Dodge & Cox

Q4 2020 13F

As of: Dec 31, 2020
Filed: Feb 11, 2021
US stock: $126.5B · prev $109.3B
Positions: 182 · prev 183
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%

Moves149 since the prior filing

+3.5 pp in · −3.5 pp out

New 3 +0.57 pp
Added 21 +2.96 pp
Trimmed 121 −3.54 pp
Exited 4 −0.01 pp

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.6 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions182 in this filing · 4 exited


COFCapital One Financial	3.92%	50,103,507	$5.0B	trimmed−1%	+0.60 pp	31 q
SCHWThe Charles Schwab Corporation	3.57%	85,027,078	$4.5B	trimmed−11%	+0.40 pp	31 q
WFCWells Fargo & Co.	3.54%	148,429,020	$4.5B	added+13%	+0.72 pp	31 q
CMCSAComcast Corp	3.32%	80,140,711	$4.2B	trimmed−4%	−0.22 pp	31 q
GOOGAlphabet Inc. Class C	3.18%	2,292,527	$4.0B	trimmed−11%	−0.27 pp	27 q
JCIJohnson Controls International plc	3.01%	81,664,782	$3.8B	trimmed−8%	−0.30 pp	18 q
HPQHP Inc.	2.91%	149,699,491	$3.7B	trimmed−11%	0.00 pp	21 q
FDXFedEx Corporation	2.82%	13,724,137	$3.6B	trimmed−22%	−1.22 pp	31 q
CIThe Cigna Group	2.66%	16,166,923	$3.4B	added+4%	+0.24 pp	9 q
BACBank of America Corporation	2.62%	109,130,094	$3.3B	trimmed−15%	−0.22 pp	31 q
CHTRCharter Comm Inc Del CL A New	2.51%	4,794,701	$3.2B	trimmed−8%	−0.45 pp	19 q
METMetLife, Inc.	2.46%	66,215,913	$3.1B	trimmed−1%	+0.19 pp	31 q
MSFTMicrosoft Corp	2.43%	13,830,801	$3.1B	trimmed−10%	−0.52 pp	31 q
0VQJLTe Connectivity Ltd	2.23%	23,312,540	$2.8B	trimmed−24%	−0.51 pp	31 q
RTXRTX Corporation	2.21%	39,109,917	$2.8B	added+29%	+0.61 pp	19 q
DELLDell Technologies Inc.	2.16%	37,307,662	$2.7B	added+7%	+0.01 pp	9 q
BNYBank of New York Mellon Corporation	2.06%	61,388,437	$2.6B	trimmed−1%	+0.11 pp	31 q
BKNGBooking Holdings Inc.	2.04%	1,159,067	$2.6B	trimmed−7%	+0.10 pp	12 q
MCHPMicrochip Technology Inc	2.00%	18,281,484	$2.5B	trimmed−12%	+0.05 pp	10 q
GSGoldman Sachs Group Inc.	1.86%	8,937,447	$2.4B	trimmed−7%	+0.10 pp	31 q
unresolvedGlaxosmithkline PLC	1.83%	62,935,758	$2.3B	added+40%	+0.28 pp	31 q
OXYOccidental Petroleum Corporation	1.65%	120,216,247	$2.1B	trimmed−1%	+0.54 pp	31 q
NVSNovartis AG	1.61%	21,615,801	$2.0B	trimmed−1%	−0.12 pp	31 q
SNYSanofi	1.54%	40,004,409	$1.9B	added+2%	−0.27 pp	31 q
HPEHewlett Packard Enterprise Company	1.49%	158,656,219	$1.9B	added+1%	+0.14 pp	21 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.45%	5,245,261	$1.8B	trimmed−20%	−0.42 pp	31 q
CTSHCognizant Technology Solutions	1.41%	21,752,645	$1.8B	trimmed−7%	−0.08 pp	7 q
AXPAmerican Express Company	1.37%	14,345,665	$1.7B	trimmed−12%	−0.13 pp	31 q
