Dodge & Cox

Q4 2022 13F · by David Hoeft, CIO

As of: Dec 31, 2022
Filed: Feb 14, 2023
US stock: $145.8B · prev $132.0B
Positions: 188 · prev 191
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%

Moves153 since the prior filing

+3.7 pp in · −3.7 pp out

New 3 0.00 pp
Added 29 +3.72 pp
Trimmed 115 −3.72 pp
Exited 6 0.00 pp

The book

Diversified · behaves like 55 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.4 years per position

Low
Moderate
High

Top 5 positions17% of US stock

SCHW The Charles Schwab Corporation trimmed+0.04 pp trimmed+0.044.4%
OXY Occidental Petroleum Corporation trimmed−0.40 pp trimmed−0.404.0%
WFC Wells Fargo & Co. trimmed−0.35 pp trimmed−0.353.4%
SNY Sanofi added+0.62 pp added+0.622.8%
JCI Johnson Controls International plc trimmed+0.33 pp trimmed+0.332.8%

Positions188 in this filing · 6 exited


SCHWThe Charles Schwab Corporation	4.42%	77,428,730	$6.4B	trimmed−4%	+0.04 pp	39 q
OXYOccidental Petroleum Corporation	4.02%	92,957,224	$5.9B	trimmed−2%	−0.40 pp	39 q
WFCWells Fargo & Co.	3.36%	118,722,376	$4.9B	trimmed−2%	−0.35 pp	39 q
SNYSanofi	2.80%	84,189,074	$4.1B	added+11%	+0.62 pp	39 q
JCIJohnson Controls International plc	2.75%	62,614,115	$4.0B	trimmed−3%	+0.33 pp	26 q
METMetLife, Inc.	2.66%	53,583,210	$3.9B	trimmed−4%	+0.09 pp	39 q
CIThe Cigna Group	2.62%	11,548,557	$3.8B	trimmed−5%	+0.07 pp	17 q
GOOGAlphabet Inc. Class C	2.61%	42,945,292	$3.8B	added+3%	−0.44 pp	35 q
FISVFiserv, Inc.	2.52%	36,319,244	$3.7B	trimmed−1%	−0.08 pp	9 q
RTXRTX Corporation	2.32%	33,559,257	$3.4B	trimmed−3%	+0.17 pp	27 q
VMWVMware, Inc	2.30%	27,303,151	$3.4B	added0%	+0.10 pp	29 q
COFCapital One Financial	2.25%	35,372,196	$3.3B	trimmed−1%	−0.25 pp	39 q
GEGE Aerospace	2.14%	37,176,656	$3.1B	added0%	+0.40 pp	6 q
GILDGilead Sciences Inc	2.11%	35,885,152	$3.1B	trimmed−1%	+0.41 pp	34 q
FDXFedEx Corporation	2.06%	17,331,895	$3.0B	added+1%	+0.12 pp	39 q
UBSUBS Group AG	2.04%	159,315,717	$3.0B	added+1%	+0.31 pp	18 q
MSFTMicrosoft Corp	2.02%	12,267,927	$2.9B	added+12%	+0.09 pp	39 q
CHTRCharter Comm Inc Del CL A New	1.97%	8,471,513	$2.9B	added+26%	+0.42 pp	27 q
CMCSAComcast Corp	1.91%	79,582,263	$2.8B	trimmed−3%	+0.08 pp	39 q
BNYBank of New York Mellon Corporation	1.87%	59,815,247	$2.7B	added+3%	+0.17 pp	39 q
GSKGSK plc	1.56%	64,932,952	$2.3B	added+11%	+0.25 pp	2 q
GSGoldman Sachs Group Inc.	1.45%	6,143,091	$2.1B	trimmed−17%	−0.19 pp	39 q
CSCOCisco Systems, Inc. (DE)	1.40%	42,926,577	$2.0B	trimmed−7%	0.00 pp	34 q
NVSNovartis AG	1.29%	20,751,372	$1.9B	trimmed−1%	+0.08 pp	39 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.28%	3,528,710	$1.9B	trimmed−7%	−0.18 pp	39 q
0VQJLTe Connectivity Ltd	1.28%	16,247,285	$1.9B	trimmed−4%	−0.13 pp	39 q
FISFidelity National Information Services, Inc.	1.22%	26,220,615	$1.8B	added×2.7	+0.66 pp	3 q
