Dodge & Cox

Q4 2019 13F

As of: Dec 31, 2019
Filed: Feb 13, 2020
US stock: $130.6B · prev $121.5B
Positions: 184 · 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%

Moves129 since the prior filing

+2.0 pp in · −1.9 pp out

New 4 +0.28 pp
Added 19 +1.71 pp
Trimmed 105 −1.93 pp
Exited 1 −0.01 pp

The book

Diversified · behaves like 50 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.5% a year, about 15.4 years per position

Low
Moderate
High

Top 5 positions16% of US stock

Positions184 in this filing · 1 exited


SCHWThe Charles Schwab Corporation	3.51%	96,385,839	$4.6B	added+5%	+0.36 pp	27 q
WFCWells Fargo & Co.	3.48%	84,622,418	$4.6B	trimmed−1%	−0.06 pp	27 q
COFCapital One Financial	3.19%	40,491,327	$4.2B	trimmed−5%	+0.01 pp	27 q
GOOGAlphabet Inc. Class C	3.15%	3,081,243	$4.1B	trimmed−1%	+0.02 pp	23 q
CHTRCharter Comm Inc Del CL A New	3.15%	8,490,342	$4.1B	trimmed−4%	+0.16 pp	15 q
MSFTMicrosoft Corp	3.09%	25,589,923	$4.0B	trimmed−1%	+0.13 pp	27 q
BACBank of America Corporation	3.07%	113,787,247	$4.0B	trimmed−2%	+0.28 pp	27 q
FDXFedEx Corporation	3.01%	25,991,484	$3.9B	added+9%	+0.17 pp	27 q
CMCSAComcast Corp	2.91%	84,596,475	$3.8B	trimmed−1%	−0.26 pp	27 q
OXYOccidental Petroleum Corporation	2.78%	88,236,727	$3.6B	trimmed−1%	−0.48 pp	27 q
CIThe Cigna Group	2.69%	17,203,620	$3.5B	trimmed−1%	+0.52 pp	5 q
JCIJohnson Controls International plc	2.68%	86,117,229	$3.5B	trimmed−10%	−0.77 pp	14 q
BMYBristol-Myers Squibb Co.	2.47%	50,268,777	$3.2B	trimmed−0%	+0.36 pp	27 q
SNYSanofi	2.27%	59,054,293	$3.0B	trimmed−3%	−0.05 pp	27 q
BKNGBooking Holdings Inc.	2.24%	1,425,005	$2.9B	trimmed−1%	−0.09 pp	8 q
0VQJLTe Connectivity Ltd	2.13%	29,033,403	$2.8B	trimmed−6%	−0.23 pp	27 q
GSGoldman Sachs Group Inc.	2.02%	11,476,881	$2.6B	trimmed−3%	+0.01 pp	27 q
MCHPMicrochip Technology Inc	2.01%	25,036,146	$2.6B	trimmed−2%	+0.06 pp	6 q
UTXZRTX Corporation	1.94%	16,954,503	$2.5B	trimmed−0%	+0.03 pp	15 q
HPQHP Inc.	1.87%	118,723,571	$2.4B	trimmed−0%	+0.02 pp	17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.86%	8,281,222	$2.4B	added+14%	+0.56 pp	27 q
NVSNovartis AG	1.83%	25,205,581	$2.4B	trimmed−6%	−0.08 pp	27 q
METMetLife, Inc.	1.81%	46,452,543	$2.4B	trimmed−1%	−0.01 pp	27 q
BNYBank of New York Mellon Corporation	1.79%	46,398,022	$2.3B	trimmed−1%	+0.05 pp	27 q
SLBSLB Limited	1.78%	57,985,098	$2.3B	trimmed−2%	+0.12 pp	27 q
unresolvedGlaxosmithkline PLC	1.67%	46,388,219	$2.2B	trimmed−4%	−0.03 pp	27 q
HPEHewlett Packard Enterprise Company	1.54%	126,581,925	$2.0B	trimmed−7%	−0.16 pp	17 q
