Dodge & Cox

Q2 2021 13F

As of: Jun 30, 2021
Filed: Aug 13, 2021
US stock: $152.9B · prev $139.9B
Positions: 190 · prev 186
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%

Moves165 since the prior filing

+4.1 pp in · −4.2 pp out

New 11 0.00 pp
Added 39 +4.12 pp
Trimmed 108 −4.15 pp
Exited 7 0.00 pp

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.6 years per position

Low
Moderate
High

Top 5 positions18% of US stock

WFC Wells Fargo & Co. trimmed+0.11 pp trimmed+0.114.3%
COF Capital One Financial trimmed−0.28 pp trimmed−0.283.6%
SCHW The Charles Schwab Corporation trimmed−0.02 pp trimmed−0.023.6%
GOOG Alphabet Inc. Class C trimmed+0.28 pp trimmed+0.283.5%
CMCSA Comcast Corp trimmed−0.17 pp trimmed−0.173.1%

Positions190 in this filing · 7 exited


WFCWells Fargo & Co.	4.25%	143,436,015	$6.5B	trimmed−3%	+0.11 pp	33 q
COFCapital One Financial	3.59%	35,517,841	$5.5B	trimmed−17%	−0.28 pp	33 q
SCHWThe Charles Schwab Corporation	3.58%	75,123,467	$5.5B	trimmed−3%	−0.02 pp	33 q
GOOGAlphabet Inc. Class C	3.51%	2,140,855	$5.4B	trimmed−2%	+0.28 pp	29 q
CMCSAComcast Corp	3.13%	83,984,497	$4.8B	trimmed−1%	−0.17 pp	33 q
JCIJohnson Controls International plc	3.02%	67,248,210	$4.6B	trimmed−7%	−0.08 pp	20 q
CHTRCharter Comm Inc Del CL A New	2.69%	5,708,161	$4.1B	added+1%	+0.19 pp	21 q
FDXFedEx Corporation	2.51%	12,881,949	$3.8B	trimmed−5%	−0.24 pp	33 q
DELLDell Technologies Inc.	2.45%	37,514,466	$3.7B	trimmed−4%	−0.02 pp	11 q
SNYSanofi	2.42%	70,280,548	$3.7B	added+2%	−0.02 pp	33 q
METMetLife, Inc.	2.41%	61,528,915	$3.7B	trimmed−5%	−0.39 pp	33 q
OXYOccidental Petroleum Corporation	2.36%	115,401,489	$3.6B	trimmed−0%	+0.15 pp	33 q
HPQHP Inc.	2.33%	118,233,303	$3.6B	trimmed−6%	−0.51 pp	23 q
unresolvedGlaxosmithkline PLC	2.30%	88,209,189	$3.5B	added0%	+0.06 pp	33 q
CIThe Cigna Group	2.25%	14,507,511	$3.4B	trimmed−3%	−0.35 pp	11 q
MSFTMicrosoft Corp	2.24%	12,623,453	$3.4B	trimmed−3%	+0.05 pp	33 q
RTXRTX Corporation	2.19%	39,239,202	$3.3B	trimmed−1%	+0.01 pp	21 q
BNYBank of New York Mellon Corporation	2.07%	61,749,322	$3.2B	added0%	−0.01 pp	33 q
BACBank of America Corporation	1.99%	73,783,637	$3.0B	trimmed−7%	−0.20 pp	33 q
GSGoldman Sachs Group Inc.	1.81%	7,284,650	$2.8B	trimmed−10%	−0.08 pp	33 q
0VQJLTe Connectivity Ltd	1.66%	18,795,735	$2.5B	trimmed−7%	−0.21 pp	33 q
CSCOCisco Systems, Inc. (DE)	1.65%	47,579,326	$2.5B	added+16%	+0.13 pp	28 q
FISVFiserv, Inc.	1.61%	22,996,049	$2.5B	added+60%	+0.38 pp	3 q
NVSNovartis AG	1.46%	24,453,265	$2.2B	added+13%	+0.14 pp	33 q
MCHPMicrochip Technology Inc	1.43%	14,555,412	$2.2B	trimmed−3%	−0.24 pp	12 q
AXPAmerican Express Company	1.37%	12,662,934	$2.1B	trimmed−7%	−0.01 pp	33 q
CTSHCognizant Technology Solutions	1.33%	29,359,124	$2.0B	added+39%	+0.15 pp	9 q
SLBSLB Limited	1.31%	62,378,924	$2.0B	trimmed−9%	−0.02 pp	33 q
