Dodge & Cox

Q4 2021 13F

As of: Dec 31, 2021
Filed: Feb 14, 2022
US stock: $161.5B · prev $153.5B
Positions: 197 · prev 193
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%

Moves155 since the prior filing

+3.8 pp in · −3.8 pp out

New 6 +0.95 pp
Added 39 +2.80 pp
Trimmed 108 −3.76 pp
Exited 2 0.00 pp

The book

Diversified · behaves like 52 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.4 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions197 in this filing · 2 exited


WFCWells Fargo & Co.	3.97%	133,428,052	$6.4B	trimmed−4%	−0.25 pp	35 q
SCHWThe Charles Schwab Corporation	3.83%	73,586,595	$6.2B	trimmed−1%	+0.30 pp	35 q
GOOGAlphabet Inc. Class C	3.66%	2,044,565	$5.9B	trimmed−4%	−0.02 pp	31 q
JCIJohnson Controls International plc	3.08%	61,180,640	$5.0B	trimmed−4%	+0.26 pp	22 q
COFCapital One Financial	2.95%	32,790,861	$4.8B	trimmed−5%	−0.68 pp	35 q
SNYSanofi	2.90%	93,402,049	$4.7B	trimmed−1%	−0.06 pp	35 q
FDXFedEx Corporation	2.67%	16,674,920	$4.3B	added+22%	+0.72 pp	35 q
CMCSAComcast Corp	2.64%	84,666,165	$4.3B	added+1%	−0.41 pp	35 q
CIThe Cigna Group	2.49%	17,484,197	$4.0B	trimmed−2%	+0.16 pp	13 q
HPQHP Inc.	2.43%	104,175,937	$3.9B	trimmed−7%	+0.44 pp	25 q
unresolvedGlaxosmithkline PLC	2.42%	88,519,444	$3.9B	added+1%	+0.23 pp	35 q
FISVFiserv, Inc.	2.28%	35,432,277	$3.7B	added+39%	+0.48 pp	5 q
METMetLife, Inc.	2.27%	58,725,183	$3.7B	trimmed−4%	−0.19 pp	35 q
CHTRCharter Comm Inc Del CL A New	2.21%	5,473,257	$3.6B	trimmed−3%	−0.47 pp	23 q
BNYBank of New York Mellon Corporation	2.10%	58,247,004	$3.4B	trimmed−5%	+0.03 pp	35 q
MSFTMicrosoft Corp	2.07%	9,935,146	$3.3B	trimmed−18%	−0.16 pp	35 q
RTXRTX Corporation	2.04%	38,322,057	$3.3B	trimmed−0%	−0.11 pp	23 q
OXYOccidental Petroleum Corporation	2.02%	112,531,760	$3.3B	trimmed−2%	−0.20 pp	35 q
BACBank of America Corporation	1.90%	68,901,490	$3.1B	trimmed−3%	−0.07 pp	35 q
CSCOCisco Systems, Inc. (DE)	1.85%	47,099,346	$3.0B	trimmed−2%	+0.15 pp	30 q
VMWVMware, Inc	1.83%	25,453,582	$2.9B	added×3.1	+1.03 pp	25 q
GSGoldman Sachs Group Inc.	1.73%	7,303,170	$2.8B	added+1%	−0.06 pp	35 q
0VQJLTe Connectivity Ltd	1.71%	17,125,954	$2.8B	trimmed−4%	+0.12 pp	35 q
GILDGilead Sciences Inc	1.67%	37,174,777	$2.7B	trimmed−0%	−0.03 pp	30 q
CTSHCognizant Technology Solutions	1.61%	29,235,581	$2.6B	trimmed−2%	+0.17 pp	11 q
MCHPMicrochip Technology Inc	1.59%	29,539,169	$2.6B	trimmed−6%	+0.01 pp	14 q
NVSNovartis AG	1.53%	28,249,540	$2.5B	trimmed−3%	−0.03 pp	35 q
METAMeta Platforms, Inc. Class A	1.39%	6,655,324	$2.2B	added+79%	+0.57 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.33%	4,274,705	$2.1B	trimmed−3%	+0.21 pp	35 q
STTState Street Corporation	1.29%	22,356,499	$2.1B	trimmed−3%	+0.02 pp	35 q
BKNGBooking Holdings Inc.	1.23%	828,422	$2.0B	trimmed−4%	−0.10 pp	16 q
