Dodge & Cox

Q1 2020 13F

As of: Mar 31, 2020
Filed: May 14, 2020
US stock: $92.4B · prev $130.6B
Positions: 177 · prev 184
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

+1.3 pp in · −1.3 pp out

New 4 +0.46 pp
Added 52 +0.79 pp
Trimmed 83 −0.75 pp
Exited 11 −0.52 pp

The book

Diversified · behaves like 49 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 34% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions17% of US stock

GOOG Alphabet Inc. Class C trimmed+0.56 pp trimmed+0.563.7%
SCHW The Charles Schwab Corporation added+0.17 pp added+0.173.7%
FDX FedEx Corporation added+0.52 pp added+0.523.5%
MSFT Microsoft Corp trimmed+0.33 pp trimmed+0.333.4%
BAC Bank of America Corporation added+0.04 pp added+0.043.1%

Positions177 in this filing · 11 exited


GOOGAlphabet Inc. Class C	3.71%	2,945,704	$3.4B	trimmed−4%	+0.56 pp	24 q
SCHWThe Charles Schwab Corporation	3.68%	101,154,103	$3.4B	added+5%	+0.17 pp	28 q
FDXFedEx Corporation	3.53%	26,924,012	$3.3B	added+4%	+0.52 pp	28 q
MSFTMicrosoft Corp	3.42%	20,027,140	$3.2B	trimmed−22%	+0.33 pp	28 q
BACBank of America Corporation	3.11%	135,599,162	$2.9B	added+19%	+0.04 pp	28 q
CMCSAComcast Corp	3.08%	82,760,641	$2.8B	trimmed−2%	+0.17 pp	28 q
HPQHP Inc.	2.90%	154,328,296	$2.7B	added+30%	+1.03 pp	18 q
CIThe Cigna Group	2.88%	15,025,107	$2.7B	trimmed−13%	+0.19 pp	6 q
WFCWells Fargo & Co.	2.82%	90,719,352	$2.6B	added+7%	−0.66 pp	28 q
CHTRCharter Comm Inc Del CL A New	2.75%	5,816,363	$2.5B	trimmed−31%	−0.40 pp	16 q
JCIJohnson Controls International plc	2.64%	90,408,917	$2.4B	added+5%	−0.04 pp	15 q
BKNGBooking Holdings Inc.	2.49%	1,710,069	$2.3B	added+20%	+0.25 pp	9 q
COFCapital One Financial	2.40%	44,067,496	$2.2B	added+9%	−0.79 pp	28 q
SNYSanofi	2.28%	48,263,192	$2.1B	trimmed−18%	+0.01 pp	28 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.28%	8,442,314	$2.1B	added+2%	+0.42 pp	28 q
BMYBristol-Myers Squibb Co.	2.19%	36,277,074	$2.0B	trimmed−28%	−0.28 pp	28 q
0VQJLTe Connectivity Ltd	2.18%	32,028,904	$2.0B	added+10%	+0.05 pp	28 q
GSGoldman Sachs Group Inc.	2.12%	12,687,088	$2.0B	added+11%	+0.10 pp	28 q
MCHPMicrochip Technology Inc	2.08%	28,351,397	$1.9B	added+13%	+0.07 pp	7 q
NVSNovartis AG	2.05%	22,941,440	$1.9B	trimmed−9%	+0.22 pp	28 q
METMetLife, Inc.	1.95%	59,061,575	$1.8B	added+27%	+0.14 pp	28 q
UTXZRTX Corporation	1.94%	19,038,170	$1.8B	added+12%	0.00 pp	16 q
unresolvedGlaxosmithkline PLC	1.80%	44,035,690	$1.7B	trimmed−5%	+0.13 pp	28 q
BNYBank of New York Mellon Corporation	1.74%	47,893,304	$1.6B	added+3%	−0.05 pp	28 q
DELLDell Technologies Inc.	1.63%	38,157,819	$1.5B	added+58%	+0.68 pp	6 q
OXYOccidental Petroleum Corporation	1.48%	117,862,556	$1.4B	added+34%	−1.30 pp	28 q
