Dodge & Cox

Q1 2024 13F · by David Hoeft, CIO

As of: Mar 31, 2024
Filed: May 14, 2024
US stock: $172.4B · prev $157.6B
Positions: 199 · prev 197
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%

Moves148 since the prior filing

+3.8 pp in · −3.7 pp out

New 5 +1.15 pp
Added 38 +2.61 pp
Trimmed 102 −3.48 pp
Exited 3 −0.24 pp

The book

Diversified · behaves like 57 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.7 years per position

Low
Moderate
High

Top 5 positions17% of US stock

WFC Wells Fargo & Co. trimmed+0.21 pp trimmed+0.213.9%
SCHW The Charles Schwab Corporation trimmed−0.15 pp trimmed−0.153.6%
FISV Fiserv, Inc. trimmed+0.27 pp trimmed+0.273.2%
JCI Johnson Controls International plc added+0.55 pp added+0.553.0%
OXY Occidental Petroleum Corporation trimmed−0.07 pp trimmed−0.073.0%

Positions199 in this filing · 3 exited


WFCWells Fargo & Co.	3.87%	115,176,052	$6.7B	trimmed−2%	+0.21 pp	44 q
SCHWThe Charles Schwab Corporation	3.62%	86,297,094	$6.2B	trimmed−0%	−0.15 pp	44 q
FISVFiserv, Inc.	3.21%	34,610,009	$5.5B	trimmed−1%	+0.27 pp	14 q
JCIJohnson Controls International plc	3.03%	79,938,324	$5.2B	added+18%	+0.55 pp	31 q
OXYOccidental Petroleum Corporation	3.00%	79,525,798	$5.2B	trimmed−2%	−0.07 pp	44 q
CIThe Cigna Group	2.77%	13,127,891	$4.8B	trimmed−1%	+0.26 pp	22 q
GOOGAlphabet Inc. Class C	2.73%	30,941,859	$4.7B	trimmed−1%	−0.06 pp	40 q
RTXRTX Corporation	2.51%	44,303,200	$4.3B	added+5%	+0.26 pp	32 q
METMetLife, Inc.	2.43%	56,509,034	$4.2B	added+6%	+0.19 pp	44 q
MSFTMicrosoft Corp	2.32%	9,490,609	$4.0B	trimmed−12%	−0.26 pp	44 q
FDXFedEx Corporation	2.27%	13,520,438	$3.9B	trimmed−0%	+0.09 pp	44 q
SNYSanofi	2.20%	78,125,609	$3.8B	trimmed−0%	−0.27 pp	44 q
COFCapital One Financial	2.11%	24,382,817	$3.6B	trimmed−3%	+0.01 pp	44 q
CHTRCharter Comm Inc Del CL A New	1.95%	11,563,786	$3.4B	added+38%	−0.12 pp	32 q
CVSCvs Health Corporation	1.90%	41,012,543	$3.3B	added+35%	+0.38 pp	23 q
BNYBank of New York Mellon Corporation	1.85%	55,407,885	$3.2B	trimmed−6%	−0.09 pp	44 q
CMCSAComcast Corp	1.84%	73,143,940	$3.2B	trimmed−2%	−0.24 pp	44 q
AMZNAmazon.Com Inc	1.82%	17,401,360	$3.1B	trimmed−1%	+0.12 pp	39 q
FISFidelity National Information Services, Inc.	1.79%	41,502,450	$3.1B	added+10%	+0.36 pp	8 q
GSKGSK plc	1.71%	68,862,308	$3.0B	trimmed−0%	+0.09 pp	7 q
BKNGBooking Holdings Inc.	1.67%	792,046	$2.9B	trimmed−0%	−0.12 pp	25 q
