke Philips N.v.	0.00%	21,700	$946,000	trimmed−2%	0.00 pp	25 q
LMTLockheed Martin Corp.	0.00%	875	$318,000	held	—	4 q
MRSHMarsh	0.00%	2,860	$285,000	held	—	20 q
MCDMcDonald's Corporation	0.00%	15,013	$3M	trimmed−1%	0.00 pp	25 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$638,000	held	—	25 q
MCOMoody's Corporation	0.00%	2,050	$400,000	held	—	25 q
MSIMotorola Solutions, Inc. New	0.00%	20,339	$3M	trimmed−59%	−0.01 pp	25 q
NEENextEra Energy, Inc.	0.00%	7,142	$1M	held	—	25 q
NSCNorfolk Southern Corp.	0.00%	3,050	$608,000	trimmed−2%	0.00 pp	25 q
NUENucor Corporation	0.00%	38,100	$2M	trimmed−42%	0.00 pp	25 q
PNCPNC Financial Services Group	0.00%	18,680	$3M	held	—	25 q
PPGPPG Industries, Inc.	0.00%	14,000	$2M	trimmed−18%	0.00 pp	25 q
PHParker-Hannifin Corporation	0.00%	3,256	$554,000	held	—	25 q
PYPLPayPal Holdings, Inc.	0.00%	45,221	$5M	trimmed−6%	0.00 pp	16 q
PEPPepsiCo, Inc.	0.00%	5,145	$675,000	trimmed−7%	0.00 pp	25 q
PRSPPerspecta Inc	0.00%	18,236	$427,000	trimmed−4%	0.00 pp	5 q
PMPhilip Morris International Inc.	0.00%	18,913	$1M	held	—	25 q
PSXPhillips 66	0.00%	5,205	$487,000	held	—	25 q
QCOMQualcomm Inc	0.00%	4,500	$342,000	held	—	20 q
RIORio Tinto plc	0.00%	9,300	$580,000	trimmed−2%	0.00 pp	25 q
SPGIS&P Global Inc.	0.00%	8,200	$2M	trimmed−1%	0.00 pp	13 q
STTState Street Corporation	0.00%	4,500	$252,000	held	—	25 q
SNPSSynopsys Inc	0.00%	20,330	$3M	trimmed−47%	0.00 pp	25 q
MMM3M Company	0.00%	16,371	$3M	held	—	25 q
USBU.S. Bancorp	0.00%	94,421	$5M	trimmed−0%	0.00 pp	25 q
unresolvedUnilever Spn.Adr 1:1	0.00%	4,700	$291,000	held	—	25 q
UNUnilever N V -ny Shares	0.00%	45,571	$3M	held	—	25 q
VZVerizon Communications	0.00%	5,500	$314,000	held	—	25 q
VVISA Inc.	0.00%	3,600	$625,000	held	—	20 q
VMWVMware, Inc	0.00%	15,700	$3M	trimmed−20%	0.00 pp	15 q
VMCVulcan Materials Company(Holding Company)	0.00%	44,900	$6M	trimmed−3%	0.00 pp	25 q
WBAWalgreens Boots Alliance, Inc	0.00%	4,669	$255,000	held	—	19 q
CBChubb Limited	0.00%	3,962	$584,000	trimmed−2%	0.00 pp	14 q
unresolvedMicro Focus Intl ADR	—	−36,136,417	—	exited	−0.77 pp	—
0WEWeatherford International plc	—	−59,311,130	—	exited	−0.03 pp	—
unresolvedDowdupont Inc	—	−250,831	—	exited	−0.01 pp	—
CTRACoterra Energy Inc.	—	−8,300	—	exited	0.00 pp	—
MMacy's Inc.	—	−9,100	—	exited	0.00 pp	—