GILDGilead Sciences Inc	1.30%	28,961,844	$2.0B	added+57%	+0.45 pp	28 q
BKNGBooking Holdings Inc.	1.28%	897,297	$2.0B	trimmed−2%	−0.25 pp	14 q
WMBWilliams Companies Inc.	1.27%	73,224,494	$1.9B	added+7%	+0.11 pp	5 q
BMYBristol-Myers Squibb Co.	1.24%	28,473,658	$1.9B	added+4%	0.00 pp	33 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.19%	4,534,630	$1.8B	trimmed−5%	−0.09 pp	33 q
FOXAFox Corporation Class A	1.18%	48,721,900	$1.8B	added+12%	+0.05 pp	10 q
STTState Street Corporation	1.14%	21,111,249	$1.7B	added+5%	−0.07 pp	33 q
TAPMolson Coors Beverage Company Class B	1.10%	31,407,308	$1.7B	added0%	−0.04 pp	13 q
HPEHewlett Packard Enterprise Company	1.09%	114,536,792	$1.7B	trimmed−27%	−0.67 pp	23 q
TMUST-Mobile US, Inc.	1.07%	11,324,513	$1.6B	added×5.3	+0.88 pp	5 q
DISHDISH Network Corp.	0.98%	35,808,038	$1.5B	trimmed−0%	+0.05 pp	33 q
BABAAlibaba Group Holding Limited	0.93%	6,236,170	$1.4B	added+11%	+0.02 pp	11 q
UBSUBS Group AG	0.90%	89,564,542	$1.4B	added0%	−0.09 pp	12 q
COPConocoPhillips	0.89%	22,393,956	$1.4B	trimmed−7%	−0.02 pp	33 q
SUSuncor Energy, Inc.	0.88%	56,296,954	$1.3B	trimmed−6%	−0.02 pp	20 q
HMCHonda Motor Co., Ltd.	0.87%	41,462,028	$1.3B	added×3.6	+0.62 pp	2 q
CVSCvs Health Corporation	0.86%	15,723,074	$1.3B	trimmed−3%	−0.01 pp	12 q
METAMeta Platforms, Inc. Class A	0.85%	3,735,415	$1.3B	added+9%	+0.13 pp	5 q
JNPJuniper Networks Inc	0.84%	46,688,793	$1.3B	trimmed−1%	−0.02 pp	27 q
CECelanese Corporation	0.78%	7,901,617	$1.2B	trimmed−7%	−0.13 pp	33 q
BMRNBioMarin Pharmaceuticals Inc	0.77%	14,102,097	$1.2B	added+19%	+0.13 pp	7 q
CARRCarrier Global Corporation	0.77%	24,100,662	$1.2B	trimmed−14%	−0.08 pp	5 q
BKRBaker Hughes Company	0.76%	51,108,706	$1.2B	trimmed−1%	−0.03 pp	16 q
INCYIncyte Genomics Inc	0.75%	13,597,536	$1.1B	added×3.1	+0.50 pp	11 q
VMWVMware, Inc	0.75%	7,180,825	$1.1B	added+5%	+0.01 pp	23 q
HESHess Corporation	0.69%	12,002,275	$1.0B	trimmed−7%	+0.04 pp	9 q
BIDUBaidu, Inc.	0.63%	4,697,851	$958M	added+62%	+0.18 pp	33 q
NTRNutrien Ltd.	0.63%	15,998,359	$970M	added+15%	+0.09 pp	14 q
ALNYAlnylam Pharmaceuticals, Inc.	0.60%	5,414,001	$918M	added+25%	+0.16 pp	21 q
TVGrupo Televisa S.A.	0.60%	63,701,320	$910M	trimmed−1%	+0.19 pp	33 q
TFCTruist Financial Corporation	0.53%	14,718,439	$817M	trimmed−13%	−0.18 pp	33 q
GAPThe Gap, Inc.	0.52%	23,470,862	$790M	trimmed−3%	0.00 pp	11 q
OVVOvintiv Inc.	0.48%	23,512,137	$740M	trimmed−17%	0.00 pp	6 q
unresolvedQurate Retail Inc	0.45%	52,095,078	$682M	trimmed−2%	0.00 pp	13 q
MDTMedtronic plc	0.41%	5,062,662	$628M	trimmed−4%	−0.03 pp	26 q
APAAPA Corporation	0.34%	24,277,527	$525M	trimmed−45%	−0.23 pp	2 q
OTISOtis Worldwide Corporation	0.33%	6,240,505	$510M	trimmed−3%	+0.01 pp	5 q
JDJD.com, Inc.	0.32%	6,086,649	$486M	added+9%	−0.02 pp	23 q
TRPTC Energy Corporation	0.32%	9,859,000	$488M	held	—	4 q