BKRBaker Hughes Company	1.50%	76,314,466	$2.0B	trimmed−1%	+0.03 pp	10 q
JPMJPMorgan Chase & Co.	1.50%	14,065,693	$2.0B	trimmed−34%	−0.56 pp	27 q
AZNNAstrazeneca Plc-spons ADR	1.47%	38,474,930	$1.9B	trimmed−22%	−0.34 pp	17 q
UBSUBS Group AG	1.40%	145,259,827	$1.8B	added0%	+0.05 pp	6 q
AXPAmerican Express Company	1.35%	14,143,501	$1.8B	trimmed−3%	−0.07 pp	27 q
CVSCvs Health Corporation	1.17%	20,495,571	$1.5B	trimmed−2%	+0.09 pp	6 q
TFCTruist Financial Corporation	1.13%	26,102,026	$1.5B	added+7%	+0.05 pp	27 q
9990302DApache Corp	1.08%	55,089,363	$1.4B	trimmed−1%	−0.09 pp	27 q
CECelanese Corporation	0.99%	10,510,285	$1.3B	trimmed−3%	−0.10 pp	27 q
BIDUBaidu, Inc.	0.97%	10,051,987	$1.3B	added+20%	+0.26 pp	27 q
DELLDell Technologies Inc.	0.95%	24,139,365	$1.2B	added+1%	−0.07 pp	5 q
SUSuncor Energy, Inc.	0.95%	38,023,000	$1.2B	added0%	−0.04 pp	14 q
JNPJuniper Networks Inc	0.93%	49,167,696	$1.2B	trimmed−0%	−0.07 pp	21 q
GILDGilead Sciences Inc	0.87%	17,452,273	$1.1B	added0%	−0.04 pp	22 q
HALHalliburton Company	0.85%	45,291,595	$1.1B	trimmed−1%	+0.14 pp	27 q
FOXAFox Corporation Class A	0.83%	29,349,604	$1.1B	trimmed−0%	+0.07 pp	4 q
CTSHCognizant Technology Solutions	0.81%	17,113,758	$1.1B	trimmed−0%	−0.04 pp	3 q
LLYEli Lilly & Co.	0.81%	8,088,058	$1.1B	trimmed−8%	0.00 pp	27 q
DISHDISH Network Corp.	0.79%	29,281,228	$1.0B	trimmed−0%	−0.03 pp	27 q
CSCOCisco Systems, Inc. (DE)	0.75%	20,401,184	$978M	trimmed−1%	−0.09 pp	22 q
HESHess Corporation	0.75%	14,755,034	$986M	added0%	+0.02 pp	3 q
99952EURLinde PLC/OLD	0.72%	4,374,194	$939M	trimmed−3%	0.00 pp	5 q
CXOConcho Resources Inc.	0.71%	10,562,515	$925M	trimmed−0%	+0.12 pp	18 q
TAPMolson Coors Beverage Company Class B	0.71%	17,119,668	$923M	added+14%	0.00 pp	7 q
TVGrupo Televisa S.A.	0.60%	66,852,520	$784M	trimmed−5%	+0.03 pp	27 q
JDJD.com, Inc.	0.56%	20,885,477	$736M	trimmed−0%	+0.08 pp	17 q
LBTYKLiberty Global Ltd. Class C	0.55%	33,144,168	$722M	trimmed−1%	−0.10 pp	27 q
unresolvedEncana Corp	0.51%	142,186,287	$667M	added+45%	+0.14 pp	2 q
MDTMedtronic plc	0.48%	5,549,939	$630M	trimmed−16%	−0.11 pp	20 q
BABAAlibaba Group Holding Limited	0.47%	2,921,500	$620M	trimmed−11%	+0.02 pp	5 q
ALNYAlnylam Pharmaceuticals, Inc.	0.46%	5,251,321	$605M	trimmed−1%	+0.11 pp	15 q
NOVNOV Inc.	0.44%	22,776,867	$571M	trimmed−0%	+0.04 pp	24 q
MXIMMaxim Integrated Products	0.42%	8,838,593	$544M	trimmed−2%	−0.01 pp	27 q
unresolvedAegon NV	0.40%	114,191,707	$517M	trimmed−1%	+0.01 pp	27 q
MATMattel, Inc.	0.40%	38,932,308	$528M	added0%	+0.04 pp	9 q
