Dodge & Cox

Q3 2020 13F

As of: Sep 30, 2020
Filed: Nov 13, 2020
US stock: $109.3B · prev $108.7B
Positions: 183 · prev 192
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%

Moves160 since the prior filing

+2.3 pp in · −2.3 pp out

New 4 +0.22 pp
Added 31 +2.11 pp
Trimmed 112 −2.09 pp
Exited 13 −0.18 pp

The book

Diversified · behaves like 50 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.8 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions183 in this filing · 13 exited


FDXFedEx Corporation	4.04%	17,564,724	$4.4B	trimmed−35%	+0.54 pp	30 q
CMCSAComcast Corp	3.54%	83,543,744	$3.9B	trimmed−0%	+0.54 pp	30 q
GOOGAlphabet Inc. Class C	3.45%	2,561,896	$3.8B	trimmed−2%	+0.04 pp	26 q
COFCapital One Financial	3.32%	50,498,247	$3.6B	added+6%	+0.59 pp	30 q
JCIJohnson Controls International plc	3.31%	88,580,977	$3.6B	trimmed−4%	+0.40 pp	17 q
SCHWThe Charles Schwab Corporation	3.17%	95,662,469	$3.5B	trimmed−0%	+0.20 pp	30 q
CHTRCharter Comm Inc Del CL A New	2.96%	5,189,523	$3.2B	trimmed−2%	+0.49 pp	18 q
MSFTMicrosoft Corp	2.95%	15,310,935	$3.2B	trimmed−14%	−0.39 pp	30 q
HPQHP Inc.	2.91%	167,323,195	$3.2B	trimmed−9%	−0.02 pp	20 q
BACBank of America Corporation	2.84%	129,019,837	$3.1B	trimmed−3%	−0.07 pp	30 q
WFCWells Fargo & Co.	2.82%	130,976,235	$3.1B	added+27%	+0.39 pp	30 q
0VQJLTe Connectivity Ltd	2.74%	30,583,492	$3.0B	trimmed−7%	+0.26 pp	30 q
CIThe Cigna Group	2.42%	15,578,334	$2.6B	added+7%	−0.09 pp	8 q
METMetLife, Inc.	2.27%	66,743,932	$2.5B	added+1%	+0.04 pp	30 q
DELLDell Technologies Inc.	2.15%	34,736,806	$2.4B	trimmed−4%	+0.33 pp	8 q
BNYBank of New York Mellon Corporation	1.95%	62,058,579	$2.1B	added+15%	+0.03 pp	30 q
MCHPMicrochip Technology Inc	1.95%	20,751,913	$2.1B	trimmed−17%	−0.47 pp	9 q
BKNGBooking Holdings Inc.	1.94%	1,240,419	$2.1B	trimmed−16%	−0.22 pp	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.87%	6,552,465	$2.0B	trimmed−2%	+0.06 pp	30 q
SNYSanofi	1.81%	39,372,933	$2.0B	trimmed−1%	−0.05 pp	30 q
GSGoldman Sachs Group Inc.	1.76%	9,558,435	$1.9B	trimmed−20%	−0.40 pp	30 q
NVSNovartis AG	1.73%	21,791,175	$1.9B	added+13%	+0.18 pp	30 q
RTXRTX Corporation	1.60%	30,322,795	$1.7B	added+53%	+0.47 pp	18 q
unresolvedGlaxosmithkline PLC	1.55%	45,000,656	$1.7B	added+8%	−0.01 pp	30 q
AXPAmerican Express Company	1.50%	16,352,645	$1.6B	trimmed−1%	+0.05 pp	30 q
BMYBristol-Myers Squibb Co.	1.50%	27,199,986	$1.6B	trimmed−5%	−0.04 pp	30 q
CTSHCognizant Technology Solutions	1.49%	23,452,431	$1.6B	trimmed−1%	+0.25 pp	6 q
HPEHewlett Packard Enterprise Company	1.35%	157,062,057	$1.5B	added+1%	−0.04 pp	20 q
SLBSLB Limited	1.17%	81,925,245	$1.3B	trimmed−8%	−0.34 pp	30 q
JPMJPMorgan Chase & Co.	1.11%	12,635,202	$1.2B	trimmed−0%	+0.01 pp	30 q