LBTYKLiberty Global Ltd. Class C	0.31%	17,783,768	$481M	held	—	33 q
unresolvedAegon NV	0.30%	110,295,770	$456M	trimmed−1%	−0.08 pp	33 q
FOXFox Corporation Class B	0.30%	13,158,141	$463M	added+16%	+0.02 pp	10 q
BHFBrighthouse Financial, Inc.	0.29%	9,603,165	$437M	trimmed−2%	−0.02 pp	16 q
BAPCredicorp LTD	0.27%	3,362,996	$407M	added+1%	−0.06 pp	4 q
99952EURLinde PLC/OLD	0.25%	1,299,735	$375M	trimmed−0%	−0.01 pp	11 q
LNCLincoln National Corp.	0.21%	5,208,907	$327M	trimmed−8%	−0.04 pp	6 q
NWSANews Corporation Class A	0.21%	12,233,203	$315M	trimmed−5%	−0.02 pp	32 q
GOOGLAlphabet Inc. Class A	0.18%	114,183	$279M	trimmed−1%	+0.01 pp	23 q
HALHalliburton Company	0.18%	11,949,707	$276M	trimmed−47%	−0.17 pp	33 q
MFGPMicro Focus International plc.	0.17%	34,551,080	$260M	trimmed−0%	−0.02 pp	9 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.14%	15,204,793	$211M	trimmed−1%	+0.01 pp	4 q
LBTYALiberty Global Ltd. Class A	0.14%	7,885,751	$214M	held	—	33 q
TECKTeck Resources Limited	0.13%	8,582,240	$198M	held	—	5 q
LYBLyondellBasell Industries N.V. Class A	0.12%	1,724,131	$177M	trimmed−2%	−0.01 pp	5 q
ITUBItau Unibanco Holding S.A.	0.09%	24,053,005	$145M	added+36%	+0.03 pp	20 q
JPMJPMorgan Chase & Co.	0.06%	611,629	$95M	trimmed−49%	−0.07 pp	33 q
DISThe Walt Disney Company	0.05%	465,837	$82M	trimmed−4%	−0.01 pp	33 q
UNPUnion Pacific Corp.	0.04%	311,026	$68M	trimmed−3%	−0.01 pp	33 q
AZNNAstrazeneca Plc-spons ADR	0.03%	874,026	$52M	trimmed−2%	0.00 pp	23 q
CDNSCadence Design Systems	0.03%	328,813	$45M	trimmed−2%	0.00 pp	33 q
CVXChevron Corporation	0.02%	275,121	$29M	trimmed−1%	0.00 pp	33 q
IBNICICI Bank Limited	0.02%	1,587,000	$27M	trimmed−4%	0.00 pp	19 q
TGTTarget Corporation	0.02%	147,172	$36M	trimmed−8%	0.00 pp	33 q
ADBEAdobe Inc.	0.01%	30,366	$18M	trimmed−6%	0.00 pp	33 q
CATCaterpillar Inc.	0.01%	38,579	$8M	trimmed−3%	0.00 pp	33 q
HDHome Depot, Inc.	0.01%	34,844	$11M	trimmed−6%	0.00 pp	33 q
LLYEli Lilly & Co.	0.01%	85,805	$20M	trimmed−7%	0.00 pp	33 q
MXIMMaxim Integrated Products	0.01%	78,665	$8M	trimmed−3%	0.00 pp	33 q
MRKMerck & Co., Inc.	0.01%	229,028	$18M	trimmed−7%	0.00 pp	33 q
PYPLPayPal Holdings, Inc.	0.01%	35,550	$10M	trimmed−0%	0.00 pp	24 q
PGProcter & Gamble Company	0.01%	113,012	$15M	trimmed−2%	0.00 pp	33 q
TMOThermo Fisher Scientific, Inc.	0.01%	31,931	$16M	trimmed−3%	0.00 pp	33 q
TRVThe Travelers Companies, Inc.	0.01%	128,130	$19M	trimmed−1%	0.00 pp	33 q
WMTWalmart Inc.	0.01%	97,366	$14M	trimmed−7%	0.00 pp	33 q
TAT&T Inc.	0.00%	44,015	$1M	trimmed−44%	0.00 pp	13 q
ABTAbbott Laboratories	0.00%	19,247	$2M	trimmed−3%	0.00 pp	33 q
ABBVAbbvie Inc.	0.00%	15,402	$2M	held	—	33 q
APDAir Products & Chemicals, Inc.	0.00%	3,275	$942,000	held	—	33 q
ALLThe Allstate Corporation	0.00%	3,680	$480,000	held	—	33 q
