Dodge & Cox

Q3 2024 13F · by David Hoeft, CIO

As of: Sep 30, 2024
Filed: Nov 13, 2024
US stock: $176.8B · prev $166.6B
Positions: 205 · prev 202
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%

Moves145 since the prior filing

+4.5 pp in · −4.5 pp out

New 5 +1.59 pp
Added 27 +2.87 pp
Trimmed 111 −3.06 pp
Exited 2 −1.42 pp

The book

Diversified · behaves like 60 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.6 years per position

Low
Moderate
High

Top 5 positions16% of US stock

Positions205 in this filing · 2 exited


JCIJohnson Controls International plc	3.75%	85,367,376	$6.6B	added0%	+0.35 pp	33 q
FISVFiserv, Inc.	3.32%	32,723,767	$5.9B	trimmed−5%	+0.25 pp	16 q
SCHWThe Charles Schwab Corporation	3.28%	89,587,838	$5.8B	added+4%	−0.51 pp	46 q
RTXRTX Corporation	3.04%	44,398,916	$5.4B	added0%	+0.37 pp	34 q
WFCWells Fargo & Co.	2.78%	86,949,610	$4.9B	trimmed−6%	−0.51 pp	46 q
METMetLife, Inc.	2.55%	54,656,581	$4.5B	trimmed−3%	+0.18 pp	46 q
SNYSanofi	2.49%	76,297,183	$4.4B	trimmed−1%	+0.24 pp	46 q
GOOGAlphabet Inc. Class C	2.35%	24,893,268	$4.2B	trimmed−15%	−0.89 pp	42 q
OXYOccidental Petroleum Corporation	2.27%	78,011,048	$4.0B	trimmed−0%	−0.69 pp	46 q
CVSCvs Health Corporation	2.24%	63,030,690	$4.0B	added+2%	+0.05 pp	25 q
MSFTMicrosoft Corp	2.21%	9,100,792	$3.9B	trimmed−3%	−0.32 pp	46 q
CHTRCharter Comm Inc Del CL A New	2.13%	11,637,303	$3.8B	trimmed−0%	+0.03 pp	34 q
FDXFedEx Corporation	2.04%	13,155,356	$3.6B	trimmed−2%	−0.37 pp	46 q
BNYBank of New York Mellon Corporation	1.97%	48,524,949	$3.5B	trimmed−11%	0.00 pp	46 q
FISFidelity National Information Services, Inc.	1.95%	41,073,296	$3.4B	trimmed−1%	+0.08 pp	10 q
BKNGBooking Holdings Inc.	1.88%	789,158	$3.3B	trimmed−0%	0.00 pp	27 q
AMZNAmazon.Com Inc	1.82%	17,280,920	$3.2B	trimmed−0%	−0.19 pp	41 q
CMCSAComcast Corp	1.75%	74,062,844	$3.1B	added+2%	+0.04 pp	46 q
CIThe Cigna Group	1.72%	8,789,414	$3.0B	trimmed−1%	−0.04 pp	24 q
IFFInternational Flavors & Fragrances Inc.	1.67%	28,082,382	$2.9B	trimmed−0%	+0.06 pp	4 q
COFCapital One Financial	1.58%	18,662,292	$2.8B	trimmed−6%	−0.08 pp	46 q
GILDGilead Sciences Inc	1.57%	33,045,737	$2.8B	trimmed−0%	+0.21 pp	41 q
GSKGSK plc	1.57%	68,087,163	$2.8B	trimmed−0%	−0.01 pp	9 q
NSCNorfolk Southern Corp.	1.53%	10,862,839	$2.7B	added+1%	+0.14 pp	46 q
GEGE Aerospace	1.51%	14,177,036	$2.7B	trimmed−1%	+0.14 pp	13 q
GSGoldman Sachs Group Inc.	1.51%	5,380,092	$2.7B	trimmed−1%	+0.04 pp	46 q
REGNRegeneron Pharmaceuticals Inc	1.37%	2,311,935	$2.4B	trimmed−0%	−0.09 pp	12 q
TELTE Connectivity plc	1.37%	15,990,186	$2.4B	new	+1.37 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.29%	3,902,210	$2.3B	trimmed−0%	+0.09 pp	46 q
UBSUBS Group AG	1.28%	73,371,442	$2.3B	trimmed−0%	−0.01 pp	25 q
METAMeta Platforms, Inc. Class A	1.23%	3,812,714	$2.2B	trimmed−0%	+0.07 pp	18 q
