Dodge & Cox

Q3 2022 13F · by David Hoeft, CIO

As of: Sep 30, 2022
Filed: Nov 10, 2022
US stock: $132.0B · prev $144.5B
Positions: 191 · prev 211
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%

Moves171 since the prior filing

+5.4 pp in · −5.3 pp out

New 6 +2.14 pp
Added 31 +3.26 pp
Trimmed 108 −2.53 pp
Exited 26 −2.77 pp

The book

Diversified · behaves like 55 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.0 years per position

Low
Moderate
High

Top 5 positions18% of US stock

OXY Occidental Petroleum Corporation trimmed+0.41 pp trimmed+0.414.4%
SCHW The Charles Schwab Corporation added+0.92 pp added+0.924.4%
WFC Wells Fargo & Co. trimmed+0.37 pp trimmed+0.373.7%
GOOG Alphabet Inc. Class C trimmed−0.14 pp trimmed−0.143.0%
FISV Fiserv, Inc. trimmed+0.31 pp trimmed+0.312.6%

Positions191 in this filing · 26 exited


OXYOccidental Petroleum Corporation	4.42%	94,978,388	$5.8B	trimmed−4%	+0.41 pp	38 q
SCHWThe Charles Schwab Corporation	4.38%	80,511,141	$5.8B	added+2%	+0.92 pp	38 q
WFCWells Fargo & Co.	3.71%	121,626,354	$4.9B	trimmed−1%	+0.37 pp	38 q
GOOGAlphabet Inc. Class C	3.05%	41,804,172	$4.0B	trimmed−1%	−0.14 pp	34 q
FISVFiserv, Inc.	2.60%	36,667,839	$3.4B	trimmed−1%	+0.31 pp	8 q
METMetLife, Inc.	2.57%	55,816,110	$3.4B	trimmed−2%	+0.09 pp	38 q
CIThe Cigna Group	2.55%	12,105,826	$3.4B	trimmed−27%	−0.49 pp	16 q
COFCapital One Financial	2.50%	35,831,626	$3.3B	added+1%	−0.06 pp	38 q
JCIJohnson Controls International plc	2.42%	64,804,158	$3.2B	added0%	+0.27 pp	25 q
VMWVMware, Inc	2.20%	27,268,625	$2.9B	trimmed−3%	−0.01 pp	28 q
SNYSanofi	2.18%	75,650,666	$2.9B	trimmed−2%	−0.49 pp	38 q
RTXRTX Corporation	2.15%	34,591,437	$2.8B	trimmed−5%	−0.28 pp	26 q
FDXFedEx Corporation	1.94%	17,241,695	$2.6B	trimmed−1%	−0.79 pp	38 q
MSFTMicrosoft Corp	1.93%	10,949,702	$2.6B	added+13%	+0.20 pp	38 q
CMCSAComcast Corp	1.83%	82,356,579	$2.4B	trimmed−3%	−0.48 pp	38 q
GEGE Aerospace	1.74%	37,085,456	$2.3B	added+28%	+0.46 pp	5 q
UBSUBS Group AG	1.73%	157,604,317	$2.3B	added+3%	+0.02 pp	17 q
BNYBank of New York Mellon Corporation	1.70%	58,081,712	$2.2B	trimmed−1%	0.00 pp	38 q
GILDGilead Sciences Inc	1.70%	36,369,252	$2.2B	trimmed−2%	+0.12 pp	33 q
GSGoldman Sachs Group Inc.	1.64%	7,380,249	$2.2B	trimmed−4%	+0.06 pp	38 q
TMUST-Mobile US, Inc.	1.61%	15,873,156	$2.1B	trimmed−5%	+0.05 pp	10 q
COPConocoPhillips	1.60%	20,600,222	$2.1B	trimmed−2%	+0.30 pp	38 q
CHTRCharter Comm Inc Del CL A New	1.55%	6,725,271	$2.0B	trimmed−1%	−0.64 pp	26 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.46%	3,802,415	$1.9B	trimmed−6%	+0.02 pp	38 q