TMUST-Mobile US, Inc.	1.18%	16,463,259	$1.9B	added+29%	+0.12 pp	7 q
DELLDell Technologies Inc.	1.16%	33,476,762	$1.9B	trimmed−10%	−1.35 pp	13 q
UBSUBS Group AG	1.16%	104,116,642	$1.9B	added+4%	+0.12 pp	14 q
WMBWilliams Companies Inc.	1.15%	71,423,866	$1.9B	trimmed−4%	−0.10 pp	7 q
FOXAFox Corporation Class A	1.09%	47,770,582	$1.8B	trimmed−1%	−0.17 pp	12 q
BMYBristol-Myers Squibb Co.	1.06%	27,355,432	$1.7B	trimmed−4%	−0.04 pp	35 q
SLBSLB Limited	1.05%	56,427,450	$1.7B	trimmed−7%	−0.12 pp	35 q
HPEHewlett Packard Enterprise Company	1.03%	105,959,909	$1.7B	trimmed−8%	−0.04 pp	25 q
JNPJuniper Networks Inc	0.98%	44,434,416	$1.6B	trimmed−3%	+0.16 pp	29 q
COPConocoPhillips	0.95%	21,229,408	$1.5B	trimmed−5%	−0.04 pp	35 q
CVSCvs Health Corporation	0.93%	14,613,672	$1.5B	trimmed−4%	+0.08 pp	14 q
AXPAmerican Express Company	0.88%	8,697,741	$1.4B	trimmed−29%	−0.45 pp	35 q
TAPMolson Coors Beverage Company Class B	0.88%	30,615,810	$1.4B	trimmed−2%	−0.06 pp	15 q
SUSuncor Energy, Inc.	0.85%	55,104,954	$1.4B	added+2%	+0.12 pp	22 q
BMRNBioMarin Pharmaceuticals Inc	0.81%	14,825,049	$1.3B	added0%	+0.06 pp	9 q
HMCHonda Motor Co., Ltd.	0.80%	45,125,595	$1.3B	added+2%	−0.08 pp	4 q
DISHDISH Network Corp.	0.77%	38,268,088	$1.2B	added+1%	−0.31 pp	35 q
INCYIncyte Genomics Inc	0.76%	16,657,586	$1.2B	added+1%	+0.02 pp	13 q
CECelanese Corporation	0.74%	7,154,913	$1.2B	trimmed−8%	−0.02 pp	35 q
BKRBaker Hughes Company	0.69%	46,096,111	$1.1B	trimmed−9%	−0.12 pp	18 q
NTRNutrien Ltd.	0.67%	14,386,759	$1.1B	trimmed−9%	0.00 pp	16 q
CARRCarrier Global Corporation	0.66%	19,679,517	$1.1B	trimmed−9%	−0.07 pp	7 q
BABAAlibaba Group Holding Limited	0.65%	8,899,470	$1.1B	added+11%	−0.12 pp	13 q
BIDUBaidu, Inc.	0.63%	6,831,355	$1.0B	added+9%	0.00 pp	35 q
TFCTruist Financial Corporation	0.59%	16,347,518	$957M	added+9%	+0.01 pp	35 q
ALNYAlnylam Pharmaceuticals, Inc.	0.57%	5,431,068	$921M	added+1%	−0.09 pp	23 q
BUDAnheuser-Busch INBEV SA/NV	0.56%	15,040,157	$911M	new	+0.56 pp	new
JDJD.com, Inc.	0.47%	10,765,249	$754M	added+11%	+0.01 pp	25 q
OVVOvintiv Inc.	0.46%	21,828,737	$736M	trimmed−3%	−0.02 pp	8 q
HESHess Corporation	0.44%	9,672,701	$716M	trimmed−17%	−0.15 pp	11 q
TECKTeck Resources Limited	0.43%	24,098,340	$695M	added+4%	+0.05 pp	7 q
BAPCredicorp LTD	0.42%	5,556,977	$678M	added+3%	+0.03 pp	6 q
ELANElanco Animal Health Incorporated	0.39%	22,218,300	$631M	added×6.1	+0.31 pp	2 q
TVGrupo Televisa S.A.	0.38%	64,751,320	$607M	added+2%	−0.07 pp	35 q
unresolvedAegon NV	0.35%	115,664,156	$571M	added+3%	−0.02 pp	35 q
BHFBrighthouse Financial, Inc.	0.30%	9,452,287	$490M	trimmed−1%	+0.02 pp	18 q
TRPTC Energy Corporation	0.30%	10,259,000	$477M	added+4%	−0.01 pp	6 q
OTISOtis Worldwide Corporation	0.29%	5,369,897	$468M	trimmed−6%	−0.02 pp	7 q