BACBank of America Corporation	1.19%	53,207,803	$2.1B	trimmed−12%	−0.26 pp	46 q
BUDAnheuser-Busch INBEV SA/NV	1.17%	31,325,890	$2.1B	trimmed−0%	+0.07 pp	12 q
GOOGLAlphabet Inc. Class A	1.12%	11,988,817	$2.0B	trimmed−2%	−0.21 pp	36 q
TMUST-Mobile US, Inc.	1.12%	9,571,049	$2.0B	trimmed−3%	+0.08 pp	18 q
APDAir Products & Chemicals, Inc.	1.11%	6,598,194	$2.0B	added×2275.2	+1.11 pp	46 q
BABAAlibaba Group Holding Limited	1.09%	18,086,570	$1.9B	added0%	+0.31 pp	24 q
HLNHaleon plc	1.07%	179,172,383	$1.9B	trimmed−1%	+0.18 pp	9 q
ZBHZimmer Biomet Holdings, Inc.	1.04%	17,073,791	$1.8B	added+2%	−0.05 pp	11 q
AVTRAvantor, Inc.	1.00%	68,418,097	$1.8B	added+5%	+0.17 pp	5 q
BAXBaxter International Inc.	0.96%	44,598,194	$1.7B	added+62%	+0.41 pp	5 q
WMBWilliams Companies Inc.	0.96%	37,271,626	$1.7B	trimmed−1%	0.00 pp	18 q
BKRBaker Hughes Company	0.94%	45,830,238	$1.7B	trimmed−1%	−0.03 pp	29 q
GEHCGE HealthCare Technologies Inc.	0.88%	16,663,641	$1.6B	trimmed−0%	+0.10 pp	7 q
HUMHumana Inc.	0.88%	4,933,995	$1.6B	added+15%	−0.09 pp	2 q
LYBLyondellBasell Industries N.V. Class A	0.87%	16,114,467	$1.5B	trimmed−0%	−0.06 pp	18 q
CTSHCognizant Technology Solutions	0.80%	18,349,574	$1.4B	trimmed−1%	+0.05 pp	22 q
NVSNovartis AG	0.79%	12,221,876	$1.4B	trimmed−0%	+0.01 pp	46 q
DDominion Energy, Inc	0.74%	22,687,873	$1.3B	trimmed−1%	+0.07 pp	7 q
CSCOCisco Systems, Inc. (DE)	0.72%	23,821,547	$1.3B	trimmed−0%	+0.04 pp	41 q
ELANElanco Animal Health Incorporated	0.69%	83,315,550	$1.2B	trimmed−0%	−0.03 pp	13 q
HPQHP Inc.	0.69%	33,822,175	$1.2B	trimmed−4%	−0.05 pp	36 q
COPConocoPhillips	0.68%	11,431,431	$1.2B	trimmed−0%	−0.11 pp	46 q
FOXAFox Corporation Class A	0.68%	28,455,247	$1.2B	trimmed−0%	+0.09 pp	23 q
AEPAmerican Electric Power Company, Inc.	0.67%	11,580,505	$1.2B	trimmed−2%	+0.05 pp	3 q
CARRCarrier Global Corporation	0.65%	14,346,499	$1.2B	trimmed−0%	+0.11 pp	18 q
TFCTruist Financial Corporation	0.62%	25,750,060	$1.1B	trimmed−50%	−0.58 pp	46 q
SUSuncor Energy, Inc.	0.61%	29,410,254	$1.1B	trimmed−3%	−0.08 pp	33 q
INCYIncyte Genomics Inc	0.57%	15,276,093	$1.0B	trimmed−0%	+0.01 pp	24 q
ALNYAlnylam Pharmaceuticals, Inc.	0.56%	3,622,535	$996M	trimmed−4%	+0.01 pp	34 q
BMRNBioMarin Pharmaceuticals Inc	0.55%	13,898,318	$977M	trimmed−0%	−0.14 pp	20 q
BAPCredicorp LTD	0.55%	5,410,880	$979M	trimmed−1%	+0.02 pp	17 q
COHRCoherent Corp.	0.53%	10,639,374	$946M	trimmed−24%	−0.08 pp	9 q
CECelanese Corporation	0.52%	6,799,069	$924M	trimmed−0%	−0.03 pp	46 q
JDJD.com, Inc.	0.51%	22,482,449	$899M	added0%	+0.16 pp	36 q
TAPMolson Coors Beverage Company Class B	0.48%	14,619,464	$841M	added0%	+0.04 pp	26 q
VFCV.F. Corporation	0.48%	42,512,850	$848M	trimmed−0%	+0.14 pp	5 q
STTState Street Corporation	0.47%	9,455,812	$837M	trimmed−27%	−0.10 pp	46 q
BMYBristol-Myers Squibb Co.	0.46%	15,627,743	$809M	trimmed−1%	+0.07 pp	46 q
