Dodge & Cox

Q2 2024 13F · by David Hoeft, CIO

As of: Jun 30, 2024
Filed: Aug 13, 2024
US stock: $166.6B · prev $172.4B
Positions: 202 · prev 199
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%

Moves142 since the prior filing

+2.0 pp in · −2.0 pp out

New 6 +1.14 pp
Added 26 +0.87 pp
Trimmed 107 −1.78 pp
Exited 3 −0.26 pp

The book

Diversified · behaves like 57 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.7 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions202 in this filing · 3 exited


SCHWThe Charles Schwab Corporation	3.79%	85,787,053	$6.3B	trimmed−1%	+0.17 pp	45 q
JCIJohnson Controls International plc	3.40%	85,272,989	$5.7B	added+7%	+0.37 pp	32 q
WFCWells Fargo & Co.	3.29%	92,277,487	$5.5B	trimmed−20%	−0.58 pp	45 q
GOOGAlphabet Inc. Class C	3.24%	29,421,485	$5.4B	trimmed−5%	+0.51 pp	41 q
FISVFiserv, Inc.	3.07%	34,371,378	$5.1B	trimmed−1%	−0.14 pp	15 q
OXYOccidental Petroleum Corporation	2.96%	78,361,008	$4.9B	trimmed−1%	−0.04 pp	45 q
RTXRTX Corporation	2.67%	44,284,541	$4.4B	trimmed−0%	+0.16 pp	33 q
MSFTMicrosoft Corp	2.53%	9,414,281	$4.2B	trimmed−1%	+0.21 pp	45 q
FDXFedEx Corporation	2.41%	13,394,616	$4.0B	trimmed−1%	+0.14 pp	45 q
METMetLife, Inc.	2.37%	56,353,281	$4.0B	trimmed−0%	−0.06 pp	45 q
SNYSanofi	2.25%	77,109,633	$3.7B	trimmed−1%	+0.05 pp	45 q
CVSCvs Health Corporation	2.19%	61,683,343	$3.6B	added+50%	+0.29 pp	24 q
CHTRCharter Comm Inc Del CL A New	2.10%	11,681,107	$3.5B	added+1%	+0.15 pp	33 q
AMZNAmazon.Com Inc	2.01%	17,334,351	$3.3B	trimmed−0%	+0.19 pp	40 q
BNYBank of New York Mellon Corporation	1.97%	54,771,782	$3.3B	trimmed−1%	+0.12 pp	45 q
BKNGBooking Holdings Inc.	1.88%	789,804	$3.1B	trimmed−0%	+0.21 pp	26 q
FISFidelity National Information Services, Inc.	1.87%	41,435,311	$3.1B	trimmed−0%	+0.08 pp	9 q
CIThe Cigna Group	1.76%	8,852,809	$2.9B	trimmed−33%	−1.01 pp	23 q
CMCSAComcast Corp	1.71%	72,739,344	$2.8B	trimmed−1%	−0.13 pp	45 q
COFCapital One Financial	1.66%	19,939,018	$2.8B	trimmed−18%	−0.45 pp	45 q
IFFInternational Flavors & Fragrances Inc.	1.61%	28,206,607	$2.7B	added+2%	+0.23 pp	3 q
GSKGSK plc	1.58%	68,337,138	$2.6B	trimmed−1%	−0.13 pp	8 q
GSGoldman Sachs Group Inc.	1.47%	5,423,532	$2.5B	trimmed−1%	+0.14 pp	45 q
REGNRegeneron Pharmaceuticals Inc	1.46%	2,315,686	$2.4B	trimmed−2%	+0.14 pp	11 q
BACBank of America Corporation	1.45%	60,616,153	$2.4B	trimmed−14%	−0.11 pp	45 q
0VQJLTe Connectivity Ltd	1.42%	15,766,921	$2.4B	trimmed−0%	+0.09 pp	45 q
NSCNorfolk Southern Corp.	1.39%	10,794,867	$2.3B	added+33%	+0.19 pp	45 q
GEGE Aerospace	1.37%	14,312,511	$2.3B	trimmed−11%	−0.27 pp	12 q
GILDGilead Sciences Inc	1.36%	33,122,337	$2.3B	trimmed−0%	−0.05 pp	40 q
GOOGLAlphabet Inc. Class A	1.33%	12,202,672	$2.2B	trimmed−0%	+0.26 pp	35 q
UBSUBS Group AG	1.29%	73,442,242	$2.2B	trimmed−3%	−0.06 pp	24 q
