Dodge & Cox

Q1 2023 13F · by David Hoeft, CIO

As of: Mar 31, 2023
Filed: May 12, 2023
US stock: $146.8B · prev $145.8B
Positions: 203 · prev 188
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%

Moves173 since the prior filing

+0.8 pp in · −0.9 pp out

New 18 +1.81 pp
Added 44 −1.00 pp
Trimmed 108 −0.42 pp
Exited 3 −0.44 pp

The book

Diversified · behaves like 57 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.1 years per position

Low
Moderate
High

Top 5 positions16% of US stock

OXY Occidental Petroleum Corporation trimmed−0.10 pp trimmed−0.103.9%
GOOG Alphabet Inc. Class C added+0.47 pp added+0.473.1%
WFC Wells Fargo & Co. added−0.29 pp added−0.293.1%
SNY Sanofi trimmed+0.26 pp trimmed+0.263.1%
SCHW The Charles Schwab Corporation added−1.62 pp added−1.622.8%

Positions203 in this filing · 3 exited


OXYOccidental Petroleum Corporation	3.92%	92,156,069	$5.8B	trimmed−1%	−0.10 pp	40 q
GOOGAlphabet Inc. Class C	3.08%	43,488,919	$4.5B	added+1%	+0.47 pp	36 q
WFCWells Fargo & Co.	3.07%	120,385,253	$4.5B	added+1%	−0.29 pp	40 q
SNYSanofi	3.06%	82,517,326	$4.5B	trimmed−2%	+0.26 pp	40 q
SCHWThe Charles Schwab Corporation	2.80%	78,462,490	$4.1B	added+1%	−1.62 pp	40 q
FISVFiserv, Inc.	2.79%	36,250,709	$4.1B	trimmed−0%	+0.27 pp	10 q
FDXFedEx Corporation	2.63%	16,885,389	$3.9B	trimmed−3%	+0.57 pp	40 q
JCIJohnson Controls International plc	2.55%	62,220,537	$3.7B	trimmed−1%	−0.20 pp	27 q
MSFTMicrosoft Corp	2.39%	12,181,618	$3.5B	trimmed−1%	+0.37 pp	40 q
COFCapital One Financial	2.30%	35,170,355	$3.4B	trimmed−1%	+0.05 pp	40 q
VMWVMware, Inc	2.26%	26,621,128	$3.3B	trimmed−3%	−0.04 pp	30 q
GEGE Aerospace	2.25%	34,581,481	$3.3B	trimmed−7%	+0.11 pp	7 q
UBSUBS Group AG	2.24%	155,111,813	$3.3B	trimmed−3%	+0.20 pp	19 q
RTXRTX Corporation	2.23%	33,399,832	$3.3B	trimmed−0%	−0.09 pp	28 q
METMetLife, Inc.	2.13%	54,069,754	$3.1B	added+1%	−0.53 pp	40 q
CHTRCharter Comm Inc Del CL A New	2.12%	8,683,257	$3.1B	added+3%	+0.15 pp	28 q
CMCSAComcast Corp	2.01%	77,718,806	$2.9B	trimmed−2%	+0.10 pp	40 q
CIThe Cigna Group	2.00%	11,462,143	$2.9B	trimmed−1%	−0.62 pp	18 q
GILDGilead Sciences Inc	1.96%	34,701,762	$2.9B	trimmed−3%	−0.15 pp	35 q
BNYBank of New York Mellon Corporation	1.85%	59,834,458	$2.7B	added0%	−0.02 pp	40 q
GSKGSK plc	1.69%	69,707,068	$2.5B	added+7%	+0.13 pp	3 q
CSCOCisco Systems, Inc. (DE)	1.50%	41,985,724	$2.2B	trimmed−2%	+0.10 pp	35 q
BKNGBooking Holdings Inc.	1.49%	826,731	$2.2B	trimmed−1%	+0.34 pp	21 q
