Dodge & Cox

Q1 2022 13F · by David Hoeft, CIO

As of: Mar 31, 2022
Filed: May 13, 2022
US stock: $164.6B · prev $161.5B
Positions: 197 · prev 197
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%

Moves157 since the prior filing

+2.2 pp in · −2.1 pp out

New 6 +0.71 pp
Added 43 +1.47 pp
Trimmed 102 −2.11 pp
Exited 6 0.00 pp

The book

Diversified · behaves like 55 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.6 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions197 in this filing · 6 exited


SCHWThe Charles Schwab Corporation	3.70%	72,239,181	$6.1B	trimmed−2%	−0.13 pp	36 q
WFCWells Fargo & Co.	3.65%	123,850,397	$6.0B	trimmed−7%	−0.32 pp	36 q
OXYOccidental Petroleum Corporation	3.47%	100,709,066	$5.7B	trimmed−11%	+1.45 pp	36 q
GOOGAlphabet Inc. Class C	3.46%	2,035,867	$5.7B	trimmed−0%	−0.20 pp	32 q
SNYSanofi	2.87%	92,006,724	$4.7B	trimmed−1%	−0.03 pp	36 q
COFCapital One Financial	2.63%	32,964,956	$4.3B	added+1%	−0.32 pp	36 q
CIThe Cigna Group	2.53%	17,364,567	$4.2B	trimmed−1%	+0.04 pp	14 q
METMetLife, Inc.	2.50%	58,433,230	$4.1B	trimmed−1%	+0.23 pp	36 q
JCIJohnson Controls International plc	2.48%	62,254,487	$4.1B	added+2%	−0.60 pp	23 q
FDXFedEx Corporation	2.44%	17,328,625	$4.0B	added+4%	−0.23 pp	36 q
CMCSAComcast Corp	2.41%	84,782,490	$4.0B	added0%	−0.23 pp	36 q
RTXRTX Corporation	2.30%	38,220,004	$3.8B	trimmed−0%	+0.26 pp	24 q
FISVFiserv, Inc.	2.27%	36,917,391	$3.7B	added+4%	−0.01 pp	6 q
unresolvedGlaxosmithkline PLC	2.27%	85,750,621	$3.7B	trimmed−3%	−0.15 pp	36 q
CHTRCharter Comm Inc Del CL A New	2.22%	6,686,718	$3.6B	added+22%	+0.01 pp	24 q
MSFTMicrosoft Corp	1.90%	10,115,272	$3.1B	added+2%	−0.17 pp	36 q
VMWVMware, Inc	1.86%	26,953,293	$3.1B	added+6%	+0.03 pp	26 q
BNYBank of New York Mellon Corporation	1.75%	57,891,107	$2.9B	trimmed−1%	−0.35 pp	36 q
HPQHP Inc.	1.72%	77,767,842	$2.8B	trimmed−25%	−0.71 pp	26 q
UBSUBS Group AG	1.72%	145,244,842	$2.8B	added+40%	+0.56 pp	15 q
CSCOCisco Systems, Inc. (DE)	1.58%	46,702,142	$2.6B	trimmed−1%	−0.27 pp	31 q
CTSHCognizant Technology Solutions	1.57%	28,902,889	$2.6B	trimmed−1%	−0.04 pp	12 q
GSGoldman Sachs Group Inc.	1.54%	7,671,309	$2.5B	added+5%	−0.19 pp	36 q
NVSNovartis AG	1.48%	27,844,209	$2.4B	trimmed−1%	−0.05 pp	36 q
MCHPMicrochip Technology Inc	1.45%	31,677,344	$2.4B	added+7%	−0.14 pp	15 q
WMBWilliams Companies Inc.	1.44%	70,779,351	$2.4B	trimmed−1%	+0.29 pp	8 q
METAMeta Platforms, Inc. Class A	1.43%	10,617,984	$2.4B	added+60%	+0.04 pp	8 q
0VQJLTe Connectivity Ltd	1.36%	17,059,944	$2.2B	trimmed−0%	−0.35 pp	36 q
TMUST-Mobile US, Inc.	1.35%	17,285,121	$2.2B	added+5%	+0.17 pp	8 q
GILDGilead Sciences Inc	1.34%	37,026,630	$2.2B	trimmed−0%	−0.33 pp	31 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.32%	4,246,215	$2.2B	trimmed−1%	−0.01 pp	36 q
COPConocoPhillips	1.28%	21,080,908	$2.1B	trimmed−1%	+0.33 pp	36 q
