Dodge & Cox

Q2 2020 13F

As of: Jun 30, 2020
Filed: Aug 13, 2020
US stock: $108.7B · prev $92.4B
Positions: 192 · prev 177
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%

Moves171 since the prior filing

+6.1 pp in · −6.1 pp out

New 21 +3.65 pp
Added 47 +2.44 pp
Trimmed 97 −5.03 pp
Exited 6 −1.05 pp

The book

Diversified · behaves like 53 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions16% of US stock

Positions192 in this filing · 6 exited


FDXFedEx Corporation	3.50%	27,170,321	$3.8B	added+1%	−0.03 pp	29 q
GOOGAlphabet Inc. Class C	3.41%	2,624,618	$3.7B	trimmed−11%	−0.30 pp	25 q
MSFTMicrosoft Corp	3.34%	17,842,059	$3.6B	trimmed−11%	−0.08 pp	29 q
CMCSAComcast Corp	3.00%	83,660,688	$3.3B	added+1%	−0.08 pp	29 q
SCHWThe Charles Schwab Corporation	2.97%	95,762,812	$3.2B	trimmed−5%	−0.71 pp	29 q
HPQHP Inc.	2.93%	182,894,106	$3.2B	added+19%	+0.03 pp	19 q
BACBank of America Corporation	2.91%	133,057,906	$3.2B	trimmed−2%	−0.20 pp	29 q
JCIJohnson Controls International plc	2.91%	92,532,992	$3.2B	added+2%	+0.27 pp	16 q
COFCapital One Financial	2.73%	47,473,473	$3.0B	added+8%	+0.33 pp	29 q
CIThe Cigna Group	2.51%	14,545,724	$2.7B	trimmed−3%	−0.37 pp	7 q
0VQJLTe Connectivity Ltd	2.48%	33,004,208	$2.7B	added+3%	+0.30 pp	29 q
CHTRCharter Comm Inc Del CL A New	2.47%	5,276,343	$2.7B	trimmed−9%	−0.28 pp	17 q
WFCWells Fargo & Co.	2.43%	103,357,551	$2.6B	added+14%	−0.39 pp	29 q
MCHPMicrochip Technology Inc	2.42%	25,010,629	$2.6B	trimmed−12%	+0.34 pp	8 q
METMetLife, Inc.	2.23%	66,337,971	$2.4B	added+12%	+0.28 pp	29 q
BKNGBooking Holdings Inc.	2.16%	1,474,134	$2.3B	trimmed−14%	−0.33 pp	10 q
GSGoldman Sachs Group Inc.	2.16%	11,899,230	$2.4B	trimmed−6%	+0.04 pp	29 q
OXYOccidental Petroleum Corporation	2.08%	123,677,174	$2.3B	added+5%	+0.60 pp	29 q
BNYBank of New York Mellon Corporation	1.92%	54,145,024	$2.1B	added+13%	+0.18 pp	29 q
SNYSanofi	1.86%	39,640,336	$2.0B	trimmed−18%	−0.42 pp	29 q
DELLDell Technologies Inc.	1.82%	36,029,549	$2.0B	trimmed−6%	+0.19 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.81%	6,675,828	$2.0B	trimmed−21%	−0.47 pp	29 q
unresolvedGlaxosmithkline PLC	1.56%	41,522,745	$1.7B	trimmed−6%	−0.24 pp	29 q
NVSNovartis AG	1.55%	19,353,787	$1.7B	trimmed−16%	−0.50 pp	29 q
BMYBristol-Myers Squibb Co.	1.54%	28,555,389	$1.7B	trimmed−21%	−0.65 pp	29 q
SLBSLB Limited	1.51%	89,066,920	$1.6B	trimmed−2%	+0.18 pp	29 q
AXPAmerican Express Company	1.45%	16,513,001	$1.6B	added+23%	+0.20 pp	29 q
HPEHewlett Packard Enterprise Company	1.39%	154,877,812	$1.5B	added+15%	−0.03 pp	19 q
UBSUBS Group AG	1.36%	128,503,442	$1.5B	trimmed−12%	−0.11 pp	8 q
BKRBaker Hughes Company	1.28%	90,324,036	$1.4B	trimmed−4%	+0.22 pp	12 q
CTSHCognizant Technology Solutions	1.24%	23,710,739	$1.3B	added0%	+0.05 pp	5 q