99952EURLinde PLC/OLD	0.29%	1,354,735	$472M	added+4%	+0.04 pp	13 q
MDTMedtronic plc	0.29%	4,504,150	$466M	trimmed−3%	−0.09 pp	28 q
FOXFox Corporation Class B	0.27%	12,808,314	$439M	trimmed−2%	−0.05 pp	12 q
GAPThe Gap, Inc.	0.27%	24,490,528	$432M	added+6%	−0.07 pp	13 q
unresolvedQurate Retail Inc	0.24%	51,455,745	$391M	trimmed−1%	−0.10 pp	15 q
GOOGLAlphabet Inc. Class A	0.20%	113,063	$328M	trimmed−0%	0.00 pp	25 q
LBTYKLiberty Global Ltd. Class C	0.20%	11,577,165	$325M	trimmed−29%	−0.11 pp	35 q
LNCLincoln National Corp.	0.18%	4,319,907	$295M	trimmed−18%	−0.06 pp	8 q
XPXP Inc. Class A	0.16%	9,178,691	$264M	new	+0.16 pp	new
LYBLyondellBasell Industries N.V. Class A	0.16%	2,740,531	$253M	added+31%	+0.03 pp	7 q
NWSANews Corporation Class A	0.15%	11,154,933	$249M	trimmed−5%	−0.03 pp	34 q
HALHalliburton Company	0.14%	9,924,610	$227M	trimmed−12%	−0.02 pp	35 q
MFGPMicro Focus International plc.	0.12%	34,295,081	$191M	trimmed−0%	0.00 pp	11 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.12%	15,087,875	$190M	trimmed−0%	0.00 pp	6 q
unresolvedIi-Vi Inc	0.12%	2,782,089	$190M	new	+0.12 pp	new
REGNRegeneron Pharmaceuticals Inc	0.11%	279,122	$176M	new	+0.11 pp	new
JXNJackson Financial Inc.	0.10%	3,819,494	$160M	added+1%	+0.04 pp	2 q
LBTYALiberty Global Ltd. Class A	0.08%	4,870,358	$135M	trimmed−38%	−0.07 pp	35 q
ITUBItau Unibanco Holding S.A.	0.06%	26,060,805	$98M	added+8%	−0.02 pp	22 q
NTESNetEase, inc.	0.06%	932,300	$95M	added×129.5	+0.06 pp	3 q
JPMJPMorgan Chase & Co.	0.05%	524,836	$83M	trimmed−5%	−0.01 pp	35 q
UNPUnion Pacific Corp.	0.05%	299,433	$75M	trimmed−1%	+0.01 pp	35 q
CDNSCadence Design Systems	0.04%	314,317	$59M	trimmed−1%	+0.01 pp	35 q
DISThe Walt Disney Company	0.04%	446,654	$69M	trimmed−2%	−0.01 pp	35 q
AZNNAstrazeneca Plc-spons ADR	0.03%	817,895	$48M	trimmed−3%	0.00 pp	25 q
IBNICICI Bank Limited	0.03%	2,758,000	$55M	trimmed−11%	−0.01 pp	21 q
CVXChevron Corporation	0.02%	264,842	$31M	trimmed−2%	0.00 pp	35 q
TGTTarget Corporation	0.02%	138,725	$32M	trimmed−3%	0.00 pp	35 q
ADBEAdobe Inc.	0.01%	29,576	$17M	trimmed−2%	0.00 pp	35 q
ADIAnalog Devices, Inc.	0.01%	47,881	$8M	trimmed−2%	0.00 pp	2 q
APAAPA Corporation	0.01%	610,326	$16M	trimmed−96%	−0.21 pp	4 q
GEGE Aerospace	0.01%	148,678	$14M	added×2.8	+0.01 pp	2 q
HDHome Depot, Inc.	0.01%	30,878	$13M	trimmed−4%	0.00 pp	35 q
LLYEli Lilly & Co.	0.01%	81,108	$22M	trimmed−4%	0.00 pp	35 q
MRKMerck & Co., Inc.	0.01%	214,158	$16M	trimmed−3%	0.00 pp	35 q
PFEPfizer Inc.	0.01%	154,352	$9M	trimmed−1%	+0.01 pp	35 q
PGProcter & Gamble Company	0.01%	111,775	$18M	trimmed−1%	0.00 pp	35 q
TMOThermo Fisher Scientific, Inc.	0.01%	31,604	$21M	trimmed−1%	0.00 pp	35 q
TRVThe Travelers Companies, Inc.	0.01%	126,385	$20M	trimmed−1%	0.00 pp	35 q