CSCOCisco Systems, Inc. (DE)	1.37%	38,592,574	$1.7B	added+27%	+0.28 pp	26 q
SLBSLB Limited	1.32%	76,557,389	$1.7B	trimmed−7%	+0.15 pp	31 q
BMYBristol-Myers Squibb Co.	1.31%	26,648,695	$1.7B	trimmed−2%	−0.19 pp	31 q
BKRBaker Hughes Company	1.27%	76,915,685	$1.6B	trimmed−6%	+0.27 pp	14 q
JPMJPMorgan Chase & Co.	1.22%	12,154,454	$1.5B	trimmed−4%	+0.11 pp	31 q
STTState Street Corporation	1.17%	20,327,224	$1.5B	trimmed−1%	+0.06 pp	31 q
TAPMolson Coors Beverage Company Class B	1.06%	29,588,242	$1.3B	trimmed−1%	+0.14 pp	11 q
FOXAFox Corporation Class A	1.02%	44,274,761	$1.3B	added+37%	+0.20 pp	8 q
UBSUBS Group AG	1.02%	92,313,242	$1.3B	trimmed−13%	−0.06 pp	10 q
CECelanese Corporation	0.99%	9,622,670	$1.3B	trimmed−10%	−0.06 pp	31 q
CARRCarrier Global Corporation	0.93%	31,233,856	$1.2B	trimmed−12%	−0.06 pp	3 q
TFCTruist Financial Corporation	0.92%	24,148,785	$1.2B	trimmed−21%	−0.15 pp	31 q
DISHDISH Network Corp.	0.88%	34,502,920	$1.1B	added+17%	+0.10 pp	31 q
CVSCvs Health Corporation	0.86%	15,960,473	$1.1B	added0%	+0.01 pp	10 q
JNPJuniper Networks Inc	0.84%	47,472,697	$1.1B	trimmed−1%	−0.10 pp	25 q
SUSuncor Energy, Inc.	0.84%	63,255,554	$1.1B	trimmed−8%	+0.07 pp	18 q
CXOConcho Resources Inc.	0.83%	18,060,851	$1.1B	trimmed−5%	+0.06 pp	22 q
GILDGilead Sciences Inc	0.79%	17,107,888	$997M	added+36%	+0.06 pp	26 q
WMBWilliams Companies Inc.	0.75%	47,277,094	$948M	trimmed−4%	−0.14 pp	3 q
METAMeta Platforms, Inc. Class A	0.73%	3,396,605	$928M	trimmed−17%	−0.26 pp	3 q
HESHess Corporation	0.72%	17,204,589	$908M	trimmed−6%	+0.03 pp	7 q
VMWVMware, Inc	0.72%	6,471,395	$908M	added+4%	−0.09 pp	21 q
BMRNBioMarin Pharmaceuticals Inc	0.68%	9,796,924	$859M	added+27%	+0.14 pp	5 q
BIDUBaidu, Inc.	0.64%	3,738,621	$808M	trimmed−21%	+0.09 pp	31 q
9990302DApache Corp	0.59%	52,194,876	$741M	trimmed−0%	+0.14 pp	31 q
FISVFiserv, Inc.	0.57%	6,349,031	$723M	new	+0.57 pp	new
NTRNutrien Ltd.	0.57%	14,874,614	$716M	trimmed−1%	+0.03 pp	12 q
BABAAlibaba Group Holding Limited	0.53%	2,867,800	$667M	trimmed−3%	−0.27 pp	9 q
unresolvedQurate Retail Inc	0.51%	59,343,040	$651M	trimmed−3%	+0.11 pp	11 q
MDTMedtronic plc	0.50%	5,451,591	$639M	trimmed−5%	−0.05 pp	24 q
ALNYAlnylam Pharmaceuticals, Inc.	0.48%	4,639,913	$603M	trimmed−1%	−0.14 pp	19 q
HALHalliburton Company	0.44%	29,338,672	$555M	trimmed−6%	+0.09 pp	31 q
LYBLyondellBasell Industries N.V. Class A	0.44%	6,039,403	$554M	trimmed−6%	+0.03 pp	3 q
TVGrupo Televisa S.A.	0.42%	64,947,420	$535M	trimmed−4%	+0.04 pp	31 q
GAPThe Gap, Inc.	0.40%	25,313,027	$511M	trimmed−5%	−0.02 pp	9 q
JDJD.com, Inc.	0.39%	5,545,877	$487M	trimmed−17%	−0.08 pp	21 q
