Dodge & Cox

Q3 2019 13F

As of: Sep 30, 2019
Filed: Nov 13, 2019
US stock: $121.5B · prev $123.6B
Positions: 181 · prev 180
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%

Moves130 since the prior filing

+6.1 pp in · −6.2 pp out

New 3 +0.37 pp
Added 50 +5.77 pp
Trimmed 75 −4.96 pp
Exited 2 −1.24 pp

The book

Diversified · behaves like 50 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.6 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions181 in this filing · 2 exited


WFCWells Fargo & Co.	3.54%	85,282,262	$4.3B	added+2%	+0.33 pp	26 q
JCIJohnson Controls International plc	3.45%	95,589,901	$4.2B	trimmed−4%	+0.11 pp	13 q
OXYOccidental Petroleum Corporation	3.26%	89,151,846	$4.0B	added+64%	+1.05 pp	26 q
COFCapital One Financial	3.18%	42,446,202	$3.9B	added+3%	+0.14 pp	26 q
CMCSAComcast Corp	3.17%	85,546,002	$3.9B	trimmed−11%	−0.10 pp	26 q
SCHWThe Charles Schwab Corporation	3.15%	91,644,610	$3.8B	added+10%	+0.44 pp	26 q
GOOGAlphabet Inc. Class C	3.13%	3,116,382	$3.8B	added+1%	+0.44 pp	22 q
CHTRCharter Comm Inc Del CL A New	2.99%	8,807,211	$3.6B	trimmed−25%	−0.77 pp	14 q
MSFTMicrosoft Corp	2.96%	25,877,769	$3.6B	trimmed−17%	−0.44 pp	26 q
FDXFedEx Corporation	2.84%	23,751,270	$3.5B	added+5%	−0.16 pp	26 q
BACBank of America Corporation	2.79%	116,243,917	$3.4B	added+1%	+0.09 pp	26 q
0VQJLTe Connectivity Ltd	2.36%	30,801,837	$2.9B	trimmed−1%	−0.06 pp	26 q
BKNGBooking Holdings Inc.	2.33%	1,444,592	$2.8B	added0%	+0.14 pp	7 q
SNYSanofi	2.32%	60,867,994	$2.8B	added0%	+0.20 pp	26 q
CIThe Cigna Group	2.17%	17,377,022	$2.6B	added+7%	+0.11 pp	4 q
BMYBristol-Myers Squibb Co.	2.11%	50,452,677	$2.6B	added+2%	+0.29 pp	26 q
JPMJPMorgan Chase & Co.	2.06%	21,315,910	$2.5B	trimmed−15%	−0.20 pp	26 q
GSGoldman Sachs Group Inc.	2.01%	11,776,896	$2.4B	added+2%	+0.11 pp	26 q
MCHPMicrochip Technology Inc	1.95%	25,449,846	$2.4B	added+1%	+0.18 pp	5 q
NVSNovartis AG	1.91%	26,768,876	$2.3B	trimmed−9%	−0.26 pp	26 q
UTXZRTX Corporation	1.91%	17,026,208	$2.3B	added+5%	+0.19 pp	14 q
HPQHP Inc.	1.85%	118,961,571	$2.3B	added+2%	−0.12 pp	16 q
METMetLife, Inc.	1.82%	46,798,718	$2.2B	added+1%	−0.05 pp	26 q
AZNNAstrazeneca Plc-spons ADR	1.81%	49,349,140	$2.2B	added0%	+0.16 pp	16 q
BNYBank of New York Mellon Corporation	1.74%	46,838,514	$2.1B	added+1%	+0.09 pp	26 q
unresolvedGlaxosmithkline PLC	1.70%	48,334,394	$2.1B	added0%	+0.14 pp	26 q
HPEHewlett Packard Enterprise Company	1.70%	136,544,633	$2.1B	added+2%	+0.09 pp	16 q
SLBSLB Limited	1.66%	59,068,980	$2.0B	added+8%	−0.10 pp	26 q