WMTWalmart Inc.	0.01%	88,165	$13M	trimmed−7%	0.00 pp	35 q
TAT&T Inc.	0.00%	10,937	$269,000	trimmed−73%	0.00 pp	15 q
ABTAbbott Laboratories	0.00%	18,548	$3M	trimmed−4%	0.00 pp	35 q
ABBVAbbvie Inc.	0.00%	11,402	$2M	trimmed−26%	0.00 pp	35 q
APDAir Products & Chemicals, Inc.	0.00%	3,275	$996,000	held	—	35 q
ALLThe Allstate Corporation	0.00%	3,680	$433,000	held	—	35 q
MOAltria Group, Inc.	0.00%	21,000	$995,000	held	—	35 q
AMZNAmazon.Com Inc	0.00%	578	$2M	held	—	30 q
AMTAmerican Tower Corporation	0.00%	1,100	$322,000	held	—	7 q
AMPAmeriprise Financial, Inc.	0.00%	1,827	$551,000	held	—	35 q
AMGNAmgen Inc	0.00%	16,607	$4M	trimmed−2%	0.00 pp	35 q
ELVElevance Health, Inc.	0.00%	1,100	$510,000	held	—	29 q
AAPLApple Inc.	0.00%	41,156	$7M	held	—	35 q
BALLBall Corporation	0.00%	4,240	$408,000	trimmed−1%	0.00 pp	14 q
BAXBaxter International Inc.	0.00%	3,382	$290,000	trimmed−11%	0.00 pp	19 q
BDXBecton, Dickinson and Co.	0.00%	2,280	$573,000	trimmed−48%	0.00 pp	35 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$2M	held	—	35 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,820	$4M	held	—	35 q
BLQADBlackrock Inc	0.00%	750	$687,000	held	—	14 q
BSXBoston Scientific Corp.	0.00%	125,590	$5M	trimmed−3%	0.00 pp	35 q
KMXCarMax Inc.	0.00%	4,050	$527,000	held	—	35 q
CATCaterpillar Inc.	0.00%	31,957	$7M	trimmed−10%	0.00 pp	35 q
CXCemex S.A.B. de C.V.	0.00%	473,600	$3M	added+16%	0.00 pp	35 q
CTASCintas Corp	0.00%	500	$222,000	new	0.00 pp	new
CTXSCitrix Systems Inc	0.00%	4,350	$411,000	trimmed−8%	0.00 pp	35 q
KOCoca-Cola Company	0.00%	25,940	$2M	held	—	35 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	35 q
GLWCorning Incorporated	0.00%	135,400	$5M	trimmed−14%	0.00 pp	35 q
CTVACorteva, Inc.	0.00%	32,973	$2M	trimmed−2%	0.00 pp	11 q
DHRDanaher Corporation	0.00%	18,142	$6M	trimmed−0%	0.00 pp	30 q
DEDeere & Company	0.00%	13,136	$5M	trimmed−3%	0.00 pp	35 q
DEODiageo plc	0.00%	14,913	$3M	trimmed−4%	0.00 pp	35 q
DDominion Energy, Inc	0.00%	2,712	$213,000	new	0.00 pp	new
DOWDow Inc.	0.00%	24,318	$1M	trimmed−5%	0.00 pp	11 q
DDDuPont de Nemours, Inc.	0.00%	33,910	$3M	trimmed−5%	0.00 pp	11 q
EBAYeBay Inc	0.00%	33,681	$2M	trimmed−21%	0.00 pp	35 q
EQIXEquinix, Inc.	0.00%	385	$326,000	held	—	10 q
ERICEricsson	0.00%	48,800	$530,000	trimmed−42%	0.00 pp	35 q
XOMExxon Mobil Corp	0.00%	126,096	$8M	added+13%	0.00 pp	35 q
GISGeneral Mills, Inc.	0.00%	11,200	$755,000	held	—	35 q
GPCGenuine Parts Company	0.00%	8,425	$1M	trimmed−15%	0.00 pp	35 q
HONHoneywell International, Inc.	0.00%	8,231	$2M	held	—	35 q
IBMInternational Business Machines Corporation	0.00%	44,402	$6M	trimmed−3%	0.00 pp	35 q
ISRGIntuitive Surgical Inc.	0.00%	747	$268,000	held	—	3 q
IWDiShares Russell 1000 Value ETF	0.00%	2,000	$336,000	held	—	4 q
JOYYJOYY Inc.	0.00%	8,828	$401,000	added+76%	0.00 pp	3 q