SUISun Communities, Inc	0.46%	5,961,165	$806M	added+7%	+0.06 pp	3 q
AEGAegon Ltd.	0.43%	117,784,082	$753M	trimmed−0%	0.00 pp	4 q
HMCHonda Motor Co., Ltd.	0.40%	22,076,375	$700M	trimmed−0%	−0.03 pp	15 q
GAPThe Gap, Inc.	0.36%	28,873,346	$637M	trimmed−0%	−0.06 pp	24 q
LINLinde plc	0.36%	1,326,990	$633M	held	—	7 q
BIDUBaidu, Inc.	0.35%	5,894,215	$621M	added0%	+0.04 pp	46 q
XPXP Inc. Class A	0.35%	34,861,745	$625M	added+1%	−0.01 pp	12 q
NTRNutrien Ltd.	0.34%	12,482,459	$600M	added+2%	−0.03 pp	27 q
MDTMedtronic plc	0.34%	6,763,490	$609M	trimmed−0%	+0.02 pp	39 q
JNPJuniper Networks Inc	0.30%	13,509,238	$527M	trimmed−61%	−0.45 pp	40 q
TRPTC Energy Corporation	0.29%	10,953,200	$521M	trimmed−8%	+0.02 pp	17 q
CPNGCoupang, Inc.	0.28%	20,105,420	$494M	added+66%	+0.13 pp	2 q
TECKTeck Resources Limited	0.27%	9,284,842	$485M	trimmed−12%	−0.03 pp	18 q
YUMCYum China Holdings, Inc.	0.27%	10,684,762	$481M	added0%	+0.07 pp	14 q
FOXFox Corporation Class B	0.25%	11,331,015	$440M	trimmed−0%	+0.03 pp	23 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.24%	14,254,370	$424M	trimmed−0%	−0.11 pp	17 q
GLPIGaming and Leisure Properties, Inc.	0.22%	7,701,335	$396M	added+18%	+0.04 pp	11 q
SBACSBA Communications Corp	0.22%	1,623,515	$391M	new	+0.22 pp	new
ECHOEchoStar Corporation	0.19%	13,467,353	$334M	trimmed−1%	+0.05 pp	3 q
BHFBrighthouse Financial, Inc.	0.17%	6,669,575	$300M	trimmed−0%	0.00 pp	29 q
NWSANews Corporation Class A	0.16%	10,417,407	$277M	trimmed−0%	−0.01 pp	45 q
NTESNetEase, inc.	0.14%	2,633,976	$246M	added×2.4	+0.08 pp	14 q
HDBHDFC Bank Limited	0.10%	2,915,300	$182M	added+23%	+0.01 pp	4 q
TVGrupo Televisa S.A.	0.09%	64,212,690	$164M	held	—	46 q
NBIXNeurocrine Biosciences Inc	0.08%	1,287,820	$148M	added+1%	−0.03 pp	5 q
FLUTFlutter Entertainment plc	0.08%	624,478	$148M	held	—	3 q
LBTYKLiberty Global Ltd. Class C	0.08%	6,682,068	$144M	trimmed−24%	−0.01 pp	46 q
AXPAmerican Express Company	0.06%	410,665	$111M	trimmed−1%	0.00 pp	46 q
ITUBItau Unibanco Holding S.A.	0.06%	15,562,605	$103M	added+2%	+0.01 pp	33 q
LBTYALiberty Global Ltd. Class A	0.06%	4,767,561	$101M	held	—	46 q
FMSFresenius Medical Care AG	0.05%	4,173,510	$89M	trimmed−1%	0.00 pp	11 q
CDNSCadence Design Systems	0.04%	257,777	$70M	trimmed−1%	−0.01 pp	46 q
JPMJPMorgan Chase & Co.	0.04%	303,575	$64M	trimmed−1%	0.00 pp	46 q
UNPUnion Pacific Corp.	0.04%	282,232	$70M	trimmed−0%	0.00 pp	46 q
GEVGE Vernova Inc.	0.03%	182,340	$46M	trimmed−0%	+0.01 pp	2 q
MCHPMicrochip Technology Inc	0.03%	617,926	$50M	trimmed−1%	0.00 pp	25 q
CVXChevron Corporation	0.02%	183,878	$27M	trimmed−0%	0.00 pp	46 q
DISThe Walt Disney Company	0.02%	304,181	$29M	trimmed−1%	0.00 pp	46 q
LLYEli Lilly & Co.	0.02%	45,090	$40M	trimmed−2%	0.00 pp	46 q
SLBSLB Limited	0.02%	645,516	$27M	trimmed−4%	0.00 pp	46 q
ADBEAdobe Inc.	0.01%	21,217	$11M	trimmed−2%	0.00 pp	46 q
