Dodge & Cox

Q1 2021 13F

As of: Mar 31, 2021
Filed: May 14, 2021
US stock: $139.9B · prev $126.5B
Positions: 186 · prev 182
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%

Moves154 since the prior filing

+4.8 pp in · −4.8 pp out

New 7 +0.83 pp
Added 31 +3.98 pp
Trimmed 113 −3.21 pp
Exited 3 −1.60 pp

The book

Diversified · behaves like 49 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions18% of US stock

WFC Wells Fargo & Co. trimmed+0.60 pp trimmed+0.604.1%
COF Capital One Financial trimmed−0.05 pp trimmed−0.053.9%
SCHW The Charles Schwab Corporation trimmed+0.03 pp trimmed+0.033.6%
CMCSA Comcast Corp added−0.02 pp added−0.023.3%
GOOG Alphabet Inc. Class C trimmed+0.05 pp trimmed+0.053.2%

Positions186 in this filing · 3 exited


WFCWells Fargo & Co.	4.14%	148,077,325	$5.8B	trimmed−0%	+0.60 pp	32 q
COFCapital One Financial	3.87%	42,560,097	$5.4B	trimmed−15%	−0.05 pp	32 q
SCHWThe Charles Schwab Corporation	3.60%	77,194,062	$5.0B	trimmed−9%	+0.03 pp	32 q
CMCSAComcast Corp	3.30%	85,200,743	$4.6B	added+6%	−0.02 pp	32 q
GOOGAlphabet Inc. Class C	3.23%	2,182,394	$4.5B	trimmed−5%	+0.05 pp	28 q
JCIJohnson Controls International plc	3.10%	72,593,832	$4.3B	trimmed−11%	+0.09 pp	19 q
HPQHP Inc.	2.84%	125,305,099	$4.0B	trimmed−16%	−0.07 pp	22 q
METMetLife, Inc.	2.80%	64,511,065	$3.9B	trimmed−3%	+0.34 pp	32 q
FDXFedEx Corporation	2.75%	13,529,644	$3.8B	trimmed−1%	−0.07 pp	32 q
CIThe Cigna Group	2.60%	15,032,885	$3.6B	trimmed−7%	−0.06 pp	10 q
CHTRCharter Comm Inc Del CL A New	2.50%	5,661,621	$3.5B	added+18%	−0.01 pp	20 q
DELLDell Technologies Inc.	2.47%	39,190,032	$3.5B	added+5%	+0.31 pp	10 q
SNYSanofi	2.44%	69,061,384	$3.4B	added+73%	+0.90 pp	32 q
unresolvedGlaxosmithkline PLC	2.24%	87,947,245	$3.1B	added+40%	+0.41 pp	32 q
OXYOccidental Petroleum Corporation	2.21%	115,950,679	$3.1B	trimmed−4%	+0.56 pp	32 q
BACBank of America Corporation	2.19%	79,209,287	$3.1B	trimmed−27%	−0.43 pp	32 q
MSFTMicrosoft Corp	2.19%	12,967,246	$3.1B	trimmed−6%	−0.24 pp	32 q
RTXRTX Corporation	2.18%	39,545,402	$3.1B	added+1%	−0.03 pp	20 q
BNYBank of New York Mellon Corporation	2.08%	61,497,837	$2.9B	added0%	+0.02 pp	32 q
GSGoldman Sachs Group Inc.	1.89%	8,063,904	$2.6B	trimmed−10%	+0.03 pp	32 q
0VQJLTe Connectivity Ltd	1.87%	20,304,587	$2.6B	trimmed−13%	−0.36 pp	32 q
HPEHewlett Packard Enterprise Company	1.76%	155,964,450	$2.5B	trimmed−2%	+0.27 pp	22 q
MCHPMicrochip Technology Inc	1.67%	15,055,712	$2.3B	trimmed−18%	−0.33 pp	11 q
BKNGBooking Holdings Inc.	1.53%	917,405	$2.1B	trimmed−21%	−0.51 pp	13 q
CSCOCisco Systems, Inc. (DE)	1.52%	41,153,133	$2.1B	added+7%	+0.15 pp	27 q
AXPAmerican Express Company	1.38%	13,668,764	$1.9B	trimmed−5%	+0.01 pp	32 q
