Dodge & Cox

Q4 2023 13F · by David Hoeft, CIO

As of: Dec 31, 2023
Filed: Feb 22, 2024
US stock: $157.6B · prev $148.4B
Positions: 197 · prev 192
Options notional: $0
Documents: 1· 1 amendment

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%

Moves154 since the prior filing

+6.1 pp in · −6.1 pp out

New 8 +1.31 pp
Added 32 +4.81 pp
Trimmed 111 −3.51 pp
Exited 3 −2.62 pp

The book

Diversified · behaves like 59 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions16% of US stock

Revealed late, restated

restated 2 rows corrected by the filer · US stock +0.16%; later quarters recomputed 13F-HR/A · Feb 22, 2024 ↗

Positions197 in this filing · 3 exited


SCHWThe Charles Schwab Corporation	3.77%	86,421,986	$5.9B	added+10%	+0.88 pp	43 q
WFCWells Fargo & Co.	3.66%	117,252,015	$5.8B	trimmed−1%	+0.41 pp	43 q
OXYOccidental Petroleum Corporation	3.07%	80,992,508	$4.8B	trimmed−10%	−0.88 pp	43 q
FISVFiserv, Inc.	2.94%	34,866,570	$4.6B	trimmed−1%	+0.27 pp	13 q
GOOGAlphabet Inc. Class C	2.79%	31,236,915	$4.4B	trimmed−12%	−0.35 pp	39 q
MSFTMicrosoft Corp	2.58%	10,821,120	$4.1B	trimmed−5%	+0.15 pp	43 q
CIThe Cigna Group	2.51%	13,207,966	$4.0B	trimmed−2%	−0.08 pp	21 q
JCIJohnson Controls International plc	2.48%	67,792,459	$3.9B	added+6%	+0.20 pp	30 q
SNYSanofi	2.47%	78,250,193	$3.9B	trimmed−0%	−0.37 pp	43 q
RTXRTX Corporation	2.25%	42,189,300	$3.5B	added+30%	+0.67 pp	31 q
METMetLife, Inc.	2.24%	53,443,191	$3.5B	trimmed−0%	−0.04 pp	43 q
FDXFedEx Corporation	2.18%	13,572,703	$3.4B	trimmed−6%	−0.40 pp	43 q
COFCapital One Financial	2.10%	25,220,598	$3.3B	trimmed−11%	+0.24 pp	43 q
CMCSAComcast Corp	2.08%	74,602,208	$3.3B	trimmed−2%	−0.18 pp	43 q
CHTRCharter Comm Inc Del CL A New	2.07%	8,399,842	$3.3B	trimmed−1%	−0.44 pp	31 q
BNYBank of New York Mellon Corporation	1.94%	58,771,100	$3.1B	trimmed−0%	+0.24 pp	43 q
UBSUBS Group AG	1.82%	92,331,951	$2.9B	trimmed−33%	−0.46 pp	22 q
BKNGBooking Holdings Inc.	1.79%	793,922	$2.8B	trimmed−1%	+0.13 pp	24 q
GILDGilead Sciences Inc	1.71%	33,295,023	$2.7B	trimmed−1%	+0.02 pp	38 q
AMZNAmazon.Com Inc	1.70%	17,634,545	$2.7B	trimmed−2%	+0.16 pp	38 q
GSKGSK plc	1.62%	69,026,793	$2.6B	trimmed−0%	−0.07 pp	6 q
CVSCvs Health Corporation	1.52%	30,413,390	$2.4B	added+14%	+0.26 pp	22 q
FISFidelity National Information Services, Inc.	1.43%	37,620,210	$2.3B	added+3%	+0.06 pp	7 q
BACBank of America Corporation	1.42%	66,342,835	$2.2B	trimmed−0%	+0.19 pp	43 q
0VQJLTe Connectivity Ltd	1.40%	15,667,374	$2.2B	trimmed−1%	+0.08 pp	43 q
GEGE Aerospace	1.36%	16,818,881	$2.1B	trimmed−25%	−0.30 pp	10 q
GSGoldman Sachs Group Inc.	1.34%	5,482,267	$2.1B	trimmed−1%	+0.13 pp	43 q
REGNRegeneron Pharmaceuticals Inc	1.32%	2,367,680	$2.1B	trimmed−0%	0.00 pp	9 q
BUDAnheuser-Busch INBEV SA/NV	1.30%	31,717,238	$2.0B	trimmed−0%	+0.11 pp	9 q