unresolvedAegon NV	0.37%	117,432,884	$464M	trimmed−1%	+0.09 pp	31 q
OVVOvintiv Inc.	0.37%	32,851,897	$472M	trimmed−9%	+0.10 pp	4 q
OTISOtis Worldwide Corporation	0.36%	6,678,253	$451M	trimmed−24%	−0.14 pp	3 q
BAPCredicorp LTD	0.33%	2,507,096	$411M	added+64%	+0.16 pp	2 q
LBTYKLiberty Global Ltd. Class C	0.33%	17,783,768	$421M	trimmed−9%	−0.04 pp	31 q
TMUST-Mobile US, Inc.	0.29%	2,705,277	$365M	trimmed−6%	−0.01 pp	3 q
TRPTC Energy Corporation	0.29%	8,892,873	$362M	added×27.9	+0.28 pp	2 q
BHFBrighthouse Financial, Inc.	0.28%	9,907,961	$359M	trimmed−1%	+0.03 pp	14 q
99952EURLinde PLC/OLD	0.28%	1,382,090	$359M	trimmed−9%	−0.05 pp	9 q
FOXFox Corporation Class B	0.23%	10,266,448	$296M	trimmed−0%	−0.03 pp	8 q
LNCLincoln National Corp.	0.23%	5,833,207	$293M	added0%	+0.06 pp	4 q
INCYIncyte Genomics Inc	0.22%	3,252,530	$283M	trimmed−1%	−0.05 pp	9 q
NWSANews Corporation Class A	0.19%	13,567,010	$244M	trimmed−1%	+0.01 pp	30 q
NOVNOV Inc.	0.18%	16,466,332	$226M	trimmed−29%	−0.01 pp	28 q
GOOGLAlphabet Inc. Class A	0.17%	121,559	$213M	trimmed−10%	−0.01 pp	21 q
MFGPMicro Focus International plc.	0.16%	34,614,826	$198M	trimmed−0%	+0.06 pp	7 q
LBTYALiberty Global Ltd. Class A	0.16%	8,285,751	$201M	trimmed−6%	−0.01 pp	31 q
AZNNAstrazeneca Plc-spons ADR	0.13%	3,315,172	$166M	trimmed−78%	−0.61 pp	21 q
CXCemex S.A.B. de C.V.	0.13%	32,592,692	$169M	trimmed−63%	−0.18 pp	31 q
TECKTeck Resources Limited	0.12%	8,582,240	$156M	trimmed−5%	0.00 pp	3 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.08%	15,292,066	$104M	trimmed−1%	+0.04 pp	2 q
DISThe Walt Disney Company	0.07%	505,449	$92M	trimmed−10%	+0.01 pp	31 q
ITUBItau Unibanco Holding S.A.	0.07%	15,494,305	$94M	added+10%	+0.02 pp	18 q
UNPUnion Pacific Corp.	0.05%	324,969	$68M	trimmed−6%	−0.01 pp	31 q
CDNSCadence Design Systems	0.04%	348,943	$48M	trimmed−4%	0.00 pp	31 q
CVXChevron Corporation	0.02%	279,117	$24M	trimmed−7%	0.00 pp	31 q
IBNICICI Bank Limited	0.02%	1,802,230	$27M	added+7%	0.00 pp	17 q
MRKMerck & Co., Inc.	0.02%	275,164	$23M	trimmed−11%	0.00 pp	31 q
TGTTarget Corporation	0.02%	166,716	$29M	trimmed−5%	−0.01 pp	31 q
ADBEAdobe Inc.	0.01%	33,117	$17M	trimmed−2%	−0.01 pp	31 q
CATCaterpillar Inc.	0.01%	40,940	$7M	trimmed−1%	0.00 pp	31 q
unresolvedGeneral Electric Co	0.01%	679,183	$7M	added+84%	+0.01 pp	31 q
HDHome Depot, Inc.	0.01%	37,444	$10M	trimmed−6%	0.00 pp	31 q
IBMInternational Business Machines Corporation	0.01%	52,510	$7M	trimmed−4%	0.00 pp	31 q
LLYEli Lilly & Co.	0.01%	106,513	$18M	trimmed−15%	−0.01 pp	31 q
MXIMMaxim Integrated Products	0.01%	85,258	$8M	trimmed−14%	0.00 pp	31 q
