Dodge & Cox

Q2 2023 13F · by David Hoeft, CIO

As of: Jun 30, 2023
Filed: Aug 14, 2023
US stock: $149.9B · prev $146.8B
Positions: 191 · prev 203
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%

Moves158 since the prior filing

+1.0 pp in · −0.9 pp out

New 1 0.00 pp
Added 33 +1.03 pp
Trimmed 111 −0.90 pp
Exited 13 −0.04 pp

The book

Diversified · behaves like 57 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.1% a year, about 14.1 years per position

Low
Moderate
High

Top 5 positions16% of US stock

Positions191 in this filing · 13 exited


OXYOccidental Petroleum Corporation	3.58%	91,303,640	$5.4B	trimmed−1%	−0.34 pp	41 q
WFCWells Fargo & Co.	3.42%	120,142,705	$5.1B	trimmed−0%	+0.35 pp	41 q
GOOGAlphabet Inc. Class C	3.25%	40,245,550	$4.9B	trimmed−7%	+0.17 pp	37 q
FISVFiserv, Inc.	3.00%	35,658,931	$4.5B	trimmed−2%	+0.21 pp	11 q
SCHWThe Charles Schwab Corporation	2.97%	78,399,479	$4.4B	trimmed−0%	+0.17 pp	41 q
SNYSanofi	2.90%	80,500,374	$4.3B	trimmed−2%	−0.16 pp	41 q
JCIJohnson Controls International plc	2.79%	61,398,554	$4.2B	trimmed−1%	+0.24 pp	28 q
MSFTMicrosoft Corp	2.65%	11,654,236	$4.0B	trimmed−4%	+0.26 pp	41 q
COFCapital One Financial	2.53%	34,714,415	$3.8B	trimmed−1%	+0.23 pp	41 q
VMWVMware, Inc	2.50%	26,066,650	$3.7B	trimmed−2%	+0.24 pp	31 q
FDXFedEx Corporation	2.46%	14,854,234	$3.7B	trimmed−12%	−0.17 pp	41 q
CIThe Cigna Group	2.25%	12,025,406	$3.4B	added+5%	+0.25 pp	19 q
RTXRTX Corporation	2.14%	32,673,190	$3.2B	trimmed−2%	−0.09 pp	29 q
CMCSAComcast Corp	2.13%	76,732,795	$3.2B	trimmed−1%	+0.12 pp	41 q
CHTRCharter Comm Inc Del CL A New	2.10%	8,567,301	$3.1B	trimmed−1%	−0.02 pp	29 q
UBSUBS Group AG	2.10%	155,338,692	$3.1B	added0%	−0.14 pp	20 q
METMetLife, Inc.	2.04%	54,153,699	$3.1B	added0%	−0.09 pp	41 q
GEGE Aerospace	1.79%	24,391,081	$2.7B	trimmed−29%	−0.46 pp	8 q
BNYBank of New York Mellon Corporation	1.76%	59,335,368	$2.6B	trimmed−1%	−0.09 pp	41 q
GILDGilead Sciences Inc	1.75%	33,979,757	$2.6B	trimmed−2%	−0.21 pp	36 q
GSKGSK plc	1.66%	69,611,268	$2.5B	trimmed−0%	−0.03 pp	4 q
AMZNAmazon.Com Inc	1.59%	18,277,315	$2.4B	trimmed−0%	+0.30 pp	36 q
0VQJLTe Connectivity Ltd	1.49%	15,973,199	$2.2B	trimmed−1%	+0.05 pp	41 q
BKNGBooking Holdings Inc.	1.45%	806,779	$2.2B	trimmed−2%	−0.04 pp	22 q
CSCOCisco Systems, Inc. (DE)	1.38%	40,085,024	$2.1B	trimmed−5%	−0.12 pp	36 q
MCHPMicrochip Technology Inc	1.30%	21,755,868	$1.9B	trimmed−5%	−0.01 pp	20 q
GSGoldman Sachs Group Inc.	1.21%	5,602,485	$1.8B	trimmed−2%	−0.07 pp	41 q
REGNRegeneron Pharmaceuticals Inc	1.15%	2,394,355	$1.7B	added0%	−0.19 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.11%	3,446,770	$1.7B	trimmed−1%	−0.01 pp	41 q
NVSNovartis AG	1.10%	16,407,113	$1.7B	trimmed−19%	−0.17 pp	41 q
TMUST-Mobile US, Inc.	1.07%	11,506,948	$1.6B	added+3%	−0.03 pp	13 q