BKNGBooking Holdings Inc.	1.24%	867,129	$2.0B	added+5%	+0.01 pp	17 q
BMYBristol-Myers Squibb Co.	1.20%	27,003,359	$2.0B	trimmed−1%	+0.14 pp	36 q
STTState Street Corporation	1.18%	22,246,449	$1.9B	trimmed−0%	−0.11 pp	36 q
FOXAFox Corporation Class A	1.13%	47,302,575	$1.9B	trimmed−1%	+0.04 pp	13 q
BACBank of America Corporation	1.08%	42,922,989	$1.8B	trimmed−38%	−0.82 pp	36 q
HPEHewlett Packard Enterprise Company	1.06%	104,077,474	$1.7B	trimmed−2%	+0.03 pp	26 q
TAPMolson Coors Beverage Company Class B	0.98%	30,246,969	$1.6B	trimmed−1%	+0.10 pp	16 q
JNPJuniper Networks Inc	0.97%	43,056,326	$1.6B	trimmed−3%	−0.01 pp	30 q
AXPAmerican Express Company	0.96%	8,438,773	$1.6B	trimmed−3%	+0.08 pp	36 q
REGNRegeneron Pharmaceuticals Inc	0.95%	2,237,063	$1.6B	added×8.0	+0.84 pp	2 q
CVSCvs Health Corporation	0.87%	14,070,282	$1.4B	trimmed−4%	−0.06 pp	15 q
INCYIncyte Genomics Inc	0.87%	18,060,290	$1.4B	added+8%	+0.11 pp	14 q
SUSuncor Energy, Inc.	0.83%	42,154,154	$1.4B	trimmed−24%	−0.02 pp	23 q
HMCHonda Motor Co., Ltd.	0.81%	47,377,953	$1.3B	added+5%	+0.01 pp	5 q
BABAAlibaba Group Holding Limited	0.79%	11,920,270	$1.3B	added+34%	+0.14 pp	14 q
BUDAnheuser-Busch INBEV SA/NV	0.77%	20,973,132	$1.3B	added+39%	+0.21 pp	2 q
SLBSLB Limited	0.77%	30,629,935	$1.3B	trimmed−46%	−0.28 pp	36 q
DISHDISH Network Corp.	0.74%	38,343,264	$1.2B	added0%	−0.03 pp	36 q
BMRNBioMarin Pharmaceuticals Inc	0.70%	15,034,999	$1.2B	added+1%	−0.11 pp	10 q
DELLDell Technologies Inc.	0.68%	22,171,490	$1.1B	trimmed−34%	−0.48 pp	14 q
OVVOvintiv Inc.	0.68%	20,622,137	$1.1B	trimmed−6%	+0.22 pp	9 q
NTRNutrien Ltd.	0.63%	9,905,470	$1.0B	trimmed−31%	−0.04 pp	17 q
CECelanese Corporation	0.62%	7,176,205	$1.0B	added0%	−0.12 pp	36 q
TFCTruist Financial Corporation	0.59%	16,994,992	$964M	added+4%	0.00 pp	36 q
BIDUBaidu, Inc.	0.58%	7,198,655	$952M	added+5%	−0.05 pp	36 q
BKRBaker Hughes Company	0.58%	26,202,996	$954M	trimmed−43%	−0.11 pp	19 q
GEGE Aerospace	0.58%	10,397,312	$951M	added×69.9	+0.57 pp	3 q
TECKTeck Resources Limited	0.57%	23,032,740	$930M	trimmed−4%	+0.14 pp	8 q
ALNYAlnylam Pharmaceuticals, Inc.	0.54%	5,475,668	$894M	added+1%	−0.03 pp	24 q
BAPCredicorp LTD	0.53%	5,115,077	$879M	trimmed−8%	+0.11 pp	7 q
CARRCarrier Global Corporation	0.52%	18,506,790	$849M	trimmed−6%	−0.14 pp	8 q
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF	0.49%	6,648,493	$804M	new	+0.49 pp	new
JDJD.com, Inc.	0.48%	13,739,049	$795M	added+28%	+0.01 pp	26 q
TVGrupo Televisa S.A.	0.46%	65,124,220	$762M	added+1%	+0.08 pp	36 q
ELANElanco Animal Health Incorporated	0.45%	28,587,703	$746M	added+29%	+0.06 pp	3 q
unresolvedAegon NV	0.41%	126,630,712	$670M	added+9%	+0.06 pp	36 q
NTESNetEase, inc.	0.36%	6,624,100	$594M	added×7.1	+0.30 pp	4 q
TRPTC Energy Corporation	0.35%	10,302,500	$581M	added0%	+0.05 pp	7 q