0VQJLTe Connectivity Ltd	1.44%	16,140,880	$2.1B	trimmed−1%	+0.16 pp	40 q
REGNRegeneron Pharmaceuticals Inc	1.34%	2,384,701	$2.0B	added+7%	+0.24 pp	6 q
MCHPMicrochip Technology Inc	1.31%	22,899,386	$1.9B	trimmed−2%	+0.18 pp	19 q
AMZNAmazon.Com Inc	1.29%	18,360,370	$1.9B	added+22%	+0.42 pp	35 q
GSGoldman Sachs Group Inc.	1.28%	5,740,305	$1.9B	trimmed−7%	−0.17 pp	40 q
NVSNovartis AG	1.27%	20,312,680	$1.9B	trimmed−2%	−0.02 pp	40 q
BUDAnheuser-Busch INBEV SA/NV	1.15%	25,302,353	$1.7B	trimmed−0%	+0.11 pp	6 q
STTState Street Corporation	1.13%	21,830,987	$1.7B	trimmed−1%	−0.04 pp	40 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.12%	3,489,512	$1.6B	trimmed−1%	−0.16 pp	40 q
TMUST-Mobile US, Inc.	1.10%	11,126,724	$1.6B	trimmed−4%	−0.01 pp	12 q
METAMeta Platforms, Inc. Class A	1.05%	7,245,857	$1.5B	trimmed−38%	+0.09 pp	12 q
LYBLyondellBasell Industries N.V. Class A	1.05%	16,445,242	$1.5B	trimmed−1%	+0.11 pp	12 q
HPQHP Inc.	1.03%	51,619,005	$1.5B	trimmed−2%	+0.06 pp	30 q
FISFidelity National Information Services, Inc.	1.02%	27,493,640	$1.5B	added+5%	−0.20 pp	4 q
TAPMolson Coors Beverage Company Class B	0.99%	28,120,054	$1.5B	added+4%	+0.03 pp	20 q
BMRNBioMarin Pharmaceuticals Inc	0.95%	14,329,313	$1.4B	trimmed−0%	−0.07 pp	14 q
COPConocoPhillips	0.95%	14,084,769	$1.4B	trimmed−3%	−0.23 pp	40 q
INCYIncyte Genomics Inc	0.95%	19,332,310	$1.4B	trimmed−0%	−0.12 pp	18 q
SUSuncor Energy, Inc.	0.95%	44,855,854	$1.4B	added+7%	+0.04 pp	27 q
FOXAFox Corporation Class A	0.93%	40,057,178	$1.4B	trimmed−0%	+0.10 pp	17 q
GOOGLAlphabet Inc. Class A	0.91%	12,841,330	$1.3B	added+36%	+0.34 pp	30 q
BABAAlibaba Group Holding Limited	0.88%	12,633,812	$1.3B	trimmed−10%	+0.04 pp	18 q
GEHCGE HealthCare Technologies Inc.	0.88%	15,810,644	$1.3B	new	+0.88 pp	new
BACBank of America Corporation	0.84%	43,175,036	$1.2B	added+2%	−0.12 pp	40 q
CTSHCognizant Technology Solutions	0.83%	20,030,272	$1.2B	trimmed−2%	+0.03 pp	16 q
HMCHonda Motor Co., Ltd.	0.82%	45,265,991	$1.2B	added+2%	+0.12 pp	9 q
JNPJuniper Networks Inc	0.82%	35,134,252	$1.2B	trimmed−1%	+0.04 pp	34 q
WMBWilliams Companies Inc.	0.80%	39,227,254	$1.2B	trimmed−0%	−0.09 pp	12 q
BMYBristol-Myers Squibb Co.	0.78%	16,469,182	$1.1B	trimmed−0%	−0.04 pp	40 q
TECKTeck Resources Limited	0.69%	27,691,040	$1.0B	added+2%	−0.01 pp	12 q
BKRBaker Hughes Company	0.67%	34,072,354	$983M	added+10%	+0.04 pp	23 q
OVVOvintiv Inc.	0.66%	27,016,020	$975M	added+25%	−0.09 pp	13 q