CSCOCisco Systems, Inc. (DE)	1.18%	27,541,072	$1.3B	trimmed−13%	−0.17 pp	24 q
RTXRTX Corporation	1.13%	19,859,667	$1.2B	added+4%	−0.81 pp	17 q
JPMJPMorgan Chase & Co.	1.10%	12,679,016	$1.2B	trimmed−6%	−0.22 pp	29 q
STTState Street Corporation	1.06%	18,139,660	$1.2B	added+7%	+0.08 pp	29 q
TFCTruist Financial Corporation	1.02%	29,657,574	$1.1B	added+7%	+0.10 pp	29 q
JNPJuniper Networks Inc	1.01%	48,152,071	$1.1B	trimmed−4%	−0.03 pp	23 q
DISHDISH Network Corp.	1.00%	31,429,828	$1.1B	added0%	+0.32 pp	29 q
HESHess Corporation	0.97%	20,254,120	$1.0B	trimmed−7%	+0.19 pp	5 q
CVSCvs Health Corporation	0.96%	16,001,738	$1.0B	trimmed−23%	−0.38 pp	8 q
METAMeta Platforms, Inc. Class A	0.95%	4,555,170	$1.0B	new	+0.95 pp	new
SUSuncor Energy, Inc.	0.92%	59,262,754	$999M	added+17%	+0.06 pp	16 q
AZNNAstrazeneca Plc-spons ADR	0.91%	18,775,763	$993M	trimmed−37%	−0.53 pp	19 q
GILDGilead Sciences Inc	0.89%	12,592,512	$969M	trimmed−17%	−0.33 pp	24 q
CECelanese Corporation	0.87%	10,920,117	$943M	added+8%	+0.07 pp	29 q
VMWVMware, Inc	0.87%	6,125,920	$949M	added×13.6	+0.81 pp	19 q
CXOConcho Resources Inc.	0.84%	17,825,353	$918M	added+3%	+0.04 pp	20 q
BIDUBaidu, Inc.	0.75%	6,803,321	$816M	added+4%	+0.04 pp	29 q
CARRCarrier Global Corporation	0.74%	36,242,473	$805M	new	+0.74 pp	new
FOXAFox Corporation Class A	0.74%	29,932,463	$803M	added0%	−0.02 pp	6 q
TAPMolson Coors Beverage Company Class B	0.73%	23,108,338	$794M	added+5%	−0.20 pp	9 q
9990302DApache Corp	0.67%	54,275,112	$733M	trimmed−1%	+0.42 pp	29 q
ALNYAlnylam Pharmaceuticals, Inc.	0.64%	4,703,671	$697M	trimmed−8%	+0.04 pp	17 q
WMBWilliams Companies Inc.	0.64%	36,658,928	$697M	new	+0.64 pp	new
BABAAlibaba Group Holding Limited	0.58%	2,942,100	$635M	trimmed−6%	−0.08 pp	7 q
HALHalliburton Company	0.58%	48,835,006	$634M	trimmed−0%	+0.22 pp	29 q
LBTYKLiberty Global Ltd. Class C	0.56%	28,145,168	$605M	trimmed−15%	0.00 pp	29 q
99952EURLinde PLC/OLD	0.56%	2,886,759	$608M	trimmed−19%	−0.13 pp	7 q
unresolvedQurate Retail Inc	0.55%	62,458,519	$593M	trimmed−0%	+0.14 pp	9 q
JDJD.com, Inc.	0.50%	8,986,177	$541M	trimmed−30%	−0.07 pp	19 q
OTISOtis Worldwide Corporation	0.50%	9,527,858	$542M	new	+0.50 pp	new
MDTMedtronic plc	0.49%	5,827,186	$534M	added+4%	−0.06 pp	22 q
BMRNBioMarin Pharmaceuticals Inc	0.41%	3,615,740	$446M	trimmed−8%	+0.05 pp	3 q
NTRNutrien Ltd.	0.41%	13,812,614	$443M	added+40%	+0.05 pp	10 q
LYBLyondellBasell Industries N.V. Class A	0.37%	6,073,720	$399M	new	+0.37 pp	new
INCYIncyte Genomics Inc	0.35%	3,673,750	$382M	trimmed−8%	+0.03 pp	7 q
TMUST-Mobile US, Inc.	0.35%	3,674,887	$383M	new	+0.35 pp	new
GAPThe Gap, Inc.	0.33%	28,524,381	$360M	trimmed−0%	+0.11 pp	7 q
TVGrupo Televisa S.A.	0.33%	67,896,520	$356M	trimmed−0%	−0.10 pp	29 q
OVVOvintiv Inc.	0.33%	37,767,797	$361M	trimmed−1%	+0.22 pp	2 q