SLBSLB Limited	1.33%	68,655,839	$1.9B	trimmed−10%	+0.01 pp	32 q
NVSNovartis AG	1.32%	21,670,237	$1.9B	added0%	−0.29 pp	32 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.28%	4,793,869	$1.8B	trimmed−9%	−0.17 pp	32 q
BMYBristol-Myers Squibb Co.	1.24%	27,425,333	$1.7B	added+3%	−0.07 pp	32 q
FISVFiserv, Inc.	1.23%	14,396,386	$1.7B	added×2.3	+0.66 pp	2 q
STTState Street Corporation	1.21%	20,202,227	$1.7B	trimmed−1%	+0.04 pp	32 q
CTSHCognizant Technology Solutions	1.18%	21,106,780	$1.6B	trimmed−3%	−0.23 pp	8 q
WMBWilliams Companies Inc.	1.16%	68,428,063	$1.6B	added+45%	+0.41 pp	4 q
TAPMolson Coors Beverage Company Class B	1.14%	31,280,792	$1.6B	added+6%	+0.08 pp	12 q
FOXAFox Corporation Class A	1.13%	43,671,664	$1.6B	trimmed−1%	+0.11 pp	9 q
UBSUBS Group AG	0.99%	89,315,642	$1.4B	trimmed−3%	−0.03 pp	11 q
DISHDISH Network Corp.	0.93%	35,960,370	$1.3B	added+4%	+0.05 pp	32 q
BABAAlibaba Group Holding Limited	0.91%	5,640,900	$1.3B	added+97%	+0.38 pp	10 q
CECelanese Corporation	0.91%	8,454,732	$1.3B	trimmed−12%	−0.08 pp	32 q
COPConocoPhillips	0.91%	23,990,183	$1.3B	added×989.5	+0.91 pp	32 q
SUSuncor Energy, Inc.	0.90%	59,934,554	$1.3B	trimmed−5%	+0.06 pp	19 q
CVSCvs Health Corporation	0.87%	16,164,985	$1.2B	added+1%	+0.01 pp	11 q
JNPJuniper Networks Inc	0.86%	47,391,847	$1.2B	trimmed−0%	+0.02 pp	26 q
CARRCarrier Global Corporation	0.85%	28,018,581	$1.2B	trimmed−10%	−0.08 pp	4 q
GILDGilead Sciences Inc	0.85%	18,462,150	$1.2B	added+8%	+0.06 pp	27 q
BKRBaker Hughes Company	0.79%	51,450,313	$1.1B	trimmed−33%	−0.48 pp	15 q
VMWVMware, Inc	0.74%	6,835,555	$1.0B	added+6%	+0.02 pp	22 q
METAMeta Platforms, Inc. Class A	0.72%	3,428,375	$1.0B	added+1%	−0.01 pp	4 q
TFCTruist Financial Corporation	0.71%	16,955,789	$989M	trimmed−30%	−0.21 pp	32 q
HESHess Corporation	0.65%	12,897,109	$913M	trimmed−25%	−0.07 pp	8 q
BMRNBioMarin Pharmaceuticals Inc	0.64%	11,854,308	$895M	added+21%	−0.04 pp	6 q
APAAPA Corporation	0.57%	44,496,451	$796M	new	+0.57 pp	new
NTRNutrien Ltd.	0.54%	13,972,214	$753M	trimmed−6%	−0.03 pp	13 q
GAPThe Gap, Inc.	0.52%	24,299,762	$724M	trimmed−4%	+0.12 pp	10 q
OVVOvintiv Inc.	0.48%	28,263,849	$673M	trimmed−14%	+0.11 pp	5 q
BIDUBaidu, Inc.	0.45%	2,891,692	$629M	trimmed−23%	−0.19 pp	32 q
unresolvedQurate Retail Inc	0.45%	53,169,984	$625M	trimmed−10%	−0.06 pp	12 q
ALNYAlnylam Pharmaceuticals, Inc.	0.44%	4,321,627	$610M	trimmed−7%	−0.04 pp	20 q
MDTMedtronic plc	0.44%	5,248,281	$620M	trimmed−4%	−0.06 pp	25 q
TVGrupo Televisa S.A.	0.41%	64,447,420	$571M	trimmed−1%	−0.01 pp	32 q
unresolvedAegon NV	0.38%	110,939,315	$525M	trimmed−6%	+0.01 pp	32 q
HALHalliburton Company	0.35%	22,745,837	$488M	trimmed−22%	−0.09 pp	32 q