UBSUBS Group AG	1.47%	145,287,527	$1.4B	added0%	+0.07 pp	7 q
AZNNAstrazeneca Plc-spons ADR	1.44%	29,883,038	$1.3B	trimmed−22%	−0.03 pp	18 q
HPEHewlett Packard Enterprise Company	1.42%	135,043,948	$1.3B	added+7%	−0.12 pp	18 q
CSCOCisco Systems, Inc. (DE)	1.35%	31,807,872	$1.3B	added+56%	+0.60 pp	23 q
CVSCvs Health Corporation	1.34%	20,863,956	$1.2B	added+2%	+0.17 pp	7 q
SLBSLB Limited	1.33%	90,915,760	$1.2B	added+57%	−0.45 pp	28 q
JPMJPMorgan Chase & Co.	1.32%	13,515,625	$1.2B	trimmed−4%	−0.18 pp	28 q
AXPAmerican Express Company	1.25%	13,448,063	$1.2B	trimmed−5%	−0.10 pp	28 q
GILDGilead Sciences Inc	1.22%	15,110,961	$1.1B	trimmed−13%	+0.35 pp	23 q
CTSHCognizant Technology Solutions	1.19%	23,678,565	$1.1B	added+38%	+0.38 pp	4 q
BKRBaker Hughes Company	1.06%	93,727,915	$984M	added+23%	−0.44 pp	11 q
JNPJuniper Networks Inc	1.04%	50,280,321	$962M	added+2%	+0.11 pp	22 q
STTState Street Corporation	0.98%	16,985,060	$905M	added×14.0	+0.91 pp	28 q
TAPMolson Coors Beverage Company Class B	0.93%	22,072,733	$861M	added+29%	+0.22 pp	8 q
TFCTruist Financial Corporation	0.92%	27,705,278	$854M	added+6%	−0.21 pp	28 q
SUSuncor Energy, Inc.	0.86%	50,513,854	$798M	added+33%	−0.09 pp	15 q
unresolvedSprint Corporation	0.83%	89,227,648	$769M	trimmed−11%	+0.43 pp	27 q
CECelanese Corporation	0.80%	10,095,394	$741M	trimmed−4%	−0.19 pp	28 q
CXOConcho Resources Inc.	0.80%	17,243,988	$739M	added+63%	+0.09 pp	19 q
HESHess Corporation	0.78%	21,774,020	$725M	added+48%	+0.03 pp	4 q
FOXAFox Corporation Class A	0.76%	29,837,098	$705M	added+2%	−0.07 pp	5 q
BIDUBaidu, Inc.	0.71%	6,530,521	$658M	trimmed−35%	−0.26 pp	28 q
99952EURLinde PLC/OLD	0.69%	3,558,259	$642M	trimmed−19%	−0.03 pp	6 q
DISHDISH Network Corp.	0.68%	31,423,528	$628M	added+7%	−0.11 pp	28 q
BABAAlibaba Group Holding Limited	0.66%	3,126,100	$608M	added+7%	+0.19 pp	6 q
ALNYAlnylam Pharmaceuticals, Inc.	0.60%	5,093,346	$554M	trimmed−3%	+0.14 pp	16 q
JDJD.com, Inc.	0.57%	12,916,877	$523M	trimmed−38%	+0.01 pp	18 q
LBTYKLiberty Global Ltd. Class C	0.56%	33,033,368	$519M	trimmed−0%	+0.01 pp	28 q
MDTMedtronic plc	0.55%	5,593,371	$504M	added+1%	+0.07 pp	21 q
MXIMMaxim Integrated Products	0.45%	8,530,542	$415M	trimmed−3%	+0.03 pp	28 q
TVGrupo Televisa S.A.	0.43%	68,146,520	$395M	added+2%	−0.17 pp	28 q
unresolvedQurate Retail Inc	0.41%	62,730,384	$383M	added0%	+0.01 pp	8 q
BMRNBioMarin Pharmaceuticals Inc	0.36%	3,942,508	$333M	trimmed−10%	+0.08 pp	2 q
HALHalliburton Company	0.36%	48,884,929	$335M	added+8%	−0.49 pp	28 q
NTRNutrien Ltd.	0.36%	9,856,359	$335M	added+22%	+0.06 pp	9 q
INCYIncyte Genomics Inc	0.32%	3,992,600	$292M	added+6%	+0.07 pp	6 q