GEGE Aerospace	1.64%	16,139,821	$2.8B	trimmed−4%	+0.28 pp	11 q
BACBank of America Corporation	1.56%	70,889,360	$2.7B	added+7%	+0.14 pp	44 q
GILDGilead Sciences Inc	1.41%	33,167,487	$2.4B	trimmed−0%	−0.30 pp	39 q
IFFInternational Flavors & Fragrances Inc.	1.38%	27,729,011	$2.4B	added+80%	+0.59 pp	2 q
UBSUBS Group AG	1.35%	75,422,942	$2.3B	trimmed−18%	−0.47 pp	23 q
GSGoldman Sachs Group Inc.	1.33%	5,473,633	$2.3B	trimmed−0%	−0.01 pp	44 q
0VQJLTe Connectivity Ltd	1.33%	15,814,523	$2.3B	added+1%	−0.07 pp	44 q
REGNRegeneron Pharmaceuticals Inc	1.32%	2,359,864	$2.3B	trimmed−0%	0.00 pp	10 q
ZBHZimmer Biomet Holdings, Inc.	1.26%	16,419,270	$2.2B	added+43%	+0.37 pp	9 q
NSCNorfolk Southern Corp.	1.20%	8,125,067	$2.1B	trimmed−1%	−0.04 pp	44 q
TFCTruist Financial Corporation	1.17%	51,941,210	$2.0B	trimmed−2%	−0.08 pp	44 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.13%	3,946,005	$2.0B	added+16%	−0.01 pp	44 q
BUDAnheuser-Busch INBEV SA/NV	1.12%	31,708,733	$1.9B	trimmed−0%	−0.18 pp	10 q
METAMeta Platforms, Inc. Class A	1.08%	3,831,944	$1.9B	trimmed−12%	+0.10 pp	16 q
GOOGLAlphabet Inc. Class A	1.07%	12,250,918	$1.8B	added0%	−0.01 pp	34 q
TMUST-Mobile US, Inc.	1.05%	11,041,654	$1.8B	trimmed−3%	−0.10 pp	16 q
LYBLyondellBasell Industries N.V. Class A	0.96%	16,227,752	$1.7B	added0%	−0.02 pp	16 q
AVTRAvantor, Inc.	0.94%	63,680,306	$1.6B	added+4%	+0.05 pp	3 q
BKRBaker Hughes Company	0.90%	46,165,024	$1.5B	added+9%	−0.02 pp	27 q
GEHCGE HealthCare Technologies Inc.	0.89%	16,813,784	$1.5B	trimmed−1%	+0.06 pp	5 q
HLNHaleon plc	0.87%	176,953,251	$1.5B	added+60%	+0.29 pp	7 q
COPConocoPhillips	0.86%	11,598,067	$1.5B	trimmed−1%	−0.01 pp	44 q
SUSuncor Energy, Inc.	0.86%	40,018,854	$1.5B	trimmed−9%	−0.03 pp	31 q
STTState Street Corporation	0.85%	19,046,599	$1.5B	trimmed−7%	−0.15 pp	44 q
WMBWilliams Companies Inc.	0.85%	37,785,026	$1.5B	trimmed−0%	+0.01 pp	16 q
CTSHCognizant Technology Solutions	0.79%	18,498,499	$1.4B	trimmed−0%	−0.10 pp	20 q
ELANElanco Animal Health Incorporated	0.79%	83,848,850	$1.4B	trimmed−0%	0.00 pp	11 q
BABAAlibaba Group Holding Limited	0.76%	18,074,270	$1.3B	added+5%	−0.09 pp	22 q
JNPJuniper Networks Inc	0.74%	34,259,515	$1.3B	trimmed−1%	+0.10 pp	38 q
BMRNBioMarin Pharmaceuticals Inc	0.71%	13,992,943	$1.2B	trimmed−0%	−0.15 pp	18 q
CSCOCisco Systems, Inc. (DE)	0.69%	23,969,309	$1.2B	trimmed−1%	−0.08 pp	39 q
NVSNovartis AG	0.69%	12,353,985	$1.2B	trimmed−6%	−0.15 pp	44 q