TFCTruist Financial Corporation	1.25%	53,173,840	$2.0B	added0%	+0.23 pp	43 q
NSCNorfolk Southern Corp.	1.24%	8,233,372	$1.9B	added+28%	+0.39 pp	43 q
TMUST-Mobile US, Inc.	1.15%	11,329,368	$1.8B	trimmed−0%	+0.08 pp	15 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.14%	3,406,192	$1.8B	trimmed−1%	−0.03 pp	43 q
GOOGLAlphabet Inc. Class A	1.08%	12,223,160	$1.7B	trimmed−2%	−0.02 pp	33 q
STTState Street Corporation	1.00%	20,414,894	$1.6B	trimmed−1%	+0.07 pp	43 q
METAMeta Platforms, Inc. Class A	0.98%	4,377,358	$1.5B	trimmed−1%	+0.08 pp	15 q
LYBLyondellBasell Industries N.V. Class A	0.98%	16,210,777	$1.5B	trimmed−0%	−0.06 pp	15 q
MCHPMicrochip Technology Inc	0.94%	16,449,259	$1.5B	trimmed−5%	+0.03 pp	22 q
BKRBaker Hughes Company	0.92%	42,193,724	$1.4B	trimmed−1%	−0.09 pp	26 q
AVTRAvantor, Inc.	0.89%	61,196,331	$1.4B	added×4.6	+0.70 pp	2 q
CTSHCognizant Technology Solutions	0.89%	18,572,637	$1.4B	trimmed−5%	0.00 pp	19 q
SUSuncor Energy, Inc.	0.89%	43,816,554	$1.4B	trimmed−2%	−0.15 pp	30 q
ZBHZimmer Biomet Holdings, Inc.	0.89%	11,474,535	$1.4B	added×2.4	+0.52 pp	8 q
COPConocoPhillips	0.87%	11,764,273	$1.4B	trimmed−12%	−0.21 pp	43 q
BMRNBioMarin Pharmaceuticals Inc	0.86%	13,994,063	$1.3B	trimmed−1%	+0.02 pp	17 q
BABAAlibaba Group Holding Limited	0.85%	17,194,570	$1.3B	added+7%	−0.09 pp	21 q
NVSNovartis AG	0.84%	13,165,538	$1.3B	trimmed−19%	−0.28 pp	43 q
WMBWilliams Companies Inc.	0.84%	37,924,018	$1.3B	trimmed−1%	−0.03 pp	15 q
GEHCGE HealthCare Technologies Inc.	0.83%	16,979,428	$1.3B	trimmed−1%	+0.04 pp	4 q
ELANElanco Animal Health Incorporated	0.79%	83,980,900	$1.3B	trimmed−0%	+0.15 pp	10 q
IFFInternational Flavors & Fragrances Inc.	0.79%	15,440,725	$1.3B	new	+0.79 pp	new
CSCOCisco Systems, Inc. (DE)	0.77%	24,091,212	$1.2B	trimmed−16%	−0.27 pp	38 q
CECelanese Corporation	0.68%	6,849,327	$1.1B	trimmed−2%	+0.09 pp	43 q
DDominion Energy, Inc	0.68%	22,800,383	$1.1B	added+40%	+0.19 pp	4 q
HPQHP Inc.	0.68%	35,413,307	$1.1B	trimmed−1%	+0.06 pp	33 q
BAXBaxter International Inc.	0.67%	27,381,465	$1.1B	added×2.8	+0.42 pp	2 q
INCYIncyte Genomics Inc	0.64%	16,090,421	$1.0B	trimmed−2%	0.00 pp	21 q
JNPJuniper Networks Inc	0.64%	34,469,105	$1.0B	trimmed−1%	−0.01 pp	37 q
OVVOvintiv Inc.	0.64%	22,955,251	$1.0B	trimmed−19%	−0.27 pp	16 q
HMCHonda Motor Co., Ltd.	0.62%	31,649,060	$978M	trimmed−23%	−0.32 pp	12 q
HLNHaleon plc	0.58%	110,663,098	$911M	added+1%	−0.03 pp	6 q
HPEHewlett Packard Enterprise Company	0.58%	54,182,673	$920M	trimmed−1%	−0.06 pp	33 q
TAPMolson Coors Beverage Company Class B	0.57%	14,652,014	$897M	trimmed−0%	−0.06 pp	23 q
FOXAFox Corporation Class A	0.55%	29,014,647	$861M	trimmed−3%	−0.08 pp	20 q
BMYBristol-Myers Squibb Co.	0.53%	16,200,284	$831M	trimmed−0%	−0.10 pp	43 q
CARRCarrier Global Corporation	0.53%	14,424,756	$829M	trimmed−1%	−0.01 pp	15 q
BAPCredicorp LTD	0.53%	5,530,980	$829M	added+2%	+0.06 pp	14 q