OXYOccidental Petroleum Corporation	1.11%	121,309,016	$1.2B	trimmed−2%	−0.97 pp	30 q
STTState Street Corporation	1.11%	20,458,469	$1.2B	added+13%	+0.05 pp	30 q
CSCOCisco Systems, Inc. (DE)	1.09%	30,315,738	$1.2B	added+10%	−0.09 pp	25 q
UBSUBS Group AG	1.08%	105,658,242	$1.2B	trimmed−18%	−0.28 pp	9 q
TFCTruist Financial Corporation	1.07%	30,673,116	$1.2B	added+3%	+0.05 pp	30 q
CECelanese Corporation	1.05%	10,702,048	$1.1B	trimmed−2%	+0.18 pp	30 q
BKRBaker Hughes Company	1.00%	82,156,031	$1.1B	trimmed−9%	−0.28 pp	13 q
CARRCarrier Global Corporation	0.99%	35,438,170	$1.1B	trimmed−2%	+0.25 pp	2 q
METAMeta Platforms, Inc. Class A	0.99%	4,113,045	$1.1B	trimmed−10%	+0.04 pp	2 q
JNPJuniper Networks Inc	0.94%	47,857,869	$1.0B	trimmed−1%	−0.07 pp	24 q
TAPMolson Coors Beverage Company Class B	0.92%	29,806,693	$1.0B	added+29%	+0.19 pp	10 q
WMBWilliams Companies Inc.	0.89%	49,475,750	$972M	added+35%	+0.25 pp	2 q
CVSCvs Health Corporation	0.85%	15,882,844	$928M	trimmed−1%	−0.11 pp	9 q
FOXAFox Corporation Class A	0.82%	32,273,736	$898M	added+8%	+0.08 pp	7 q
VMWVMware, Inc	0.81%	6,197,770	$890M	added+1%	−0.06 pp	20 q
BABAAlibaba Group Holding Limited	0.80%	2,960,500	$870M	added+1%	+0.22 pp	8 q
DISHDISH Network Corp.	0.78%	29,511,377	$857M	trimmed−6%	−0.22 pp	30 q
CXOConcho Resources Inc.	0.77%	19,010,908	$839M	added+7%	−0.07 pp	21 q
SUSuncor Energy, Inc.	0.77%	69,028,354	$844M	added+16%	−0.15 pp	17 q
AZNNAstrazeneca Plc-spons ADR	0.74%	14,821,346	$812M	trimmed−21%	−0.17 pp	20 q
GILDGilead Sciences Inc	0.73%	12,607,853	$797M	added0%	−0.16 pp	25 q
HESHess Corporation	0.69%	18,310,880	$749M	trimmed−10%	−0.28 pp	6 q
ALNYAlnylam Pharmaceuticals, Inc.	0.62%	4,677,613	$681M	trimmed−1%	−0.02 pp	18 q
BIDUBaidu, Inc.	0.55%	4,728,921	$599M	trimmed−30%	−0.20 pp	30 q
MDTMedtronic plc	0.55%	5,735,437	$596M	trimmed−2%	+0.06 pp	23 q
BMRNBioMarin Pharmaceuticals Inc	0.54%	7,720,223	$587M	added×2.1	+0.13 pp	4 q
NTRNutrien Ltd.	0.54%	15,021,814	$589M	added+9%	+0.13 pp	11 q
OTISOtis Worldwide Corporation	0.50%	8,818,184	$550M	trimmed−7%	0.00 pp	2 q
JDJD.com, Inc.	0.47%	6,664,177	$517M	trimmed−26%	−0.03 pp	20 q
9990302DApache Corp	0.45%	52,306,246	$495M	trimmed−4%	−0.22 pp	30 q
GAPThe Gap, Inc.	0.42%	26,731,582	$455M	trimmed−6%	+0.09 pp	8 q
LYBLyondellBasell Industries N.V. Class A	0.41%	6,398,920	$451M	added+5%	+0.04 pp	2 q
unresolvedQurate Retail Inc	0.40%	61,312,174	$440M	trimmed−2%	−0.15 pp	10 q
TVGrupo Televisa S.A.	0.38%	67,557,620	$418M	trimmed−1%	+0.05 pp	30 q
LBTYKLiberty Global Ltd. Class C	0.37%	19,588,661	$402M	trimmed−30%	−0.19 pp	30 q
HALHalliburton Company	0.35%	31,372,145	$378M	trimmed−36%	−0.23 pp	30 q
99952EURLinde PLC/OLD	0.33%	1,513,390	$358M	trimmed−48%	−0.23 pp	8 q