BAXBaxter International Inc.	0.68%	27,501,895	$1.2B	added0%	+0.01 pp	3 q
CECelanese Corporation	0.68%	6,826,652	$1.2B	trimmed−0%	0.00 pp	44 q
DDominion Energy, Inc	0.65%	22,865,698	$1.1B	added0%	−0.03 pp	5 q
HPQHP Inc.	0.62%	35,350,611	$1.1B	trimmed−0%	−0.06 pp	34 q
GAPThe Gap, Inc.	0.58%	36,133,428	$995M	trimmed−3%	+0.09 pp	22 q
AEPAmerican Electric Power Company, Inc.	0.57%	11,364,305	$978M	new	+0.57 pp	new
TAPMolson Coors Beverage Company Class B	0.57%	14,514,739	$976M	trimmed−1%	0.00 pp	24 q
BAPCredicorp LTD	0.54%	5,518,080	$935M	trimmed−0%	+0.01 pp	15 q
COHRCoherent Corp.	0.53%	15,098,388	$915M	trimmed−19%	+0.01 pp	7 q
FOXAFox Corporation Class A	0.52%	28,884,776	$903M	trimmed−0%	−0.03 pp	21 q
BMYBristol-Myers Squibb Co.	0.51%	16,267,041	$882M	added0%	−0.02 pp	44 q
INCYIncyte Genomics Inc	0.51%	15,416,043	$878M	trimmed−4%	−0.13 pp	22 q
HPEHewlett Packard Enterprise Company	0.50%	48,493,872	$860M	trimmed−11%	−0.08 pp	34 q
CARRCarrier Global Corporation	0.48%	14,381,701	$836M	trimmed−0%	−0.05 pp	16 q
HMCHonda Motor Co., Ltd.	0.48%	22,244,375	$828M	trimmed−30%	−0.14 pp	13 q
MCHPMicrochip Technology Inc	0.45%	8,688,028	$779M	trimmed−47%	−0.49 pp	23 q
AEGAegon Ltd.	0.44%	125,270,017	$758M	added0%	−0.02 pp	2 q
XPXP Inc. Class A	0.44%	29,685,045	$762M	trimmed−2%	−0.06 pp	10 q
SUISun Communities, Inc	0.40%	5,418,615	$697M	new	+0.40 pp	new
NTRNutrien Ltd.	0.39%	12,255,459	$666M	added+7%	−0.02 pp	25 q
JDJD.com, Inc.	0.38%	23,931,049	$655M	added+9%	−0.02 pp	34 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.36%	14,273,570	$615M	trimmed−0%	+0.01 pp	15 q
LINLinde plc	0.36%	1,326,990	$616M	held	—	5 q
MDTMedtronic plc	0.34%	6,789,315	$592M	added0%	−0.01 pp	37 q
ALNYAlnylam Pharmaceuticals, Inc.	0.33%	3,811,480	$570M	added+4%	−0.12 pp	32 q
VFCV.F. Corporation	0.32%	35,430,050	$543M	added+10%	−0.07 pp	3 q
TRPTC Energy Corporation	0.28%	11,860,400	$477M	held	—	15 q
TECKTeck Resources Limited	0.28%	10,560,340	$483M	trimmed−42%	−0.21 pp	16 q
BHFBrighthouse Financial, Inc.	0.26%	8,739,296	$450M	trimmed−0%	−0.03 pp	27 q
OVVOvintiv Inc.	0.26%	8,665,010	$450M	trimmed−62%	−0.38 pp	17 q
BIDUBaidu, Inc.	0.23%	3,783,715	$398M	added+20%	−0.01 pp	44 q
FOXFox Corporation Class B	0.19%	11,343,323	$325M	added0%	−0.01 pp	21 q
GLPIGaming and Leisure Properties, Inc.	0.17%	6,432,387	$296M	added0%	−0.03 pp	9 q
NWSANews Corporation Class A	0.16%	10,466,332	$274M	trimmed−0%	0.00 pp	43 q