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF	0.32%	2,431,480	$300M	new	+0.32 pp	new
unresolvedAegon NV	0.31%	114,406,917	$285M	added0%	−0.09 pp	28 q
NOVNOV Inc.	0.28%	26,003,342	$256M	added+14%	−0.16 pp	25 q
LBTYALiberty Global Ltd. Class A	0.28%	15,939,773	$263M	trimmed−9%	−0.02 pp	28 q
BHFBrighthouse Financial, Inc.	0.26%	10,014,013	$242M	added0%	−0.04 pp	11 q
9990302DApache Corp	0.25%	54,741,657	$229M	trimmed−1%	−0.83 pp	28 q
CXCemex S.A.B. de C.V.	0.24%	105,997,890	$225M	trimmed−14%	−0.11 pp	28 q
GAPThe Gap, Inc.	0.22%	28,659,926	$202M	added+1%	−0.16 pp	6 q
MATMattel, Inc.	0.22%	23,472,365	$207M	trimmed−40%	−0.18 pp	10 q
HOGHarley-Davidson, Inc.	0.21%	10,068,831	$191M	added+1%	−0.08 pp	19 q
GOOGLAlphabet Inc. Class A	0.19%	154,980	$180M	added+9%	+0.04 pp	18 q
MFGPMicro Focus International plc.	0.19%	35,502,919	$180M	added+2%	−0.18 pp	4 q
FOXFox Corporation Class B	0.15%	6,187,517	$142M	added+3%	−0.02 pp	5 q
NWSANews Corporation Class A	0.14%	13,976,862	$125M	added+2%	−0.01 pp	27 q
OVVOvintiv Inc.	0.11%	38,017,797	$103M	new	+0.11 pp	new
DISThe Walt Disney Company	0.07%	635,291	$61M	trimmed−8%	−0.01 pp	28 q
VMWVMware, Inc	0.06%	451,694	$55M	added×29.1	+0.06 pp	18 q
ITUBItau Unibanco Holding S.A.	0.05%	10,145,005	$46M	added+9%	−0.02 pp	15 q
UNPUnion Pacific Corp.	0.05%	360,412	$51M	trimmed−5%	0.00 pp	28 q
LLYEli Lilly & Co.	0.04%	291,507	$40M	trimmed−96%	−0.77 pp	28 q
MRKMerck & Co., Inc.	0.04%	516,958	$40M	trimmed−25%	−0.01 pp	28 q
CDNSCadence Design Systems	0.03%	399,541	$26M	trimmed−6%	+0.01 pp	28 q
LNCLincoln National Corp.	0.03%	1,132,832	$30M	new	+0.03 pp	new
CVXChevron Corporation	0.02%	313,467	$23M	trimmed−7%	−0.01 pp	28 q
TGTTarget Corporation	0.02%	186,207	$17M	trimmed−4%	0.00 pp	28 q
TRVThe Travelers Companies, Inc.	0.02%	143,431	$14M	trimmed−2%	0.00 pp	28 q
WMTWalmart Inc.	0.02%	126,012	$14M	trimmed−5%	+0.01 pp	28 q
TAT&T Inc.	0.01%	177,366	$5M	trimmed−26%	0.00 pp	8 q
ADBEAdobe Inc.	0.01%	37,870	$12M	trimmed−7%	0.00 pp	28 q
BSXBoston Scientific Corp.	0.01%	164,840	$5M	trimmed−6%	0.00 pp	28 q
CATCaterpillar Inc.	0.01%	43,107	$5M	trimmed−0%	+0.01 pp	28 q
GLWCorning Incorporated	0.01%	230,302	$5M	trimmed−34%	0.00 pp	28 q
HDHome Depot, Inc.	0.01%	45,672	$9M	trimmed−13%	0.00 pp	28 q
IBNICICI Bank Limited	0.01%	1,555,530	$13M	held	—	14 q
IBMInternational Business Machines Corporation	0.01%	58,702	$7M	trimmed−14%	0.00 pp	28 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.01%	2,265,907	$12M	added+32%	−0.01 pp	28 q
PFEPfizer Inc.	0.01%	308,270	$10M	trimmed−21%	0.00 pp	28 q
PGProcter & Gamble Company	0.01%	121,904	$13M	trimmed−6%	0.00 pp	28 q