CVSCvs Health Corporation	0.64%	12,606,849	$937M	added0%	−0.17 pp	19 q
HLNHaleon plc	0.62%	112,055,605	$912M	added+16%	+0.09 pp	3 q
HPEHewlett Packard Enterprise Company	0.62%	57,477,275	$916M	trimmed−5%	−0.04 pp	30 q
NTRNutrien Ltd.	0.58%	11,533,359	$852M	added+7%	+0.04 pp	21 q
DDominion Energy, Inc	0.56%	14,825,633	$829M	new	+0.56 pp	new
ELANElanco Animal Health Incorporated	0.54%	84,774,075	$797M	trimmed0%	−0.17 pp	7 q
ALNYAlnylam Pharmaceuticals, Inc.	0.53%	3,894,535	$780M	trimmed−15%	−0.22 pp	28 q
CECelanese Corporation	0.53%	7,077,852	$771M	trimmed−0%	+0.03 pp	40 q
NTESNetEase, inc.	0.53%	8,752,269	$774M	trimmed−1%	+0.09 pp	8 q
DELLDell Technologies Inc.	0.51%	18,472,951	$743M	trimmed−4%	−0.02 pp	18 q
COHRCoherent Corp.	0.50%	19,342,695	$737M	added+2%	+0.04 pp	3 q
BAPCredicorp LTD	0.50%	5,540,562	$734M	added+9%	+0.03 pp	11 q
TFCTruist Financial Corporation	0.47%	20,410,797	$696M	added+9%	−0.08 pp	40 q
CARRCarrier Global Corporation	0.46%	14,893,181	$681M	trimmed−9%	0.00 pp	12 q
JDJD.com, Inc.	0.43%	14,221,949	$624M	added+1%	−0.11 pp	30 q
ZBHZimmer Biomet Holdings, Inc.	0.43%	4,921,750	$636M	trimmed−1%	0.00 pp	5 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.40%	14,319,379	$587M	trimmed−1%	−0.01 pp	11 q
MDTMedtronic plc	0.39%	7,183,890	$579M	added+75%	+0.17 pp	33 q
unresolvedAegon NV	0.37%	125,808,795	$541M	trimmed−0%	−0.07 pp	40 q
LINLinde plc	0.33%	1,355,190	$482M	new	+0.33 pp	new
BIDUBaidu, Inc.	0.32%	3,148,215	$475M	trimmed−50%	−0.18 pp	40 q
OTISOtis Worldwide Corporation	0.30%	5,209,672	$440M	trimmed−0%	+0.02 pp	12 q
XPXP Inc. Class A	0.29%	35,799,725	$425M	added+20%	−0.02 pp	6 q
BHFBrighthouse Financial, Inc.	0.27%	8,989,968	$397M	trimmed−1%	−0.05 pp	23 q
TRPTC Energy Corporation	0.27%	10,320,000	$402M	added0%	−0.01 pp	11 q
GAPThe Gap, Inc.	0.26%	37,722,126	$379M	trimmed−1%	−0.03 pp	18 q
DISHDISH Network Corp.	0.25%	39,326,466	$367M	added0%	−0.13 pp	40 q
FOXFox Corporation Class B	0.25%	11,669,678	$365M	trimmed−1%	+0.02 pp	17 q
TVGrupo Televisa S.A.	0.23%	65,012,920	$344M	added0%	+0.03 pp	40 q
GLPIGaming and Leisure Properties, Inc.	0.22%	6,231,679	$324M	trimmed−1%	−0.01 pp	5 q
NWSANews Corporation Class A	0.13%	10,677,309	$184M	trimmed−1%	0.00 pp	39 q
LBTYKLiberty Global Ltd. Class C	0.12%	8,961,768	$183M	held	—	40 q
JXNJackson Financial Inc.	0.11%	4,186,406	$157M	added+3%	+0.01 pp	7 q
LNCLincoln National Corp.	0.07%	4,357,141	$98M	added+1%	−0.02 pp	13 q
AXPAmerican Express Company	0.06%	515,146	$85M	trimmed−88%	−0.37 pp	40 q