COPConocoPhillips	1.18%	14,539,482	$1.7B	trimmed−29%	−0.42 pp	39 q
STTState Street Corporation	1.17%	21,943,754	$1.7B	trimmed−1%	+0.15 pp	39 q
BKNGBooking Holdings Inc.	1.15%	832,294	$1.7B	trimmed−2%	+0.09 pp	20 q
MCHPMicrochip Technology Inc	1.13%	23,368,666	$1.6B	trimmed−25%	−0.31 pp	18 q
TMUST-Mobile US, Inc.	1.11%	11,590,334	$1.6B	trimmed−27%	−0.50 pp	11 q
REGNRegeneron Pharmaceuticals Inc	1.10%	2,223,059	$1.6B	trimmed−3%	−0.09 pp	5 q
INCYIncyte Genomics Inc	1.07%	19,362,935	$1.6B	trimmed−2%	+0.07 pp	17 q
BUDAnheuser-Busch INBEV SA/NV	1.04%	25,339,671	$1.5B	trimmed−0%	+0.17 pp	5 q
BMRNBioMarin Pharmaceuticals Inc	1.02%	14,383,663	$1.5B	trimmed−3%	+0.07 pp	13 q
HPQHP Inc.	0.97%	52,451,225	$1.4B	trimmed−4%	−0.06 pp	29 q
BACBank of America Corporation	0.96%	42,371,589	$1.4B	trimmed−5%	−0.06 pp	39 q
METAMeta Platforms, Inc. Class A	0.96%	11,674,190	$1.4B	trimmed−1%	−0.25 pp	11 q
TAPMolson Coors Beverage Company Class B	0.96%	27,087,904	$1.4B	trimmed−3%	−0.05 pp	19 q
LYBLyondellBasell Industries N.V. Class A	0.94%	16,568,492	$1.4B	added+15%	+0.12 pp	11 q
SUSuncor Energy, Inc.	0.91%	41,867,454	$1.3B	trimmed−1%	+0.01 pp	26 q
WMBWilliams Companies Inc.	0.89%	39,357,265	$1.3B	trimmed−21%	−0.19 pp	11 q
AMZNAmazon.Com Inc	0.87%	15,060,500	$1.3B	added+61%	+0.07 pp	34 q
BABAAlibaba Group Holding Limited	0.84%	13,979,070	$1.2B	trimmed−1%	−0.02 pp	17 q
FOXAFox Corporation Class A	0.83%	40,067,365	$1.2B	trimmed−6%	−0.16 pp	16 q
BMYBristol-Myers Squibb Co.	0.82%	16,544,344	$1.2B	trimmed−1%	−0.08 pp	39 q
CVSCvs Health Corporation	0.81%	12,600,887	$1.2B	trimmed−6%	−0.16 pp	18 q
CTSHCognizant Technology Solutions	0.80%	20,343,757	$1.2B	trimmed−16%	−0.25 pp	15 q
JNPJuniper Networks Inc	0.78%	35,532,252	$1.1B	trimmed−9%	+0.01 pp	33 q
ALNYAlnylam Pharmaceuticals, Inc.	0.75%	4,590,782	$1.1B	trimmed−6%	+0.01 pp	27 q
OVVOvintiv Inc.	0.75%	21,654,776	$1.1B	trimmed−2%	−0.02 pp	12 q
ELANElanco Animal Health Incorporated	0.71%	84,775,075	$1.0B	added+60%	+0.21 pp	6 q
HMCHonda Motor Co., Ltd.	0.70%	44,339,820	$1.0B	trimmed−3%	−0.04 pp	8 q
TECKTeck Resources Limited	0.70%	27,074,340	$1.0B	added+1%	+0.08 pp	11 q
HPEHewlett Packard Enterprise Company	0.66%	60,642,668	$968M	trimmed−6%	+0.08 pp	29 q
BKRBaker Hughes Company	0.63%	31,006,837	$916M	added+30%	+0.25 pp	22 q
GOOGLAlphabet Inc. Class A	0.57%	9,460,075	$835M	added+58%	+0.14 pp	29 q
TFCTruist Financial Corporation	0.55%	18,796,578	$809M	trimmed−3%	−0.09 pp	39 q
JDJD.com, Inc.	0.54%	14,033,849	$788M	trimmed−8%	−0.04 pp	29 q
NTRNutrien Ltd.	0.54%	10,744,059	$785M	added+4%	−0.11 pp	20 q
DELLDell Technologies Inc.	0.53%	19,217,959	$773M	trimmed−3%	+0.02 pp	17 q
HLNHaleon plc	0.53%	96,509,973	$772M	added+32%	+0.19 pp	2 q
BIDUBaidu, Inc.	0.50%	6,337,655	$725M	trimmed−6%	−0.10 pp	39 q