TFCTruist Financial Corporation	1.20%	51,665,856	$2.0B	trimmed−1%	+0.03 pp	45 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.20%	3,921,445	$2.0B	trimmed−1%	+0.07 pp	45 q
METAMeta Platforms, Inc. Class A	1.16%	3,829,095	$1.9B	trimmed−0%	+0.08 pp	17 q
BUDAnheuser-Busch INBEV SA/NV	1.10%	31,470,885	$1.8B	trimmed−1%	−0.02 pp	11 q
ZBHZimmer Biomet Holdings, Inc.	1.09%	16,745,630	$1.8B	added+2%	−0.17 pp	10 q
TMUST-Mobile US, Inc.	1.04%	9,827,889	$1.7B	trimmed−11%	−0.01 pp	17 q
BKRBaker Hughes Company	0.97%	46,058,888	$1.6B	trimmed−0%	+0.07 pp	28 q
HUMHumana Inc.	0.97%	4,308,536	$1.6B	new	+0.97 pp	new
WMBWilliams Companies Inc.	0.96%	37,547,551	$1.6B	trimmed−1%	+0.11 pp	17 q
LYBLyondellBasell Industries N.V. Class A	0.93%	16,158,867	$1.5B	trimmed−0%	−0.03 pp	17 q
HLNHaleon plc	0.89%	180,170,635	$1.5B	added+2%	+0.02 pp	8 q
AVTRAvantor, Inc.	0.83%	65,364,190	$1.4B	added+3%	−0.11 pp	4 q
COPConocoPhillips	0.79%	11,475,600	$1.3B	trimmed−1%	−0.07 pp	45 q
BABAAlibaba Group Holding Limited	0.78%	18,034,070	$1.3B	trimmed−0%	+0.02 pp	23 q
GEHCGE HealthCare Technologies Inc.	0.78%	16,713,150	$1.3B	trimmed−1%	−0.11 pp	6 q
NVSNovartis AG	0.78%	12,236,526	$1.3B	trimmed−1%	+0.09 pp	45 q
CTSHCognizant Technology Solutions	0.75%	18,458,724	$1.3B	trimmed−0%	−0.04 pp	21 q
JNPJuniper Networks Inc	0.75%	34,212,790	$1.2B	trimmed−0%	+0.01 pp	39 q
HPQHP Inc.	0.74%	35,098,525	$1.2B	trimmed−1%	+0.12 pp	35 q
ELANElanco Animal Health Incorporated	0.72%	83,583,150	$1.2B	trimmed−0%	−0.07 pp	12 q
BMRNBioMarin Pharmaceuticals Inc	0.69%	13,930,493	$1.1B	trimmed−0%	−0.02 pp	19 q
SUSuncor Energy, Inc.	0.69%	30,255,854	$1.2B	trimmed−24%	−0.17 pp	32 q
CSCOCisco Systems, Inc. (DE)	0.68%	23,912,097	$1.1B	trimmed−0%	−0.01 pp	40 q
DDominion Energy, Inc	0.67%	22,812,448	$1.1B	trimmed−0%	+0.02 pp	6 q
AEPAmerican Electric Power Company, Inc.	0.62%	11,831,805	$1.0B	added+4%	+0.05 pp	2 q
COHRCoherent Corp.	0.61%	14,013,619	$1.0B	trimmed−7%	+0.08 pp	8 q
FOXAFox Corporation Class A	0.59%	28,594,326	$983M	trimmed−1%	+0.07 pp	22 q
STTState Street Corporation	0.57%	12,914,714	$956M	trimmed−32%	−0.28 pp	45 q
INCYIncyte Genomics Inc	0.56%	15,279,343	$926M	trimmed−1%	+0.05 pp	23 q
ALNYAlnylam Pharmaceuticals, Inc.	0.55%	3,780,185	$919M	trimmed−1%	+0.22 pp	33 q
BAXBaxter International Inc.	0.55%	27,522,745	$921M	added0%	−0.13 pp	4 q
CECelanese Corporation	0.55%	6,808,019	$918M	trimmed−0%	−0.13 pp	45 q
CARRCarrier Global Corporation	0.54%	14,367,024	$906M	trimmed−0%	+0.06 pp	17 q
BAPCredicorp LTD	0.53%	5,474,280	$883M	trimmed−1%	−0.01 pp	16 q
TAPMolson Coors Beverage Company Class B	0.44%	14,574,964	$741M	added0%	−0.13 pp	25 q
AEGAegon Ltd.	0.43%	118,143,251	$724M	trimmed−6%	−0.01 pp	3 q
HMCHonda Motor Co., Ltd.	0.43%	22,135,475	$714M	trimmed−0%	−0.05 pp	14 q
GAPThe Gap, Inc.	0.42%	28,971,846	$692M	trimmed−20%	−0.16 pp	23 q