YUMCYum China Holdings, Inc.	0.16%	6,719,862	$267M	added×2.1	+0.07 pp	12 q
TVGrupo Televisa S.A.	0.12%	64,212,690	$205M	trimmed−0%	−0.02 pp	44 q
ECHOEchoStar Corporation	0.11%	13,656,514	$195M	new	+0.11 pp	new
NBIXNeurocrine Biosciences Inc	0.10%	1,265,244	$175M	added0%	−0.01 pp	3 q
LBTYKLiberty Global Ltd. Class C	0.09%	8,786,768	$155M	held	—	44 q
HDBHDFC Bank Limited	0.07%	2,069,342	$116M	added×3.7	+0.05 pp	2 q
FLUTFlutter Entertainment plc	0.07%	624,478	$123M	new	+0.07 pp	new
AXPAmerican Express Company	0.06%	428,616	$98M	trimmed−1%	+0.01 pp	44 q
ITUBItau Unibanco Holding S.A.	0.06%	15,806,905	$110M	trimmed−1%	−0.01 pp	31 q
NTESNetEase, inc.	0.06%	947,126	$98M	trimmed−47%	−0.05 pp	12 q
CDNSCadence Design Systems	0.05%	265,065	$83M	trimmed−4%	0.00 pp	44 q
FMSFresenius Medical Care AG	0.05%	4,223,110	$81M	held	—	9 q
LBTYALiberty Global Ltd. Class A	0.05%	4,767,561	$81M	held	—	44 q
JPMJPMorgan Chase & Co.	0.04%	320,565	$64M	trimmed−2%	0.00 pp	44 q
UNPUnion Pacific Corp.	0.04%	283,191	$70M	trimmed−1%	0.00 pp	44 q
CVXChevron Corporation	0.02%	185,338	$29M	trimmed−1%	0.00 pp	44 q
DISThe Walt Disney Company	0.02%	310,878	$38M	trimmed−2%	0.00 pp	44 q
LLYEli Lilly & Co.	0.02%	46,925	$37M	trimmed−13%	0.00 pp	44 q
SLBSLB Limited	0.02%	732,847	$40M	trimmed−7%	−0.01 pp	44 q
TRVThe Travelers Companies, Inc.	0.02%	112,870	$26M	trimmed−1%	+0.01 pp	44 q
ADBEAdobe Inc.	0.01%	21,680	$11M	trimmed−2%	0.00 pp	44 q
AZNNAstrazeneca Plc-spons ADR	0.01%	155,285	$11M	trimmed−0%	0.00 pp	34 q
CATCaterpillar Inc.	0.01%	42,326	$16M	trimmed−0%	0.00 pp	44 q
XOMExxon Mobil Corp	0.01%	80,359	$9M	trimmed−0%	0.00 pp	44 q
HDHome Depot, Inc.	0.01%	24,817	$10M	trimmed−2%	0.00 pp	44 q
MRKMerck & Co., Inc.	0.01%	160,495	$21M	trimmed−0%	0.00 pp	44 q
PGProcter & Gamble Company	0.01%	95,803	$16M	trimmed−1%	0.00 pp	44 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	86,500	$12M	added+41%	+0.01 pp	2 q
TGTTarget Corporation	0.01%	117,799	$21M	trimmed−1%	0.00 pp	44 q
TMOThermo Fisher Scientific, Inc.	0.01%	26,798	$16M	trimmed−1%	0.00 pp	44 q
WMTWalmart Inc.	0.01%	206,860	$12M	trimmed−1%	0.00 pp	44 q
ABTAbbott Laboratories	0.00%	17,857	$2M	held	—	44 q
ABBVAbbvie Inc.	0.00%	11,006	$2M	held	—	44 q
APDAir Products & Chemicals, Inc.	0.00%	2,900	$702,583	held	—	44 q
ALLThe Allstate Corporation	0.00%	2,618	$452,940	held	—	44 q
MOAltria Group, Inc.	0.00%	21,000	$916,020	held	—	44 q