CXCemex S.A.B. de C.V.	0.31%	89,183,590	$339M	trimmed−16%	+0.03 pp	30 q
TMUST-Mobile US, Inc.	0.30%	2,878,033	$329M	trimmed−22%	−0.05 pp	2 q
unresolvedAegon NV	0.28%	118,624,517	$304M	added+2%	−0.03 pp	30 q
INCYIncyte Genomics Inc	0.27%	3,288,931	$295M	trimmed−10%	−0.08 pp	8 q
OVVOvintiv Inc.	0.27%	36,262,297	$296M	trimmed−4%	−0.06 pp	3 q
FOXFox Corporation Class B	0.26%	10,278,799	$287M	added+13%	+0.03 pp	7 q
BHFBrighthouse Financial, Inc.	0.25%	9,992,922	$269M	trimmed−0%	−0.01 pp	13 q
NOVNOV Inc.	0.19%	23,134,115	$210M	trimmed−7%	−0.09 pp	27 q
GOOGLAlphabet Inc. Class A	0.18%	134,345	$197M	trimmed−11%	−0.02 pp	20 q
NWSANews Corporation Class A	0.18%	13,767,853	$193M	added0%	+0.03 pp	29 q
LNCLincoln National Corp.	0.17%	5,812,057	$182M	added+6%	−0.02 pp	3 q
BAPCredicorp LTD	0.17%	1,524,224	$189M	new	+0.17 pp	new
LBTYALiberty Global Ltd. Class A	0.17%	8,792,951	$185M	trimmed−0%	−0.01 pp	30 q
MATMattel, Inc.	0.14%	12,636,021	$148M	trimmed−46%	−0.07 pp	12 q
TECKTeck Resources Limited	0.12%	9,070,340	$126M	trimmed−8%	+0.03 pp	2 q
MFGPMicro Focus International plc.	0.10%	34,742,738	$112M	added0%	−0.07 pp	6 q
DISThe Walt Disney Company	0.06%	563,516	$70M	trimmed−5%	0.00 pp	30 q
UNPUnion Pacific Corp.	0.06%	345,109	$68M	trimmed−3%	0.00 pp	30 q
ITUBItau Unibanco Holding S.A.	0.05%	14,100,905	$56M	added+1%	−0.01 pp	17 q
CDNSCadence Design Systems	0.04%	363,058	$39M	trimmed−5%	+0.01 pp	30 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.04%	15,417,712	$46M	new	+0.04 pp	new
TGTTarget Corporation	0.03%	175,494	$28M	trimmed−4%	+0.01 pp	30 q
ADBEAdobe Inc.	0.02%	33,894	$17M	trimmed−4%	+0.01 pp	30 q
CVXChevron Corporation	0.02%	301,144	$22M	trimmed−2%	−0.01 pp	30 q
IBNICICI Bank Limited	0.02%	1,691,230	$17M	added+9%	+0.01 pp	16 q
LLYEli Lilly & Co.	0.02%	125,393	$19M	trimmed−27%	−0.01 pp	30 q
MRKMerck & Co., Inc.	0.02%	307,729	$26M	trimmed−11%	0.00 pp	30 q
PGProcter & Gamble Company	0.02%	119,882	$17M	trimmed−1%	+0.01 pp	30 q
WMTWalmart Inc.	0.02%	120,870	$17M	trimmed−2%	+0.01 pp	30 q
CATCaterpillar Inc.	0.01%	41,451	$6M	trimmed−0%	+0.01 pp	30 q
GLWCorning Incorporated	0.01%	181,652	$6M	trimmed−8%	+0.01 pp	30 q
HDHome Depot, Inc.	0.01%	39,762	$11M	trimmed−12%	0.00 pp	30 q
IBMInternational Business Machines Corporation	0.01%	54,731	$7M	trimmed−5%	0.00 pp	30 q
MXIMMaxim Integrated Products	0.01%	99,650	$7M	trimmed−9%	0.00 pp	30 q
PYPLPayPal Holdings, Inc.	0.01%	38,650	$8M	trimmed−4%	0.00 pp	21 q
PFEPfizer Inc.	0.01%	214,844	$8M	trimmed−11%	0.00 pp	30 q
TRPTC Energy Corporation	0.01%	318,273	$13M	new	+0.01 pp	new
TMOThermo Fisher Scientific, Inc.	0.01%	35,130	$16M	trimmed−2%	0.00 pp	30 q
TRVThe Travelers Companies, Inc.	0.01%	136,591	$15M	trimmed−2%	0.00 pp	30 q