SUISun Communities, Inc	0.40%	5,576,740	$671M	added+3%	0.00 pp	2 q
BMYBristol-Myers Squibb Co.	0.39%	15,766,898	$655M	trimmed−3%	−0.12 pp	45 q
NTRNutrien Ltd.	0.37%	12,199,059	$621M	trimmed−0%	−0.02 pp	26 q
XPXP Inc. Class A	0.36%	34,352,845	$604M	added+16%	−0.08 pp	11 q
JDJD.com, Inc.	0.35%	22,479,249	$581M	trimmed−6%	−0.03 pp	35 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.35%	14,270,270	$587M	trimmed−0%	−0.01 pp	16 q
LINLinde plc	0.35%	1,326,990	$582M	held	—	6 q
VFCV.F. Corporation	0.34%	42,556,750	$575M	added+20%	+0.02 pp	4 q
MDTMedtronic plc	0.32%	6,791,555	$535M	added0%	−0.02 pp	38 q
BIDUBaidu, Inc.	0.31%	5,883,215	$509M	added+55%	+0.08 pp	45 q
TECKTeck Resources Limited	0.30%	10,554,840	$506M	trimmed−0%	+0.02 pp	17 q
TRPTC Energy Corporation	0.27%	11,860,400	$450M	held	—	16 q
FOXFox Corporation Class B	0.22%	11,366,057	$364M	added0%	+0.03 pp	22 q
YUMCYum China Holdings, Inc.	0.20%	10,681,262	$329M	added+59%	+0.04 pp	13 q
GLPIGaming and Leisure Properties, Inc.	0.18%	6,524,863	$295M	added+1%	+0.01 pp	10 q
BHFBrighthouse Financial, Inc.	0.17%	6,688,783	$290M	trimmed−23%	−0.09 pp	28 q
NWSANews Corporation Class A	0.17%	10,457,182	$288M	trimmed−0%	+0.01 pp	44 q
CPNGCoupang, Inc.	0.15%	12,114,152	$254M	new	+0.15 pp	new
ECHOEchoStar Corporation	0.14%	13,564,286	$242M	trimmed−1%	+0.03 pp	2 q
TVGrupo Televisa S.A.	0.11%	64,212,690	$178M	held	—	45 q
NBIXNeurocrine Biosciences Inc	0.11%	1,280,820	$176M	added+1%	+0.01 pp	4 q
HDBHDFC Bank Limited	0.09%	2,364,300	$152M	added+14%	+0.02 pp	3 q
LBTYKLiberty Global Ltd. Class C	0.09%	8,786,768	$157M	held	—	45 q
FLUTFlutter Entertainment plc	0.07%	624,478	$114M	held	—	2 q
AXPAmerican Express Company	0.06%	416,269	$96M	trimmed−3%	0.00 pp	45 q
NTESNetEase, inc.	0.06%	1,080,952	$103M	added+14%	0.00 pp	13 q
CDNSCadence Design Systems	0.05%	261,118	$80M	trimmed−1%	0.00 pp	45 q
FMSFresenius Medical Care AG	0.05%	4,223,110	$81M	held	—	10 q
ITUBItau Unibanco Holding S.A.	0.05%	15,228,405	$89M	trimmed−4%	−0.01 pp	32 q
LBTYALiberty Global Ltd. Class A	0.05%	4,767,561	$83M	held	—	45 q
JPMJPMorgan Chase & Co.	0.04%	307,915	$62M	trimmed−4%	0.00 pp	45 q
UNPUnion Pacific Corp.	0.04%	282,582	$64M	trimmed−0%	0.00 pp	45 q
MCHPMicrochip Technology Inc	0.03%	621,961	$57M	trimmed−93%	−0.42 pp	24 q
CVXChevron Corporation	0.02%	184,453	$29M	trimmed−0%	0.00 pp	45 q
DISThe Walt Disney Company	0.02%	305,856	$30M	trimmed−2%	0.00 pp	45 q
GEVGE Vernova Inc.	0.02%	182,865	$31M	new	+0.02 pp	new
LLYEli Lilly & Co.	0.02%	45,978	$42M	trimmed−2%	0.00 pp	45 q
SLBSLB Limited	0.02%	670,479	$32M	trimmed−9%	0.00 pp	45 q
ADBEAdobe Inc.	0.01%	21,602	$12M	trimmed−0%	0.00 pp	45 q
AZNNAstrazeneca Plc-spons ADR	0.01%	149,785	$12M	trimmed−4%	0.00 pp	35 q
CATCaterpillar Inc.	0.01%	42,276	$14M	trimmed−0%	0.00 pp	45 q
XOMExxon Mobil Corp	0.01%	79,812	$9M	trimmed−1%	0.00 pp	45 q