COHRCoherent Corp.	0.52%	18,735,408	$816M	added0%	+0.11 pp	6 q
XPXP Inc. Class A	0.50%	30,228,845	$788M	trimmed−0%	+0.03 pp	9 q
GAPThe Gap, Inc.	0.49%	37,090,678	$776M	trimmed−1%	+0.22 pp	21 q
TECKTeck Resources Limited	0.49%	18,313,640	$774M	trimmed−1%	−0.05 pp	15 q
AEGAegon Ltd.	0.46%	124,975,717	$720M	new	+0.46 pp	new
ALNYAlnylam Pharmaceuticals, Inc.	0.45%	3,674,310	$703M	trimmed−2%	0.00 pp	31 q
NTRNutrien Ltd.	0.41%	11,450,959	$645M	trimmed−1%	−0.07 pp	24 q
JDJD.com, Inc.	0.40%	21,944,549	$634M	added+19%	+0.04 pp	33 q
VFCV.F. Corporation	0.39%	32,308,600	$607M	added+1%	+0.01 pp	2 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.35%	14,275,070	$556M	trimmed−0%	−0.07 pp	14 q
LINLinde plc	0.35%	1,326,990	$545M	trimmed−2%	+0.01 pp	4 q
MDTMedtronic plc	0.35%	6,779,865	$559M	trimmed−1%	−0.01 pp	36 q
BHFBrighthouse Financial, Inc.	0.29%	8,757,834	$463M	trimmed−1%	0.00 pp	26 q
OTISOtis Worldwide Corporation	0.29%	5,026,497	$450M	trimmed−2%	+0.01 pp	15 q
TRPTC Energy Corporation	0.29%	11,860,400	$464M	trimmed−2%	+0.01 pp	14 q
BIDUBaidu, Inc.	0.24%	3,150,115	$375M	trimmed−1%	−0.05 pp	43 q
FOXFox Corporation Class B	0.20%	11,303,523	$313M	trimmed−1%	−0.02 pp	20 q
GLPIGaming and Leisure Properties, Inc.	0.20%	6,402,581	$316M	added+5%	+0.01 pp	8 q
NWSANews Corporation Class A	0.16%	10,477,457	$257M	trimmed−1%	+0.02 pp	42 q
DISHDISH Network Corp.	0.14%	38,886,766	$224M	trimmed−1%	−0.01 pp	43 q
TVGrupo Televisa S.A.	0.14%	64,405,090	$215M	trimmed−1%	+0.01 pp	43 q
NTESNetEase, inc.	0.11%	1,799,026	$168M	trimmed−35%	−0.08 pp	11 q
NBIXNeurocrine Biosciences Inc	0.11%	1,259,744	$166M	added×5.9	+0.09 pp	2 q
JXNJackson Financial Inc.	0.10%	3,071,598	$157M	trimmed−26%	−0.01 pp	10 q
LBTYKLiberty Global Ltd. Class C	0.10%	8,786,768	$164M	trimmed−2%	−0.01 pp	43 q
YUMCYum China Holdings, Inc.	0.09%	3,165,531	$134M	added×238.7	+0.09 pp	11 q
ITUBItau Unibanco Holding S.A.	0.07%	15,910,905	$111M	trimmed−13%	0.00 pp	30 q
FMSFresenius Medical Care AG	0.06%	4,223,110	$88M	held	—	8 q
AXPAmerican Express Company	0.05%	434,097	$81M	trimmed−2%	+0.01 pp	43 q
CDNSCadence Design Systems	0.05%	274,851	$75M	trimmed−3%	+0.01 pp	43 q
LBTYALiberty Global Ltd. Class A	0.05%	4,767,561	$85M	trimmed−2%	−0.01 pp	43 q
AVGOBroadcom Inc.	0.04%	55,745	$62M	new	+0.04 pp	new
JPMJPMorgan Chase & Co.	0.04%	325,535	$55M	trimmed−2%	+0.01 pp	43 q
UNPUnion Pacific Corp.	0.04%	284,628	$70M	added+7%	0.00 pp	43 q
SLBSLB Limited	0.03%	784,397	$41M	trimmed−6%	0.00 pp	43 q
CVXChevron Corporation	0.02%	188,025	$28M	trimmed−2%	0.00 pp	43 q
DISThe Walt Disney Company	0.02%	317,734	$29M	trimmed−6%	0.00 pp	43 q
HDBHDFC Bank Limited	0.02%	561,469	$38M	new	+0.02 pp	new
IBNICICI Bank Limited	0.02%	1,002,500	$24M	trimmed−44%	−0.01 pp	29 q
LLYEli Lilly & Co.	0.02%	54,029	$31M	trimmed−2%	0.00 pp	43 q