JDJD.com, Inc.	0.34%	5,567,877	$470M	added0%	−0.05 pp	22 q
BAPCredicorp LTD	0.33%	3,330,396	$455M	added+33%	0.00 pp	3 q
OTISOtis Worldwide Corporation	0.32%	6,457,036	$442M	trimmed−3%	−0.04 pp	4 q
TRPTC Energy Corporation	0.32%	9,859,000	$451M	added+11%	+0.03 pp	3 q
LBTYKLiberty Global Ltd. Class C	0.32%	17,783,768	$454M	held	—	32 q
BHFBrighthouse Financial, Inc.	0.31%	9,783,363	$433M	trimmed−1%	+0.03 pp	15 q
FOXFox Corporation Class B	0.28%	11,379,856	$397M	added+11%	+0.05 pp	9 q
99952EURLinde PLC/OLD	0.26%	1,302,090	$365M	trimmed−6%	−0.02 pp	10 q
HMCHonda Motor Co., Ltd.	0.25%	11,515,024	$348M	new	+0.25 pp	new
INCYIncyte Genomics Inc	0.25%	4,317,392	$351M	added+33%	+0.03 pp	10 q
LNCLincoln National Corp.	0.25%	5,680,907	$354M	trimmed−3%	+0.02 pp	5 q
NWSANews Corporation Class A	0.23%	12,909,932	$328M	trimmed−5%	+0.04 pp	31 q
MFGPMicro Focus International plc.	0.19%	34,616,032	$266M	added0%	+0.03 pp	8 q
TMUST-Mobile US, Inc.	0.19%	2,128,598	$267M	trimmed−21%	−0.10 pp	4 q
GOOGLAlphabet Inc. Class A	0.17%	115,784	$239M	trimmed−5%	0.00 pp	22 q
LBTYALiberty Global Ltd. Class A	0.14%	7,885,751	$202M	trimmed−5%	−0.02 pp	32 q
JPMJPMorgan Chase & Co.	0.13%	1,200,087	$183M	trimmed−90%	−1.09 pp	32 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.13%	15,287,722	$182M	trimmed−0%	+0.05 pp	3 q
LYBLyondellBasell Industries N.V. Class A	0.13%	1,756,851	$183M	trimmed−71%	−0.31 pp	4 q
TECKTeck Resources Limited	0.12%	8,582,240	$165M	held	—	4 q
DISThe Walt Disney Company	0.06%	483,176	$89M	trimmed−4%	−0.01 pp	32 q
ITUBItau Unibanco Holding S.A.	0.06%	17,651,605	$88M	added+14%	−0.01 pp	19 q
UNPUnion Pacific Corp.	0.05%	321,501	$71M	trimmed−1%	0.00 pp	32 q
AZNNAstrazeneca Plc-spons ADR	0.03%	890,276	$44M	trimmed−73%	−0.10 pp	22 q
CDNSCadence Design Systems	0.03%	337,216	$46M	trimmed−3%	−0.01 pp	32 q
CVXChevron Corporation	0.02%	277,905	$29M	trimmed−0%	0.00 pp	32 q
IBNICICI Bank Limited	0.02%	1,653,700	$27M	trimmed−8%	0.00 pp	18 q
TGTTarget Corporation	0.02%	159,825	$32M	trimmed−4%	0.00 pp	32 q
ADBEAdobe Inc.	0.01%	32,450	$15M	trimmed−2%	0.00 pp	32 q
CATCaterpillar Inc.	0.01%	39,602	$9M	trimmed−3%	0.00 pp	32 q
GLWCorning Incorporated	0.01%	166,602	$7M	trimmed−3%	+0.01 pp	32 q
HDHome Depot, Inc.	0.01%	37,019	$11M	trimmed−1%	0.00 pp	32 q
IWDiShares Russell 1000 Value ETF	0.01%	85,500	$13M	new	+0.01 pp	new
LLYEli Lilly & Co.	0.01%	92,366	$17M	trimmed−13%	0.00 pp	32 q
MXIMMaxim Integrated Products	0.01%	80,975	$7M	trimmed−5%	0.00 pp	32 q
MRKMerck & Co., Inc.	0.01%	247,086	$19M	trimmed−10%	−0.01 pp	32 q
PYPLPayPal Holdings, Inc.	0.01%	35,650	$9M	trimmed−2%	0.00 pp	23 q
PGProcter & Gamble Company	0.01%	115,187	$16M	trimmed−2%	0.00 pp	32 q
TMOThermo Fisher Scientific, Inc.	0.01%	32,856	$15M	trimmed−6%	0.00 pp	32 q