FMSFresenius Medical Care AG	0.06%	4,223,110	$90M	added+21%	+0.02 pp	5 q
ITUBItau Unibanco Holding S.A.	0.06%	18,325,705	$89M	added+20%	+0.01 pp	27 q
LBTYALiberty Global Ltd. Class A	0.06%	4,875,669	$95M	held	—	40 q
CDNSCadence Design Systems	0.04%	295,339	$62M	trimmed−1%	+0.01 pp	40 q
UNPUnion Pacific Corp.	0.04%	272,040	$55M	trimmed−1%	0.00 pp	40 q
DISThe Walt Disney Company	0.03%	376,014	$38M	trimmed−5%	+0.01 pp	40 q
IBNICICI Bank Limited	0.03%	2,081,100	$45M	added+5%	0.00 pp	26 q
JPMJPMorgan Chase & Co.	0.03%	362,800	$47M	trimmed−12%	−0.01 pp	40 q
SLBSLB Limited	0.03%	986,423	$48M	trimmed−75%	−0.12 pp	40 q
CVXChevron Corporation	0.02%	198,767	$32M	trimmed−2%	0.00 pp	40 q
NVDANvidia Corp	0.02%	118,804	$33M	new	+0.02 pp	new
SNOWSnowflake Inc.	0.02%	169,760	$26M	new	+0.02 pp	new
ADBEAdobe Inc.	0.01%	22,421	$9M	trimmed−10%	0.00 pp	40 q
ADIAnalog Devices, Inc.	0.01%	37,315	$7M	trimmed−1%	+0.01 pp	7 q
AZNNAstrazeneca Plc-spons ADR	0.01%	223,425	$16M	trimmed−28%	0.00 pp	30 q
XOMExxon Mobil Corp	0.01%	81,643	$9M	trimmed−2%	0.00 pp	40 q
HALHalliburton Company	0.01%	250,151	$8M	trimmed−14%	0.00 pp	40 q
HESHess Corporation	0.01%	60,782	$8M	trimmed−12%	0.00 pp	16 q
HDHome Depot, Inc.	0.01%	26,367	$8M	trimmed−7%	0.00 pp	40 q
LLYEli Lilly & Co.	0.01%	61,562	$21M	trimmed−3%	−0.01 pp	40 q
MRKMerck & Co., Inc.	0.01%	173,206	$18M	trimmed−1%	0.00 pp	40 q
PGProcter & Gamble Company	0.01%	98,738	$15M	trimmed−1%	0.00 pp	40 q
TGTTarget Corporation	0.01%	128,087	$21M	trimmed−1%	0.00 pp	40 q
TMOThermo Fisher Scientific, Inc.	0.01%	29,507	$17M	added+1%	0.00 pp	40 q
TRVThe Travelers Companies, Inc.	0.01%	117,620	$20M	trimmed−0%	−0.01 pp	40 q
WMTWalmart Inc.	0.01%	75,405	$11M	trimmed−2%	0.00 pp	40 q
ABTAbbott Laboratories	0.00%	17,857	$2M	held	—	40 q
ABBVAbbvie Inc.	0.00%	11,210	$2M	held	—	40 q
APDAir Products & Chemicals, Inc.	0.00%	3,000	$861,630	trimmed−8%	0.00 pp	40 q
ALLThe Allstate Corporation	0.00%	2,618	$290,101	held	—	40 q
MOAltria Group, Inc.	0.00%	21,000	$937,020	held	—	40 q
AMPAmeriprise Financial, Inc.	0.00%	1,827	$559,976	held	—	40 q
AMGNAmgen Inc	0.00%	15,007	$4M	trimmed−7%	0.00 pp	40 q
ELVElevance Health, Inc.	0.00%	1,100	$505,791	held	—	34 q
APAAPA Corporation	0.00%	154,380	$6M	trimmed−14%	−0.01 pp	9 q
AAPLApple Inc.	0.00%	24,656	$4M	trimmed−2%	0.00 pp	40 q
BDXBecton, Dickinson and Co.	0.00%	980	$242,589	trimmed−57%	0.00 pp	40 q