ADBEAdobe Inc.	0.01%	22,070	$13M	trimmed−0%	0.00 pp	43 q
AZNNAstrazeneca Plc-spons ADR	0.01%	155,675	$10M	trimmed−1%	0.00 pp	33 q
CATCaterpillar Inc.	0.01%	42,379	$13M	held	—	43 q
DELLDell Technologies Inc.	0.01%	243,897	$19M	trimmed−98%	−0.50 pp	21 q
XOMExxon Mobil Corp	0.01%	80,682	$8M	trimmed−0%	0.00 pp	43 q
HDHome Depot, Inc.	0.01%	25,317	$9M	trimmed−0%	0.00 pp	43 q
MRKMerck & Co., Inc.	0.01%	160,945	$18M	trimmed−2%	0.00 pp	43 q
PGProcter & Gamble Company	0.01%	97,038	$14M	held	—	43 q
TGTTarget Corporation	0.01%	119,224	$17M	trimmed−3%	0.00 pp	43 q
TMOThermo Fisher Scientific, Inc.	0.01%	27,173	$14M	held	—	43 q
TRVThe Travelers Companies, Inc.	0.01%	113,770	$22M	trimmed−0%	0.00 pp	43 q
WMTWalmart Inc.	0.01%	69,820	$11M	trimmed−3%	0.00 pp	43 q
ABTAbbott Laboratories	0.00%	17,857	$2M	held	—	43 q
ABBVAbbvie Inc.	0.00%	11,006	$2M	trimmed−2%	0.00 pp	43 q
APDAir Products & Chemicals, Inc.	0.00%	2,900	$794,020	trimmed−3%	0.00 pp	43 q
ALLThe Allstate Corporation	0.00%	2,618	$366,468	held	—	43 q
MOAltria Group, Inc.	0.00%	21,000	$847,140	held	—	43 q
AMPAmeriprise Financial, Inc.	0.00%	1,827	$693,949	held	—	43 q
AMGNAmgen Inc	0.00%	14,382	$4M	held	—	43 q
ADIAnalog Devices, Inc.	0.00%	34,585	$7M	trimmed−1%	0.00 pp	10 q
ELVElevance Health, Inc.	0.00%	1,100	$518,716	held	—	37 q
APAAPA Corporation	0.00%	87,950	$3M	trimmed−10%	0.00 pp	12 q
AAPLApple Inc.	0.00%	24,456	$5M	held	—	43 q
BDXBecton, Dickinson and Co.	0.00%	980	$238,953	held	—	43 q
BRK.ABerkshire Hathaway Inc.	0.00%	4	$2M	held	—	43 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,820	$5M	held	—	43 q
BLQADBlackrock Inc	0.00%	750	$608,850	held	—	22 q
BSXBoston Scientific Corp.	0.00%	97,095	$6M	trimmed−0%	0.00 pp	43 q
CXCemex S.A.B. de C.V.	0.00%	610,200	$5M	added+23%	0.00 pp	43 q
CTASCintas Corp	0.00%	500	$301,330	held	—	5 q
KOCoca-Cola Company	0.00%	24,635	$1M	held	—	43 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	43 q
GLWCorning Incorporated	0.00%	56,100	$2M	trimmed−40%	0.00 pp	43 q
CTVACorteva, Inc.	0.00%	26,755	$1M	trimmed−0%	0.00 pp	19 q
DHRDanaher Corporation	0.00%	16,525	$4M	trimmed−2%	0.00 pp	38 q
DEDeere & Company	0.00%	13,211	$5M	held	—	43 q
DEODiageo plc	0.00%	13,911	$2M	held	—	43 q
DOWDow Inc.	0.00%	17,940	$983,830	trimmed−3%	0.00 pp	19 q
DDDuPont de Nemours, Inc.	0.00%	17,763	$1M	trimmed−4%	0.00 pp	19 q
EBAYeBay Inc	0.00%	23,410	$1M	held	—	43 q
GISGeneral Mills, Inc.	0.00%	11,200	$729,568	held	—	43 q
GPCGenuine Parts Company	0.00%	4,825	$668,263	held	—	43 q
HALHalliburton Company	0.00%	105,702	$4M	trimmed−27%	0.00 pp	43 q
HESHess Corporation	0.00%	48,150	$7M	trimmed−6%	−0.01 pp	19 q
HONHoneywell International, Inc.	0.00%	8,019	$2M	held	—	43 q
IBMInternational Business Machines Corporation	0.00%	34,970	$6M	trimmed−1%	0.00 pp	43 q
JOYYJOYY Inc.	0.00%	31,710	$1M	added+28%	0.00 pp	4 q