MOAltria Group, Inc.	0.00%	23,400	$1M	trimmed−0%	0.00 pp	33 q
AMZNAmazon.Com Inc	0.00%	578	$2M	trimmed−4%	0.00 pp	28 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	241,160	$4M	added+88%	0.00 pp	19 q
AMTAmerican Tower Corporation	0.00%	1,100	$297,000	trimmed−15%	0.00 pp	5 q
AMPAmeriprise Financial, Inc.	0.00%	1,827	$455,000	held	—	33 q
AMGNAmgen Inc	0.00%	16,907	$4M	trimmed−5%	0.00 pp	33 q
ELVElevance Health, Inc.	0.00%	1,100	$420,000	held	—	27 q
AAPLApple Inc.	0.00%	41,156	$6M	held	—	33 q
BALLBall Corporation	0.00%	5,270	$427,000	held	—	12 q
BAXBaxter International Inc.	0.00%	3,782	$304,000	added+12%	0.00 pp	17 q
BDXBecton, Dickinson and Co.	0.00%	4,380	$1M	held	—	33 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$2M	held	—	33 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,820	$4M	held	—	33 q
BLQADBlackrock Inc	0.00%	750	$656,000	held	—	12 q
BSXBoston Scientific Corp.	0.00%	130,090	$6M	trimmed−1%	0.00 pp	33 q
KMXCarMax Inc.	0.00%	4,050	$523,000	held	—	33 q
CXCemex S.A.B. de C.V.	0.00%	312,400	$3M	added×4.7	0.00 pp	33 q
CTXSCitrix Systems Inc	0.00%	4,950	$580,000	held	—	33 q
KOCoca-Cola Company	0.00%	26,140	$1M	added+2%	0.00 pp	33 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	33 q
GLWCorning Incorporated	0.00%	159,336	$7M	trimmed−4%	−0.01 pp	33 q
CTVACorteva, Inc.	0.00%	33,771	$1M	trimmed−3%	0.00 pp	9 q
DHRDanaher Corporation	0.00%	18,167	$5M	held	—	28 q
DEDeere & Company	0.00%	13,596	$5M	trimmed−2%	0.00 pp	33 q
DEODiageo plc	0.00%	15,861	$3M	trimmed−6%	0.00 pp	33 q
DDominion Energy, Inc	0.00%	4,212	$310,000	trimmed−7%	0.00 pp	33 q
DOWDow Inc.	0.00%	26,002	$2M	trimmed−13%	0.00 pp	9 q
DUKDuke Energy Corporation	0.00%	4,166	$411,000	trimmed−20%	0.00 pp	33 q
DDDuPont de Nemours, Inc.	0.00%	36,355	$3M	trimmed−20%	0.00 pp	9 q
EBAYeBay Inc	0.00%	46,381	$3M	held	—	33 q
EQIXEquinix, Inc.	0.00%	385	$309,000	held	—	8 q
ERICEricsson	0.00%	95,650	$1M	trimmed−35%	0.00 pp	33 q
XOMExxon Mobil Corp	0.00%	112,498	$7M	trimmed−1%	0.00 pp	33 q
unresolvedGeneral Electric Co	0.00%	545,183	$7M	added+72%	0.00 pp	33 q
GISGeneral Mills, Inc.	0.00%	11,200	$682,000	held	—	33 q
GPCGenuine Parts Company	0.00%	10,725	$1M	trimmed−16%	0.00 pp	33 q
HONHoneywell International, Inc.	0.00%	8,231	$2M	trimmed−1%	0.00 pp	33 q
IBMInternational Business Machines Corporation	0.00%	46,052	$7M	trimmed−6%	0.00 pp	33 q
ISRGIntuitive Surgical Inc.	0.00%	249	$229,000	new	0.00 pp	new
IWDiShares Russell 1000 Value ETF	0.00%	26,000	$4M	trimmed−70%	−0.01 pp	2 q
JOYYJOYY Inc.	0.00%	3,500	$231,000	new	0.00 pp	new
JNJJohnson & Johnson	0.00%	25,856	$4M	trimmed−1%	0.00 pp	33 q
LMTLockheed Martin Corp.	0.00%	775	$293,000	trimmed−7%	0.00 pp	12 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.00%	16,400	$112,000	new	0.00 pp	new
MRSHMarsh	0.00%	2,860	$402,000	trimmed−20%	0.00 pp	28 q
