Dodge & Cox

Q3 2023 13F · by David Hoeft, CIO

As of: Sep 30, 2023
Filed: Nov 14, 2023
US stock: $148.4B · prev $149.9B
Positions: 192 · 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%

Moves147 since the prior filing

+2.9 pp in · −2.7 pp out

New 4 +0.84 pp
Added 24 +2.05 pp
Trimmed 116 −2.75 pp
Exited 3 0.00 pp

The book

Diversified · behaves like 58 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 6.9 years per position

Low
Moderate
High

Top 5 positions16% of US stock

Positions192 in this filing · 3 exited


OXYOccidental Petroleum Corporation	3.95%	90,449,303	$5.9B	trimmed−1%	+0.37 pp	42 q
WFCWells Fargo & Co.	3.25%	118,133,045	$4.8B	trimmed−2%	−0.17 pp	42 q
GOOGAlphabet Inc. Class C	3.14%	35,363,825	$4.7B	trimmed−12%	−0.11 pp	38 q
SCHWThe Charles Schwab Corporation	2.89%	78,239,519	$4.3B	trimmed−0%	−0.08 pp	42 q
SNYSanofi	2.84%	78,508,472	$4.2B	trimmed−2%	−0.06 pp	42 q
FISVFiserv, Inc.	2.67%	35,048,470	$4.0B	trimmed−2%	−0.33 pp	12 q
CIThe Cigna Group	2.59%	13,428,482	$3.8B	added+12%	+0.34 pp	20 q
FDXFedEx Corporation	2.58%	14,471,134	$3.8B	trimmed−3%	+0.12 pp	42 q
CHTRCharter Comm Inc Del CL A New	2.51%	8,465,977	$3.7B	trimmed−1%	+0.41 pp	30 q
MSFTMicrosoft Corp	2.43%	11,412,800	$3.6B	trimmed−2%	−0.22 pp	42 q
METMetLife, Inc.	2.28%	53,680,016	$3.4B	trimmed−1%	+0.24 pp	42 q
JCIJohnson Controls International plc	2.28%	63,696,272	$3.4B	added+4%	−0.51 pp	29 q
UBSUBS Group AG	2.28%	136,903,417	$3.4B	trimmed−12%	+0.18 pp	21 q
CMCSAComcast Corp	2.26%	75,781,793	$3.4B	trimmed−1%	+0.13 pp	42 q
VMWVMware, Inc	2.21%	19,732,814	$3.3B	trimmed−24%	−0.29 pp	32 q
COFCapital One Financial	1.86%	28,402,804	$2.8B	trimmed−18%	−0.67 pp	42 q
BNYBank of New York Mellon Corporation	1.70%	59,030,158	$2.5B	trimmed−1%	−0.06 pp	42 q
GILDGilead Sciences Inc	1.69%	33,533,738	$2.5B	trimmed−1%	−0.06 pp	37 q
GSKGSK plc	1.69%	69,281,183	$2.5B	trimmed−0%	+0.03 pp	5 q
BKNGBooking Holdings Inc.	1.66%	799,155	$2.5B	trimmed−1%	+0.21 pp	23 q
GEGE Aerospace	1.66%	22,283,581	$2.5B	trimmed−9%	−0.13 pp	9 q
RTXRTX Corporation	1.58%	32,529,540	$2.3B	trimmed−0%	−0.56 pp	30 q
AMZNAmazon.Com Inc	1.54%	18,025,075	$2.3B	trimmed−1%	−0.05 pp	37 q
FISFidelity National Information Services, Inc.	1.37%	36,661,950	$2.0B	added+32%	+0.36 pp	6 q
REGNRegeneron Pharmaceuticals Inc	1.32%	2,372,998	$2.0B	trimmed−1%	+0.17 pp	8 q
0VQJLTe Connectivity Ltd	1.32%	15,858,194	$2.0B	trimmed−1%	−0.17 pp	42 q
CVSCvs Health Corporation	1.26%	26,722,982	$1.9B	added+67%	+0.52 pp	21 q
BACBank of America Corporation	1.23%	66,637,135	$1.8B	added+58%	+0.42 pp	42 q
GSGoldman Sachs Group Inc.	1.21%	5,541,257	$1.8B	trimmed−1%	0.00 pp	42 q
BUDAnheuser-Busch INBEV SA/NV	1.19%	31,844,538	$1.8B	added+26%	+0.23 pp	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.17%	3,447,190	$1.7B	added0%	+0.06 pp	42 q