JNJJohnson & Johnson	0.00%	21,097	$3M	held	—	43 q
BEKEKE Holdings Inc.	0.00%	38,440	$623,112	added+6%	0.00 pp	7 q
LVSLas Vegas Sands Corp.	0.00%	20,500	$1M	trimmed−35%	0.00 pp	6 q
LNCLincoln National Corp.	0.00%	8,700	$234,639	trimmed−100%	−0.07 pp	16 q
LMTLockheed Martin Corp.	0.00%	775	$351,261	held	—	22 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.00%	40,800	$289,272	added+3%	0.00 pp	5 q
MCDMcDonald's Corporation	0.00%	6,950	$2M	trimmed−1%	0.00 pp	43 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$857,571	held	—	43 q
MCOMoody's Corporation	0.00%	1,702	$664,733	held	—	43 q
MSIMotorola Solutions, Inc. New	0.00%	8,627	$3M	held	—	43 q
NEENextEra Energy, Inc.	0.00%	24,000	$1M	held	—	43 q
NOAHNoah Holdings Limited	0.00%	26,840	$370,660	added+15%	0.00 pp	11 q
NUENucor Corporation	0.00%	6,800	$1M	held	—	43 q
PNCPNC Financial Services Group	0.00%	14,275	$2M	held	—	43 q
PPGPPG Industries, Inc.	0.00%	2,200	$329,010	held	—	15 q
PHParker-Hannifin Corporation	0.00%	2,850	$1M	held	—	43 q
PYPLPayPal Holdings, Inc.	0.00%	14,950	$918,080	trimmed−1%	0.00 pp	34 q
PEPPepsiCo, Inc.	0.00%	3,075	$522,258	held	—	43 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	16,500	$263,505	held	—	11 q
PFEPfizer Inc.	0.00%	116,385	$3M	trimmed−2%	0.00 pp	43 q
PMPhilip Morris International Inc.	0.00%	17,000	$2M	held	—	43 q
PSXPhillips 66	0.00%	2,600	$346,164	held	—	43 q
unresolvedQurate Retail Inc	0.00%	22,000	$19,261	held	—	23 q
RIORio Tinto plc	0.00%	4,000	$297,840	held	—	43 q
SHELShell plc	0.00%	58,813	$4M	trimmed−2%	0.00 pp	8 q
SPGIS&P Global Inc.	0.00%	5,400	$2M	held	—	31 q
SNPSSynopsys Inc	0.00%	11,550	$6M	trimmed−5%	0.00 pp	43 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.00%	61,500	$6M	new	0.00 pp	new
MMM3M Company	0.00%	9,224	$1M	held	—	43 q
TCOMTrip.com Group Limited	0.00%	30,400	$1M	added+27%	0.00 pp	5 q
USBU.S. Bancorp	0.00%	26,300	$1M	trimmed−2%	0.00 pp	43 q
unresolvedUnilever Spn.Adr 1:1	0.00%	23,900	$1M	held	—	43 q
VLTOVeralto Corporation	0.00%	3,382	$278,203	new	0.00 pp	new
VZVerizon Communications	0.00%	5,500	$207,350	new	0.00 pp	new
VIPSVipshop Holdings Limited	0.00%	66,197	$1M	added+24%	0.00 pp	10 q
VVISA Inc.	0.00%	1,200	$312,420	held	—	38 q
VMCVulcan Materials Company(Holding Company)	0.00%	25,200	$6M	held	—	43 q
ZTSZoetis Inc.	0.00%	1,700	$335,529	held	—	15 q
AFYAAfya Limited Class A	0.00%	29,183	$639,983	added+7%	0.00 pp	4 q
GPRKGeopark Limited	0.00%	76,814	$658,296	added0%	0.00 pp	6 q
AOSLAlpha and Omega Semiconductor Limited	0.00%	35,814	$933,313	added0%	0.00 pp	4 q
CPACopa Holdings, S.A.	0.00%	9,350	$993,999	added+27%	0.00 pp	6 q
IFSIntercorp Financial Services Inc.	0.00%	27,010	$592,870	new	0.00 pp	new
VMWVMware, Inc	—	−19,732,814	—	exited	−2.21 pp	—
unresolvedAegon NV	—	−125,535,817	—	exited	−0.41 pp	—
Liberty Media Corpconvertible	—	−550,000	—	exited	0.00 pp	—