TMOThermo Fisher Scientific, Inc.	0.01%	36,290	$10M	trimmed−0%	0.00 pp	28 q
ABTAbbott Laboratories	0.00%	24,146	$2M	trimmed−4%	0.00 pp	28 q
ABBVAbbvie Inc.	0.00%	16,402	$1M	trimmed−4%	0.00 pp	28 q
APDAir Products & Chemicals, Inc.	0.00%	3,275	$654,000	trimmed−1%	0.00 pp	28 q
ALLThe Allstate Corporation	0.00%	3,685	$338,000	held	—	28 q
MOAltria Group, Inc.	0.00%	23,800	$920,000	held	—	28 q
AMZNAmazon.Com Inc	0.00%	530	$1M	held	—	23 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	128,200	$2M	trimmed−50%	0.00 pp	14 q
AMPAmeriprise Financial, Inc.	0.00%	2,702	$277,000	trimmed−8%	0.00 pp	28 q
AMGNAmgen Inc	0.00%	20,797	$4M	trimmed−3%	0.00 pp	28 q
ELVElevance Health, Inc.	0.00%	1,200	$272,000	held	—	22 q
AAPLApple Inc.	0.00%	10,951	$3M	held	—	28 q
ADPAutomatic Data Processing	0.00%	1,800	$246,000	held	—	14 q
BALLBall Corporation	0.00%	6,370	$412,000	trimmed−49%	0.00 pp	7 q
BAXBaxter International Inc.	0.00%	3,382	$275,000	held	—	12 q
BDXBecton, Dickinson and Co.	0.00%	5,360	$1M	held	—	28 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$1M	held	—	28 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,820	$2M	trimmed−1%	0.00 pp	28 q
BLQADBlackrock Inc	0.00%	750	$330,000	held	—	7 q
KMXCarMax Inc.	0.00%	9,500	$511,000	trimmed−29%	0.00 pp	28 q
CTXSCitrix Systems Inc	0.00%	5,200	$736,000	trimmed−5%	0.00 pp	28 q
KOCoca-Cola Company	0.00%	28,440	$1M	held	—	28 q
CCOICogent Communications Holdings, Inc.	0.00%	2,990	$245,000	new	0.00 pp	new
CLColgate-Palmolive Company	0.00%	14,000	$929,000	held	—	28 q
COPConocoPhillips	0.00%	22,245	$685,000	trimmed−1%	0.00 pp	28 q
CTVACorteva, Inc.	0.00%	39,909	$938,000	trimmed−21%	0.00 pp	4 q
unresolvedCredit Suisse Group Spon ADR	0.00%	261,771	$2M	trimmed−18%	0.00 pp	28 q
DXCDXC Technology Company	0.00%	36,561	$477,000	trimmed−40%	0.00 pp	12 q
DHRDanaher Corporation	0.00%	23,510	$3M	held	—	23 q
DEDeere & Company	0.00%	18,189	$3M	held	—	28 q
DEODiageo plc	0.00%	16,811	$2M	trimmed−4%	0.00 pp	28 q
DDominion Energy, Inc	0.00%	4,512	$326,000	held	—	28 q
DOWDow Inc.	0.00%	45,284	$1M	trimmed−27%	0.00 pp	4 q
DUKDuke Energy Corporation	0.00%	5,182	$419,000	held	—	28 q
DDDuPont de Nemours, Inc.	0.00%	56,194	$2M	trimmed−7%	0.00 pp	4 q
EBAYeBay Inc	0.00%	51,731	$2M	trimmed−3%	0.00 pp	28 q
EQIXEquinix, Inc.	0.00%	385	$240,000	held	—	3 q
ERICEricsson	0.00%	343,917	$3M	trimmed−30%	0.00 pp	28 q
XOMExxon Mobil Corp	0.00%	120,059	$5M	trimmed−2%	−0.01 pp	28 q
unresolvedGeneral Electric Co	0.00%	437,383	$3M	trimmed−37%	−0.01 pp	28 q
GISGeneral Mills, Inc.	0.00%	11,200	$591,000	held	—	28 q
GPCGenuine Parts Company	0.00%	17,062	$1M	trimmed−7%	0.00 pp	28 q
HONHoneywell International, Inc.	0.00%	8,531	$1M	held	—	28 q