STTState Street Corporation	1.06%	21,725,474	$1.6B	trimmed−0%	−0.07 pp	41 q
FISFidelity National Information Services, Inc.	1.01%	27,772,475	$1.5B	added+1%	−0.01 pp	5 q
GOOGLAlphabet Inc. Class A	1.00%	12,473,910	$1.5B	trimmed−3%	+0.09 pp	31 q
LYBLyondellBasell Industries N.V. Class A	1.00%	16,376,292	$1.5B	trimmed−0%	−0.05 pp	13 q
BUDAnheuser-Busch INBEV SA/NV	0.96%	25,285,728	$1.4B	trimmed−0%	−0.19 pp	7 q
COPConocoPhillips	0.95%	13,669,601	$1.4B	trimmed−3%	0.00 pp	41 q
GEHCGE HealthCare Technologies Inc.	0.94%	17,305,424	$1.4B	added+9%	+0.06 pp	2 q
BKRBaker Hughes Company	0.93%	43,880,654	$1.4B	added+29%	+0.26 pp	24 q
HMCHonda Motor Co., Ltd.	0.89%	44,228,775	$1.3B	trimmed−2%	+0.07 pp	10 q
METAMeta Platforms, Inc. Class A	0.88%	4,577,494	$1.3B	trimmed−37%	−0.17 pp	13 q
FOXAFox Corporation Class A	0.88%	38,699,261	$1.3B	trimmed−3%	−0.05 pp	18 q
SUSuncor Energy, Inc.	0.88%	45,030,054	$1.3B	added0%	−0.07 pp	28 q
CTSHCognizant Technology Solutions	0.86%	19,640,747	$1.3B	trimmed−2%	+0.03 pp	17 q
WMBWilliams Companies Inc.	0.85%	39,014,106	$1.3B	trimmed−1%	+0.05 pp	13 q
BMRNBioMarin Pharmaceuticals Inc	0.83%	14,290,303	$1.2B	trimmed−0%	−0.12 pp	15 q
BABAAlibaba Group Holding Limited	0.81%	14,598,170	$1.2B	added+16%	−0.07 pp	19 q
BACBank of America Corporation	0.81%	42,225,480	$1.2B	trimmed−2%	−0.03 pp	41 q
HPQHP Inc.	0.81%	39,509,098	$1.2B	trimmed−23%	−0.22 pp	31 q
INCYIncyte Genomics Inc	0.80%	19,277,960	$1.2B	trimmed−0%	−0.15 pp	19 q
TAPMolson Coors Beverage Company Class B	0.80%	18,153,474	$1.2B	trimmed−35%	−0.19 pp	21 q
OVVOvintiv Inc.	0.75%	29,360,276	$1.1B	added+9%	+0.09 pp	14 q
CVSCvs Health Corporation	0.74%	16,024,422	$1.1B	added+27%	+0.10 pp	20 q
JNPJuniper Networks Inc	0.73%	34,983,530	$1.1B	trimmed−0%	−0.09 pp	35 q
BMYBristol-Myers Squibb Co.	0.70%	16,404,346	$1.0B	trimmed−0%	−0.08 pp	41 q
COHRCoherent Corp.	0.68%	19,921,620	$1.0B	added+3%	+0.18 pp	4 q
NSCNorfolk Southern Corp.	0.65%	4,306,139	$976M	added×1213.0	+0.65 pp	41 q
HLNHaleon plc	0.62%	110,626,894	$927M	trimmed−1%	0.00 pp	4 q
HPEHewlett Packard Enterprise Company	0.62%	55,283,423	$929M	trimmed−4%	0.00 pp	31 q
TFCTruist Financial Corporation	0.62%	30,391,734	$922M	added+49%	+0.15 pp	41 q
DELLDell Technologies Inc.	0.60%	16,563,958	$896M	trimmed−10%	+0.09 pp	19 q
ELANElanco Animal Health Incorporated	0.57%	84,621,350	$851M	trimmed−0%	+0.03 pp	8 q
TECKTeck Resources Limited	0.56%	19,765,040	$832M	trimmed−29%	−0.13 pp	13 q
CECelanese Corporation	0.54%	7,017,687	$813M	trimmed−1%	+0.01 pp	41 q
XPXP Inc. Class A	0.54%	34,406,121	$807M	trimmed−4%	+0.25 pp	7 q
DDominion Energy, Inc	0.53%	15,429,108	$799M	added+4%	−0.03 pp	2 q
BAPCredicorp LTD	0.53%	5,400,431	$797M	trimmed−3%	+0.03 pp	12 q
CARRCarrier Global Corporation	0.49%	14,663,181	$729M	trimmed−2%	+0.03 pp	13 q
ALNYAlnylam Pharmaceuticals, Inc.	0.48%	3,789,525	$720M	trimmed−3%	−0.05 pp	29 q