BKRBaker Hughes Company	1.47%	76,902,950	$1.8B	added+29%	+0.28 pp	9 q
AXPAmerican Express Company	1.42%	14,539,398	$1.7B	trimmed−24%	−0.49 pp	26 q
UBSUBS Group AG	1.35%	144,998,827	$1.6B	added+12%	+0.11 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.30%	7,252,129	$1.6B	added+9%	−0.01 pp	26 q
9990302DApache Corp	1.17%	55,404,747	$1.4B	trimmed−0%	−0.13 pp	26 q
CECelanese Corporation	1.09%	10,819,330	$1.3B	added0%	+0.15 pp	26 q
BBTTruist Financial Corporation	1.08%	24,508,516	$1.3B	added+19%	+0.26 pp	26 q
CVSCvs Health Corporation	1.08%	20,853,172	$1.3B	added+1%	+0.17 pp	5 q
DELLDell Technologies Inc.	1.02%	23,926,255	$1.2B	added+63%	+0.42 pp	4 q
JNPJuniper Networks Inc	1.00%	49,228,246	$1.2B	added+2%	−0.04 pp	20 q
SUSuncor Energy, Inc.	0.99%	38,015,500	$1.2B	added+6%	+0.08 pp	13 q
GILDGilead Sciences Inc	0.91%	17,436,521	$1.1B	added+1%	−0.03 pp	21 q
CTSHCognizant Technology Solutions	0.85%	17,192,859	$1.0B	trimmed−0%	−0.03 pp	2 q
CSCOCisco Systems, Inc. (DE)	0.84%	20,709,044	$1.0B	trimmed−19%	−0.30 pp	21 q
DISHDISH Network Corp.	0.82%	29,422,073	$1.0B	trimmed−1%	−0.10 pp	26 q
LLYEli Lilly & Co.	0.81%	8,819,053	$986M	trimmed−0%	+0.02 pp	26 q
FOXAFox Corporation Class A	0.76%	29,384,667	$927M	added+68%	+0.24 pp	3 q
HESHess Corporation	0.73%	14,741,568	$892M	added+53%	+0.23 pp	2 q
99952EURLinde PLC/OLD	0.72%	4,491,594	$871M	trimmed−35%	−0.40 pp	4 q
BIDUBaidu, Inc.	0.71%	8,356,187	$859M	added+1%	−0.07 pp	26 q
HALHalliburton Company	0.71%	45,680,570	$861M	added+51%	+0.15 pp	26 q
TAPMolson Coors Beverage Company Class B	0.71%	15,043,998	$865M	added+9%	+0.08 pp	6 q
LBTYKLiberty Global Ltd. Class C	0.65%	33,375,368	$794M	trimmed−31%	−0.38 pp	26 q
CXOConcho Resources Inc.	0.59%	10,574,177	$718M	added+73%	+0.08 pp	17 q
MDTMedtronic plc	0.59%	6,627,852	$720M	trimmed−0%	+0.07 pp	19 q
TVGrupo Televisa S.A.	0.57%	70,248,420	$687M	held	—	26 q
unresolvedQurate Retail Inc	0.54%	63,033,414	$650M	trimmed−1%	−0.09 pp	6 q
unresolvedSprint Corporation	0.51%	101,147,943	$624M	trimmed−0%	−0.03 pp	25 q
JDJD.com, Inc.	0.48%	20,891,777	$589M	trimmed−17%	−0.14 pp	16 q
BABAAlibaba Group Holding Limited	0.45%	3,269,400	$547M	trimmed−9%	−0.04 pp	4 q
MXIMMaxim Integrated Products	0.43%	9,008,343	$522M	added+1%	0.00 pp	26 q
MFGPMicro Focus International plc.	0.42%	35,645,465	$504M	added+19%	−0.22 pp	2 q
CXCemex S.A.B. de C.V.	0.41%	126,189,190	$495M	added+15%	+0.03 pp	26 q
NOVNOV Inc.	0.40%	22,859,052	$485M	added+3%	0.00 pp	23 q
