Dodge & Cox

Q3 2021 13F

As of: Sep 30, 2021
Filed: Nov 15, 2021
US stock: $153.5B · prev $152.9B
Positions: 193 · prev 190
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%

Moves148 since the prior filing

+1.9 pp in · −1.9 pp out

New 6 +0.15 pp
Added 41 +1.79 pp
Trimmed 98 −1.91 pp
Exited 3 −0.01 pp

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.7% a year, about 14.9 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions193 in this filing · 3 exited


WFCWells Fargo & Co.	4.22%	139,595,771	$6.5B	trimmed−3%	−0.03 pp	34 q
GOOGAlphabet Inc. Class C	3.68%	2,119,085	$5.6B	trimmed−1%	+0.17 pp	30 q
COFCapital One Financial	3.63%	34,406,141	$5.6B	trimmed−3%	+0.04 pp	34 q
SCHWThe Charles Schwab Corporation	3.53%	74,327,427	$5.4B	trimmed−1%	−0.05 pp	34 q
CMCSAComcast Corp	3.05%	83,708,074	$4.7B	trimmed−0%	−0.08 pp	34 q
SNYSanofi	2.96%	94,120,066	$4.5B	added+34%	+0.54 pp	34 q
JCIJohnson Controls International plc	2.82%	63,566,554	$4.3B	trimmed−5%	−0.20 pp	21 q
CHTRCharter Comm Inc Del CL A New	2.68%	5,660,375	$4.1B	trimmed−1%	−0.01 pp	22 q
DELLDell Technologies Inc.	2.51%	37,068,208	$3.9B	trimmed−1%	+0.06 pp	12 q
METMetLife, Inc.	2.46%	61,061,939	$3.8B	trimmed−1%	+0.05 pp	34 q
CIThe Cigna Group	2.33%	17,884,896	$3.6B	added+23%	+0.08 pp	12 q
MSFTMicrosoft Corp	2.23%	12,142,568	$3.4B	trimmed−4%	−0.01 pp	34 q
OXYOccidental Petroleum Corporation	2.22%	115,301,087	$3.4B	trimmed−0%	−0.14 pp	34 q
unresolvedGlaxosmithkline PLC	2.19%	88,017,914	$3.4B	trimmed−0%	−0.11 pp	34 q
RTXRTX Corporation	2.15%	38,482,452	$3.3B	trimmed−2%	−0.04 pp	22 q
BNYBank of New York Mellon Corporation	2.07%	61,306,471	$3.2B	trimmed−1%	0.00 pp	34 q
HPQHP Inc.	1.99%	111,643,203	$3.1B	trimmed−6%	−0.34 pp	24 q
BACBank of America Corporation	1.97%	71,324,365	$3.0B	trimmed−3%	−0.02 pp	34 q
FDXFedEx Corporation	1.95%	13,643,874	$3.0B	added+6%	−0.56 pp	34 q
FISVFiserv, Inc.	1.80%	25,530,868	$2.8B	added+11%	+0.19 pp	4 q
GSGoldman Sachs Group Inc.	1.79%	7,251,005	$2.7B	trimmed−0%	−0.02 pp	34 q
CSCOCisco Systems, Inc. (DE)	1.70%	47,958,291	$2.6B	added+1%	+0.05 pp	29 q
GILDGilead Sciences Inc	1.70%	37,266,692	$2.6B	added+29%	+0.40 pp	29 q
0VQJLTe Connectivity Ltd	1.59%	17,837,580	$2.4B	trimmed−5%	−0.07 pp	34 q
MCHPMicrochip Technology Inc	1.58%	15,770,897	$2.4B	added+8%	+0.15 pp	13 q
NVSNovartis AG	1.56%	29,265,900	$2.4B	added+20%	+0.10 pp	34 q
CTSHCognizant Technology Solutions	1.44%	29,722,173	$2.2B	added+1%	+0.11 pp	10 q
AXPAmerican Express Company	1.33%	12,198,313	$2.0B	trimmed−4%	−0.04 pp	34 q
BKNGBooking Holdings Inc.	1.33%	861,381	$2.0B	trimmed−4%	+0.05 pp	15 q
STTState Street Corporation	1.27%	22,937,774	$1.9B	added+9%	+0.13 pp	34 q