NVSNovartis AG	1.12%	16,264,221	$1.7B	trimmed−1%	+0.02 pp	42 q
GOOGLAlphabet Inc. Class A	1.10%	12,428,035	$1.6B	trimmed−0%	+0.10 pp	32 q
COPConocoPhillips	1.08%	13,430,859	$1.6B	trimmed−2%	+0.13 pp	42 q
TMUST-Mobile US, Inc.	1.07%	11,364,708	$1.6B	trimmed−1%	0.00 pp	14 q
CSCOCisco Systems, Inc. (DE)	1.04%	28,779,116	$1.5B	trimmed−28%	−0.34 pp	37 q
SUSuncor Energy, Inc.	1.04%	44,879,454	$1.5B	trimmed−0%	+0.16 pp	29 q
LYBLyondellBasell Industries N.V. Class A	1.04%	16,219,492	$1.5B	trimmed−1%	+0.04 pp	14 q
TFCTruist Financial Corporation	1.02%	53,051,950	$1.5B	added+75%	+0.40 pp	42 q
BKRBaker Hughes Company	1.01%	42,635,774	$1.5B	trimmed−3%	+0.08 pp	25 q
BABAAlibaba Group Holding Limited	0.94%	16,091,470	$1.4B	added+10%	+0.13 pp	20 q
HMCHonda Motor Co., Ltd.	0.94%	41,324,800	$1.4B	trimmed−7%	+0.05 pp	11 q
STTState Street Corporation	0.93%	20,641,269	$1.4B	trimmed−5%	−0.13 pp	42 q
MCHPMicrochip Technology Inc	0.91%	17,303,884	$1.4B	trimmed−20%	−0.39 pp	21 q
OVVOvintiv Inc.	0.91%	28,307,076	$1.3B	trimmed−4%	+0.16 pp	15 q
METAMeta Platforms, Inc. Class A	0.90%	4,426,613	$1.3B	trimmed−3%	+0.02 pp	14 q
CTSHCognizant Technology Solutions	0.89%	19,466,697	$1.3B	trimmed−1%	+0.03 pp	18 q
WMBWilliams Companies Inc.	0.87%	38,343,057	$1.3B	trimmed−2%	+0.02 pp	14 q
NSCNorfolk Southern Corp.	0.85%	6,422,714	$1.3B	added+49%	+0.20 pp	42 q
BMRNBioMarin Pharmaceuticals Inc	0.84%	14,153,503	$1.3B	trimmed−1%	+0.01 pp	16 q
GEHCGE HealthCare Technologies Inc.	0.79%	17,132,992	$1.2B	trimmed−1%	−0.15 pp	3 q
JNPJuniper Networks Inc	0.65%	34,712,980	$965M	trimmed−1%	−0.08 pp	36 q
ELANElanco Animal Health Incorporated	0.64%	84,203,300	$946M	trimmed−0%	+0.07 pp	9 q
HPEHewlett Packard Enterprise Company	0.64%	54,750,973	$951M	trimmed−1%	+0.02 pp	32 q
INCYIncyte Genomics Inc	0.64%	16,416,111	$948M	trimmed−15%	−0.16 pp	20 q
BMYBristol-Myers Squibb Co.	0.63%	16,233,108	$942M	trimmed−1%	−0.07 pp	42 q
FOXAFox Corporation Class A	0.63%	30,041,880	$937M	trimmed−22%	−0.25 pp	19 q
TAPMolson Coors Beverage Company Class B	0.63%	14,688,664	$934M	trimmed−19%	−0.17 pp	22 q
HPQHP Inc.	0.62%	35,784,082	$920M	trimmed−9%	−0.19 pp	32 q
HLNHaleon plc	0.61%	109,397,859	$911M	trimmed−1%	−0.01 pp	5 q
CECelanese Corporation	0.59%	6,955,237	$873M	trimmed−1%	+0.05 pp	42 q
CARRCarrier Global Corporation	0.54%	14,505,956	$801M	trimmed−1%	+0.05 pp	14 q
TECKTeck Resources Limited	0.54%	18,511,240	$798M	trimmed−6%	−0.02 pp	14 q
DELLDell Technologies Inc.	0.51%	10,974,166	$756M	trimmed−34%	−0.09 pp	20 q
DDominion Energy, Inc	0.49%	16,328,283	$729M	added+6%	−0.04 pp	3 q
NTRNutrien Ltd.	0.48%	11,550,359	$713M	trimmed−0%	+0.02 pp	23 q