INTCIntel Corp	0.00%	4,200	$227,000	held	—	7 q
JNJJohnson & Johnson	0.00%	26,740	$4M	trimmed−1%	0.00 pp	28 q
KMBKimberly-Clark Corp.	0.00%	3,768	$482,000	trimmed−2%	0.00 pp	28 q
LMTLockheed Martin Corp.	0.00%	875	$297,000	held	—	7 q
MRSHMarsh	0.00%	2,860	$247,000	held	—	23 q
MCDMcDonald's Corporation	0.00%	14,913	$2M	held	—	28 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$593,000	held	—	28 q
MCOMoody's Corporation	0.00%	2,050	$434,000	held	—	28 q
MSIMotorola Solutions, Inc. New	0.00%	9,082	$1M	trimmed−12%	0.00 pp	28 q
NTAPNetApp, Inc	0.00%	64,950	$3M	trimmed−28%	0.00 pp	28 q
NEENextEra Energy, Inc.	0.00%	7,092	$2M	trimmed−1%	0.00 pp	28 q
NSCNorfolk Southern Corp.	0.00%	3,050	$445,000	held	—	28 q
NUENucor Corporation	0.00%	18,099	$652,000	trimmed−53%	0.00 pp	28 q
PNCPNC Financial Services Group	0.00%	18,680	$2M	held	—	28 q
PHParker-Hannifin Corporation	0.00%	3,256	$422,000	held	—	28 q
PYPLPayPal Holdings, Inc.	0.00%	43,671	$4M	trimmed−1%	0.00 pp	19 q
PEPPepsiCo, Inc.	0.00%	5,145	$618,000	held	—	28 q
PMPhilip Morris International Inc.	0.00%	18,713	$1M	trimmed−1%	0.00 pp	28 q
PSXPhillips 66	0.00%	4,200	$225,000	trimmed−18%	0.00 pp	28 q
QCOMQualcomm Inc	0.00%	4,100	$277,000	held	—	23 q
RIORio Tinto plc	0.00%	9,300	$424,000	held	—	28 q
RDS.ARoyal Dutch Shell PLC	0.00%	122,758	$4M	trimmed−5%	−0.01 pp	28 q
SPGIS&P Global Inc.	0.00%	5,700	$1M	held	—	16 q
SNPSSynopsys Inc	0.00%	15,250	$2M	trimmed−10%	0.00 pp	28 q
MMM3M Company	0.00%	15,571	$2M	trimmed−5%	0.00 pp	28 q
USBU.S. Bancorp	0.00%	91,221	$3M	trimmed−3%	0.00 pp	28 q
unresolvedUnilever Spn.Adr 1:1	0.00%	4,700	$238,000	held	—	28 q
UNUnilever N V -ny Shares	0.00%	45,171	$2M	held	—	28 q
VZVerizon Communications	0.00%	5,500	$296,000	held	—	28 q
VVISA Inc.	0.00%	3,600	$580,000	held	—	23 q
VMCVulcan Materials Company(Holding Company)	0.00%	41,800	$5M	trimmed−6%	0.00 pp	28 q
WBAWalgreens Boots Alliance, Inc	0.00%	4,669	$214,000	held	—	22 q
ALCAlcon Inc.	0.00%	4,857	$247,000	trimmed−86%	0.00 pp	4 q
CBChubb Limited	0.00%	2,540	$284,000	trimmed−32%	0.00 pp	17 q
unresolvedEncana Corp	—	−142,186,287	—	exited	−0.51 pp	—
ZAYOZayo Group Holdings, Inc.	—	−300,225	—	exited	−0.01 pp	—
AMTAmerican Tower Corporation	—	−1,825	—	exited	0.00 pp	—
BABoeing Company	—	−974	—	exited	0.00 pp	—
GLIBAGci Liberty Inc - Class A	—	−3,846	—	exited	0.00 pp	—
IEMGiShares Core MSCI Emerging Markets ETF	—	−18,900	—	exited	0.00 pp	—
PHGKoninklijke Philips N.v.	—	−21,700	—	exited	0.00 pp	—
LOWLowe's Companies Inc.	—	−1,800	—	exited	0.00 pp	—
MSMorgan Stanley	—	−4,000	—	exited	0.00 pp	—
PPGPPG Industries, Inc.	—	−8,000	—	exited	0.00 pp	—
SYKStryker Corporation	—	−960	—	exited	0.00 pp	—