FOXAFox Corporation Class A	1.26%	48,411,769	$1.9B	trimmed−1%	+0.08 pp	11 q
WMBWilliams Companies Inc.	1.25%	74,226,792	$1.9B	added+1%	−0.02 pp	6 q
SLBSLB Limited	1.17%	60,576,824	$1.8B	trimmed−3%	−0.14 pp	34 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.12%	4,410,525	$1.7B	trimmed−3%	−0.07 pp	34 q
BMYBristol-Myers Squibb Co.	1.10%	28,517,357	$1.7B	added0%	−0.14 pp	34 q
DISHDISH Network Corp.	1.08%	37,981,487	$1.7B	added+6%	+0.10 pp	34 q
HPEHewlett Packard Enterprise Company	1.07%	114,912,792	$1.6B	added0%	−0.02 pp	24 q
TMUST-Mobile US, Inc.	1.06%	12,761,585	$1.6B	added+13%	−0.01 pp	6 q
UBSUBS Group AG	1.04%	100,194,242	$1.6B	added+12%	+0.14 pp	13 q
COPConocoPhillips	0.99%	22,349,446	$1.5B	trimmed−0%	+0.10 pp	34 q
TAPMolson Coors Beverage Company Class B	0.94%	31,224,608	$1.4B	trimmed−1%	−0.16 pp	14 q
HMCHonda Motor Co., Ltd.	0.88%	44,084,528	$1.4B	added+6%	+0.01 pp	3 q
CVSCvs Health Corporation	0.85%	15,290,222	$1.3B	trimmed−3%	−0.01 pp	13 q
METAMeta Platforms, Inc. Class A	0.82%	3,723,430	$1.3B	trimmed−0%	−0.03 pp	6 q
JNPJuniper Networks Inc	0.82%	45,877,993	$1.3B	trimmed−2%	−0.02 pp	28 q
BKRBaker Hughes Company	0.81%	50,481,074	$1.2B	trimmed−1%	+0.05 pp	17 q
VMWVMware, Inc	0.80%	8,304,400	$1.2B	added+16%	+0.05 pp	24 q
BABAAlibaba Group Holding Limited	0.77%	8,001,070	$1.2B	added+28%	−0.16 pp	12 q
CECelanese Corporation	0.76%	7,745,982	$1.2B	trimmed−2%	−0.02 pp	34 q
BMRNBioMarin Pharmaceuticals Inc	0.75%	14,818,582	$1.1B	added+5%	−0.02 pp	8 q
INCYIncyte Genomics Inc	0.74%	16,476,436	$1.1B	added+21%	−0.01 pp	12 q
CARRCarrier Global Corporation	0.73%	21,742,442	$1.1B	trimmed−10%	−0.04 pp	6 q
SUSuncor Energy, Inc.	0.73%	54,245,354	$1.1B	trimmed−4%	−0.15 pp	21 q
NTRNutrien Ltd.	0.67%	15,761,859	$1.0B	trimmed−1%	+0.04 pp	15 q
ALNYAlnylam Pharmaceuticals, Inc.	0.66%	5,372,100	$1.0B	trimmed−1%	+0.06 pp	22 q
BIDUBaidu, Inc.	0.63%	6,288,351	$967M	added+34%	0.00 pp	34 q
HESHess Corporation	0.59%	11,660,136	$911M	trimmed−3%	−0.10 pp	10 q
TFCTruist Financial Corporation	0.58%	15,053,817	$883M	added+2%	+0.05 pp	34 q
OVVOvintiv Inc.	0.48%	22,472,460	$739M	trimmed−4%	0.00 pp	7 q
JDJD.com, Inc.	0.46%	9,709,849	$701M	added+60%	+0.14 pp	24 q
TVGrupo Televisa S.A.	0.45%	63,401,320	$696M	trimmed−0%	−0.15 pp	34 q
BAPCredicorp LTD	0.39%	5,391,446	$598M	added+60%	+0.12 pp	5 q
TECKTeck Resources Limited	0.38%	23,269,340	$580M	added×2.7	+0.25 pp	6 q
MDTMedtronic plc	0.38%	4,622,419	$579M	trimmed−9%	−0.03 pp	27 q
unresolvedAegon NV	0.37%	112,006,256	$570M	added+2%	+0.07 pp	34 q
GAPThe Gap, Inc.	0.34%	23,109,478	$525M	trimmed−2%	−0.18 pp	12 q
unresolvedQurate Retail Inc	0.34%	51,835,678	$528M	trimmed−1%	−0.11 pp	14 q
FOXFox Corporation Class B	0.32%	13,097,013	$486M	trimmed−0%	+0.02 pp	11 q