BAPCredicorp LTD	0.47%	5,425,162	$694M	added0%	−0.06 pp	13 q
XPXP Inc. Class A	0.47%	30,280,445	$698M	trimmed−12%	−0.07 pp	8 q
ALNYAlnylam Pharmaceuticals, Inc.	0.45%	3,747,155	$664M	trimmed−1%	−0.03 pp	30 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.42%	14,295,756	$618M	trimmed−0%	+0.06 pp	13 q
unresolvedAegon NV	0.41%	125,535,817	$603M	trimmed−0%	−0.02 pp	42 q
COHRCoherent Corp.	0.41%	18,727,789	$611M	trimmed−6%	−0.27 pp	5 q
VFCV.F. Corporation	0.38%	32,115,750	$567M	new	+0.38 pp	new
ZBHZimmer Biomet Holdings, Inc.	0.37%	4,826,725	$542M	trimmed−1%	−0.10 pp	7 q
JDJD.com, Inc.	0.36%	18,461,649	$538M	added+14%	−0.01 pp	32 q
MDTMedtronic plc	0.36%	6,864,405	$538M	trimmed−2%	−0.05 pp	35 q
LINLinde plc	0.34%	1,355,190	$505M	held	—	3 q
BIDUBaidu, Inc.	0.29%	3,187,015	$428M	trimmed−0%	0.00 pp	42 q
BHFBrighthouse Financial, Inc.	0.29%	8,816,161	$431M	trimmed−2%	+0.01 pp	25 q
OTISOtis Worldwide Corporation	0.28%	5,104,597	$410M	trimmed−1%	−0.03 pp	14 q
TRPTC Energy Corporation	0.28%	12,122,400	$417M	held	—	13 q
GAPThe Gap, Inc.	0.27%	37,338,378	$397M	trimmed−0%	+0.05 pp	20 q
BAXBaxter International Inc.	0.25%	9,848,441	$372M	new	+0.25 pp	new
FOXFox Corporation Class B	0.22%	11,426,920	$330M	trimmed−3%	−0.03 pp	19 q
AVTRAvantor, Inc.	0.19%	13,291,904	$280M	new	+0.19 pp	new
GLPIGaming and Leisure Properties, Inc.	0.19%	6,100,441	$278M	trimmed−1%	−0.01 pp	7 q
NTESNetEase, inc.	0.19%	2,749,526	$275M	trimmed−46%	−0.14 pp	10 q
DISHDISH Network Corp.	0.15%	39,170,366	$230M	trimmed−0%	−0.02 pp	42 q
NWSANews Corporation Class A	0.14%	10,559,744	$212M	trimmed−0%	0.00 pp	41 q
TVGrupo Televisa S.A.	0.13%	65,012,920	$198M	held	—	42 q
JXNJackson Financial Inc.	0.11%	4,174,306	$160M	trimmed−0%	+0.02 pp	9 q
LBTYKLiberty Global Ltd. Class C	0.11%	8,961,768	$166M	held	—	42 q
ITUBItau Unibanco Holding S.A.	0.07%	18,228,205	$98M	trimmed−2%	0.00 pp	29 q
LNCLincoln National Corp.	0.07%	4,276,511	$106M	trimmed−1%	0.00 pp	15 q
FMSFresenius Medical Care AG	0.06%	4,223,110	$91M	held	—	7 q
LBTYALiberty Global Ltd. Class A	0.06%	4,855,669	$83M	trimmed−0%	+0.01 pp	42 q
AXPAmerican Express Company	0.04%	443,674	$66M	trimmed−5%	−0.01 pp	42 q
CDNSCadence Design Systems	0.04%	282,565	$66M	trimmed−1%	0.00 pp	42 q
UNPUnion Pacific Corp.	0.04%	266,114	$54M	trimmed−1%	0.00 pp	42 q
IBNICICI Bank Limited	0.03%	1,800,300	$42M	trimmed−10%	0.00 pp	28 q
JPMJPMorgan Chase & Co.	0.03%	330,510	$48M	trimmed−5%	0.00 pp	42 q
SLBSLB Limited	0.03%	835,147	$49M	trimmed−9%	0.00 pp	42 q
CVXChevron Corporation	0.02%	191,038	$32M	trimmed−0%	0.00 pp	42 q
DISThe Walt Disney Company	0.02%	338,428	$27M	trimmed−7%	0.00 pp	42 q
LLYEli Lilly & Co.	0.02%	54,990	$30M	trimmed−8%	0.00 pp	42 q
NBIXNeurocrine Biosciences Inc	0.02%	213,602	$24M	new	+0.02 pp	new