PYPLPayPal Holdings, Inc.	0.01%	36,450	$9M	trimmed−6%	0.00 pp	22 q
PFEPfizer Inc.	0.01%	197,406	$7M	trimmed−8%	0.00 pp	31 q
PGProcter & Gamble Company	0.01%	116,980	$16M	trimmed−2%	−0.01 pp	31 q
TMOThermo Fisher Scientific, Inc.	0.01%	34,845	$16M	trimmed−1%	0.00 pp	31 q
TRVThe Travelers Companies, Inc.	0.01%	132,430	$19M	trimmed−3%	0.00 pp	31 q
WMTWalmart Inc.	0.01%	110,469	$16M	trimmed−9%	−0.01 pp	31 q
TAT&T Inc.	0.00%	104,710	$3M	trimmed−7%	0.00 pp	11 q
ABTAbbott Laboratories	0.00%	20,714	$2M	trimmed−10%	0.00 pp	31 q
ABBVAbbvie Inc.	0.00%	15,402	$2M	held	—	31 q
APDAir Products & Chemicals, Inc.	0.00%	3,275	$895,000	held	—	31 q
ALLThe Allstate Corporation	0.00%	3,680	$405,000	trimmed−0%	0.00 pp	31 q
MOAltria Group, Inc.	0.00%	23,800	$976,000	held	—	31 q
AMZNAmazon.Com Inc	0.00%	603	$2M	trimmed−20%	0.00 pp	26 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	128,200	$2M	held	—	17 q
AMTAmerican Tower Corporation	0.00%	1,395	$313,000	held	—	3 q
AMPAmeriprise Financial, Inc.	0.00%	1,827	$355,000	trimmed−32%	0.00 pp	31 q
AMGNAmgen Inc	0.00%	17,857	$4M	trimmed−6%	0.00 pp	31 q
ELVElevance Health, Inc.	0.00%	1,100	$353,000	held	—	25 q
AAPLApple Inc.	0.00%	41,156	$5M	trimmed−9%	0.00 pp	31 q
BALLBall Corporation	0.00%	5,270	$491,000	trimmed−17%	0.00 pp	10 q
BAXBaxter International Inc.	0.00%	3,382	$271,000	held	—	15 q
BDXBecton, Dickinson and Co.	0.00%	4,580	$1M	trimmed−2%	0.00 pp	31 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$2M	held	—	31 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,820	$3M	held	—	31 q
BLQADBlackrock Inc	0.00%	750	$541,000	held	—	10 q
BSXBoston Scientific Corp.	0.00%	132,990	$5M	trimmed−4%	0.00 pp	31 q
KMXCarMax Inc.	0.00%	4,050	$383,000	held	—	31 q
CTXSCitrix Systems Inc	0.00%	4,950	$644,000	held	—	31 q
KOCoca-Cola Company	0.00%	25,640	$1M	trimmed−10%	0.00 pp	31 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	31 q
COPConocoPhillips	0.00%	24,245	$970,000	held	—	31 q
GLWCorning Incorporated	0.00%	172,052	$6M	trimmed−5%	−0.01 pp	31 q
CTVACorteva, Inc.	0.00%	35,406	$1M	trimmed−1%	0.00 pp	7 q
unresolvedCredit Suisse Group Spon ADR	0.00%	151,879	$2M	trimmed−32%	0.00 pp	31 q
DHRDanaher Corporation	0.00%	18,667	$4M	trimmed−15%	0.00 pp	26 q
DEDeere & Company	0.00%	15,479	$4M	trimmed−6%	0.00 pp	31 q
DEODiageo plc	0.00%	16,811	$3M	held	—	31 q
DDominion Energy, Inc	0.00%	4,512	$339,000	held	—	31 q
DOWDow Inc.	0.00%	37,997	$2M	trimmed−0%	0.00 pp	7 q
DUKDuke Energy Corporation	0.00%	5,182	$474,000	held	—	31 q
DDDuPont de Nemours, Inc.	0.00%	46,825	$3M	trimmed−2%	0.00 pp	7 q
EBAYeBay Inc	0.00%	47,181	$2M	trimmed−3%	0.00 pp	31 q