ZBHZimmer Biomet Holdings, Inc.	0.47%	4,864,500	$708M	trimmed−1%	+0.04 pp	6 q
NTRNutrien Ltd.	0.46%	11,572,059	$683M	added0%	−0.12 pp	22 q
unresolvedAegon NV	0.43%	126,016,146	$639M	added0%	+0.06 pp	41 q
MDTMedtronic plc	0.41%	7,031,090	$619M	trimmed−2%	+0.02 pp	34 q
JDJD.com, Inc.	0.37%	16,237,049	$554M	added+14%	−0.06 pp	31 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.36%	14,298,818	$534M	trimmed−0%	−0.04 pp	12 q
LINLinde plc	0.34%	1,355,190	$516M	held	—	2 q
NTESNetEase, inc.	0.33%	5,077,959	$491M	trimmed−42%	−0.20 pp	9 q
TRPTC Energy Corporation	0.33%	12,122,400	$490M	added+17%	+0.06 pp	12 q
OTISOtis Worldwide Corporation	0.31%	5,173,022	$460M	trimmed−1%	+0.01 pp	13 q
BIDUBaidu, Inc.	0.29%	3,187,515	$436M	added+1%	−0.03 pp	41 q
BHFBrighthouse Financial, Inc.	0.28%	8,974,499	$425M	trimmed−0%	+0.01 pp	24 q
FOXFox Corporation Class B	0.25%	11,737,345	$374M	added+1%	0.00 pp	18 q
GAPThe Gap, Inc.	0.22%	37,478,228	$335M	trimmed−1%	−0.04 pp	19 q
TVGrupo Televisa S.A.	0.22%	65,012,920	$334M	held	—	41 q
GLPIGaming and Leisure Properties, Inc.	0.20%	6,147,119	$298M	trimmed−1%	−0.02 pp	6 q
DISHDISH Network Corp.	0.17%	39,290,566	$259M	trimmed−0%	−0.08 pp	41 q
NWSANews Corporation Class A	0.14%	10,608,794	$207M	trimmed−1%	+0.01 pp	40 q
LBTYKLiberty Global Ltd. Class C	0.11%	8,961,768	$159M	held	—	41 q
JXNJackson Financial Inc.	0.09%	4,176,706	$128M	trimmed−0%	−0.02 pp	8 q
FMSFresenius Medical Care AG	0.07%	4,223,110	$101M	held	—	6 q
ITUBItau Unibanco Holding S.A.	0.07%	18,506,905	$109M	added+1%	+0.01 pp	28 q
LNCLincoln National Corp.	0.07%	4,335,211	$112M	trimmed−1%	0.00 pp	14 q
AXPAmerican Express Company	0.05%	468,948	$82M	trimmed−9%	−0.01 pp	41 q
LBTYALiberty Global Ltd. Class A	0.05%	4,875,669	$82M	held	—	41 q
CDNSCadence Design Systems	0.04%	286,160	$67M	trimmed−3%	0.00 pp	41 q
UNPUnion Pacific Corp.	0.04%	268,590	$55M	trimmed−1%	0.00 pp	41 q
IBNICICI Bank Limited	0.03%	1,997,600	$46M	trimmed−4%	0.00 pp	27 q
JPMJPMorgan Chase & Co.	0.03%	346,385	$50M	trimmed−5%	0.00 pp	41 q
SLBSLB Limited	0.03%	921,397	$45M	trimmed−7%	0.00 pp	41 q
CVXChevron Corporation	0.02%	191,592	$30M	trimmed−4%	0.00 pp	41 q
DISThe Walt Disney Company	0.02%	364,763	$33M	trimmed−3%	−0.01 pp	41 q
LLYEli Lilly & Co.	0.02%	59,645	$28M	trimmed−3%	+0.01 pp	41 q
ADBEAdobe Inc.	0.01%	22,221	$11M	trimmed−1%	0.00 pp	41 q
AZNNAstrazeneca Plc-spons ADR	0.01%	196,575	$14M	trimmed−12%	0.00 pp	31 q
XOMExxon Mobil Corp	0.01%	80,935	$9M	trimmed−1%	0.00 pp	41 q
HESHess Corporation	0.01%	56,232	$8M	trimmed−7%	0.00 pp	17 q
HDHome Depot, Inc.	0.01%	25,417	$8M	trimmed−4%	0.00 pp	41 q
MRKMerck & Co., Inc.	0.01%	170,445	$20M	trimmed−2%	0.00 pp	41 q
PGProcter & Gamble Company	0.01%	98,238	$15M	trimmed−1%	0.00 pp	41 q
TGTTarget Corporation	0.01%	124,974	$16M	trimmed−2%	0.00 pp	41 q