AMPAmeriprise Financial, Inc.	0.00%	1,827	$801,030	held	—	44 q
AMGNAmgen Inc	0.00%	14,382	$4M	held	—	44 q
ADIAnalog Devices, Inc.	0.00%	31,915	$6M	trimmed−8%	0.00 pp	11 q
ELVElevance Health, Inc.	0.00%	1,100	$570,394	held	—	38 q
APAAPA Corporation	0.00%	79,350	$3M	trimmed−10%	0.00 pp	13 q
AAPLApple Inc.	0.00%	24,356	$4M	trimmed−0%	0.00 pp	44 q
BDXBecton, Dickinson and Co.	0.00%	980	$242,501	held	—	44 q
BRK.ABerkshire Hathaway Inc.	0.00%	4	$3M	held	—	44 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,820	$5M	held	—	44 q
BLQADBlackrock Inc	0.00%	750	$625,275	held	—	23 q
BSXBoston Scientific Corp.	0.00%	97,095	$7M	held	—	44 q
AVGOBroadcom Inc.	0.00%	4,958	$7M	trimmed−91%	−0.04 pp	2 q
CXCemex S.A.B. de C.V.	0.00%	613,200	$6M	added0%	0.00 pp	44 q
CTASCintas Corp	0.00%	500	$343,515	held	—	6 q
KOCoca-Cola Company	0.00%	24,635	$2M	held	—	44 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	44 q
GLWCorning Incorporated	0.00%	55,200	$2M	trimmed−2%	0.00 pp	44 q
CTVACorteva, Inc.	0.00%	26,572	$2M	trimmed−1%	0.00 pp	20 q
DHRDanaher Corporation	0.00%	16,525	$4M	held	—	39 q
DEDeere & Company	0.00%	13,161	$5M	trimmed−0%	0.00 pp	44 q
DELLDell Technologies Inc.	0.00%	63,550	$7M	trimmed−74%	−0.01 pp	22 q
DEODiageo plc	0.00%	13,911	$2M	held	—	44 q
DOWDow Inc.	0.00%	17,931	$1M	trimmed−0%	0.00 pp	20 q
DDDuPont de Nemours, Inc.	0.00%	17,583	$1M	trimmed−1%	0.00 pp	20 q
EBAYeBay Inc	0.00%	18,710	$987,514	trimmed−20%	0.00 pp	44 q
GISGeneral Mills, Inc.	0.00%	11,200	$783,664	held	—	44 q
GPCGenuine Parts Company	0.00%	4,675	$724,298	trimmed−3%	0.00 pp	44 q
HALHalliburton Company	0.00%	92,402	$4M	trimmed−13%	0.00 pp	44 q
HESHess Corporation	0.00%	47,600	$7M	trimmed−1%	0.00 pp	20 q
HONHoneywell International, Inc.	0.00%	8,019	$2M	held	—	44 q
IBNICICI Bank Limited	0.00%	19,950	$526,880	trimmed−98%	−0.02 pp	30 q
IBMInternational Business Machines Corporation	0.00%	34,270	$7M	trimmed−2%	0.00 pp	44 q
JOYYJOYY Inc.	0.00%	33,710	$1M	added+6%	0.00 pp	5 q
JNJJohnson & Johnson	0.00%	21,097	$3M	held	—	44 q
BEKEKE Holdings Inc.	0.00%	38,440	$527,781	held	—	8 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.00%	5,526	$710,865	new	0.00 pp	new
LVSLas Vegas Sands Corp.	0.00%	28,400	$1M	added+39%	0.00 pp	7 q
LNCLincoln National Corp.	0.00%	8,500	$271,405	trimmed−2%	0.00 pp	17 q
LMTLockheed Martin Corp.	0.00%	775	$352,524	held	—	23 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.00%	40,800	$272,544	held	—	6 q