9991429DAptiv Irish Holdings Ltd	0.01%	123,280	$11M	added0%	0.00 pp	2 q
TAT&T Inc.	0.00%	112,646	$3M	trimmed−6%	0.00 pp	10 q
ABTAbbott Laboratories	0.00%	23,114	$3M	trimmed−5%	0.00 pp	30 q
ABBVAbbvie Inc.	0.00%	15,402	$1M	trimmed−2%	0.00 pp	30 q
APDAir Products & Chemicals, Inc.	0.00%	3,275	$975,000	trimmed−4%	0.00 pp	30 q
ALLThe Allstate Corporation	0.00%	3,685	$347,000	held	—	30 q
MOAltria Group, Inc.	0.00%	23,800	$920,000	held	—	30 q
AMZNAmazon.Com Inc	0.00%	753	$2M	trimmed−7%	0.00 pp	25 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	128,200	$2M	held	—	16 q
AMTAmerican Tower Corporation	0.00%	1,395	$337,000	held	—	2 q
AMPAmeriprise Financial, Inc.	0.00%	2,702	$416,000	held	—	30 q
AMGNAmgen Inc	0.00%	18,957	$5M	trimmed−6%	0.00 pp	30 q
ELVElevance Health, Inc.	0.00%	1,100	$295,000	trimmed−13%	0.00 pp	24 q
AAPLApple Inc.	0.00%	45,156	$5M	trimmed−11%	0.00 pp	30 q
BALLBall Corporation	0.00%	6,370	$529,000	held	—	9 q
BAXBaxter International Inc.	0.00%	3,382	$272,000	held	—	14 q
BDXBecton, Dickinson and Co.	0.00%	4,660	$1M	held	—	30 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$2M	held	—	30 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,820	$3M	held	—	30 q
BLQADBlackrock Inc	0.00%	750	$423,000	trimmed−26%	0.00 pp	9 q
BSXBoston Scientific Corp.	0.00%	137,990	$5M	trimmed−4%	0.00 pp	30 q
KMXCarMax Inc.	0.00%	4,050	$372,000	trimmed−8%	0.00 pp	30 q
CTXSCitrix Systems Inc	0.00%	4,950	$682,000	held	—	30 q
KOCoca-Cola Company	0.00%	28,440	$1M	trimmed−1%	0.00 pp	30 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	30 q
COPConocoPhillips	0.00%	24,245	$796,000	trimmed−9%	0.00 pp	30 q
CTVACorteva, Inc.	0.00%	35,806	$1M	trimmed−8%	0.00 pp	6 q
unresolvedCredit Suisse Group Spon ADR	0.00%	223,868	$2M	trimmed−11%	0.00 pp	30 q
DXCDXC Technology Company	0.00%	12,552	$224,000	trimmed−57%	0.00 pp	14 q
DHRDanaher Corporation	0.00%	21,942	$5M	trimmed−6%	0.00 pp	25 q
DEDeere & Company	0.00%	16,529	$4M	trimmed−1%	0.00 pp	30 q
DEODiageo plc	0.00%	16,811	$2M	held	—	30 q
DDominion Energy, Inc	0.00%	4,512	$356,000	held	—	30 q
DOWDow Inc.	0.00%	38,117	$2M	trimmed−7%	0.00 pp	6 q
DUKDuke Energy Corporation	0.00%	5,182	$459,000	held	—	30 q
DDDuPont de Nemours, Inc.	0.00%	47,998	$3M	trimmed−8%	0.00 pp	6 q
EBAYeBay Inc	0.00%	48,681	$3M	trimmed−2%	0.00 pp	30 q
EQIXEquinix, Inc.	0.00%	385	$293,000	held	—	5 q
ERICEricsson	0.00%	235,950	$3M	trimmed−13%	0.00 pp	30 q
XOMExxon Mobil Corp	0.00%	115,001	$4M	trimmed−3%	0.00 pp	30 q
FTVFortive Corporation	0.00%	3,050	$232,000	held	—	2 q
unresolvedGeneral Electric Co	0.00%	369,483	$2M	trimmed−2%	0.00 pp	30 q
GISGeneral Mills, Inc.	0.00%	11,200	$691,000	held	—	30 q
GPCGenuine Parts Company	0.00%	14,262	$1M	trimmed−8%	0.00 pp	30 q