ADBEAdobe Inc.	0.01%	22,144	$11M	trimmed−0%	0.00 pp	42 q
AZNNAstrazeneca Plc-spons ADR	0.01%	157,325	$11M	trimmed−20%	0.00 pp	32 q
CATCaterpillar Inc.	0.01%	42,379	$12M	added+41%	+0.01 pp	42 q
XOMExxon Mobil Corp	0.01%	80,935	$10M	held	—	42 q
HESHess Corporation	0.01%	51,332	$8M	trimmed−9%	0.00 pp	18 q
HDHome Depot, Inc.	0.01%	25,367	$8M	trimmed−0%	0.00 pp	42 q
MRKMerck & Co., Inc.	0.01%	163,795	$17M	trimmed−4%	0.00 pp	42 q
PGProcter & Gamble Company	0.01%	97,038	$14M	trimmed−1%	0.00 pp	42 q
TGTTarget Corporation	0.01%	123,524	$14M	trimmed−1%	0.00 pp	42 q
TMOThermo Fisher Scientific, Inc.	0.01%	27,173	$14M	trimmed−1%	0.00 pp	42 q
TRVThe Travelers Companies, Inc.	0.01%	113,820	$19M	trimmed−1%	0.00 pp	42 q
WMTWalmart Inc.	0.01%	71,770	$11M	trimmed−1%	0.00 pp	42 q
ABTAbbott Laboratories	0.00%	17,857	$2M	held	—	42 q
ABBVAbbvie Inc.	0.00%	11,176	$2M	trimmed−0%	0.00 pp	42 q
APDAir Products & Chemicals, Inc.	0.00%	3,000	$850,200	held	—	42 q
ALLThe Allstate Corporation	0.00%	2,618	$291,671	held	—	42 q
MOAltria Group, Inc.	0.00%	21,000	$883,050	held	—	42 q
AMPAmeriprise Financial, Inc.	0.00%	1,827	$602,325	held	—	42 q
AMGNAmgen Inc	0.00%	14,382	$4M	trimmed−1%	0.00 pp	42 q
ADIAnalog Devices, Inc.	0.00%	34,824	$6M	trimmed−2%	0.00 pp	9 q
ELVElevance Health, Inc.	0.00%	1,100	$478,962	held	—	36 q
APAAPA Corporation	0.00%	98,050	$4M	trimmed−16%	0.00 pp	11 q
AAPLApple Inc.	0.00%	24,456	$4M	trimmed−1%	0.00 pp	42 q
BDXBecton, Dickinson and Co.	0.00%	980	$253,359	held	—	42 q
BRK.ABerkshire Hathaway Inc.	0.00%	4	$2M	held	—	42 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,820	$4M	held	—	42 q
BLQADBlackrock Inc	0.00%	750	$484,868	held	—	21 q
BSXBoston Scientific Corp.	0.00%	97,105	$5M	trimmed−2%	0.00 pp	42 q
CXCemex S.A.B. de C.V.	0.00%	496,500	$3M	added+1%	0.00 pp	42 q
CTASCintas Corp	0.00%	500	$240,505	held	—	4 q
KOCoca-Cola Company	0.00%	24,635	$1M	held	—	42 q
CLColgate-Palmolive Company	0.00%	14,000	$995,540	held	—	42 q
GLWCorning Incorporated	0.00%	92,942	$3M	trimmed−2%	0.00 pp	42 q
CTVACorteva, Inc.	0.00%	26,813	$1M	trimmed−0%	0.00 pp	18 q
DHRDanaher Corporation	0.00%	16,925	$4M	held	—	37 q
DEDeere & Company	0.00%	13,211	$5M	added+7%	0.00 pp	42 q
DEODiageo plc	0.00%	13,911	$2M	held	—	42 q
DOWDow Inc.	0.00%	18,524	$955,097	trimmed−3%	0.00 pp	18 q
DDDuPont de Nemours, Inc.	0.00%	18,567	$1M	trimmed−1%	0.00 pp	18 q
EBAYeBay Inc	0.00%	23,410	$1M	trimmed−7%	0.00 pp	42 q
GISGeneral Mills, Inc.	0.00%	11,200	$716,688	held	—	42 q
GPCGenuine Parts Company	0.00%	4,825	$696,634	trimmed−7%	0.00 pp	42 q
HALHalliburton Company	0.00%	144,100	$6M	trimmed−24%	0.00 pp	42 q
HONHoneywell International, Inc.	0.00%	8,019	$1M	held	—	42 q
IBMInternational Business Machines Corporation	0.00%	35,185	$5M	held	—	42 q