OTISOtis Worldwide Corporation	0.31%	5,726,048	$471M	trimmed−8%	−0.02 pp	6 q
TRPTC Energy Corporation	0.31%	9,859,000	$474M	held	—	5 q
LBTYKLiberty Global Ltd. Class C	0.31%	16,283,409	$480M	trimmed−8%	0.00 pp	34 q
BHFBrighthouse Financial, Inc.	0.28%	9,529,394	$431M	trimmed−1%	−0.01 pp	17 q
99952EURLinde PLC/OLD	0.25%	1,299,735	$386M	held	—	12 q
LNCLincoln National Corp.	0.24%	5,282,407	$363M	added+1%	+0.03 pp	7 q
APAAPA Corporation	0.22%	15,734,009	$337M	trimmed−35%	−0.12 pp	3 q
GOOGLAlphabet Inc. Class A	0.20%	113,583	$304M	trimmed−1%	+0.02 pp	24 q
NWSANews Corporation Class A	0.18%	11,769,578	$277M	trimmed−4%	−0.03 pp	33 q
HALHalliburton Company	0.16%	11,230,085	$243M	trimmed−6%	−0.02 pp	34 q
LBTYALiberty Global Ltd. Class A	0.15%	7,885,751	$235M	held	—	34 q
LYBLyondellBasell Industries N.V. Class A	0.13%	2,091,231	$196M	added+21%	+0.01 pp	6 q
MFGPMicro Focus International plc.	0.12%	34,367,732	$187M	trimmed−1%	−0.05 pp	10 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.12%	15,132,994	$179M	trimmed−0%	−0.02 pp	5 q
ELANElanco Animal Health Incorporated	0.08%	3,639,124	$116M	new	+0.08 pp	new
ITUBItau Unibanco Holding S.A.	0.08%	24,067,305	$127M	added0%	−0.01 pp	21 q
JPMJPMorgan Chase & Co.	0.06%	554,441	$91M	trimmed−9%	0.00 pp	34 q
JXNJackson Financial Inc.	0.06%	3,778,794	$98M	new	+0.06 pp	new
DISThe Walt Disney Company	0.05%	456,792	$77M	trimmed−2%	0.00 pp	34 q
IBNICICI Bank Limited	0.04%	3,101,000	$59M	added+95%	+0.02 pp	20 q
UNPUnion Pacific Corp.	0.04%	302,714	$59M	trimmed−3%	0.00 pp	34 q
AZNNAstrazeneca Plc-spons ADR	0.03%	843,865	$51M	trimmed−3%	0.00 pp	24 q
CDNSCadence Design Systems	0.03%	316,989	$48M	trimmed−4%	0.00 pp	34 q
CVXChevron Corporation	0.02%	271,592	$28M	trimmed−1%	0.00 pp	34 q
TGTTarget Corporation	0.02%	142,751	$33M	trimmed−3%	0.00 pp	34 q
ADBEAdobe Inc.	0.01%	30,046	$17M	trimmed−1%	0.00 pp	34 q
ADIAnalog Devices, Inc.	0.01%	48,761	$8M	new	+0.01 pp	new
HDHome Depot, Inc.	0.01%	32,056	$11M	trimmed−8%	0.00 pp	34 q
LLYEli Lilly & Co.	0.01%	84,708	$20M	trimmed−1%	0.00 pp	34 q
MRKMerck & Co., Inc.	0.01%	221,678	$17M	trimmed−3%	0.00 pp	34 q
PYPLPayPal Holdings, Inc.	0.01%	32,150	$8M	trimmed−10%	0.00 pp	25 q
PGProcter & Gamble Company	0.01%	112,662	$16M	trimmed−0%	0.00 pp	34 q
TMOThermo Fisher Scientific, Inc.	0.01%	31,931	$18M	held	—	34 q
TRVThe Travelers Companies, Inc.	0.01%	127,410	$19M	trimmed−1%	0.00 pp	34 q
WMTWalmart Inc.	0.01%	94,315	$13M	trimmed−3%	0.00 pp	34 q
TAT&T Inc.	0.00%	39,956	$1M	trimmed−9%	0.00 pp	14 q
ABTAbbott Laboratories	0.00%	19,247	$2M	held	—	34 q
ABBVAbbvie Inc.	0.00%	15,402	$2M	held	—	34 q
APDAir Products & Chemicals, Inc.	0.00%	3,275	$839,000	held	—	34 q
ALLThe Allstate Corporation	0.00%	3,680	$469,000	held	—	34 q