unresolvedAegon NV	0.39%	114,862,529	$474M	added+3%	−0.06 pp	26 q
LBTYALiberty Global Ltd. Class A	0.38%	18,569,703	$460M	held	—	26 q
unresolvedEncana Corp	0.37%	98,355,179	$452M	new	+0.37 pp	new
MATMattel, Inc.	0.36%	38,852,908	$443M	added+1%	+0.01 pp	8 q
ALNYAlnylam Pharmaceuticals, Inc.	0.35%	5,311,801	$427M	added+1%	+0.04 pp	14 q
BHFBrighthouse Financial, Inc.	0.34%	10,077,955	$408M	added+2%	+0.05 pp	9 q
NTRNutrien Ltd.	0.33%	8,072,408	$403M	held	—	7 q
GAPThe Gap, Inc.	0.30%	21,078,030	$366M	added+18%	+0.04 pp	4 q
HOGHarley-Davidson, Inc.	0.30%	10,045,586	$361M	added+1%	+0.01 pp	17 q
INCYIncyte Genomics Inc	0.24%	3,912,275	$290M	trimmed−7%	−0.05 pp	4 q
NWSANews Corporation Class A	0.16%	13,908,624	$194M	added+2%	+0.01 pp	25 q
FOXFox Corporation Class B	0.15%	5,931,534	$187M	added+15%	0.00 pp	3 q
GOOGLAlphabet Inc. Class A	0.13%	132,430	$162M	trimmed−1%	+0.01 pp	16 q
ZAYOZayo Group Holdings, Inc.	0.12%	4,150,114	$141M	trimmed−85%	−0.59 pp	12 q
DISThe Walt Disney Company	0.08%	720,036	$94M	trimmed−4%	0.00 pp	26 q
ITUBItau Unibanco Holding S.A.	0.06%	9,238,005	$78M	held	—	13 q
MRKMerck & Co., Inc.	0.05%	701,343	$59M	trimmed−2%	0.00 pp	26 q
UNPUnion Pacific Corp.	0.05%	389,994	$63M	trimmed−4%	−0.01 pp	26 q
CVXChevron Corporation	0.03%	336,675	$40M	trimmed−1%	0.00 pp	26 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.03%	2,416,807	$32M	trimmed−4%	0.00 pp	26 q
CDNSCadence Design Systems	0.02%	425,486	$28M	trimmed−1%	0.00 pp	26 q
TGTTarget Corporation	0.02%	199,408	$21M	trimmed−49%	−0.01 pp	26 q
TRVThe Travelers Companies, Inc.	0.02%	146,883	$22M	trimmed−1%	0.00 pp	26 q
TAT&T Inc.	0.01%	253,151	$10M	trimmed−21%	0.00 pp	6 q
ADBEAdobe Inc.	0.01%	41,265	$11M	trimmed−2%	0.00 pp	26 q
BSXBoston Scientific Corp.	0.01%	174,640	$7M	trimmed−1%	0.00 pp	26 q
GLWCorning Incorporated	0.01%	362,550	$10M	trimmed−12%	0.00 pp	26 q
XOMExxon Mobil Corp	0.01%	122,349	$9M	trimmed−0%	0.00 pp	26 q
unresolvedGeneral Electric Co	0.01%	737,054	$7M	trimmed−0%	0.00 pp	26 q
HDHome Depot, Inc.	0.01%	53,020	$12M	trimmed−1%	0.00 pp	26 q
IBNICICI Bank Limited	0.01%	1,488,830	$18M	held	—	12 q
IBMInternational Business Machines Corporation	0.01%	68,778	$10M	trimmed−5%	0.00 pp	26 q
PFEPfizer Inc.	0.01%	396,052	$14M	trimmed−0%	0.00 pp	26 q
PGProcter & Gamble Company	0.01%	130,821	$16M	trimmed−1%	0.00 pp	26 q
RDS.ARoyal Dutch Shell PLC	0.01%	129,268	$8M	trimmed−11%	0.00 pp	26 q
unresolvedSunTrust Banks Inc	0.01%	177,932	$12M	trimmed−1%	0.00 pp	26 q
TMOThermo Fisher Scientific, Inc.	0.01%	36,643	$11M	trimmed−2%	0.00 pp	26 q