unresolvedAegon NV	0.31%	116,421,601	$342M	added+2%	0.00 pp	29 q
CXCemex S.A.B. de C.V.	0.28%	105,679,790	$304M	trimmed−0%	+0.04 pp	29 q
NOVNOV Inc.	0.28%	24,862,742	$305M	trimmed−4%	0.00 pp	26 q
BHFBrighthouse Financial, Inc.	0.26%	10,007,783	$278M	trimmed−0%	0.00 pp	12 q
FOXFox Corporation Class B	0.23%	9,123,770	$245M	added+47%	+0.08 pp	6 q
MATMattel, Inc.	0.21%	23,348,309	$226M	trimmed−1%	−0.01 pp	11 q
GOOGLAlphabet Inc. Class A	0.20%	151,695	$215M	trimmed−2%	+0.01 pp	19 q
LNCLincoln National Corp.	0.19%	5,498,557	$202M	added×4.9	+0.16 pp	2 q
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF	0.18%	1,446,276	$195M	trimmed−41%	−0.14 pp	2 q
LBTYALiberty Global Ltd. Class A	0.18%	8,822,251	$193M	trimmed−45%	−0.10 pp	29 q
MFGPMicro Focus International plc.	0.17%	34,715,406	$190M	trimmed−2%	−0.02 pp	5 q
NWSANews Corporation Class A	0.15%	13,740,109	$163M	trimmed−2%	+0.01 pp	28 q
TECKTeck Resources Limited	0.09%	9,880,640	$103M	new	+0.09 pp	new
DISThe Walt Disney Company	0.06%	594,976	$66M	trimmed−6%	−0.01 pp	29 q
ITUBItau Unibanco Holding S.A.	0.06%	14,029,805	$66M	added+38%	+0.01 pp	16 q
UNPUnion Pacific Corp.	0.06%	355,324	$60M	trimmed−1%	+0.01 pp	29 q
CDNSCadence Design Systems	0.03%	380,179	$36M	trimmed−5%	0.00 pp	29 q
CVXChevron Corporation	0.03%	307,316	$27M	trimmed−2%	+0.01 pp	29 q
LLYEli Lilly & Co.	0.03%	170,622	$28M	trimmed−41%	−0.01 pp	29 q
MRKMerck & Co., Inc.	0.02%	345,979	$27M	trimmed−33%	−0.02 pp	29 q
TGTTarget Corporation	0.02%	182,979	$22M	trimmed−2%	0.00 pp	29 q
ADBEAdobe Inc.	0.01%	35,405	$15M	trimmed−7%	0.00 pp	29 q
HDHome Depot, Inc.	0.01%	45,337	$11M	trimmed−1%	0.00 pp	29 q
IBNICICI Bank Limited	0.01%	1,555,530	$14M	held	—	15 q
IBMInternational Business Machines Corporation	0.01%	57,580	$7M	trimmed−2%	0.00 pp	29 q
MXIMMaxim Integrated Products	0.01%	108,975	$7M	trimmed−99%	−0.44 pp	29 q
PYPLPayPal Holdings, Inc.	0.01%	40,071	$7M	trimmed−8%	+0.01 pp	20 q
PFEPfizer Inc.	0.01%	241,587	$8M	trimmed−22%	0.00 pp	29 q
PGProcter & Gamble Company	0.01%	121,040	$14M	trimmed−1%	0.00 pp	29 q
TMOThermo Fisher Scientific, Inc.	0.01%	35,970	$13M	trimmed−1%	0.00 pp	29 q
TRVThe Travelers Companies, Inc.	0.01%	140,056	$16M	trimmed−2%	−0.01 pp	29 q
WMTWalmart Inc.	0.01%	123,570	$15M	trimmed−2%	−0.01 pp	29 q
9991429DAptiv Irish Holdings Ltd	0.01%	122,880	$10M	new	+0.01 pp	new
TAT&T Inc.	0.00%	120,285	$4M	trimmed−32%	−0.01 pp	9 q
ABTAbbott Laboratories	0.00%	24,256	$2M	added0%	0.00 pp	29 q
ABBVAbbvie Inc.	0.00%	15,762	$2M	trimmed−4%	0.00 pp	29 q
APDAir Products & Chemicals, Inc.	0.00%	3,405	$822,000	added+4%	0.00 pp	29 q
ALLThe Allstate Corporation	0.00%	3,685	$357,000	held	—	29 q
MOAltria Group, Inc.	0.00%	23,800	$934,000	held	—	29 q