MCHPMicrochip Technology Inc	1.44%	31,103,061	$1.9B	trimmed−3%	+0.14 pp	17 q
0VQJLTe Connectivity Ltd	1.41%	16,911,094	$1.9B	trimmed−1%	+0.07 pp	38 q
CSCOCisco Systems, Inc. (DE)	1.40%	46,304,027	$1.9B	trimmed−2%	+0.01 pp	33 q
GSKGSK plc	1.31%	58,583,989	$1.7B	new	+1.31 pp	new
METAMeta Platforms, Inc. Class A	1.21%	11,765,521	$1.6B	added0%	−0.10 pp	10 q
NVSNovartis AG	1.21%	21,048,657	$1.6B	trimmed−7%	−0.11 pp	38 q
REGNRegeneron Pharmaceuticals Inc	1.19%	2,286,509	$1.6B	added+1%	+0.26 pp	4 q
WMBWilliams Companies Inc.	1.08%	49,730,496	$1.4B	trimmed−21%	−0.27 pp	10 q
BKNGBooking Holdings Inc.	1.06%	851,874	$1.4B	added0%	+0.03 pp	19 q
CTSHCognizant Technology Solutions	1.05%	24,105,846	$1.4B	trimmed−13%	−0.24 pp	14 q
HPQHP Inc.	1.03%	54,438,979	$1.4B	trimmed−8%	−0.31 pp	28 q
BACBank of America Corporation	1.02%	44,585,789	$1.3B	added0%	+0.06 pp	38 q
STTState Street Corporation	1.02%	22,053,429	$1.3B	trimmed−1%	+0.07 pp	38 q
TAPMolson Coors Beverage Company Class B	1.01%	27,799,136	$1.3B	trimmed−4%	−0.09 pp	18 q
INCYIncyte Genomics Inc	1.00%	19,793,400	$1.3B	trimmed−1%	−0.06 pp	16 q
FOXAFox Corporation Class A	0.99%	42,493,512	$1.3B	trimmed−9%	−0.04 pp	15 q
CVSCvs Health Corporation	0.97%	13,472,772	$1.3B	trimmed−2%	+0.09 pp	17 q
BMRNBioMarin Pharmaceuticals Inc	0.95%	14,773,963	$1.3B	trimmed−2%	+0.09 pp	12 q
BMYBristol-Myers Squibb Co.	0.90%	16,775,562	$1.2B	trimmed−9%	−0.08 pp	38 q
SUSuncor Energy, Inc.	0.90%	42,171,854	$1.2B	added+1%	−0.11 pp	25 q
BUDAnheuser-Busch INBEV SA/NV	0.87%	25,373,746	$1.1B	added+6%	−0.02 pp	4 q
BABAAlibaba Group Holding Limited	0.86%	14,174,270	$1.1B	added+15%	−0.11 pp	16 q
LYBLyondellBasell Industries N.V. Class A	0.82%	14,438,133	$1.1B	added×5.6	+0.66 pp	10 q
AMZNAmazon.Com Inc	0.80%	9,364,955	$1.1B	added×810.1	+0.80 pp	33 q
JNPJuniper Networks Inc	0.77%	38,850,758	$1.0B	trimmed−5%	−0.03 pp	32 q
OVVOvintiv Inc.	0.77%	22,144,676	$1.0B	trimmed−0%	+0.09 pp	11 q
ALNYAlnylam Pharmaceuticals, Inc.	0.74%	4,889,297	$979M	trimmed−7%	+0.21 pp	26 q
HMCHonda Motor Co., Ltd.	0.74%	45,493,570	$982M	trimmed−4%	−0.05 pp	7 q
SLBSLB Limited	0.70%	25,705,473	$923M	trimmed−12%	−0.02 pp	38 q
NTRNutrien Ltd.	0.65%	10,341,859	$862M	added+3%	+0.10 pp	19 q
TFCTruist Financial Corporation	0.64%	19,406,221	$845M	added+2%	+0.01 pp	38 q
TECKTeck Resources Limited	0.62%	26,715,331	$812M	added+16%	+0.13 pp	10 q
AXPAmerican Express Company	0.61%	5,939,589	$801M	trimmed−9%	−0.02 pp	38 q
BIDUBaidu, Inc.	0.60%	6,743,055	$792M	added+2%	−0.08 pp	38 q