MOAltria Group, Inc.	0.00%	21,000	$956,000	trimmed−10%	0.00 pp	34 q
AMZNAmazon.Com Inc	0.00%	578	$2M	held	—	29 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	162,135	$3M	trimmed−33%	0.00 pp	20 q
AMTAmerican Tower Corporation	0.00%	1,100	$292,000	held	—	6 q
AMPAmeriprise Financial, Inc.	0.00%	1,827	$483,000	held	—	34 q
AMGNAmgen Inc	0.00%	16,907	$4M	held	—	34 q
ELVElevance Health, Inc.	0.00%	1,100	$410,000	held	—	28 q
AAPLApple Inc.	0.00%	41,156	$6M	held	—	34 q
BALLBall Corporation	0.00%	4,270	$384,000	trimmed−19%	0.00 pp	13 q
BAXBaxter International Inc.	0.00%	3,782	$304,000	held	—	18 q
BDXBecton, Dickinson and Co.	0.00%	4,380	$1M	held	—	34 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$2M	held	—	34 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,820	$3M	held	—	34 q
BLQADBlackrock Inc	0.00%	750	$629,000	held	—	13 q
BSXBoston Scientific Corp.	0.00%	130,090	$6M	held	—	34 q
KMXCarMax Inc.	0.00%	4,050	$518,000	held	—	34 q
CATCaterpillar Inc.	0.00%	35,379	$7M	trimmed−8%	−0.01 pp	34 q
CXCemex S.A.B. de C.V.	0.00%	409,700	$3M	added+31%	0.00 pp	34 q
CTXSCitrix Systems Inc	0.00%	4,750	$510,000	trimmed−4%	0.00 pp	34 q
KOCoca-Cola Company	0.00%	25,940	$1M	trimmed−1%	0.00 pp	34 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	34 q
GLWCorning Incorporated	0.00%	156,900	$6M	trimmed−2%	0.00 pp	34 q
CTVACorteva, Inc.	0.00%	33,738	$1M	trimmed−0%	0.00 pp	10 q
DHRDanaher Corporation	0.00%	18,167	$6M	held	—	29 q
DEDeere & Company	0.00%	13,476	$5M	trimmed−1%	0.00 pp	34 q
DEODiageo plc	0.00%	15,563	$3M	trimmed−2%	0.00 pp	34 q
DOWDow Inc.	0.00%	25,573	$1M	trimmed−2%	0.00 pp	10 q
DUKDuke Energy Corporation	0.00%	4,166	$407,000	held	—	34 q
DDDuPont de Nemours, Inc.	0.00%	35,664	$2M	trimmed−2%	0.00 pp	10 q
EBAYeBay Inc	0.00%	42,381	$3M	trimmed−9%	0.00 pp	34 q
EQIXEquinix, Inc.	0.00%	385	$304,000	held	—	9 q
ERICEricsson	0.00%	84,000	$941,000	trimmed−12%	0.00 pp	34 q
XOMExxon Mobil Corp	0.00%	111,798	$7M	trimmed−1%	0.00 pp	34 q
GEGE Aerospace	0.00%	52,602	$5M	new	0.00 pp	new
GISGeneral Mills, Inc.	0.00%	11,200	$670,000	held	—	34 q
GPCGenuine Parts Company	0.00%	9,875	$1M	trimmed−8%	0.00 pp	34 q
HONHoneywell International, Inc.	0.00%	8,231	$2M	held	—	34 q
IBMInternational Business Machines Corporation	0.00%	45,552	$6M	trimmed−1%	0.00 pp	34 q
ISRGIntuitive Surgical Inc.	0.00%	249	$248,000	held	—	2 q
IWDiShares Russell 1000 Value ETF	0.00%	2,000	$313,000	trimmed−92%	0.00 pp	3 q
JOYYJOYY Inc.	0.00%	5,016	$275,000	added+43%	0.00 pp	2 q
JNJJohnson & Johnson	0.00%	25,666	$4M	trimmed−1%	0.00 pp	34 q
LMTLockheed Martin Corp.	0.00%	775	$267,000	held	—	13 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.00%	17,100	$122,000	added+4%	0.00 pp	2 q