unresolvedQurate Retail Inc	0.40%	62,685,284	$528M	trimmed−1%	−0.14 pp	7 q
unresolvedSprint Corporation	0.40%	100,113,384	$522M	trimmed−1%	−0.11 pp	26 q
GAPThe Gap, Inc.	0.38%	28,449,226	$503M	added+35%	+0.08 pp	5 q
MFGPMicro Focus International plc.	0.37%	34,674,948	$486M	trimmed−3%	−0.05 pp	3 q
CXCemex S.A.B. de C.V.	0.35%	122,592,090	$463M	trimmed−3%	−0.06 pp	27 q
BHFBrighthouse Financial, Inc.	0.30%	9,994,135	$392M	trimmed−1%	−0.04 pp	10 q
NTRNutrien Ltd.	0.30%	8,072,408	$387M	held	—	8 q
LBTYALiberty Global Ltd. Class A	0.30%	17,460,903	$397M	trimmed−6%	−0.08 pp	27 q
HOGHarley-Davidson, Inc.	0.29%	10,012,436	$372M	trimmed−0%	−0.01 pp	18 q
BMRNBioMarin Pharmaceuticals Inc	0.28%	4,389,515	$371M	new	+0.28 pp	new
INCYIncyte Genomics Inc	0.25%	3,758,750	$328M	trimmed−4%	+0.01 pp	5 q
FOXFox Corporation Class B	0.17%	5,980,998	$218M	added+1%	+0.02 pp	4 q
GOOGLAlphabet Inc. Class A	0.15%	142,205	$190M	added+7%	+0.02 pp	17 q
NWSANews Corporation Class A	0.15%	13,714,762	$194M	trimmed−1%	−0.01 pp	26 q
DISThe Walt Disney Company	0.08%	689,388	$100M	trimmed−4%	0.00 pp	27 q
ITUBItau Unibanco Holding S.A.	0.07%	9,313,505	$85M	added+1%	+0.01 pp	14 q
STTState Street Corporation	0.07%	1,212,795	$96M	added×269.5	+0.07 pp	27 q
MRKMerck & Co., Inc.	0.05%	689,396	$63M	trimmed−2%	0.00 pp	27 q
UNPUnion Pacific Corp.	0.05%	378,768	$68M	trimmed−3%	0.00 pp	27 q
CVXChevron Corporation	0.03%	336,560	$41M	trimmed−0%	0.00 pp	27 q
CDNSCadence Design Systems	0.02%	423,506	$29M	trimmed−0%	0.00 pp	27 q
IBNICICI Bank Limited	0.02%	1,555,530	$23M	added+4%	+0.01 pp	13 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.02%	1,722,707	$26M	trimmed−29%	−0.01 pp	27 q
TGTTarget Corporation	0.02%	193,207	$25M	trimmed−3%	0.00 pp	27 q
TRVThe Travelers Companies, Inc.	0.02%	146,081	$20M	trimmed−1%	0.00 pp	27 q
TAT&T Inc.	0.01%	239,397	$9M	trimmed−5%	0.00 pp	7 q
ADBEAdobe Inc.	0.01%	40,695	$13M	trimmed−1%	0.00 pp	27 q
BSXBoston Scientific Corp.	0.01%	174,440	$8M	trimmed−0%	0.00 pp	27 q
GLWCorning Incorporated	0.01%	351,200	$10M	trimmed−3%	0.00 pp	27 q
XOMExxon Mobil Corp	0.01%	122,349	$9M	held	—	27 q
unresolvedGeneral Electric Co	0.01%	689,894	$8M	trimmed−6%	0.00 pp	27 q
HDHome Depot, Inc.	0.01%	52,373	$11M	trimmed−1%	0.00 pp	27 q
IBMInternational Business Machines Corporation	0.01%	67,895	$9M	trimmed−1%	0.00 pp	27 q
PFEPfizer Inc.	0.01%	388,502	$15M	trimmed−2%	0.00 pp	27 q
PGProcter & Gamble Company	0.01%	130,254	$16M	trimmed−0%	0.00 pp	27 q
RDS.ARoyal Dutch Shell PLC	0.01%	129,268	$8M	held	—	27 q
TMOThermo Fisher Scientific, Inc.	0.01%	36,355	$12M	trimmed−1%	0.00 pp	27 q