TMOThermo Fisher Scientific, Inc.	0.01%	27,423	$14M	trimmed−7%	0.00 pp	41 q
TRVThe Travelers Companies, Inc.	0.01%	115,520	$20M	trimmed−2%	0.00 pp	41 q
WMTWalmart Inc.	0.01%	72,850	$11M	trimmed−3%	0.00 pp	41 q
ABTAbbott Laboratories	0.00%	17,857	$2M	held	—	41 q
ABBVAbbvie Inc.	0.00%	11,210	$2M	held	—	41 q
APDAir Products & Chemicals, Inc.	0.00%	3,000	$898,590	held	—	41 q
ALLThe Allstate Corporation	0.00%	2,618	$285,467	held	—	41 q
MOAltria Group, Inc.	0.00%	21,000	$951,300	held	—	41 q
AMPAmeriprise Financial, Inc.	0.00%	1,827	$606,856	held	—	41 q
AMGNAmgen Inc	0.00%	14,482	$3M	trimmed−4%	0.00 pp	41 q
ADIAnalog Devices, Inc.	0.00%	35,590	$7M	trimmed−5%	−0.01 pp	8 q
ELVElevance Health, Inc.	0.00%	1,100	$488,719	held	—	35 q
APAAPA Corporation	0.00%	116,150	$4M	trimmed−25%	0.00 pp	10 q
AAPLApple Inc.	0.00%	24,656	$5M	held	—	41 q
BDXBecton, Dickinson and Co.	0.00%	980	$258,730	held	—	41 q
BRK.ABerkshire Hathaway Inc.	0.00%	4	$2M	held	—	41 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,820	$4M	held	—	41 q
BLQADBlackrock Inc	0.00%	750	$518,355	held	—	20 q
BSXBoston Scientific Corp.	0.00%	98,880	$5M	trimmed−6%	0.00 pp	41 q
KMXCarMax Inc.	0.00%	2,550	$213,435	new	0.00 pp	new
CATCaterpillar Inc.	0.00%	29,999	$7M	held	—	41 q
CXCemex S.A.B. de C.V.	0.00%	489,300	$3M	trimmed−17%	0.00 pp	41 q
CTASCintas Corp	0.00%	500	$248,540	held	—	3 q
KOCoca-Cola Company	0.00%	24,635	$1M	held	—	41 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	41 q
GLWCorning Incorporated	0.00%	94,642	$3M	trimmed−3%	0.00 pp	41 q
CTVACorteva, Inc.	0.00%	26,893	$2M	held	—	17 q
DHRDanaher Corporation	0.00%	16,925	$4M	held	—	36 q
DEDeere & Company	0.00%	12,361	$5M	trimmed−0%	0.00 pp	41 q
DEODiageo plc	0.00%	13,911	$2M	trimmed−0%	0.00 pp	41 q
DOWDow Inc.	0.00%	19,015	$1M	trimmed−1%	0.00 pp	17 q
DDDuPont de Nemours, Inc.	0.00%	18,717	$1M	trimmed−3%	0.00 pp	17 q
EBAYeBay Inc	0.00%	25,110	$1M	trimmed−2%	0.00 pp	41 q
GISGeneral Mills, Inc.	0.00%	11,200	$859,040	held	—	41 q
GPCGenuine Parts Company	0.00%	5,175	$875,765	trimmed−1%	0.00 pp	41 q
HALHalliburton Company	0.00%	190,750	$6M	trimmed−24%	−0.01 pp	41 q
HONHoneywell International, Inc.	0.00%	8,019	$2M	held	—	41 q
IBMInternational Business Machines Corporation	0.00%	35,185	$5M	trimmed−0%	0.00 pp	41 q
IWDiShares Russell 1000 Value ETF	0.00%	16,000	$3M	added×3.2	0.00 pp	2 q
JOYYJOYY Inc.	0.00%	18,108	$556,097	added+13%	0.00 pp	2 q
JNJJohnson & Johnson	0.00%	21,397	$4M	trimmed−2%	0.00 pp	41 q
BEKEKE Holdings Inc.	0.00%	32,000	$475,200	held	—	5 q
LVSLas Vegas Sands Corp.	0.00%	28,900	$2M	added+8%	0.00 pp	4 q
Liberty Media Corpconvertible	0.00%	550,000	$637,672	held	—	5 q
LMTLockheed Martin Corp.	0.00%	775	$356,795	held	—	20 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.00%	19,800	$134,640	held	—	3 q