MCDMcDonald's Corporation	0.00%	12,625	$3M	trimmed−2%	0.00 pp	33 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$739,000	held	—	33 q
MCOMoody's Corporation	0.00%	1,857	$673,000	trimmed−8%	0.00 pp	33 q
MSIMotorola Solutions, Inc. New	0.00%	8,627	$2M	held	—	33 q
NTAPNetApp, Inc	0.00%	28,900	$2M	trimmed−20%	0.00 pp	33 q
NTESNetEase, inc.	0.00%	3,200	$369,000	new	0.00 pp	new
NEENextEra Energy, Inc.	0.00%	25,000	$2M	added+9%	0.00 pp	33 q
NOAHNoah Holdings Limited	0.00%	15,800	$746,000	new	0.00 pp	new
NSCNorfolk Southern Corp.	0.00%	5,150	$1M	added×2.3	0.00 pp	33 q
NUENucor Corporation	0.00%	8,500	$815,000	trimmed−19%	0.00 pp	33 q
OGNOrganon & Co.	0.00%	22,698	$686,000	new	0.00 pp	new
PNCPNC Financial Services Group	0.00%	14,675	$3M	trimmed−1%	0.00 pp	33 q
PPGPPG Industries, Inc.	0.00%	2,200	$373,000	held	—	5 q
PHParker-Hannifin Corporation	0.00%	3,256	$1M	held	—	33 q
PEPPepsiCo, Inc.	0.00%	5,375	$796,000	trimmed−20%	0.00 pp	33 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	15,000	$183,000	new	0.00 pp	new
PFEPfizer Inc.	0.00%	161,921	$6M	trimmed−4%	0.00 pp	33 q
PMPhilip Morris International Inc.	0.00%	18,413	$2M	trimmed−1%	0.00 pp	33 q
PSXPhillips 66	0.00%	3,600	$309,000	held	—	33 q
QCOMQualcomm Inc	0.00%	3,500	$500,000	held	—	28 q
RIORio Tinto plc	0.00%	6,100	$512,000	trimmed−21%	0.00 pp	33 q
RDS.ARoyal Dutch Shell PLC	0.00%	77,098	$3M	trimmed−2%	0.00 pp	33 q
SPGIS&P Global Inc.	0.00%	5,900	$2M	trimmed−3%	0.00 pp	21 q
SESea Limited	0.00%	1,500	$412,000	trimmed−23%	0.00 pp	5 q
SYKStryker Corporation	0.00%	960	$249,000	held	—	4 q
SNPSSynopsys Inc	0.00%	16,584	$5M	added+13%	0.00 pp	33 q
MMM3M Company	0.00%	13,985	$3M	added0%	0.00 pp	33 q
TGSTransportadora de Gas del Sur S.A.	0.00%	13,700	$63,000	new	0.00 pp	new
TCOMTrip.com Group Limited	0.00%	9,000	$319,000	new	0.00 pp	new
USBU.S. Bancorp	0.00%	53,950	$3M	trimmed−21%	0.00 pp	33 q
unresolvedUnilever Spn.Adr 1:1	0.00%	46,471	$3M	trimmed−2%	0.00 pp	33 q
VZVerizon Communications	0.00%	5,500	$308,000	held	—	33 q
VVISA Inc.	0.00%	5,300	$1M	held	—	28 q
VMCVulcan Materials Company(Holding Company)	0.00%	32,650	$6M	trimmed−6%	0.00 pp	33 q
YUMCYum China Holdings, Inc.	0.00%	4,000	$265,000	new	0.00 pp	new
ZTSZoetis Inc.	0.00%	1,950	$363,000	held	—	5 q
NESRNational Energy Services Reunited Corp.	0.00%	52,600	$750,000	new	0.00 pp	new
CBChubb Limited	0.00%	2,069	$329,000	added+54%	0.00 pp	3 q
ADPAutomatic Data Processing	—	−1,179	—	exited	0.00 pp	—
unresolvedCredit Suisse Group Spon ADR	—	−95,051	—	exited	0.00 pp	—
LOWLowe's Companies Inc.	—	−1,500	—	exited	0.00 pp	—
MATMattel, Inc.	—	−37,000	—	exited	0.00 pp	—
unresolvedNew Oriental Ed & Tech Grp I	—	−13,600	—	exited	0.00 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−3,000	—	exited	0.00 pp	—
VTRSViatris Inc.	—	−13,918	—	exited	0.00 pp	—