GAPThe Gap, Inc.	0.33%	38,361,478	$540M	added+57%	+0.06 pp	14 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.32%	14,837,774	$523M	trimmed−2%	+0.20 pp	7 q
MDTMedtronic plc	0.31%	4,577,406	$508M	added+2%	+0.02 pp	29 q
unresolvedIi-Vi Inc	0.30%	6,722,041	$487M	added×2.4	+0.18 pp	2 q
XPXP Inc. Class A	0.30%	16,339,385	$492M	added+78%	+0.14 pp	2 q
BHFBrighthouse Financial, Inc.	0.29%	9,378,819	$485M	trimmed−1%	−0.01 pp	19 q
FOXFox Corporation Class B	0.28%	12,801,764	$464M	trimmed−0%	+0.01 pp	13 q
99952EURLinde PLC/OLD	0.27%	1,360,190	$438M	added0%	−0.02 pp	14 q
OTISOtis Worldwide Corporation	0.25%	5,345,622	$411M	trimmed−0%	−0.04 pp	8 q
GOOGLAlphabet Inc. Class A	0.19%	110,063	$306M	trimmed−3%	−0.01 pp	26 q
ZBHZimmer Biomet Holdings, Inc.	0.18%	2,332,915	$298M	new	+0.18 pp	new
LBTYKLiberty Global Ltd. Class C	0.18%	11,596,068	$300M	added0%	−0.02 pp	36 q
LNCLincoln National Corp.	0.17%	4,269,357	$279M	trimmed−1%	−0.01 pp	9 q
LYBLyondellBasell Industries N.V. Class A	0.17%	2,736,731	$281M	trimmed−0%	+0.01 pp	8 q
NWSANews Corporation Class A	0.15%	11,061,683	$245M	trimmed−1%	0.00 pp	35 q
unresolvedQurate Retail Inc	0.15%	50,793,323	$242M	trimmed−1%	−0.09 pp	16 q
MFGPMicro Focus International plc.	0.11%	34,206,002	$181M	trimmed−0%	−0.01 pp	12 q
ITUBItau Unibanco Holding S.A.	0.10%	28,467,305	$163M	added+9%	+0.04 pp	23 q
JXNJackson Financial Inc.	0.09%	3,277,421	$145M	trimmed−14%	−0.01 pp	3 q
LBTYALiberty Global Ltd. Class A	0.08%	4,875,669	$124M	added0%	0.00 pp	36 q
IBNICICI Bank Limited	0.06%	5,603,000	$106M	added×2.0	+0.03 pp	22 q
UNPUnion Pacific Corp.	0.05%	291,626	$80M	trimmed−3%	0.00 pp	36 q
DISThe Walt Disney Company	0.04%	433,796	$59M	trimmed−3%	0.00 pp	36 q
JPMJPMorgan Chase & Co.	0.04%	485,496	$66M	trimmed−8%	−0.01 pp	36 q
AZNNAstrazeneca Plc-spons ADR	0.03%	806,826	$54M	trimmed−1%	0.00 pp	26 q
CDNSCadence Design Systems	0.03%	304,571	$50M	trimmed−3%	−0.01 pp	36 q
FMSFresenius Medical Care AG	0.03%	1,275,400	$43M	new	+0.03 pp	new
CVXChevron Corporation	0.02%	236,588	$39M	trimmed−11%	0.00 pp	36 q
TGTTarget Corporation	0.02%	136,950	$29M	trimmed−1%	0.00 pp	36 q
ADBEAdobe Inc.	0.01%	27,006	$12M	trimmed−9%	0.00 pp	36 q
APAAPA Corporation	0.01%	380,383	$16M	trimmed−38%	0.00 pp	5 q
GLPIGaming and Leisure Properties, Inc.	0.01%	397,789	$19M	new	+0.01 pp	new
HALHalliburton Company	0.01%	586,876	$22M	trimmed−94%	−0.13 pp	36 q
HESHess Corporation	0.01%	116,360	$12M	trimmed−99%	−0.43 pp	12 q
HDHome Depot, Inc.	0.01%	30,076	$9M	trimmed−3%	0.00 pp	36 q
IWDiShares Russell 1000 Value ETF	0.01%	50,300	$8M	added×25.1	+0.01 pp	5 q
LLYEli Lilly & Co.	0.01%	72,713	$21M	trimmed−10%	0.00 pp	36 q
MRKMerck & Co., Inc.	0.01%	200,031	$16M	trimmed−7%	0.00 pp	36 q
PGProcter & Gamble Company	0.01%	103,075	$16M	trimmed−8%	0.00 pp	36 q