BRK.ABerkshire Hathaway Inc.	0.00%	4	$2M	held	—	40 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,820	$4M	held	—	40 q
BLQADBlackrock Inc	0.00%	750	$501,840	held	—	19 q
BSXBoston Scientific Corp.	0.00%	105,590	$5M	trimmed−6%	0.00 pp	40 q
AIC3.ai, Inc.	0.00%	180,000	$6M	new	0.00 pp	new
CATCaterpillar Inc.	0.00%	29,999	$7M	trimmed−0%	0.00 pp	40 q
CXCemex S.A.B. de C.V.	0.00%	589,700	$3M	added+2%	0.00 pp	40 q
CTASCintas Corp	0.00%	500	$231,340	held	—	2 q
KOCoca-Cola Company	0.00%	24,635	$2M	held	—	40 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	40 q
CORTCorcept Therapeutics Inc.	0.00%	21,528	$466,296	new	0.00 pp	new
GLWCorning Incorporated	0.00%	97,742	$3M	trimmed−5%	0.00 pp	40 q
CTVACorteva, Inc.	0.00%	26,893	$2M	trimmed−3%	0.00 pp	16 q
DHRDanaher Corporation	0.00%	16,925	$4M	trimmed−2%	0.00 pp	35 q
DEDeere & Company	0.00%	12,411	$5M	trimmed−0%	0.00 pp	40 q
DEODiageo plc	0.00%	13,952	$3M	trimmed−4%	0.00 pp	40 q
DOWDow Inc.	0.00%	19,206	$1M	trimmed−3%	0.00 pp	16 q
DDDuPont de Nemours, Inc.	0.00%	19,390	$1M	trimmed−13%	0.00 pp	16 q
EBAYeBay Inc	0.00%	25,610	$1M	trimmed−15%	0.00 pp	40 q
GISGeneral Mills, Inc.	0.00%	11,200	$957,152	held	—	40 q
GPCGenuine Parts Company	0.00%	5,225	$874,195	trimmed−28%	0.00 pp	40 q
GWWW.W. Grainger, Inc.	0.00%	500	$344,405	new	0.00 pp	new
HONHoneywell International, Inc.	0.00%	8,019	$2M	held	—	40 q
IBMInternational Business Machines Corporation	0.00%	35,360	$5M	trimmed−4%	0.00 pp	40 q
IWDiShares Russell 1000 Value ETF	0.00%	5,000	$761,300	new	0.00 pp	new
JOYYJOYY Inc.	0.00%	16,008	$499,129	new	0.00 pp	new
JNJJohnson & Johnson	0.00%	21,797	$3M	trimmed−0%	0.00 pp	40 q
BEKEKE Holdings Inc.	0.00%	32,000	$602,880	added+5%	0.00 pp	4 q
LVSLas Vegas Sands Corp.	0.00%	26,700	$2M	trimmed−6%	0.00 pp	3 q
Liberty Media Corpconvertible	0.00%	550,000	$599,962	held	—	4 q
LMTLockheed Martin Corp.	0.00%	775	$366,366	held	—	19 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.00%	19,800	$137,610	added+3%	0.00 pp	2 q
MCDMcDonald's Corporation	0.00%	7,400	$2M	trimmed−1%	0.00 pp	40 q
MDLZMondelez International, Inc. Class A	0.00%	13,840	$964,925	added+17%	0.00 pp	40 q
MCOMoody's Corporation	0.00%	1,702	$520,846	held	—	40 q
MSIMotorola Solutions, Inc. New	0.00%	8,627	$2M	held	—	40 q
NTAPNetApp, Inc	0.00%	6,300	$402,255	trimmed−3%	0.00 pp	40 q
NEENextEra Energy, Inc.	0.00%	24,000	$2M	held	—	40 q
NKENike, Inc.	0.00%	1,700	$208,488	new	0.00 pp	new
NOAHNoah Holdings Limited	0.00%	13,400	$221,770	added+20%	0.00 pp	8 q