CECelanese Corporation	0.50%	7,109,524	$727M	trimmed−4%	−0.01 pp	39 q
BAPCredicorp LTD	0.47%	5,104,662	$692M	trimmed−1%	−0.01 pp	10 q
CARRCarrier Global Corporation	0.46%	16,384,156	$676M	trimmed−8%	−0.02 pp	11 q
COHRCoherent Corp.	0.46%	19,056,449	$669M	added+12%	+0.01 pp	2 q
unresolvedAegon NV	0.44%	126,111,395	$636M	trimmed−2%	+0.05 pp	39 q
NTESNetEase, inc.	0.44%	8,796,458	$639M	added+33%	+0.06 pp	7 q
AXPAmerican Express Company	0.43%	4,267,811	$631M	trimmed−28%	−0.18 pp	39 q
ZBHZimmer Biomet Holdings, Inc.	0.43%	4,947,450	$631M	trimmed−8%	+0.01 pp	4 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.41%	14,398,638	$594M	trimmed−1%	−0.03 pp	10 q
DISHDISH Network Corp.	0.38%	39,292,866	$552M	trimmed−0%	−0.03 pp	39 q
PYPLPayPal Holdings, Inc.	0.37%	7,525,650	$536M	trimmed−2%	−0.13 pp	30 q
BHFBrighthouse Financial, Inc.	0.32%	9,095,683	$466M	trimmed−1%	+0.02 pp	22 q
XPXP Inc. Class A	0.31%	29,769,631	$457M	trimmed−0%	−0.12 pp	5 q
99952EURLinde PLC/OLD	0.30%	1,355,190	$443M	held	—	17 q
GAPThe Gap, Inc.	0.29%	37,980,426	$428M	trimmed−1%	+0.05 pp	17 q
OTISOtis Worldwide Corporation	0.28%	5,223,222	$409M	trimmed−1%	+0.03 pp	11 q
TRPTC Energy Corporation	0.28%	10,296,000	$410M	held	—	10 q
FOXFox Corporation Class B	0.23%	11,787,394	$335M	trimmed−5%	−0.04 pp	16 q
GLPIGaming and Leisure Properties, Inc.	0.23%	6,315,711	$329M	added0%	+0.02 pp	4 q
MDTMedtronic plc	0.22%	4,095,059	$318M	trimmed−3%	−0.04 pp	32 q
TVGrupo Televisa S.A.	0.20%	64,848,920	$296M	trimmed−0%	−0.06 pp	39 q
SLBSLB Limited	0.15%	3,972,203	$212M	trimmed−85%	−0.55 pp	39 q
MFGPMicro Focus International plc.	0.14%	33,422,617	$211M	trimmed−1%	−0.01 pp	15 q
NWSANews Corporation Class A	0.13%	10,750,573	$196M	trimmed−1%	+0.01 pp	38 q
LBTYKLiberty Global Ltd. Class C	0.12%	8,961,768	$174M	held	—	39 q
JXNJackson Financial Inc.	0.10%	4,081,506	$142M	trimmed−2%	+0.01 pp	6 q
LNCLincoln National Corp.	0.09%	4,310,762	$132M	added0%	−0.05 pp	12 q
LBTYALiberty Global Ltd. Class A	0.06%	4,875,669	$92M	held	—	39 q
ITUBItau Unibanco Holding S.A.	0.05%	15,276,105	$72M	trimmed−37%	−0.04 pp	26 q
unresolvedQurate Retail Inc	0.05%	48,026,011	$78M	trimmed−3%	−0.03 pp	19 q
FMSFresenius Medical Care AG	0.04%	3,504,200	$57M	added×2.7	+0.03 pp	4 q
JPMJPMorgan Chase & Co.	0.04%	414,000	$56M	trimmed−8%	0.00 pp	39 q
UNPUnion Pacific Corp.	0.04%	275,450	$57M	trimmed−3%	0.00 pp	39 q
CDNSCadence Design Systems	0.03%	297,377	$48M	trimmed−1%	−0.01 pp	39 q
IBNICICI Bank Limited	0.03%	1,983,400	$43M	trimmed−30%	−0.02 pp	25 q
CVXChevron Corporation	0.02%	202,282	$36M	trimmed−8%	0.00 pp	39 q
DISThe Walt Disney Company	0.02%	395,756	$34M	trimmed−6%	−0.01 pp	39 q
LLYEli Lilly & Co.	0.02%	63,687	$23M	trimmed−9%	0.00 pp	39 q
TRVThe Travelers Companies, Inc.	0.02%	117,720	$22M	trimmed−3%	+0.01 pp	39 q