VMCVulcan Materials Company(Holding Company)	0.01%	44,500	$7M	trimmed−1%	+0.01 pp	26 q
WMTWalmart Inc.	0.01%	137,997	$16M	trimmed−5%	0.00 pp	26 q
ABTAbbott Laboratories	0.00%	32,222	$3M	trimmed−0%	0.00 pp	26 q
ABBVAbbvie Inc.	0.00%	31,002	$2M	trimmed−0%	0.00 pp	26 q
APDAir Products & Chemicals, Inc.	0.00%	3,300	$732,000	held	—	26 q
ALLThe Allstate Corporation	0.00%	3,685	$400,000	held	—	26 q
MOAltria Group, Inc.	0.00%	23,800	$973,000	held	—	26 q
AMZNAmazon.Com Inc	0.00%	530	$920,000	held	—	21 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	255,400	$4M	held	—	12 q
AMTAmerican Tower Corporation	0.00%	1,825	$404,000	held	—	5 q
AMPAmeriprise Financial, Inc.	0.00%	2,942	$433,000	held	—	26 q
AMGNAmgen Inc	0.00%	21,397	$4M	trimmed−1%	0.00 pp	26 q
ELVElevance Health, Inc.	0.00%	1,200	$288,000	held	—	20 q
AAPLApple Inc.	0.00%	11,176	$3M	added+1%	0.00 pp	26 q
ADPAutomatic Data Processing	0.00%	1,800	$291,000	held	—	12 q
BALLBall Corporation	0.00%	15,070	$1M	trimmed−10%	0.00 pp	5 q
BAXBaxter International Inc.	0.00%	3,382	$296,000	held	—	10 q
BDXBecton, Dickinson and Co.	0.00%	5,360	$1M	trimmed−5%	0.00 pp	26 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$2M	held	—	26 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,970	$3M	held	—	26 q
BLQADBlackrock Inc	0.00%	750	$334,000	held	—	5 q
BABoeing Company	0.00%	974	$371,000	held	—	5 q
KMXCarMax Inc.	0.00%	13,400	$1M	trimmed−4%	0.00 pp	26 q
CATCaterpillar Inc.	0.00%	43,381	$5M	trimmed−1%	0.00 pp	26 q
CTXSCitrix Systems Inc	0.00%	5,500	$531,000	held	—	26 q
KOCoca-Cola Company	0.00%	28,440	$2M	held	—	26 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	26 q
COPConocoPhillips	0.00%	22,445	$1M	trimmed−3%	0.00 pp	26 q
CTVACorteva, Inc.	0.00%	58,831	$2M	trimmed−26%	0.00 pp	2 q
unresolvedCredit Suisse Group Spon ADR	0.00%	327,204	$4M	trimmed−19%	0.00 pp	26 q
DXCDXC Technology Company	0.00%	63,865	$2M	trimmed−23%	0.00 pp	10 q
DHRDanaher Corporation	0.00%	26,610	$4M	trimmed−99%	−0.53 pp	21 q
DEDeere & Company	0.00%	18,564	$3M	held	—	26 q
DEODiageo plc	0.00%	18,051	$3M	trimmed−20%	0.00 pp	26 q
DDominion Energy, Inc	0.00%	4,512	$366,000	held	—	26 q
DOWDow Inc.	0.00%	64,945	$3M	trimmed−21%	0.00 pp	2 q
DUKDuke Energy Corporation	0.00%	5,307	$509,000	trimmed−2%	0.00 pp	26 q
DDDuPont de Nemours, Inc.	0.00%	63,300	$5M	trimmed−22%	0.00 pp	2 q
EBAYeBay Inc	0.00%	53,231	$2M	held	—	26 q
EQIXEquinix, Inc.	0.00%	385	$222,000	new	0.00 pp	new
ERICEricsson	0.00%	584,288	$5M	trimmed−22%	−0.01 pp	26 q