HPEHewlett Packard Enterprise Company	0.58%	64,414,372	$772M	trimmed−38%	−0.37 pp	28 q
JDJD.com, Inc.	0.58%	15,315,449	$770M	added+1%	−0.10 pp	28 q
FISFidelity National Information Services, Inc.	0.56%	9,843,805	$744M	added+58%	+0.16 pp	2 q
CECelanese Corporation	0.51%	7,424,644	$671M	added+4%	−0.07 pp	38 q
DELLDell Technologies Inc.	0.51%	19,762,839	$675M	trimmed−5%	−0.15 pp	16 q
ELANElanco Animal Health Incorporated	0.50%	53,001,340	$658M	added+8%	−0.17 pp	5 q
PYPLPayPal Holdings, Inc.	0.50%	7,645,175	$658M	trimmed−1%	+0.13 pp	29 q
CARRCarrier Global Corporation	0.48%	17,723,181	$630M	trimmed−4%	+0.03 pp	10 q
BAPCredicorp LTD	0.48%	5,161,762	$634M	added+3%	+0.06 pp	9 q
COHRCoherent Corp.	0.45%	17,045,517	$594M	new	+0.45 pp	new
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.44%	14,506,663	$575M	trimmed−2%	+0.06 pp	9 q
GOOGLAlphabet Inc. Class A	0.43%	5,997,670	$574M	trimmed−1%	−0.03 pp	28 q
XPXP Inc. Class A	0.43%	29,866,731	$568M	added+3%	+0.07 pp	4 q
ZBHZimmer Biomet Holdings, Inc.	0.42%	5,354,500	$560M	trimmed−1%	+0.03 pp	3 q
DISHDISH Network Corp.	0.41%	39,364,166	$544M	trimmed−1%	−0.08 pp	38 q
unresolvedAegon NV	0.39%	128,828,797	$510M	added+1%	0.00 pp	38 q
BKRBaker Hughes Company	0.38%	23,914,354	$501M	added+2%	−0.09 pp	21 q
NTESNetEase, inc.	0.38%	6,627,500	$501M	added+1%	−0.05 pp	6 q
HLNHaleon plc	0.34%	73,365,572	$447M	new	+0.34 pp	new
TRPTC Energy Corporation	0.31%	10,296,000	$415M	trimmed−0%	−0.06 pp	9 q
BHFBrighthouse Financial, Inc.	0.30%	9,194,494	$399M	trimmed−1%	+0.04 pp	21 q
99952EURLinde PLC/OLD	0.28%	1,355,190	$371M	held	—	16 q
FOXFox Corporation Class B	0.27%	12,450,207	$355M	trimmed−2%	+0.01 pp	15 q
TVGrupo Televisa S.A.	0.26%	64,998,920	$350M	held	—	38 q
MDTMedtronic plc	0.26%	4,214,621	$340M	trimmed−8%	−0.03 pp	31 q
OTISOtis Worldwide Corporation	0.25%	5,256,622	$335M	trimmed−2%	−0.01 pp	10 q
GAPThe Gap, Inc.	0.24%	38,268,126	$314M	trimmed−1%	+0.02 pp	16 q
GLPIGaming and Leisure Properties, Inc.	0.21%	6,304,039	$279M	trimmed−1%	+0.01 pp	3 q
MFGPMicro Focus International plc.	0.15%	33,783,235	$193M	trimmed−1%	+0.07 pp	14 q
LNCLincoln National Corp.	0.14%	4,290,512	$188M	trimmed−0%	0.00 pp	11 q
NWSANews Corporation Class A	0.12%	10,880,223	$164M	trimmed−2%	0.00 pp	37 q
LBTYKLiberty Global Ltd. Class C	0.11%	8,961,768	$148M	trimmed−21%	−0.06 pp	38 q
ITUBItau Unibanco Holding S.A.	0.09%	24,151,505	$125M	trimmed−15%	+0.01 pp	25 q
JXNJackson Financial Inc.	0.09%	4,167,606	$116M	added0%	+0.01 pp	5 q
unresolvedQurate Retail Inc	0.08%	49,354,711	$99M	trimmed−1%	−0.02 pp	18 q