JNJJohnson & Johnson	0.00%	25,666	$4M	held	—	35 q
LMTLockheed Martin Corp.	0.00%	775	$275,000	held	—	14 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.00%	17,100	$114,000	held	—	3 q
LOWLowe's Companies Inc.	0.00%	1,000	$258,000	held	—	2 q
MRSHMarsh	0.00%	2,860	$497,000	held	—	30 q
MCDMcDonald's Corporation	0.00%	8,200	$2M	trimmed−33%	0.00 pp	35 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$785,000	held	—	35 q
MCOMoody's Corporation	0.00%	1,857	$725,000	held	—	35 q
MSIMotorola Solutions, Inc. New	0.00%	8,627	$2M	held	—	35 q
NTAPNetApp, Inc	0.00%	23,300	$2M	trimmed−16%	0.00 pp	35 q
NEENextEra Energy, Inc.	0.00%	25,000	$2M	held	—	35 q
NOAHNoah Holdings Limited	0.00%	20,100	$617,000	added+8%	0.00 pp	3 q
NSCNorfolk Southern Corp.	0.00%	4,950	$1M	held	—	35 q
NUENucor Corporation	0.00%	8,500	$970,000	held	—	35 q
OGNOrganon & Co.	0.00%	8,813	$268,000	trimmed−50%	0.00 pp	3 q
PNCPNC Financial Services Group	0.00%	14,275	$3M	trimmed−2%	0.00 pp	35 q
PPGPPG Industries, Inc.	0.00%	2,200	$379,000	held	—	7 q
PHParker-Hannifin Corporation	0.00%	3,256	$1M	held	—	35 q
PYPLPayPal Holdings, Inc.	0.00%	28,950	$5M	trimmed−10%	−0.01 pp	26 q
PEPPepsiCo, Inc.	0.00%	5,225	$908,000	trimmed−3%	0.00 pp	35 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	15,800	$173,000	trimmed−7%	0.00 pp	3 q
PMPhilip Morris International Inc.	0.00%	17,000	$2M	held	—	35 q
PSXPhillips 66	0.00%	3,600	$261,000	held	—	35 q
QCOMQualcomm Inc	0.00%	3,500	$640,000	held	—	30 q
RIORio Tinto plc	0.00%	5,200	$348,000	trimmed−2%	0.00 pp	35 q
RDS.ARoyal Dutch Shell PLC	0.00%	74,598	$3M	trimmed−3%	0.00 pp	35 q
SPGIS&P Global Inc.	0.00%	5,900	$3M	held	—	23 q
SESea Limited	0.00%	1,500	$336,000	held	—	7 q
SYKStryker Corporation	0.00%	960	$257,000	held	—	6 q
SNPSSynopsys Inc	0.00%	15,784	$6M	trimmed−2%	0.00 pp	35 q
MMM3M Company	0.00%	13,285	$2M	trimmed−5%	0.00 pp	35 q
TGSTransportadora de Gas del Sur S.A.	0.00%	15,600	$69,000	held	—	3 q
TCOMTrip.com Group Limited	0.00%	27,400	$675,000	added×2.3	0.00 pp	3 q
USBU.S. Bancorp	0.00%	52,200	$3M	trimmed−3%	0.00 pp	35 q
unresolvedUnilever Spn.Adr 1:1	0.00%	36,471	$2M	trimmed−6%	0.00 pp	35 q
VZVerizon Communications	0.00%	5,500	$286,000	held	—	35 q
VIPSVipshop Holdings Limited	0.00%	72,147	$606,000	added×4.4	0.00 pp	2 q
VVISA Inc.	0.00%	5,150	$1M	held	—	30 q
VMCVulcan Materials Company(Holding Company)	0.00%	30,450	$6M	trimmed−6%	0.00 pp	35 q
YUMCYum China Holdings, Inc.	0.00%	12,200	$608,000	added+3%	0.00 pp	3 q
ZTSZoetis Inc.	0.00%	1,950	$476,000	held	—	7 q
NESRNational Energy Services Reunited Corp.	0.00%	63,700	$602,000	held	—	3 q
CBChubb Limited	0.00%	2,069	$400,000	held	—	5 q
AMXNAmerica Movil-spn ADR Cl L	—	−162,135	—	exited	0.00 pp	—
DUKDuke Energy Corporation	—	−4,166	—	exited	0.00 pp	—