GLIBAGci Liberty Inc - Class A	0.00%	5,551	$345,000	held	—	7 q
GISGeneral Mills, Inc.	0.00%	11,200	$617,000	held	—	26 q
GPCGenuine Parts Company	0.00%	18,362	$2M	trimmed−1%	0.00 pp	26 q
HONHoneywell International, Inc.	0.00%	8,631	$1M	held	—	26 q
INTCIntel Corp	0.00%	4,200	$216,000	held	—	5 q
JNJJohnson & Johnson	0.00%	29,422	$4M	trimmed−1%	0.00 pp	26 q
KMBKimberly-Clark Corp.	0.00%	3,860	$548,000	held	—	26 q
PHGKoninklijke Philips N.v.	0.00%	21,700	$1M	held	—	26 q
LMTLockheed Martin Corp.	0.00%	875	$341,000	held	—	5 q
MRSHMarsh	0.00%	2,860	$286,000	held	—	21 q
MCDMcDonald's Corporation	0.00%	14,913	$3M	trimmed−1%	0.00 pp	26 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$655,000	held	—	26 q
MCOMoody's Corporation	0.00%	2,050	$420,000	held	—	26 q
MSIMotorola Solutions, Inc. New	0.00%	20,339	$3M	held	—	26 q
NTAPNetApp, Inc	0.00%	91,400	$5M	trimmed−16%	−0.01 pp	26 q
NEENextEra Energy, Inc.	0.00%	7,142	$2M	held	—	26 q
NSCNorfolk Southern Corp.	0.00%	3,050	$548,000	held	—	26 q
NUENucor Corporation	0.00%	38,100	$2M	held	—	26 q
PNCPNC Financial Services Group	0.00%	18,680	$3M	held	—	26 q
PPGPPG Industries, Inc.	0.00%	14,000	$2M	held	—	26 q
PHParker-Hannifin Corporation	0.00%	3,256	$588,000	held	—	26 q
PYPLPayPal Holdings, Inc.	0.00%	43,921	$5M	trimmed−3%	0.00 pp	17 q
PEPPepsiCo, Inc.	0.00%	5,145	$705,000	held	—	26 q
PMPhilip Morris International Inc.	0.00%	18,913	$1M	held	—	26 q
PSXPhillips 66	0.00%	5,105	$523,000	trimmed−2%	0.00 pp	26 q
QCOMQualcomm Inc	0.00%	4,100	$313,000	trimmed−9%	0.00 pp	21 q
RIORio Tinto plc	0.00%	9,300	$484,000	held	—	26 q
SPGIS&P Global Inc.	0.00%	8,200	$2M	held	—	14 q
STTState Street Corporation	0.00%	4,500	$266,000	held	—	26 q
SYKStryker Corporation	0.00%	960	$208,000	new	0.00 pp	new
SNPSSynopsys Inc	0.00%	18,850	$3M	trimmed−7%	0.00 pp	26 q
MMM3M Company	0.00%	16,371	$3M	held	—	26 q
USBU.S. Bancorp	0.00%	94,421	$5M	held	—	26 q
unresolvedUnilever Spn.Adr 1:1	0.00%	4,700	$282,000	held	—	26 q
UNUnilever N V -ny Shares	0.00%	45,171	$3M	trimmed−1%	0.00 pp	26 q
VZVerizon Communications	0.00%	5,500	$332,000	held	—	26 q
VVISA Inc.	0.00%	3,600	$619,000	held	—	21 q
VMWVMware, Inc	0.00%	15,600	$2M	trimmed−1%	0.00 pp	16 q
WBAWalgreens Boots Alliance, Inc	0.00%	4,669	$258,000	held	—	20 q
ALCAlcon Inc.	0.00%	45,561	$3M	trimmed−62%	−0.01 pp	2 q
CBChubb Limited	0.00%	3,722	$601,000	trimmed−6%	0.00 pp	15 q
APCAnadarko Petroleum Corp	—	−21,737,617	—	exited	−1.24 pp	—
PRSPPerspecta Inc	—	−18,236	—	exited	0.00 pp	—