WMTWalmart Inc.	0.01%	133,252	$16M	trimmed−3%	0.00 pp	27 q
ZAYOZayo Group Holdings, Inc.	0.01%	300,225	$10M	trimmed−93%	−0.11 pp	13 q
ABTAbbott Laboratories	0.00%	25,222	$2M	trimmed−22%	0.00 pp	27 q
ABBVAbbvie Inc.	0.00%	17,002	$2M	trimmed−45%	0.00 pp	27 q
APDAir Products & Chemicals, Inc.	0.00%	3,300	$775,000	held	—	27 q
ALLThe Allstate Corporation	0.00%	3,685	$414,000	held	—	27 q
MOAltria Group, Inc.	0.00%	23,800	$1M	held	—	27 q
AMZNAmazon.Com Inc	0.00%	530	$979,000	held	—	22 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	255,400	$4M	held	—	13 q
AMTAmerican Tower Corporation	0.00%	1,825	$419,000	held	—	6 q
AMPAmeriprise Financial, Inc.	0.00%	2,942	$490,000	held	—	27 q
AMGNAmgen Inc	0.00%	21,372	$5M	trimmed−0%	0.00 pp	27 q
ELVElevance Health, Inc.	0.00%	1,200	$362,000	held	—	21 q
AAPLApple Inc.	0.00%	10,951	$3M	trimmed−2%	0.00 pp	27 q
ADPAutomatic Data Processing	0.00%	1,800	$307,000	held	—	13 q
BALLBall Corporation	0.00%	12,570	$813,000	trimmed−17%	0.00 pp	6 q
BAXBaxter International Inc.	0.00%	3,382	$283,000	held	—	11 q
BDXBecton, Dickinson and Co.	0.00%	5,360	$1M	held	—	27 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$2M	held	—	27 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,970	$3M	held	—	27 q
BLQADBlackrock Inc	0.00%	750	$377,000	held	—	6 q
BABoeing Company	0.00%	974	$317,000	held	—	6 q
KMXCarMax Inc.	0.00%	13,400	$1M	held	—	27 q
CATCaterpillar Inc.	0.00%	43,207	$6M	trimmed−0%	0.00 pp	27 q
CTXSCitrix Systems Inc	0.00%	5,500	$610,000	held	—	27 q
KOCoca-Cola Company	0.00%	28,440	$2M	held	—	27 q
CLColgate-Palmolive Company	0.00%	14,000	$964,000	held	—	27 q
COPConocoPhillips	0.00%	22,445	$1M	held	—	27 q
CTVACorteva, Inc.	0.00%	50,343	$1M	trimmed−14%	0.00 pp	3 q
unresolvedCredit Suisse Group Spon ADR	0.00%	318,761	$4M	trimmed−3%	0.00 pp	27 q
DXCDXC Technology Company	0.00%	60,672	$2M	trimmed−5%	0.00 pp	11 q
DHRDanaher Corporation	0.00%	23,510	$4M	trimmed−12%	0.00 pp	22 q
DEDeere & Company	0.00%	18,189	$3M	trimmed−2%	0.00 pp	27 q
DEODiageo plc	0.00%	17,511	$3M	trimmed−3%	0.00 pp	27 q
DDominion Energy, Inc	0.00%	4,512	$374,000	held	—	27 q
DOWDow Inc.	0.00%	62,353	$3M	trimmed−4%	0.00 pp	3 q
DUKDuke Energy Corporation	0.00%	5,182	$473,000	trimmed−2%	0.00 pp	27 q
DDDuPont de Nemours, Inc.	0.00%	60,611	$4M	trimmed−4%	0.00 pp	3 q
EBAYeBay Inc	0.00%	53,231	$2M	held	—	27 q
EQIXEquinix, Inc.	0.00%	385	$225,000	held	—	2 q
ERICEricsson	0.00%	492,517	$4M	trimmed−16%	0.00 pp	27 q
GLIBAGci Liberty Inc - Class A	0.00%	3,846	$272,000	trimmed−31%	0.00 pp	8 q