LBTYALiberty Global Ltd. Class A	0.06%	4,875,669	$76M	held	—	38 q
IBNICICI Bank Limited	0.05%	2,833,000	$59M	trimmed−14%	+0.01 pp	24 q
CDNSCadence Design Systems	0.04%	299,080	$49M	trimmed−2%	+0.01 pp	38 q
JPMJPMorgan Chase & Co.	0.04%	452,360	$47M	trimmed−3%	0.00 pp	38 q
LVSLas Vegas Sands Corp.	0.04%	1,435,058	$54M	new	+0.04 pp	new
UNPUnion Pacific Corp.	0.04%	283,022	$55M	trimmed−1%	0.00 pp	38 q
DISThe Walt Disney Company	0.03%	421,121	$40M	trimmed−2%	0.00 pp	38 q
AZNNAstrazeneca Plc-spons ADR	0.02%	386,365	$21M	trimmed−23%	0.00 pp	28 q
CVXChevron Corporation	0.02%	220,508	$32M	trimmed−3%	0.00 pp	38 q
LLYEli Lilly & Co.	0.02%	69,694	$23M	trimmed−2%	0.00 pp	38 q
ADBEAdobe Inc.	0.01%	26,046	$7M	trimmed−2%	0.00 pp	38 q
APAAPA Corporation	0.01%	245,473	$8M	trimmed−15%	0.00 pp	7 q
XOMExxon Mobil Corp	0.01%	84,260	$7M	trimmed−1%	0.00 pp	38 q
FMSFresenius Medical Care AG	0.01%	1,275,400	$18M	held	—	3 q
HALHalliburton Company	0.01%	381,301	$9M	trimmed−15%	0.00 pp	38 q
HESHess Corporation	0.01%	85,560	$9M	trimmed−14%	0.00 pp	14 q
HDHome Depot, Inc.	0.01%	29,173	$8M	trimmed−2%	0.00 pp	38 q
MRKMerck & Co., Inc.	0.01%	189,331	$16M	trimmed−2%	0.00 pp	38 q
PGProcter & Gamble Company	0.01%	100,000	$13M	trimmed−1%	0.00 pp	38 q
TGTTarget Corporation	0.01%	132,317	$20M	trimmed−1%	0.00 pp	38 q
TMOThermo Fisher Scientific, Inc.	0.01%	31,029	$16M	trimmed−2%	0.00 pp	38 q
TRVThe Travelers Companies, Inc.	0.01%	121,775	$19M	trimmed−2%	0.00 pp	38 q
WMTWalmart Inc.	0.01%	85,190	$11M	trimmed−0%	0.00 pp	38 q
ABTAbbott Laboratories	0.00%	18,324	$2M	held	—	38 q
ABBVAbbvie Inc.	0.00%	11,210	$2M	added0%	0.00 pp	38 q
APDAir Products & Chemicals, Inc.	0.00%	3,275	$762,000	held	—	38 q
ALLThe Allstate Corporation	0.00%	2,618	$326,000	held	—	38 q
MOAltria Group, Inc.	0.00%	21,000	$848,000	held	—	38 q
AMPAmeriprise Financial, Inc.	0.00%	1,827	$460,000	held	—	38 q
AMGNAmgen Inc	0.00%	16,207	$4M	trimmed−2%	0.00 pp	38 q
ADIAnalog Devices, Inc.	0.00%	41,141	$6M	trimmed−2%	0.00 pp	5 q
ELVElevance Health, Inc.	0.00%	1,100	$500,000	held	—	32 q
AAPLApple Inc.	0.00%	41,156	$6M	held	—	38 q
BALLBall Corporation	0.00%	4,240	$205,000	held	—	17 q
BDXBecton, Dickinson and Co.	0.00%	2,280	$508,000	held	—	38 q
BRK.ABerkshire Hathaway Inc.	0.00%	4	$2M	trimmed−20%	0.00 pp	38 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,820	$3M	held	—	38 q
BLQADBlackrock Inc	0.00%	750	$413,000	held	—	17 q
BSXBoston Scientific Corp.	0.00%	115,590	$4M	trimmed−4%	0.00 pp	38 q
KMXCarMax Inc.	0.00%	3,350	$221,000	trimmed−54%	0.00 pp	38 q