JOYYJOYY Inc.	0.00%	24,710	$941,698	added+36%	0.00 pp	3 q
JNJJohnson & Johnson	0.00%	21,097	$3M	trimmed−1%	0.00 pp	42 q
BEKEKE Holdings Inc.	0.00%	36,340	$563,997	added+14%	0.00 pp	6 q
LVSLas Vegas Sands Corp.	0.00%	31,500	$1M	added+9%	0.00 pp	5 q
Liberty Media Corpconvertible	0.00%	550,000	$607,442	held	—	6 q
LMTLockheed Martin Corp.	0.00%	775	$316,944	held	—	21 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.00%	39,800	$239,994	added×2.0	0.00 pp	4 q
MCDMcDonald's Corporation	0.00%	7,000	$2M	trimmed−1%	0.00 pp	42 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$821,696	held	—	42 q
MCOMoody's Corporation	0.00%	1,702	$538,121	held	—	42 q
MSIMotorola Solutions, Inc. New	0.00%	8,627	$2M	held	—	42 q
NEENextEra Energy, Inc.	0.00%	24,000	$1M	held	—	42 q
NOAHNoah Holdings Limited	0.00%	23,340	$291,050	added+74%	0.00 pp	10 q
NUENucor Corporation	0.00%	6,800	$1M	held	—	42 q
PNCPNC Financial Services Group	0.00%	14,275	$2M	held	—	42 q
PPGPPG Industries, Inc.	0.00%	2,200	$285,560	held	—	14 q
PHParker-Hannifin Corporation	0.00%	2,850	$1M	held	—	42 q
PYPLPayPal Holdings, Inc.	0.00%	15,050	$879,823	trimmed−13%	0.00 pp	33 q
PEPPepsiCo, Inc.	0.00%	3,075	$521,028	held	—	42 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	16,500	$247,335	held	—	10 q
PFEPfizer Inc.	0.00%	118,485	$4M	trimmed−4%	0.00 pp	42 q
PMPhilip Morris International Inc.	0.00%	17,000	$2M	held	—	42 q
PSXPhillips 66	0.00%	2,600	$312,390	held	—	42 q
unresolvedQurate Retail Inc	0.00%	22,000	$13,345	held	—	22 q
RIORio Tinto plc	0.00%	4,000	$254,560	held	—	42 q
SHELShell plc	0.00%	60,013	$4M	trimmed−0%	0.00 pp	7 q
SPGIS&P Global Inc.	0.00%	5,400	$2M	trimmed−4%	0.00 pp	30 q
SNPSSynopsys Inc	0.00%	12,150	$6M	trimmed−7%	0.00 pp	42 q
MMM3M Company	0.00%	9,224	$863,551	held	—	42 q
TCOMTrip.com Group Limited	0.00%	23,900	$835,783	held	—	4 q
USBU.S. Bancorp	0.00%	26,700	$882,702	trimmed−15%	0.00 pp	42 q
unresolvedUnilever Spn.Adr 1:1	0.00%	23,900	$1M	held	—	42 q
VIPSVipshop Holdings Limited	0.00%	53,297	$853,285	added+18%	0.00 pp	9 q
VVISA Inc.	0.00%	1,200	$276,012	held	—	37 q
VMCVulcan Materials Company(Holding Company)	0.00%	25,200	$5M	held	—	42 q
YUMCYum China Holdings, Inc.	0.00%	13,262	$738,959	trimmed−2%	0.00 pp	10 q
ZTSZoetis Inc.	0.00%	1,700	$295,766	held	—	14 q
AFYAAfya Limited Class A	0.00%	27,283	$431,071	held	—	3 q
GPRKGeopark Limited	0.00%	76,614	$787,592	added+6%	0.00 pp	5 q
AOSLAlpha and Omega Semiconductor Limited	0.00%	35,714	$1M	added+14%	0.00 pp	3 q
CPACopa Holdings, S.A.	0.00%	7,350	$655,032	held	—	5 q
KMXCarMax Inc.	—	−2,550	—	exited	0.00 pp	—
IWDiShares Russell 1000 Value ETF	—	−16,000	—	exited	0.00 pp	—
VZVerizon Communications	—	−5,500	—	exited	0.00 pp	—