TRVThe Travelers Companies, Inc.	0.01%	129,830	$20M	trimmed−2%	0.00 pp	32 q
WMTWalmart Inc.	0.01%	104,311	$14M	trimmed−6%	0.00 pp	32 q
TAT&T Inc.	0.00%	79,142	$2M	trimmed−24%	0.00 pp	12 q
ABTAbbott Laboratories	0.00%	19,747	$2M	trimmed−5%	0.00 pp	32 q
ABBVAbbvie Inc.	0.00%	15,402	$2M	held	—	32 q
APDAir Products & Chemicals, Inc.	0.00%	3,275	$921,000	held	—	32 q
ALLThe Allstate Corporation	0.00%	3,680	$423,000	held	—	32 q
MOAltria Group, Inc.	0.00%	23,500	$1M	trimmed−1%	0.00 pp	32 q
AMZNAmazon.Com Inc	0.00%	603	$2M	held	—	27 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	128,200	$2M	held	—	18 q
AMTAmerican Tower Corporation	0.00%	1,295	$310,000	trimmed−7%	0.00 pp	4 q
AMPAmeriprise Financial, Inc.	0.00%	1,827	$425,000	held	—	32 q
AMGNAmgen Inc	0.00%	17,787	$4M	trimmed−0%	0.00 pp	32 q
ELVElevance Health, Inc.	0.00%	1,100	$395,000	held	—	26 q
AAPLApple Inc.	0.00%	41,156	$5M	held	—	32 q
ADPAutomatic Data Processing	0.00%	1,179	$222,000	new	0.00 pp	new
BALLBall Corporation	0.00%	5,270	$447,000	held	—	11 q
BAXBaxter International Inc.	0.00%	3,382	$285,000	held	—	16 q
BDXBecton, Dickinson and Co.	0.00%	4,380	$1M	trimmed−4%	0.00 pp	32 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$2M	held	—	32 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,820	$3M	held	—	32 q
BLQADBlackrock Inc	0.00%	750	$565,000	held	—	11 q
BSXBoston Scientific Corp.	0.00%	131,290	$5M	trimmed−1%	0.00 pp	32 q
KMXCarMax Inc.	0.00%	4,050	$537,000	held	—	32 q
CXCemex S.A.B. de C.V.	0.00%	66,900	$466,000	trimmed−100%	−0.13 pp	32 q
CTXSCitrix Systems Inc	0.00%	4,950	$695,000	held	—	32 q
KOCoca-Cola Company	0.00%	25,640	$1M	held	—	32 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	32 q
CTVACorteva, Inc.	0.00%	34,814	$2M	trimmed−2%	0.00 pp	8 q
unresolvedCredit Suisse Group Spon ADR	0.00%	95,051	$1M	trimmed−37%	0.00 pp	32 q
DHRDanaher Corporation	0.00%	18,167	$4M	trimmed−3%	0.00 pp	27 q
DEDeere & Company	0.00%	13,914	$5M	trimmed−10%	0.00 pp	32 q
DEODiageo plc	0.00%	16,811	$3M	held	—	32 q
DDominion Energy, Inc	0.00%	4,512	$343,000	held	—	32 q
DOWDow Inc.	0.00%	30,007	$2M	trimmed−21%	0.00 pp	8 q
DUKDuke Energy Corporation	0.00%	5,182	$500,000	held	—	32 q
DDDuPont de Nemours, Inc.	0.00%	45,169	$3M	trimmed−4%	0.00 pp	8 q
EBAYeBay Inc	0.00%	46,381	$3M	trimmed−2%	0.00 pp	32 q
EQIXEquinix, Inc.	0.00%	385	$262,000	held	—	7 q
ERICEricsson	0.00%	147,850	$2M	trimmed−23%	0.00 pp	32 q
XOMExxon Mobil Corp	0.00%	113,264	$6M	added+1%	0.00 pp	32 q
unresolvedGeneral Electric Co	0.00%	317,083	$4M	trimmed−53%	−0.01 pp	32 q
GISGeneral Mills, Inc.	0.00%	11,200	$687,000	held	—	32 q
GPCGenuine Parts Company	0.00%	12,700	$1M	trimmed−11%	0.00 pp	32 q