LOWLowe's Companies Inc.	0.00%	1,000	$203,000	new	0.00 pp	new
MRSHMarsh	0.00%	2,860	$433,000	held	—	29 q
MCDMcDonald's Corporation	0.00%	12,325	$3M	trimmed−2%	0.00 pp	34 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$689,000	held	—	34 q
MCOMoody's Corporation	0.00%	1,857	$659,000	held	—	34 q
MSIMotorola Solutions, Inc. New	0.00%	8,627	$2M	held	—	34 q
NTAPNetApp, Inc	0.00%	27,700	$2M	trimmed−4%	0.00 pp	34 q
NTESNetEase, inc.	0.00%	7,200	$615,000	added×2.3	0.00 pp	2 q
NEENextEra Energy, Inc.	0.00%	25,000	$2M	held	—	34 q
NOAHNoah Holdings Limited	0.00%	18,600	$691,000	added+18%	0.00 pp	2 q
NSCNorfolk Southern Corp.	0.00%	4,950	$1M	trimmed−4%	0.00 pp	34 q
NUENucor Corporation	0.00%	8,500	$837,000	held	—	34 q
OGNOrganon & Co.	0.00%	17,713	$581,000	trimmed−22%	0.00 pp	2 q
PNCPNC Financial Services Group	0.00%	14,575	$3M	trimmed−1%	0.00 pp	34 q
PPGPPG Industries, Inc.	0.00%	2,200	$315,000	held	—	6 q
PHParker-Hannifin Corporation	0.00%	3,256	$910,000	held	—	34 q
PEPPepsiCo, Inc.	0.00%	5,375	$808,000	held	—	34 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	17,000	$176,000	added+13%	0.00 pp	2 q
PFEPfizer Inc.	0.00%	155,852	$7M	trimmed−4%	0.00 pp	34 q
PMPhilip Morris International Inc.	0.00%	17,000	$2M	trimmed−8%	0.00 pp	34 q
PSXPhillips 66	0.00%	3,600	$252,000	held	—	34 q
QCOMQualcomm Inc	0.00%	3,500	$451,000	held	—	29 q
RIORio Tinto plc	0.00%	5,300	$354,000	trimmed−13%	0.00 pp	34 q
RDS.ARoyal Dutch Shell PLC	0.00%	77,098	$3M	held	—	34 q
SPGIS&P Global Inc.	0.00%	5,900	$3M	held	—	22 q
SESea Limited	0.00%	1,500	$478,000	held	—	6 q
SYKStryker Corporation	0.00%	960	$253,000	held	—	5 q
SNPSSynopsys Inc	0.00%	16,184	$5M	trimmed−2%	0.00 pp	34 q
MMM3M Company	0.00%	13,985	$2M	held	—	34 q
TGSTransportadora de Gas del Sur S.A.	0.00%	15,600	$77,000	added+14%	0.00 pp	2 q
TCOMTrip.com Group Limited	0.00%	11,800	$363,000	added+31%	0.00 pp	2 q
USBU.S. Bancorp	0.00%	53,650	$3M	trimmed−1%	0.00 pp	34 q
unresolvedUnilever Spn.Adr 1:1	0.00%	38,971	$2M	trimmed−16%	0.00 pp	34 q
VZVerizon Communications	0.00%	5,500	$297,000	held	—	34 q
VIPSVipshop Holdings Limited	0.00%	16,450	$183,000	new	0.00 pp	new
VVISA Inc.	0.00%	5,150	$1M	trimmed−3%	0.00 pp	29 q
VMCVulcan Materials Company(Holding Company)	0.00%	32,350	$5M	trimmed−1%	0.00 pp	34 q
YUMCYum China Holdings, Inc.	0.00%	11,900	$692,000	added×3.0	0.00 pp	2 q
ZTSZoetis Inc.	0.00%	1,950	$379,000	held	—	6 q
NESRNational Energy Services Reunited Corp.	0.00%	63,700	$798,000	added+21%	0.00 pp	2 q
CBChubb Limited	0.00%	2,069	$359,000	held	—	4 q
MXIMMaxim Integrated Products	—	−78,665	—	exited	−0.01 pp	—
DDominion Energy, Inc	—	−4,212	—	exited	0.00 pp	—
unresolvedGeneral Electric Co	—	−545,183	—	exited	0.00 pp	—