TMOThermo Fisher Scientific, Inc.	0.01%	31,604	$19M	held	—	36 q
TRVThe Travelers Companies, Inc.	0.01%	126,085	$23M	trimmed−0%	0.00 pp	36 q
WMTWalmart Inc.	0.01%	86,356	$13M	trimmed−2%	0.00 pp	36 q
ABTAbbott Laboratories	0.00%	18,424	$2M	trimmed−1%	0.00 pp	36 q
ABBVAbbvie Inc.	0.00%	11,278	$2M	trimmed−1%	0.00 pp	36 q
APDAir Products & Chemicals, Inc.	0.00%	3,275	$818,000	held	—	36 q
ALLThe Allstate Corporation	0.00%	2,618	$363,000	trimmed−29%	0.00 pp	36 q
MOAltria Group, Inc.	0.00%	21,000	$1M	held	—	36 q
AMZNAmazon.Com Inc	0.00%	578	$2M	held	—	31 q
AMTAmerican Tower Corporation	0.00%	900	$226,000	trimmed−18%	0.00 pp	8 q
AMPAmeriprise Financial, Inc.	0.00%	1,827	$549,000	held	—	36 q
AMGNAmgen Inc	0.00%	16,607	$4M	held	—	36 q
ADIAnalog Devices, Inc.	0.00%	42,362	$7M	trimmed−12%	−0.01 pp	3 q
ELVElevance Health, Inc.	0.00%	1,100	$540,000	held	—	30 q
AAPLApple Inc.	0.00%	41,156	$7M	held	—	36 q
BALLBall Corporation	0.00%	4,240	$382,000	held	—	15 q
BAXBaxter International Inc.	0.00%	3,382	$262,000	held	—	20 q
BDXBecton, Dickinson and Co.	0.00%	2,280	$606,000	held	—	36 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$3M	held	—	36 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,820	$5M	held	—	36 q
BLQADBlackrock Inc	0.00%	750	$573,000	held	—	15 q
BSXBoston Scientific Corp.	0.00%	120,590	$5M	trimmed−4%	0.00 pp	36 q
KMXCarMax Inc.	0.00%	3,750	$362,000	trimmed−7%	0.00 pp	36 q
CATCaterpillar Inc.	0.00%	31,507	$7M	trimmed−1%	0.00 pp	36 q
CXCemex S.A.B. de C.V.	0.00%	489,900	$3M	added+3%	0.00 pp	36 q
CTASCintas Corp	0.00%	500	$213,000	held	—	2 q
CTXSCitrix Systems Inc	0.00%	3,850	$388,000	trimmed−11%	0.00 pp	36 q
KOCoca-Cola Company	0.00%	25,940	$2M	held	—	36 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	36 q
GLWCorning Incorporated	0.00%	132,002	$5M	trimmed−3%	0.00 pp	36 q
CTVACorteva, Inc.	0.00%	32,091	$2M	trimmed−3%	0.00 pp	12 q
DHRDanaher Corporation	0.00%	18,142	$5M	held	—	31 q
DEDeere & Company	0.00%	13,136	$5M	held	—	36 q
DEODiageo plc	0.00%	14,841	$3M	trimmed−0%	0.00 pp	36 q
DDominion Energy, Inc	0.00%	2,712	$230,000	held	—	2 q
DOWDow Inc.	0.00%	23,078	$1M	trimmed−5%	0.00 pp	12 q
DUKDuke Energy Corporation	0.00%	1,833	$205,000	new	0.00 pp	new
DDDuPont de Nemours, Inc.	0.00%	26,620	$2M	trimmed−22%	0.00 pp	12 q
EBAYeBay Inc	0.00%	33,681	$2M	held	—	36 q
EQIXEquinix, Inc.	0.00%	385	$286,000	held	—	11 q
ERICEricsson	0.00%	29,600	$271,000	trimmed−39%	0.00 pp	36 q
XOMExxon Mobil Corp	0.00%	87,322	$7M	trimmed−31%	0.00 pp	36 q
GISGeneral Mills, Inc.	0.00%	11,200	$758,000	held	—	36 q
GPCGenuine Parts Company	0.00%	8,025	$1M	trimmed−5%	0.00 pp	36 q
HONHoneywell International, Inc.	0.00%	8,019	$2M	trimmed−3%	0.00 pp	36 q
IBMInternational Business Machines Corporation	0.00%	40,564	$5M	trimmed−9%	0.00 pp	36 q
ISRGIntuitive Surgical Inc.	0.00%	747	$225,000	held	—	4 q