CATCaterpillar Inc.	0.00%	31,437	$5M	held	—	38 q
CXCemex S.A.B. de C.V.	0.00%	559,300	$2M	held	—	38 q
CTXSCitrix Systems Inc	0.00%	3,850	$400,000	held	—	38 q
KOCoca-Cola Company	0.00%	24,635	$1M	trimmed−2%	0.00 pp	38 q
CLColgate-Palmolive Company	0.00%	14,000	$984,000	held	—	38 q
GLWCorning Incorporated	0.00%	110,009	$3M	trimmed−7%	0.00 pp	38 q
CTVACorteva, Inc.	0.00%	29,178	$2M	trimmed−9%	0.00 pp	14 q
DHRDanaher Corporation	0.00%	18,142	$5M	held	—	33 q
DEDeere & Company	0.00%	12,436	$4M	trimmed−1%	0.00 pp	38 q
DEODiageo plc	0.00%	14,541	$2M	trimmed−2%	0.00 pp	38 q
DOWDow Inc.	0.00%	21,059	$925,000	trimmed−6%	0.00 pp	14 q
DDDuPont de Nemours, Inc.	0.00%	23,507	$1M	trimmed−8%	0.00 pp	14 q
EBAYeBay Inc	0.00%	32,610	$1M	trimmed−3%	0.00 pp	38 q
EQIXEquinix, Inc.	0.00%	385	$219,000	held	—	13 q
GISGeneral Mills, Inc.	0.00%	11,200	$858,000	held	—	38 q
GPCGenuine Parts Company	0.00%	7,225	$1M	trimmed−4%	0.00 pp	38 q
HONHoneywell International, Inc.	0.00%	8,019	$1M	held	—	38 q
IBMInternational Business Machines Corporation	0.00%	38,014	$5M	trimmed−2%	0.00 pp	38 q
JNJJohnson & Johnson	0.00%	23,917	$4M	trimmed−4%	0.00 pp	38 q
BEKEKE Holdings Inc.	0.00%	21,600	$378,000	trimmed−42%	0.00 pp	2 q
Liberty Media Corpconvertible	0.00%	550,000	$662,000	held	—	2 q
LMTLockheed Martin Corp.	0.00%	775	$299,000	held	—	17 q
MRSHMarsh	0.00%	2,860	$427,000	held	—	33 q
MCDMcDonald's Corporation	0.00%	7,450	$2M	trimmed−3%	0.00 pp	38 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$649,000	held	—	38 q
MCOMoody's Corporation	0.00%	1,702	$414,000	held	—	38 q
MSIMotorola Solutions, Inc. New	0.00%	8,627	$2M	held	—	38 q
NTAPNetApp, Inc	0.00%	9,900	$612,000	trimmed−7%	0.00 pp	38 q
NEENextEra Energy, Inc.	0.00%	25,000	$2M	held	—	38 q
NOAHNoah Holdings Limited	0.00%	11,200	$148,000	trimmed−10%	0.00 pp	6 q
NSCNorfolk Southern Corp.	0.00%	4,950	$1M	held	—	38 q
NUENucor Corporation	0.00%	7,300	$781,000	held	—	38 q
PNCPNC Financial Services Group	0.00%	14,275	$2M	held	—	38 q
PPGPPG Industries, Inc.	0.00%	2,200	$244,000	held	—	10 q
PHParker-Hannifin Corporation	0.00%	3,256	$789,000	held	—	38 q
PEPPepsiCo, Inc.	0.00%	4,075	$665,000	trimmed−11%	0.00 pp	38 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	14,100	$174,000	held	—	6 q
PFEPfizer Inc.	0.00%	142,186	$6M	trimmed−3%	−0.01 pp	38 q
PMPhilip Morris International Inc.	0.00%	17,000	$1M	held	—	38 q
PSXPhillips 66	0.00%	3,600	$291,000	held	—	38 q
QCOMQualcomm Inc	0.00%	3,500	$395,000	held	—	33 q
RIORio Tinto plc	0.00%	5,200	$286,000	held	—	38 q