AMZNAmazon.Com Inc	0.00%	810	$2M	added+53%	0.00 pp	24 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	128,200	$2M	held	—	15 q
AMTAmerican Tower Corporation	0.00%	1,395	$361,000	new	0.00 pp	new
AMPAmeriprise Financial, Inc.	0.00%	2,702	$405,000	held	—	29 q
AMGNAmgen Inc	0.00%	20,142	$5M	trimmed−3%	0.00 pp	29 q
ELVElevance Health, Inc.	0.00%	1,260	$331,000	added+5%	0.00 pp	23 q
AAPLApple Inc.	0.00%	12,726	$5M	added+16%	0.00 pp	29 q
BALLBall Corporation	0.00%	6,370	$443,000	held	—	8 q
BAXBaxter International Inc.	0.00%	3,382	$291,000	held	—	13 q
BDXBecton, Dickinson and Co.	0.00%	4,660	$1M	trimmed−13%	0.00 pp	29 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$1M	held	—	29 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,820	$2M	held	—	29 q
BLQADBlackrock Inc	0.00%	1,015	$552,000	added+35%	0.00 pp	8 q
BXBlackstone Inc.	0.00%	4,420	$250,000	new	0.00 pp	new
BSXBoston Scientific Corp.	0.00%	143,090	$5M	trimmed−13%	−0.01 pp	29 q
KMXCarMax Inc.	0.00%	4,400	$394,000	trimmed−54%	0.00 pp	29 q
CATCaterpillar Inc.	0.00%	41,557	$5M	trimmed−4%	−0.01 pp	29 q
CCitigroup Inc.	0.00%	6,055	$309,000	new	0.00 pp	new
CTXSCitrix Systems Inc	0.00%	4,950	$732,000	trimmed−5%	0.00 pp	29 q
KOCoca-Cola Company	0.00%	28,860	$1M	added+1%	0.00 pp	29 q
CCOICogent Communications Holdings, Inc.	0.00%	2,990	$231,000	held	—	2 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	29 q
COPConocoPhillips	0.00%	26,735	$1M	added+20%	0.00 pp	29 q
GLWCorning Incorporated	0.00%	196,752	$5M	trimmed−15%	−0.01 pp	29 q
CTVACorteva, Inc.	0.00%	39,043	$1M	trimmed−2%	0.00 pp	5 q
unresolvedCredit Suisse Group Spon ADR	0.00%	252,676	$3M	trimmed−3%	0.00 pp	29 q
DXCDXC Technology Company	0.00%	29,284	$483,000	trimmed−20%	0.00 pp	13 q
DHRDanaher Corporation	0.00%	23,267	$4M	trimmed−1%	0.00 pp	24 q
DEDeere & Company	0.00%	16,739	$3M	trimmed−8%	0.00 pp	29 q
DEODiageo plc	0.00%	16,811	$2M	held	—	29 q
DDominion Energy, Inc	0.00%	4,512	$366,000	held	—	29 q
DOWDow Inc.	0.00%	40,921	$2M	trimmed−10%	0.00 pp	5 q
DUKDuke Energy Corporation	0.00%	5,182	$414,000	held	—	29 q
DDDuPont de Nemours, Inc.	0.00%	51,985	$3M	trimmed−7%	0.00 pp	5 q
EBAYeBay Inc	0.00%	49,731	$3M	trimmed−4%	0.00 pp	29 q
EQIXEquinix, Inc.	0.00%	385	$270,000	held	—	4 q
ERICEricsson	0.00%	271,900	$3M	trimmed−21%	0.00 pp	29 q
XOMExxon Mobil Corp	0.00%	118,573	$5M	trimmed−1%	0.00 pp	29 q
FISFidelity National Information Services, Inc.	0.00%	2,225	$298,000	new	0.00 pp	new
FTVFortive Corporation	0.00%	3,050	$206,000	new	0.00 pp	new
unresolvedGeneral Electric Co	0.00%	377,383	$3M	trimmed−14%	0.00 pp	29 q
GISGeneral Mills, Inc.	0.00%	11,200	$690,000	held	—	29 q
GPCGenuine Parts Company	0.00%	15,457	$1M	trimmed−9%	0.00 pp	29 q
HONHoneywell International, Inc.	0.00%	8,531	$1M	held	—	29 q