HPEHewlett Packard Enterprise Company	0.01%	747,383	$16M	trimmed−98%	−0.49 pp	35 q
HDHome Depot, Inc.	0.01%	24,482	$8M	trimmed−1%	0.00 pp	45 q
MRKMerck & Co., Inc.	0.01%	158,876	$20M	trimmed−1%	0.00 pp	45 q
PGProcter & Gamble Company	0.01%	94,903	$16M	trimmed−1%	0.00 pp	45 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	86,500	$15M	held	—	3 q
TGTTarget Corporation	0.01%	116,294	$17M	trimmed−1%	0.00 pp	45 q
TMOThermo Fisher Scientific, Inc.	0.01%	26,791	$15M	trimmed−0%	0.00 pp	45 q
TRVThe Travelers Companies, Inc.	0.01%	112,870	$23M	held	—	45 q
WMTWalmart Inc.	0.01%	201,810	$14M	trimmed−2%	0.00 pp	45 q
ABTAbbott Laboratories	0.00%	17,857	$2M	held	—	45 q
ABBVAbbvie Inc.	0.00%	11,006	$2M	held	—	45 q
APDAir Products & Chemicals, Inc.	0.00%	2,900	$748,345	held	—	45 q
ALLThe Allstate Corporation	0.00%	2,618	$417,990	held	—	45 q
MOAltria Group, Inc.	0.00%	21,000	$956,550	held	—	45 q
AMPAmeriprise Financial, Inc.	0.00%	1,827	$780,476	held	—	45 q
AMGNAmgen Inc	0.00%	14,382	$4M	held	—	45 q
ADIAnalog Devices, Inc.	0.00%	31,815	$7M	trimmed−0%	0.00 pp	12 q
ELVElevance Health, Inc.	0.00%	1,100	$596,046	held	—	39 q
APAAPA Corporation	0.00%	72,850	$2M	trimmed−8%	0.00 pp	14 q
AAPLApple Inc.	0.00%	24,318	$5M	trimmed−0%	0.00 pp	45 q
BXKBancolombia S.a.-spons ADR	0.00%	13,000	$424,450	new	0.00 pp	new
BDXBecton, Dickinson and Co.	0.00%	980	$229,036	held	—	45 q
BRK.ABerkshire Hathaway Inc.	0.00%	4	$2M	held	—	45 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,703	$5M	trimmed−1%	0.00 pp	45 q
BLQADBlackrock Inc	0.00%	750	$590,490	held	—	24 q
BSXBoston Scientific Corp.	0.00%	97,095	$7M	held	—	45 q
AVGOBroadcom Inc.	0.00%	3,808	$6M	trimmed−23%	0.00 pp	3 q
CXCemex S.A.B. de C.V.	0.00%	644,700	$4M	added+5%	0.00 pp	45 q
CTASCintas Corp	0.00%	500	$350,130	held	—	7 q
KOCoca-Cola Company	0.00%	24,635	$2M	held	—	45 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	45 q
GLWCorning Incorporated	0.00%	48,150	$2M	trimmed−13%	0.00 pp	45 q
CTVACorteva, Inc.	0.00%	25,648	$1M	trimmed−3%	0.00 pp	21 q
DHRDanaher Corporation	0.00%	16,525	$4M	held	—	40 q
DEDeere & Company	0.00%	13,036	$5M	trimmed−1%	0.00 pp	45 q
DELLDell Technologies Inc.	0.00%	38,400	$5M	trimmed−40%	0.00 pp	23 q
DEODiageo plc	0.00%	13,511	$2M	trimmed−3%	0.00 pp	45 q
DOWDow Inc.	0.00%	17,331	$919,410	trimmed−3%	0.00 pp	21 q
DDDuPont de Nemours, Inc.	0.00%	17,583	$1M	held	—	21 q
EBAYeBay Inc	0.00%	15,710	$843,941	trimmed−16%	0.00 pp	45 q
GISGeneral Mills, Inc.	0.00%	11,200	$708,512	held	—	45 q
GPCGenuine Parts Company	0.00%	4,675	$646,646	held	—	45 q
HALHalliburton Company	0.00%	87,202	$3M	trimmed−6%	0.00 pp	45 q
HESHess Corporation	0.00%	46,550	$7M	trimmed−2%	0.00 pp	21 q
HONHoneywell International, Inc.	0.00%	8,019	$2M	held	—	45 q
IBMInternational Business Machines Corporation	0.00%	34,270	$6M	held	—	45 q
ISRGIntuitive Surgical Inc.	0.00%	500	$222,425	new	0.00 pp	new