HONHoneywell International, Inc.	0.00%	8,531	$1M	held	—	30 q
JNJJohnson & Johnson	0.00%	26,295	$4M	trimmed−0%	0.00 pp	30 q
LMTLockheed Martin Corp.	0.00%	875	$335,000	trimmed−7%	0.00 pp	9 q
MRSHMarsh	0.00%	2,860	$328,000	held	—	25 q
MCDMcDonald's Corporation	0.00%	13,725	$3M	trimmed−0%	0.00 pp	30 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$680,000	held	—	30 q
MCOMoody's Corporation	0.00%	2,050	$594,000	held	—	30 q
MSIMotorola Solutions, Inc. New	0.00%	8,982	$1M	trimmed−1%	0.00 pp	30 q
NTAPNetApp, Inc	0.00%	40,400	$2M	trimmed−10%	0.00 pp	30 q
NEENextEra Energy, Inc.	0.00%	6,842	$2M	trimmed−1%	0.00 pp	30 q
NSCNorfolk Southern Corp.	0.00%	3,050	$653,000	held	—	30 q
NUENucor Corporation	0.00%	12,066	$541,000	held	—	30 q
PNCPNC Financial Services Group	0.00%	18,680	$2M	held	—	30 q
PPGPPG Industries, Inc.	0.00%	2,200	$269,000	held	—	2 q
PHParker-Hannifin Corporation	0.00%	3,256	$659,000	held	—	30 q
PEPPepsiCo, Inc.	0.00%	7,335	$1M	trimmed−1%	0.00 pp	30 q
PMPhilip Morris International Inc.	0.00%	18,713	$1M	held	—	30 q
PSXPhillips 66	0.00%	4,200	$218,000	held	—	30 q
QCOMQualcomm Inc	0.00%	4,100	$482,000	held	—	25 q
RIORio Tinto plc	0.00%	8,500	$513,000	held	—	30 q
RDS.ARoyal Dutch Shell PLC	0.00%	99,714	$3M	trimmed−16%	0.00 pp	30 q
SPGIS&P Global Inc.	0.00%	6,090	$2M	held	—	18 q
SESea Limited	0.00%	1,950	$300,000	held	—	2 q
SYKStryker Corporation	0.00%	960	$200,000	new	0.00 pp	new
SNPSSynopsys Inc	0.00%	15,330	$3M	trimmed−1%	0.00 pp	30 q
MMM3M Company	0.00%	15,401	$2M	held	—	30 q
USBU.S. Bancorp	0.00%	90,300	$3M	trimmed−0%	0.00 pp	30 q
unresolvedUnilever Spn.Adr 1:1	0.00%	4,500	$278,000	trimmed−4%	0.00 pp	30 q
UNUnilever N V -ny Shares	0.00%	44,838	$3M	held	—	30 q
VZVerizon Communications	0.00%	5,500	$327,000	trimmed−12%	0.00 pp	30 q
VVISA Inc.	0.00%	5,500	$1M	trimmed−10%	0.00 pp	25 q
VMCVulcan Materials Company(Holding Company)	0.00%	39,200	$5M	trimmed−1%	0.00 pp	30 q
ZTSZoetis Inc.	0.00%	1,950	$322,000	held	—	2 q
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF	—	−1,446,276	—	exited	−0.18 pp	—
BXBlackstone Inc.	—	−4,420	—	exited	0.00 pp	—
CCitigroup Inc.	—	−6,055	—	exited	0.00 pp	—
CCOICogent Communications Holdings, Inc.	—	−2,990	—	exited	0.00 pp	—
FISFidelity National Information Services, Inc.	—	−2,225	—	exited	0.00 pp	—
INTCIntel Corp	—	−4,625	—	exited	0.00 pp	—
IQVIQVIA Holdings Inc.	—	−1,775	—	exited	0.00 pp	—
KMBKimberly-Clark Corp.	—	−3,863	—	exited	0.00 pp	—
NKENike, Inc.	—	−2,680	—	exited	0.00 pp	—
CRMSalesforce, Inc.	—	−1,225	—	exited	0.00 pp	—
TMUSRT-Mobile US, Inc. Subscription Rights Expiring 7/27/2020	—	−3,254,282	—	exited	0.00 pp	—
TXNTexas Instruments Incorporated	—	−2,945	—	exited	0.00 pp	—
CBChubb Limited	—	−1,697	—	exited	0.00 pp	—