ADBEAdobe Inc.	0.01%	25,046	$8M	trimmed−4%	0.00 pp	39 q
APAAPA Corporation	0.01%	179,450	$8M	trimmed−27%	0.00 pp	8 q
AZNNAstrazeneca Plc-spons ADR	0.01%	308,325	$21M	trimmed−20%	−0.01 pp	29 q
XOMExxon Mobil Corp	0.01%	83,240	$9M	trimmed−1%	0.00 pp	39 q
HALHalliburton Company	0.01%	291,201	$11M	trimmed−24%	0.00 pp	39 q
HESHess Corporation	0.01%	69,132	$10M	trimmed−19%	0.00 pp	15 q
HDHome Depot, Inc.	0.01%	28,467	$9M	trimmed−2%	0.00 pp	39 q
MRKMerck & Co., Inc.	0.01%	175,231	$19M	trimmed−7%	0.00 pp	39 q
PGProcter & Gamble Company	0.01%	99,300	$15M	trimmed−1%	0.00 pp	39 q
TGTTarget Corporation	0.01%	129,692	$19M	trimmed−2%	0.00 pp	39 q
TMOThermo Fisher Scientific, Inc.	0.01%	29,199	$16M	trimmed−6%	0.00 pp	39 q
WMTWalmart Inc.	0.01%	77,180	$11M	trimmed−9%	0.00 pp	39 q
ABTAbbott Laboratories	0.00%	17,857	$2M	trimmed−3%	0.00 pp	39 q
ABBVAbbvie Inc.	0.00%	11,210	$2M	held	—	39 q
APDAir Products & Chemicals, Inc.	0.00%	3,275	$1M	held	—	39 q
ALLThe Allstate Corporation	0.00%	2,618	$355,001	held	—	39 q
MOAltria Group, Inc.	0.00%	21,000	$959,910	held	—	39 q
AMPAmeriprise Financial, Inc.	0.00%	1,827	$568,873	held	—	39 q
AMGNAmgen Inc	0.00%	16,207	$4M	held	—	39 q
ADIAnalog Devices, Inc.	0.00%	37,602	$6M	trimmed−9%	0.00 pp	6 q
ELVElevance Health, Inc.	0.00%	1,100	$564,267	held	—	33 q
AAPLApple Inc.	0.00%	25,156	$3M	trimmed−39%	0.00 pp	39 q
BDXBecton, Dickinson and Co.	0.00%	2,280	$579,804	held	—	39 q
BRK.ABerkshire Hathaway Inc.	0.00%	4	$2M	held	—	39 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,820	$4M	held	—	39 q
BLQADBlackrock Inc	0.00%	750	$531,472	held	—	18 q
BSXBoston Scientific Corp.	0.00%	112,890	$5M	trimmed−2%	0.00 pp	39 q
CATCaterpillar Inc.	0.00%	30,049	$7M	trimmed−4%	0.00 pp	39 q
CXCemex S.A.B. de C.V.	0.00%	579,800	$2M	added+4%	0.00 pp	39 q
CTASCintas Corp	0.00%	500	$225,810	new	0.00 pp	new
KOCoca-Cola Company	0.00%	24,635	$2M	held	—	39 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	39 q
GLWCorning Incorporated	0.00%	103,292	$3M	trimmed−6%	0.00 pp	39 q
CTVACorteva, Inc.	0.00%	27,751	$2M	trimmed−5%	0.00 pp	15 q
DHRDanaher Corporation	0.00%	17,232	$5M	trimmed−5%	0.00 pp	34 q
DEDeere & Company	0.00%	12,436	$5M	held	—	39 q
DEODiageo plc	0.00%	14,541	$3M	held	—	39 q
DOWDow Inc.	0.00%	19,739	$994,648	trimmed−6%	0.00 pp	15 q
DDDuPont de Nemours, Inc.	0.00%	22,398	$2M	trimmed−5%	0.00 pp	15 q
EBAYeBay Inc	0.00%	30,110	$1M	trimmed−8%	0.00 pp	39 q
GISGeneral Mills, Inc.	0.00%	11,200	$939,120	held	—	39 q
GPCGenuine Parts Company	0.00%	7,225	$1M	held	—	39 q
HONHoneywell International, Inc.	0.00%	8,019	$2M	held	—	39 q
IBMInternational Business Machines Corporation	0.00%	36,814	$5M	trimmed−3%	0.00 pp	39 q
JNJJohnson & Johnson	0.00%	21,817	$4M	trimmed−9%	0.00 pp	39 q