JOYYJOYY Inc.	0.00%	34,966	$1M	added+4%	0.00 pp	6 q
JNJJohnson & Johnson	0.00%	21,097	$3M	held	—	45 q
BEKEKE Holdings Inc.	0.00%	38,440	$543,926	held	—	9 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.00%	5,526	$712,909	held	—	2 q
LVSLas Vegas Sands Corp.	0.00%	28,400	$1M	held	—	8 q
LMTLockheed Martin Corp.	0.00%	775	$362,003	held	—	24 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.00%	30,800	$208,208	trimmed−25%	0.00 pp	7 q
MCDMcDonald's Corporation	0.00%	6,550	$2M	held	—	45 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$774,810	held	—	45 q
MCOMoody's Corporation	0.00%	1,566	$659,176	held	—	45 q
MSIMotorola Solutions, Inc. New	0.00%	8,627	$3M	held	—	45 q
NEENextEra Energy, Inc.	0.00%	23,600	$2M	trimmed−2%	0.00 pp	45 q
NOAHNoah Holdings Limited	0.00%	26,840	$259,006	held	—	13 q
NUENucor Corporation	0.00%	6,200	$980,096	trimmed−9%	0.00 pp	45 q
OTISOtis Worldwide Corporation	0.00%	21,810	$2M	trimmed−2%	0.00 pp	17 q
PNCPNC Financial Services Group	0.00%	14,275	$2M	held	—	45 q
PPGPPG Industries, Inc.	0.00%	2,200	$276,958	held	—	17 q
PHParker-Hannifin Corporation	0.00%	2,850	$1M	held	—	45 q
PYPLPayPal Holdings, Inc.	0.00%	14,100	$818,223	trimmed−3%	0.00 pp	36 q
PEPPepsiCo, Inc.	0.00%	3,075	$507,160	held	—	45 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	16,500	$239,085	held	—	13 q
PFEPfizer Inc.	0.00%	115,935	$3M	trimmed−0%	0.00 pp	45 q
PMPhilip Morris International Inc.	0.00%	17,000	$2M	held	—	45 q
PSXPhillips 66	0.00%	2,600	$367,042	held	—	45 q
unresolvedQurate Retail Inc	0.00%	22,000	$13,860	held	—	25 q
RIORio Tinto plc	0.00%	4,000	$263,720	held	—	45 q
SHELShell plc	0.00%	57,713	$4M	trimmed−1%	0.00 pp	10 q
SPGIS&P Global Inc.	0.00%	5,400	$2M	held	—	33 q
SNPSSynopsys Inc	0.00%	11,450	$7M	held	—	45 q
MMM3M Company	0.00%	9,224	$942,601	held	—	45 q
TCOMTrip.com Group Limited	0.00%	30,400	$1M	held	—	7 q
USBU.S. Bancorp	0.00%	25,000	$992,500	held	—	45 q
unresolvedUnilever Spn.Adr 1:1	0.00%	23,900	$1M	held	—	45 q
VZVerizon Communications	0.00%	5,500	$226,820	held	—	3 q
VIPSVipshop Holdings Limited	0.00%	101,997	$1M	added+8%	0.00 pp	12 q
VVISA Inc.	0.00%	1,000	$262,470	held	—	40 q
VMCVulcan Materials Company(Holding Company)	0.00%	24,700	$6M	held	—	45 q
ZTSZoetis Inc.	0.00%	1,700	$294,712	held	—	17 q
AFYAAfya Limited Class A	0.00%	29,183	$515,080	held	—	6 q
DLODLocal Limited Class A	0.00%	44,900	$363,241	new	0.00 pp	new
GPRKGeopark Limited	0.00%	76,814	$841,113	held	—	8 q
AOSLAlpha and Omega Semiconductor Limited	0.00%	50,694	$2M	added+5%	0.00 pp	6 q
CPACopa Holdings, S.A.	0.00%	9,350	$889,933	held	—	8 q
IFSIntercorp Financial Services Inc.	0.00%	27,010	$605,294	held	—	3 q
OVVOvintiv Inc.	—	−8,665,010	—	exited	−0.26 pp	—
IBNICICI Bank Limited	—	−19,950	—	exited	0.00 pp	—
LNCLincoln National Corp.	—	−8,500	—	exited	0.00 pp	—