JNJJohnson & Johnson	0.00%	25,371	$4M	trimmed−1%	0.00 pp	36 q
LMTLockheed Martin Corp.	0.00%	775	$342,000	held	—	15 q
LOWLowe's Companies Inc.	0.00%	1,000	$202,000	held	—	3 q
MRSHMarsh	0.00%	2,860	$487,000	held	—	31 q
MCDMcDonald's Corporation	0.00%	7,750	$2M	trimmed−5%	0.00 pp	36 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$743,000	held	—	36 q
MCOMoody's Corporation	0.00%	1,702	$574,000	trimmed−8%	0.00 pp	36 q
MSIMotorola Solutions, Inc. New	0.00%	8,627	$2M	held	—	36 q
NTAPNetApp, Inc	0.00%	21,100	$2M	trimmed−9%	0.00 pp	36 q
NEENextEra Energy, Inc.	0.00%	25,000	$2M	held	—	36 q
NOAHNoah Holdings Limited	0.00%	12,500	$294,000	trimmed−38%	0.00 pp	4 q
NSCNorfolk Southern Corp.	0.00%	4,950	$1M	held	—	36 q
NUENucor Corporation	0.00%	7,600	$1M	trimmed−11%	0.00 pp	36 q
OGNOrganon & Co.	0.00%	5,854	$204,000	trimmed−34%	0.00 pp	4 q
PNCPNC Financial Services Group	0.00%	14,275	$3M	held	—	36 q
PPGPPG Industries, Inc.	0.00%	2,200	$288,000	held	—	8 q
PHParker-Hannifin Corporation	0.00%	3,256	$924,000	held	—	36 q
PYPLPayPal Holdings, Inc.	0.00%	26,950	$3M	trimmed−7%	0.00 pp	27 q
PEPPepsiCo, Inc.	0.00%	4,675	$783,000	trimmed−11%	0.00 pp	36 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	15,800	$234,000	held	—	4 q
PFEPfizer Inc.	0.00%	145,885	$8M	trimmed−5%	−0.01 pp	36 q
PMPhilip Morris International Inc.	0.00%	17,000	$2M	held	—	36 q
PSXPhillips 66	0.00%	3,600	$311,000	held	—	36 q
QCOMQualcomm Inc	0.00%	3,500	$535,000	held	—	31 q
RIORio Tinto plc	0.00%	5,200	$418,000	held	—	36 q
SHELShell plc	0.00%	71,724	$4M	new	0.00 pp	new
SPGIS&P Global Inc.	0.00%	5,900	$2M	held	—	24 q
SYKStryker Corporation	0.00%	960	$257,000	held	—	7 q
SNPSSynopsys Inc	0.00%	15,584	$5M	trimmed−1%	0.00 pp	36 q
MMM3M Company	0.00%	10,785	$2M	trimmed−19%	0.00 pp	36 q
TCOMTrip.com Group Limited	0.00%	11,500	$266,000	trimmed−58%	0.00 pp	4 q
USBU.S. Bancorp	0.00%	44,200	$2M	trimmed−15%	0.00 pp	36 q
unresolvedUnilever Spn.Adr 1:1	0.00%	36,471	$2M	held	—	36 q
VZVerizon Communications	0.00%	5,500	$280,000	held	—	36 q
VIPSVipshop Holdings Limited	0.00%	28,747	$259,000	trimmed−60%	0.00 pp	3 q
VVISA Inc.	0.00%	5,150	$1M	held	—	31 q
VMCVulcan Materials Company(Holding Company)	0.00%	29,850	$5M	trimmed−2%	0.00 pp	36 q
YUMCYum China Holdings, Inc.	0.00%	6,000	$249,000	trimmed−51%	0.00 pp	4 q
ZTSZoetis Inc.	0.00%	1,950	$368,000	held	—	8 q
NESRNational Energy Services Reunited Corp.	0.00%	33,700	$283,000	trimmed−47%	0.00 pp	4 q
CBChubb Limited	0.00%	2,069	$443,000	held	—	6 q
TAT&T Inc.	—	−10,937	—	exited	0.00 pp	—
JOYYJOYY Inc.	—	−8,828	—	exited	0.00 pp	—
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	—	−17,100	—	exited	0.00 pp	—
RDS.ARoyal Dutch Shell PLC	—	−74,598	—	exited	0.00 pp	—
SESea Limited	—	−1,500	—	exited	0.00 pp	—
TGSTransportadora de Gas del Sur S.A.	—	−15,600	—	exited	0.00 pp	—