NSCNorfolk Southern Corp.	0.00%	3,550	$752,600	held	—	40 q
NUENucor Corporation	0.00%	6,800	$1M	held	—	40 q
PNCPNC Financial Services Group	0.00%	14,275	$2M	held	—	40 q
PPGPPG Industries, Inc.	0.00%	2,200	$293,876	held	—	12 q
PHParker-Hannifin Corporation	0.00%	3,256	$1M	held	—	40 q
PYPLPayPal Holdings, Inc.	0.00%	59,350	$5M	trimmed−99%	−0.37 pp	31 q
PEPPepsiCo, Inc.	0.00%	3,075	$560,573	trimmed−14%	0.00 pp	40 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	15,600	$162,708	added+11%	0.00 pp	8 q
PFEPfizer Inc.	0.00%	123,485	$5M	trimmed−0%	0.00 pp	40 q
PMPhilip Morris International Inc.	0.00%	17,000	$2M	held	—	40 q
PSXPhillips 66	0.00%	2,600	$263,588	held	—	40 q
PEverpure, Inc.	0.00%	50,000	$1M	new	0.00 pp	new
unresolvedQurate Retail Inc	0.00%	22,000	$21,732	trimmed−100%	−0.05 pp	20 q
RIORio Tinto plc	0.00%	4,000	$274,400	trimmed−23%	0.00 pp	40 q
SHELShell plc	0.00%	62,913	$4M	trimmed−3%	0.00 pp	5 q
SPGIS&P Global Inc.	0.00%	5,600	$2M	trimmed−3%	0.00 pp	28 q
SMARSmartsheet Inc.	0.00%	15,024	$718,147	new	0.00 pp	new
SNPSSynopsys Inc	0.00%	13,350	$5M	trimmed−3%	0.00 pp	40 q
MMM3M Company	0.00%	9,224	$969,535	held	—	40 q
TCOMTrip.com Group Limited	0.00%	20,900	$787,303	held	—	2 q
USBU.S. Bancorp	0.00%	34,200	$1M	trimmed−15%	0.00 pp	40 q
unresolvedUnilever Spn.Adr 1:1	0.00%	24,271	$1M	trimmed−3%	0.00 pp	40 q
UPSUnited Parcel Service, Inc. Class B	0.00%	1,500	$290,985	new	0.00 pp	new
VZVerizon Communications	0.00%	5,500	$213,895	held	—	40 q
VIPSVipshop Holdings Limited	0.00%	44,547	$676,223	added+23%	0.00 pp	7 q
VVISA Inc.	0.00%	1,200	$270,552	trimmed−31%	0.00 pp	35 q
VMCVulcan Materials Company(Holding Company)	0.00%	25,350	$4M	trimmed−3%	0.00 pp	40 q
YEXTYext, Inc.	0.00%	61,840	$594,282	new	0.00 pp	new
YUMCYum China Holdings, Inc.	0.00%	12,962	$821,661	trimmed−6%	0.00 pp	8 q
ZTSZoetis Inc.	0.00%	1,700	$282,948	trimmed−13%	0.00 pp	12 q
AFYAAfya Limited Class A	0.00%	24,533	$273,788	new	0.00 pp	new
GPRKGeopark Limited	0.00%	32,614	$370,495	added+45%	0.00 pp	3 q
HZNPHorizon Therapeutics PLC	0.00%	22,463	$2M	new	0.00 pp	new
AOSLAlpha and Omega Semiconductor Limited	0.00%	22,814	$614,837	new	0.00 pp	new
NESRNational Energy Services Reunited Corp.	0.00%	120,701	$634,887	held	—	8 q
CPACopa Holdings, S.A.	0.00%	8,300	$766,505	held	—	3 q
99952EURLinde PLC/OLD	—	−1,355,190	—	exited	−0.30 pp	—
MFGPMicro Focus International plc.	—	−33,422,617	—	exited	−0.14 pp	—
CBChubb Limited	—	−1,407	—	exited	0.00 pp	—