INTCIntel Corp	0.00%	4,625	$277,000	added+10%	0.00 pp	8 q
IQVIQVIA Holdings Inc.	0.00%	1,775	$252,000	new	0.00 pp	new
JNJJohnson & Johnson	0.00%	26,380	$4M	trimmed−1%	0.00 pp	29 q
KMBKimberly-Clark Corp.	0.00%	3,863	$546,000	added+3%	0.00 pp	29 q
LMTLockheed Martin Corp.	0.00%	940	$343,000	added+7%	0.00 pp	8 q
MRSHMarsh	0.00%	2,860	$307,000	held	—	24 q
MCDMcDonald's Corporation	0.00%	13,770	$3M	trimmed−8%	0.00 pp	29 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$605,000	held	—	29 q
MCOMoody's Corporation	0.00%	2,050	$563,000	held	—	29 q
MSIMotorola Solutions, Inc. New	0.00%	9,117	$1M	added0%	0.00 pp	29 q
NTAPNetApp, Inc	0.00%	44,800	$2M	trimmed−31%	0.00 pp	29 q
NEENextEra Energy, Inc.	0.00%	6,907	$2M	trimmed−3%	0.00 pp	29 q
NKENike, Inc.	0.00%	2,680	$263,000	new	0.00 pp	new
NSCNorfolk Southern Corp.	0.00%	3,050	$535,000	held	—	29 q
NUENucor Corporation	0.00%	12,066	$500,000	trimmed−33%	0.00 pp	29 q
PNCPNC Financial Services Group	0.00%	18,680	$2M	held	—	29 q
PPGPPG Industries, Inc.	0.00%	2,200	$233,000	new	0.00 pp	new
PHParker-Hannifin Corporation	0.00%	3,256	$597,000	held	—	29 q
PEPPepsiCo, Inc.	0.00%	7,435	$983,000	added+45%	0.00 pp	29 q
PMPhilip Morris International Inc.	0.00%	18,713	$1M	held	—	29 q
PSXPhillips 66	0.00%	4,200	$302,000	held	—	29 q
QCOMQualcomm Inc	0.00%	4,100	$374,000	held	—	24 q
RIORio Tinto plc	0.00%	8,500	$478,000	trimmed−9%	0.00 pp	29 q
RDS.ARoyal Dutch Shell PLC	0.00%	118,358	$4M	trimmed−4%	0.00 pp	29 q
SPGIS&P Global Inc.	0.00%	6,090	$2M	added+7%	0.00 pp	17 q
CRMSalesforce, Inc.	0.00%	1,225	$229,000	new	0.00 pp	new
SESea Limited	0.00%	1,950	$209,000	new	0.00 pp	new
SNPSSynopsys Inc	0.00%	15,430	$3M	added+1%	0.00 pp	29 q
TMUSRT-Mobile US, Inc. Subscription Rights Expiring 7/27/2020	0.00%	3,254,282	$546,000	new	0.00 pp	new
TXNTexas Instruments Incorporated	0.00%	2,945	$374,000	new	0.00 pp	new
MMM3M Company	0.00%	15,401	$2M	trimmed−1%	0.00 pp	29 q
USBU.S. Bancorp	0.00%	90,500	$3M	trimmed−1%	0.00 pp	29 q
unresolvedUnilever Spn.Adr 1:1	0.00%	4,700	$258,000	held	—	29 q
UNUnilever N V -ny Shares	0.00%	44,838	$2M	trimmed−1%	0.00 pp	29 q
VZVerizon Communications	0.00%	6,260	$345,000	added+14%	0.00 pp	29 q
VVISA Inc.	0.00%	6,135	$1M	added+70%	0.00 pp	24 q
VMCVulcan Materials Company(Holding Company)	0.00%	39,400	$5M	trimmed−6%	0.00 pp	29 q
ZTSZoetis Inc.	0.00%	1,950	$267,000	new	0.00 pp	new
CBChubb Limited	0.00%	1,697	$215,000	trimmed−33%	0.00 pp	18 q
unresolvedSprint Corporation	—	−89,227,648	—	exited	−0.83 pp	—
HOGHarley-Davidson, Inc.	—	−10,068,831	—	exited	−0.21 pp	—
PBR.APetroleo Brasileiro S.A.-Petrobras	—	−2,265,907	—	exited	−0.01 pp	—
ADPAutomatic Data Processing	—	−1,800	—	exited	0.00 pp	—
WBAWalgreens Boots Alliance, Inc	—	−4,669	—	exited	0.00 pp	—
ALCAlcon Inc.	—	−4,857	—	exited	0.00 pp	—