MCDMcDonald's Corporation	0.00%	7,100	$2M	trimmed−4%	0.00 pp	41 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$863,610	trimmed−14%	0.00 pp	41 q
MCOMoody's Corporation	0.00%	1,702	$591,819	held	—	41 q
MSIMotorola Solutions, Inc. New	0.00%	8,627	$3M	held	—	41 q
NEENextEra Energy, Inc.	0.00%	24,000	$2M	held	—	41 q
NOAHNoah Holdings Limited	0.00%	13,400	$188,672	held	—	9 q
NUENucor Corporation	0.00%	6,800	$1M	held	—	41 q
PNCPNC Financial Services Group	0.00%	14,275	$2M	held	—	41 q
PPGPPG Industries, Inc.	0.00%	2,200	$326,260	held	—	13 q
PHParker-Hannifin Corporation	0.00%	2,850	$1M	trimmed−12%	0.00 pp	41 q
PYPLPayPal Holdings, Inc.	0.00%	17,300	$1M	trimmed−71%	0.00 pp	32 q
PEPPepsiCo, Inc.	0.00%	3,075	$569,552	held	—	41 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	16,500	$228,195	added+6%	0.00 pp	9 q
PFEPfizer Inc.	0.00%	122,985	$5M	trimmed−0%	0.00 pp	41 q
PMPhilip Morris International Inc.	0.00%	17,000	$2M	held	—	41 q
PSXPhillips 66	0.00%	2,600	$247,988	held	—	41 q
unresolvedQurate Retail Inc	0.00%	22,000	$21,776	held	—	21 q
RIORio Tinto plc	0.00%	4,000	$255,360	held	—	41 q
SHELShell plc	0.00%	60,213	$4M	trimmed−4%	0.00 pp	6 q
SPGIS&P Global Inc.	0.00%	5,600	$2M	held	—	29 q
SNPSSynopsys Inc	0.00%	13,050	$6M	trimmed−2%	0.00 pp	41 q
MMM3M Company	0.00%	9,224	$923,230	held	—	41 q
TCOMTrip.com Group Limited	0.00%	23,900	$836,500	added+14%	0.00 pp	3 q
USBU.S. Bancorp	0.00%	31,300	$1M	trimmed−8%	0.00 pp	41 q
unresolvedUnilever Spn.Adr 1:1	0.00%	23,900	$1M	trimmed−2%	0.00 pp	41 q
VZVerizon Communications	0.00%	5,500	$204,545	held	—	41 q
VIPSVipshop Holdings Limited	0.00%	45,347	$748,226	added+2%	0.00 pp	8 q
VVISA Inc.	0.00%	1,200	$284,976	held	—	36 q
VMCVulcan Materials Company(Holding Company)	0.00%	25,200	$6M	trimmed−1%	0.00 pp	41 q
YUMCYum China Holdings, Inc.	0.00%	13,562	$766,253	added+5%	0.00 pp	9 q
ZTSZoetis Inc.	0.00%	1,700	$292,757	held	—	13 q
AFYAAfya Limited Class A	0.00%	27,283	$383,053	added+11%	0.00 pp	2 q
GPRKGeopark Limited	0.00%	72,614	$719,605	added×2.2	0.00 pp	4 q
AOSLAlpha and Omega Semiconductor Limited	0.00%	31,214	$1M	added+37%	0.00 pp	2 q
CPACopa Holdings, S.A.	0.00%	7,350	$812,763	trimmed−11%	0.00 pp	4 q
NVDANvidia Corp	—	−118,804	—	exited	−0.02 pp	—
SNOWSnowflake Inc.	—	−169,760	—	exited	−0.02 pp	—
AIC3.ai, Inc.	—	−180,000	—	exited	0.00 pp	—
CORTCorcept Therapeutics Inc.	—	−21,528	—	exited	0.00 pp	—
GWWW.W. Grainger, Inc.	—	−500	—	exited	0.00 pp	—
NTAPNetApp, Inc	—	−6,300	—	exited	0.00 pp	—
NKENike, Inc.	—	−1,700	—	exited	0.00 pp	—
PEverpure, Inc.	—	−50,000	—	exited	0.00 pp	—
SMARSmartsheet Inc.	—	−15,024	—	exited	0.00 pp	—
UPSUnited Parcel Service, Inc. Class B	—	−1,500	—	exited	0.00 pp	—
YEXTYext, Inc.	—	−61,840	—	exited	0.00 pp	—
HZNPHorizon Therapeutics PLC	—	−22,463	—	exited	0.00 pp	—
NESRNational Energy Services Reunited Corp.	—	−120,701	—	exited	0.00 pp	—