GISGeneral Mills, Inc.	0.00%	11,200	$600,000	held	—	27 q
GPCGenuine Parts Company	0.00%	18,262	$2M	trimmed−1%	0.00 pp	27 q
HONHoneywell International, Inc.	0.00%	8,531	$2M	trimmed−1%	0.00 pp	27 q
INTCIntel Corp	0.00%	4,200	$251,000	held	—	6 q
IEMGiShares Core MSCI Emerging Markets ETF	0.00%	18,900	$1M	new	0.00 pp	new
JNJJohnson & Johnson	0.00%	26,940	$4M	trimmed−8%	0.00 pp	27 q
KMBKimberly-Clark Corp.	0.00%	3,860	$531,000	held	—	27 q
PHGKoninklijke Philips N.v.	0.00%	21,700	$1M	held	—	27 q
LMTLockheed Martin Corp.	0.00%	875	$341,000	held	—	6 q
LOWLowe's Companies Inc.	0.00%	1,800	$216,000	new	0.00 pp	new
MRSHMarsh	0.00%	2,860	$319,000	held	—	22 q
MCDMcDonald's Corporation	0.00%	14,913	$3M	held	—	27 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$652,000	held	—	27 q
MCOMoody's Corporation	0.00%	2,050	$487,000	held	—	27 q
MSMorgan Stanley	0.00%	4,000	$204,000	new	0.00 pp	new
MSIMotorola Solutions, Inc. New	0.00%	10,282	$2M	trimmed−49%	0.00 pp	27 q
NTAPNetApp, Inc	0.00%	89,600	$6M	trimmed−2%	0.00 pp	27 q
NEENextEra Energy, Inc.	0.00%	7,142	$2M	held	—	27 q
NSCNorfolk Southern Corp.	0.00%	3,050	$592,000	held	—	27 q
NUENucor Corporation	0.00%	38,100	$2M	held	—	27 q
PNCPNC Financial Services Group	0.00%	18,680	$3M	held	—	27 q
PPGPPG Industries, Inc.	0.00%	8,000	$1M	trimmed−43%	0.00 pp	27 q
PHParker-Hannifin Corporation	0.00%	3,256	$670,000	held	—	27 q
PYPLPayPal Holdings, Inc.	0.00%	43,921	$5M	held	—	18 q
PEPPepsiCo, Inc.	0.00%	5,145	$703,000	held	—	27 q
PMPhilip Morris International Inc.	0.00%	18,913	$2M	held	—	27 q
PSXPhillips 66	0.00%	5,105	$569,000	held	—	27 q
QCOMQualcomm Inc	0.00%	4,100	$362,000	held	—	22 q
RIORio Tinto plc	0.00%	9,300	$552,000	held	—	27 q
SPGIS&P Global Inc.	0.00%	5,700	$2M	trimmed−30%	0.00 pp	15 q
SYKStryker Corporation	0.00%	960	$202,000	held	—	2 q
SNPSSynopsys Inc	0.00%	16,850	$2M	trimmed−11%	0.00 pp	27 q
MMM3M Company	0.00%	16,371	$3M	held	—	27 q
USBU.S. Bancorp	0.00%	94,421	$6M	held	—	27 q
unresolvedUnilever Spn.Adr 1:1	0.00%	4,700	$269,000	held	—	27 q
UNUnilever N V -ny Shares	0.00%	45,171	$3M	held	—	27 q
VZVerizon Communications	0.00%	5,500	$338,000	held	—	27 q
VVISA Inc.	0.00%	3,600	$676,000	held	—	22 q
VMWVMware, Inc	0.00%	15,500	$2M	trimmed−1%	0.00 pp	17 q
VMCVulcan Materials Company(Holding Company)	0.00%	44,500	$6M	held	—	27 q
WBAWalgreens Boots Alliance, Inc	0.00%	4,669	$275,000	held	—	21 q
ALCAlcon Inc.	0.00%	33,545	$2M	trimmed−26%	0.00 pp	3 q
CBChubb Limited	0.00%	3,722	$579,000	held	—	16 q
unresolvedSunTrust Banks Inc	—	−177,932	—	exited	−0.01 pp	—