MCDMcDonald's Corporation	0.00%	6,550	$2M	trimmed−6%	0.00 pp	44 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$828,800	held	—	44 q
MCOMoody's Corporation	0.00%	1,566	$615,485	trimmed−8%	0.00 pp	44 q
MSIMotorola Solutions, Inc. New	0.00%	8,627	$3M	held	—	44 q
NEENextEra Energy, Inc.	0.00%	24,000	$2M	held	—	44 q
NOAHNoah Holdings Limited	0.00%	26,840	$306,781	held	—	12 q
NUENucor Corporation	0.00%	6,800	$1M	held	—	44 q
OTISOtis Worldwide Corporation	0.00%	22,260	$2M	trimmed−100%	−0.29 pp	16 q
PNCPNC Financial Services Group	0.00%	14,275	$2M	held	—	44 q
PPGPPG Industries, Inc.	0.00%	2,200	$318,780	held	—	16 q
PHParker-Hannifin Corporation	0.00%	2,850	$2M	held	—	44 q
PYPLPayPal Holdings, Inc.	0.00%	14,600	$978,054	trimmed−2%	0.00 pp	35 q
PEPPepsiCo, Inc.	0.00%	3,075	$538,156	held	—	44 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	16,500	$250,965	held	—	12 q
PFEPfizer Inc.	0.00%	116,385	$3M	held	—	44 q
PMPhilip Morris International Inc.	0.00%	17,000	$2M	held	—	44 q
PSXPhillips 66	0.00%	2,600	$424,684	held	—	44 q
unresolvedQurate Retail Inc	0.00%	22,000	$27,060	held	—	24 q
RIORio Tinto plc	0.00%	4,000	$254,960	held	—	44 q
SHELShell plc	0.00%	58,213	$4M	trimmed−1%	0.00 pp	9 q
SPGIS&P Global Inc.	0.00%	5,400	$2M	held	—	32 q
SNPSSynopsys Inc	0.00%	11,450	$7M	trimmed−1%	0.00 pp	44 q
MMM3M Company	0.00%	9,224	$978,390	held	—	44 q
TCOMTrip.com Group Limited	0.00%	30,400	$1M	held	—	6 q
USBU.S. Bancorp	0.00%	25,000	$1M	trimmed−5%	0.00 pp	44 q
unresolvedUnilever Spn.Adr 1:1	0.00%	23,900	$1M	held	—	44 q
VZVerizon Communications	0.00%	5,500	$230,780	held	—	2 q
VIPSVipshop Holdings Limited	0.00%	94,197	$2M	added+42%	0.00 pp	11 q
VVISA Inc.	0.00%	1,000	$279,080	trimmed−17%	0.00 pp	39 q
VMCVulcan Materials Company(Holding Company)	0.00%	24,700	$7M	trimmed−2%	0.00 pp	44 q
ZTSZoetis Inc.	0.00%	1,700	$287,657	held	—	16 q
AFYAAfya Limited Class A	0.00%	29,183	$542,220	held	—	5 q
GPRKGeopark Limited	0.00%	76,814	$737,414	held	—	7 q
AOSLAlpha and Omega Semiconductor Limited	0.00%	48,093	$1M	added+34%	0.00 pp	5 q
CPACopa Holdings, S.A.	0.00%	9,350	$973,896	held	—	7 q
IFSIntercorp Financial Services Inc.	0.00%	27,010	$643,108	held	—	2 q
DISHDISH Network Corp.	—	−38,886,766	—	exited	−0.14 pp	—
JXNJackson Financial Inc.	—	−3,071,598	—	exited	−0.10 pp	—
VLTOVeralto Corporation	—	−3,382	—	exited	0.00 pp	—