BEKEKE Holdings Inc.	0.00%	30,500	$425,780	added+41%	0.00 pp	3 q
LVSLas Vegas Sands Corp.	0.00%	28,400	$1M	trimmed−98%	−0.04 pp	2 q
Liberty Media Corpconvertible	0.00%	550,000	$678,922	held	—	3 q
LMTLockheed Martin Corp.	0.00%	775	$377,030	held	—	18 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.00%	19,200	$131,520	new	0.00 pp	new
MCDMcDonald's Corporation	0.00%	7,450	$2M	held	—	39 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$789,136	held	—	39 q
MCOMoody's Corporation	0.00%	1,702	$474,211	held	—	39 q
MSIMotorola Solutions, Inc. New	0.00%	8,627	$2M	held	—	39 q
NTAPNetApp, Inc	0.00%	6,500	$390,390	trimmed−34%	0.00 pp	39 q
NEENextEra Energy, Inc.	0.00%	24,000	$2M	trimmed−4%	0.00 pp	39 q
NOAHNoah Holdings Limited	0.00%	11,200	$173,600	held	—	7 q
NSCNorfolk Southern Corp.	0.00%	3,550	$874,791	trimmed−28%	0.00 pp	39 q
NUENucor Corporation	0.00%	6,800	$896,308	trimmed−7%	0.00 pp	39 q
PNCPNC Financial Services Group	0.00%	14,275	$2M	held	—	39 q
PPGPPG Industries, Inc.	0.00%	2,200	$276,628	held	—	11 q
PHParker-Hannifin Corporation	0.00%	3,256	$947,496	held	—	39 q
PEPPepsiCo, Inc.	0.00%	3,575	$645,860	trimmed−12%	0.00 pp	39 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	14,100	$150,165	held	—	7 q
PFEPfizer Inc.	0.00%	123,685	$6M	trimmed−13%	0.00 pp	39 q
PMPhilip Morris International Inc.	0.00%	17,000	$2M	held	—	39 q
PSXPhillips 66	0.00%	2,600	$270,608	trimmed−28%	0.00 pp	39 q
RIORio Tinto plc	0.00%	5,200	$370,240	held	—	39 q
SHELShell plc	0.00%	64,646	$4M	trimmed−3%	0.00 pp	4 q
SPGIS&P Global Inc.	0.00%	5,800	$2M	held	—	27 q
SNPSSynopsys Inc	0.00%	13,730	$4M	trimmed−11%	0.00 pp	39 q
MMM3M Company	0.00%	9,224	$1M	held	—	39 q
TCOMTrip.com Group Limited	0.00%	20,900	$718,960	new	0.00 pp	new
USBU.S. Bancorp	0.00%	40,400	$2M	held	—	39 q
unresolvedUnilever Spn.Adr 1:1	0.00%	24,971	$1M	trimmed−22%	0.00 pp	39 q
VZVerizon Communications	0.00%	5,500	$216,700	held	—	39 q
VIPSVipshop Holdings Limited	0.00%	36,247	$494,409	added+32%	0.00 pp	6 q
VVISA Inc.	0.00%	1,750	$363,580	trimmed−66%	0.00 pp	34 q
VMCVulcan Materials Company(Holding Company)	0.00%	26,200	$5M	trimmed−5%	0.00 pp	39 q
YUMCYum China Holdings, Inc.	0.00%	13,845	$756,629	added×2.4	0.00 pp	7 q
ZTSZoetis Inc.	0.00%	1,950	$285,772	held	—	11 q
GPRKGeopark Limited	0.00%	22,500	$347,625	held	—	2 q
NESRNational Energy Services Reunited Corp.	0.00%	120,701	$837,665	added+5%	0.00 pp	7 q
CBChubb Limited	0.00%	1,407	$310,384	trimmed−32%	0.00 pp	9 q
CPACopa Holdings, S.A.	0.00%	8,300	$690,311	trimmed−24%	0.00 pp	2 q
BALLBall Corporation	—	−4,240	—	exited	0.00 pp	—
KMXCarMax Inc.	—	−3,350	—	exited	0.00 pp	—
CTXSCitrix Systems Inc	—	−3,850	—	exited	0.00 pp	—
EQIXEquinix, Inc.	—	−385	—	exited	0.00 pp	—
MRSHMarsh	—	−2,860	—	exited	0.00 pp	—
QCOMQualcomm Inc	—	−3,500	—	exited	0.00 pp	—