HONHoneywell International, Inc.	0.00%	8,331	$2M	trimmed−2%	0.00 pp	32 q
IBMInternational Business Machines Corporation	0.00%	48,939	$7M	trimmed−7%	−0.01 pp	32 q
JNJJohnson & Johnson	0.00%	26,056	$4M	added0%	0.00 pp	32 q
LMTLockheed Martin Corp.	0.00%	835	$309,000	trimmed−5%	0.00 pp	11 q
LOWLowe's Companies Inc.	0.00%	1,500	$285,000	new	0.00 pp	new
MRSHMarsh	0.00%	3,588	$437,000	added+25%	0.00 pp	27 q
MATMattel, Inc.	0.00%	37,000	$737,000	trimmed−34%	0.00 pp	14 q
MCDMcDonald's Corporation	0.00%	12,825	$3M	trimmed−6%	0.00 pp	32 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$693,000	held	—	32 q
MCOMoody's Corporation	0.00%	2,013	$601,000	trimmed−2%	0.00 pp	32 q
MSIMotorola Solutions, Inc. New	0.00%	8,627	$2M	held	—	32 q
NTAPNetApp, Inc	0.00%	35,900	$3M	trimmed−11%	0.00 pp	32 q
unresolvedNew Oriental Ed & Tech Grp I	0.00%	13,600	$190,000	new	0.00 pp	new
NEENextEra Energy, Inc.	0.00%	23,000	$2M	trimmed−5%	0.00 pp	32 q
NSCNorfolk Southern Corp.	0.00%	2,250	$604,000	trimmed−26%	0.00 pp	32 q
NUENucor Corporation	0.00%	10,533	$845,000	trimmed−13%	0.00 pp	32 q
PNCPNC Financial Services Group	0.00%	14,850	$3M	trimmed−8%	0.00 pp	32 q
PPGPPG Industries, Inc.	0.00%	2,200	$331,000	held	—	4 q
PHParker-Hannifin Corporation	0.00%	3,256	$1M	held	—	32 q
PEPPepsiCo, Inc.	0.00%	6,745	$954,000	trimmed−7%	0.00 pp	32 q
PFEPfizer Inc.	0.00%	168,379	$6M	trimmed−15%	−0.01 pp	32 q
PMPhilip Morris International Inc.	0.00%	18,513	$2M	trimmed−1%	0.00 pp	32 q
PSXPhillips 66	0.00%	3,600	$294,000	trimmed−13%	0.00 pp	32 q
QCOMQualcomm Inc	0.00%	3,500	$464,000	held	—	27 q
RIORio Tinto plc	0.00%	7,700	$598,000	trimmed−9%	0.00 pp	32 q
RDS.ARoyal Dutch Shell PLC	0.00%	78,598	$3M	trimmed−4%	0.00 pp	32 q
SPGIS&P Global Inc.	0.00%	6,090	$2M	held	—	20 q
SPYState Street SPDR S&P 500 ETF Trust	0.00%	3,000	$1M	new	0.00 pp	new
SESea Limited	0.00%	1,950	$435,000	held	—	4 q
SYKStryker Corporation	0.00%	960	$234,000	held	—	3 q
SNPSSynopsys Inc	0.00%	14,630	$4M	trimmed−5%	0.00 pp	32 q
MMM3M Company	0.00%	13,955	$3M	trimmed−1%	0.00 pp	32 q
USBU.S. Bancorp	0.00%	68,189	$4M	trimmed−17%	0.00 pp	32 q
unresolvedUnilever Spn.Adr 1:1	0.00%	47,471	$3M	trimmed−3%	0.00 pp	32 q
VZVerizon Communications	0.00%	5,500	$320,000	held	—	32 q
VTRSViatris Inc.	0.00%	13,918	$194,000	trimmed−44%	0.00 pp	2 q
VVISA Inc.	0.00%	5,300	$1M	held	—	27 q
VMCVulcan Materials Company(Holding Company)	0.00%	34,550	$6M	trimmed−3%	0.00 pp	32 q
ZTSZoetis Inc.	0.00%	1,950	$307,000	held	—	4 q
CBChubb Limited	0.00%	1,347	$213,000	trimmed−6%	0.00 pp	2 q
CXOConcho Resources Inc.	—	−18,060,851	—	exited	−0.83 pp	—
9990302DApache Corp	—	−52,194,876	—	exited	−0.59 pp	—
NOVNOV Inc.	—	−16,466,332	—	exited	−0.18 pp	—