EQIXEquinix, Inc.	0.00%	385	$275,000	held	—	6 q
ERICEricsson	0.00%	191,450	$2M	trimmed−19%	0.00 pp	31 q
XOMExxon Mobil Corp	0.00%	112,501	$5M	trimmed−2%	0.00 pp	31 q
GISGeneral Mills, Inc.	0.00%	11,200	$659,000	held	—	31 q
GPCGenuine Parts Company	0.00%	14,262	$1M	held	—	31 q
HONHoneywell International, Inc.	0.00%	8,531	$2M	held	—	31 q
JNJJohnson & Johnson	0.00%	26,055	$4M	trimmed−1%	0.00 pp	31 q
LMTLockheed Martin Corp.	0.00%	875	$311,000	held	—	10 q
MRSHMarsh	0.00%	2,860	$335,000	held	—	26 q
MATMattel, Inc.	0.00%	56,300	$982,000	trimmed−100%	−0.14 pp	13 q
MCDMcDonald's Corporation	0.00%	13,675	$3M	trimmed−0%	0.00 pp	31 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$692,000	held	—	31 q
MCOMoody's Corporation	0.00%	2,050	$595,000	held	—	31 q
MSIMotorola Solutions, Inc. New	0.00%	8,627	$1M	trimmed−4%	0.00 pp	31 q
NTAPNetApp, Inc	0.00%	40,300	$3M	trimmed−0%	0.00 pp	31 q
NEENextEra Energy, Inc.	0.00%	24,200	$2M	trimmed−12%	0.00 pp	31 q
NSCNorfolk Southern Corp.	0.00%	3,050	$725,000	held	—	31 q
NUENucor Corporation	0.00%	12,066	$642,000	held	—	31 q
PNCPNC Financial Services Group	0.00%	16,100	$2M	trimmed−14%	0.00 pp	31 q
PPGPPG Industries, Inc.	0.00%	2,200	$317,000	held	—	3 q
PHParker-Hannifin Corporation	0.00%	3,256	$887,000	held	—	31 q
PEPPepsiCo, Inc.	0.00%	7,235	$1M	trimmed−1%	0.00 pp	31 q
PMPhilip Morris International Inc.	0.00%	18,713	$2M	held	—	31 q
PSXPhillips 66	0.00%	4,150	$290,000	trimmed−1%	0.00 pp	31 q
QCOMQualcomm Inc	0.00%	3,500	$533,000	trimmed−15%	0.00 pp	26 q
RIORio Tinto plc	0.00%	8,500	$639,000	held	—	31 q
RDS.ARoyal Dutch Shell PLC	0.00%	82,031	$3M	trimmed−18%	0.00 pp	31 q
SPGIS&P Global Inc.	0.00%	6,090	$2M	held	—	19 q
SESea Limited	0.00%	1,950	$388,000	held	—	3 q
SYKStryker Corporation	0.00%	960	$235,000	held	—	2 q
SNPSSynopsys Inc	0.00%	15,330	$4M	held	—	31 q
MMM3M Company	0.00%	14,155	$2M	trimmed−8%	0.00 pp	31 q
USBU.S. Bancorp	0.00%	82,500	$4M	trimmed−9%	0.00 pp	31 q
unresolvedUnilever Spn.Adr 1:1	0.00%	48,738	$3M	added×10.8	0.00 pp	31 q
VZVerizon Communications	0.00%	5,500	$323,000	held	—	31 q
VTRSViatris Inc.	0.00%	24,973	$468,000	new	0.00 pp	new
VVISA Inc.	0.00%	5,300	$1M	trimmed−4%	0.00 pp	26 q
VMCVulcan Materials Company(Holding Company)	0.00%	35,700	$5M	trimmed−9%	0.00 pp	31 q
ZTSZoetis Inc.	0.00%	1,950	$323,000	held	—	3 q
CBChubb Limited	0.00%	1,427	$220,000	new	0.00 pp	new
9991429DAptiv Irish Holdings Ltd	—	−123,280	—	exited	−0.01 pp	—
DXCDXC Technology Company	—	−12,552	—	exited	0.00 pp	—
FTVFortive Corporation	—	−3,050	—	exited	0.00 pp	—
UNUnilever N V -ny Shares	—	−44,838	—	exited	0.00 pp	—