SHELShell plc	0.00%	66,321	$3M	trimmed−1%	0.00 pp	3 q
SPGIS&P Global Inc.	0.00%	5,800	$2M	held	—	26 q
SNPSSynopsys Inc	0.00%	15,484	$5M	held	—	38 q
MMM3M Company	0.00%	9,224	$1M	trimmed−9%	0.00 pp	38 q
USBU.S. Bancorp	0.00%	40,400	$2M	trimmed−2%	0.00 pp	38 q
unresolvedUnilever Spn.Adr 1:1	0.00%	31,971	$1M	held	—	38 q
VZVerizon Communications	0.00%	5,500	$209,000	held	—	38 q
VIPSVipshop Holdings Limited	0.00%	27,447	$231,000	trimmed−5%	0.00 pp	5 q
VVISA Inc.	0.00%	5,150	$915,000	trimmed−33%	0.00 pp	33 q
VMCVulcan Materials Company(Holding Company)	0.00%	27,500	$4M	trimmed−5%	0.00 pp	38 q
YUMCYum China Holdings, Inc.	0.00%	5,745	$272,000	trimmed−57%	0.00 pp	6 q
ZTSZoetis Inc.	0.00%	1,950	$289,000	held	—	10 q
GPRKGeopark Limited	0.00%	22,500	$264,000	new	0.00 pp	new
NESRNational Energy Services Reunited Corp.	0.00%	114,701	$681,000	added×2.6	0.00 pp	6 q
CBChubb Limited	0.00%	2,069	$376,000	held	—	8 q
CPACopa Holdings, S.A.	0.00%	10,900	$730,000	new	0.00 pp	new
unresolvedGlaxosmithkline PLC	—	−74,242,722	—	exited	−2.24 pp	—
unresolvedIi-Vi Inc	—	−11,141,301	—	exited	−0.39 pp	—
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF	—	−1,795,988	—	exited	−0.14 pp	—
ALSNAllison Transmission Holdings, Inc.	—	−7,000	—	exited	0.00 pp	—
AMTAmerican Tower Corporation	—	−900	—	exited	0.00 pp	—
NLYAnnaly Capital Management. Inc.	—	−19,750	—	exited	0.00 pp	—
BAXBaxter International Inc.	—	−3,382	—	exited	0.00 pp	—
RABrookfield Real Assets Income Fund Inc.	—	−20,000	—	exited	0.00 pp	—
CNNECannae Holdings, Inc.	—	−20,000	—	exited	0.00 pp	—
ERICEricsson	—	−17,700	—	exited	0.00 pp	—
ITGartner, Inc.	—	−2,000	—	exited	0.00 pp	—
HTGCHercules Capital, Inc.	—	−20,000	—	exited	0.00 pp	—
LTRPALiberty TripAdvisor Holdings, Inc. Series A	—	−170,000	—	exited	0.00 pp	—
MACThe Macerich Company	—	−15,000	—	exited	0.00 pp	—
VACMarriott Vacations Worldwide Corporation	—	−2,000	—	exited	0.00 pp	—
Marriott Vacation Worldwconvertible	—	−750,000	—	exited	0.00 pp	—
FSCOaktree Specialty Lending Corporation	—	−70,000	—	exited	0.00 pp	—
ROPRoper Technologies, Inc.	—	−900	—	exited	0.00 pp	—
SSNCSS&C Technologies Inc	—	−9,600	—	exited	0.00 pp	—
SLRCSLR Investment Corp.	—	−10,000	—	exited	0.00 pp	—
THOThor Industries, Inc.	—	−5,000	—	exited	0.00 pp	—
TNLTravel + Leisure Co.	—	−7,000	—	exited	0.00 pp	—
TCOMTrip.com Group Limited	—	−34,500	—	exited	0.00 pp	—
WBDWarner Bros. Discovery, Inc. Series A	—	−26,653	—	exited	0.00 pp	—
WTMWhite Mountains Insurance Group Ltd.	—	−300	—	exited	0.00 pp	—
ATCOAtlas Corp	—	−20,000	—	exited	0.00 pp	—