AZNNAstrazeneca Plc-spons ADR	0.01%	149,035	$12M	trimmed−1%	0.00 pp	36 q
CATCaterpillar Inc.	0.01%	42,276	$17M	held	—	46 q
XOMExxon Mobil Corp	0.01%	79,686	$9M	trimmed−0%	0.00 pp	46 q
HDHome Depot, Inc.	0.01%	24,432	$10M	trimmed−0%	0.00 pp	46 q
MRKMerck & Co., Inc.	0.01%	158,251	$18M	trimmed−0%	0.00 pp	46 q
PGProcter & Gamble Company	0.01%	94,728	$16M	trimmed−0%	0.00 pp	46 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	107,500	$19M	added+24%	0.00 pp	4 q
TGTTarget Corporation	0.01%	114,774	$18M	trimmed−1%	0.00 pp	46 q
TMOThermo Fisher Scientific, Inc.	0.01%	26,766	$17M	trimmed−0%	0.00 pp	46 q
TRVThe Travelers Companies, Inc.	0.01%	112,570	$26M	trimmed−0%	0.00 pp	46 q
WMTWalmart Inc.	0.01%	197,110	$16M	trimmed−2%	0.00 pp	46 q
ACMRACM Research, Inc. Class A	0.00%	43,000	$872,900	new	0.00 pp	new
ABTAbbott Laboratories	0.00%	17,857	$2M	held	—	46 q
ABBVAbbvie Inc.	0.00%	11,006	$2M	held	—	46 q
ALLThe Allstate Corporation	0.00%	2,618	$496,504	held	—	46 q
MOAltria Group, Inc.	0.00%	21,000	$1M	held	—	46 q
AMPAmeriprise Financial, Inc.	0.00%	1,827	$858,343	held	—	46 q
AMGNAmgen Inc	0.00%	14,282	$5M	trimmed−1%	0.00 pp	46 q
ADIAnalog Devices, Inc.	0.00%	31,815	$7M	held	—	13 q
ELVElevance Health, Inc.	0.00%	1,100	$572,000	held	—	40 q
APAAPA Corporation	0.00%	46,700	$1M	trimmed−36%	0.00 pp	15 q
AAPLApple Inc.	0.00%	23,868	$6M	trimmed−2%	0.00 pp	46 q
BXKBancolombia S.a.-spons ADR	0.00%	11,000	$345,180	trimmed−15%	0.00 pp	2 q
BDXBecton, Dickinson and Co.	0.00%	980	$236,278	held	—	46 q
BRK.ABerkshire Hathaway Inc.	0.00%	4	$3M	held	—	46 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,703	$6M	held	—	46 q
BLQADBlackrock Inc	0.00%	750	$712,133	held	—	25 q
BSXBoston Scientific Corp.	0.00%	95,295	$8M	trimmed−2%	0.00 pp	46 q
AVGOBroadcom Inc.	0.00%	35,340	$6M	trimmed−7%	0.00 pp	4 q
CXCemex S.A.B. de C.V.	0.00%	679,700	$4M	added+5%	0.00 pp	46 q
CTASCintas Corp	0.00%	2,000	$411,760	held	—	8 q
KOCoca-Cola Company	0.00%	24,635	$2M	held	—	46 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	46 q
GLWCorning Incorporated	0.00%	42,450	$2M	trimmed−12%	0.00 pp	46 q
CTVACorteva, Inc.	0.00%	23,648	$1M	trimmed−8%	0.00 pp	22 q
DHRDanaher Corporation	0.00%	16,525	$5M	held	—	41 q
DEDeere & Company	0.00%	13,036	$5M	held	—	46 q
DELLDell Technologies Inc.	0.00%	32,560	$4M	trimmed−15%	0.00 pp	24 q
DEODiageo plc	0.00%	13,511	$2M	held	—	46 q
DOWDow Inc.	0.00%	16,422	$897,134	trimmed−5%	0.00 pp	22 q
DDDuPont de Nemours, Inc.	0.00%	17,583	$2M	held	—	22 q
EBAYeBay Inc	0.00%	15,210	$990,323	trimmed−3%	0.00 pp	46 q
GISGeneral Mills, Inc.	0.00%	11,200	$827,120	held	—	46 q
GPCGenuine Parts Company	0.00%	4,675	$653,004	held	—	46 q
HALHalliburton Company	0.00%	81,160	$2M	trimmed−7%	0.00 pp	46 q
HESHess Corporation	0.00%	46,550	$6M	held	—	22 q
HPEHewlett Packard Enterprise Company	0.00%	191,783	$4M	trimmed−74%	−0.01 pp	36 q
HONHoneywell International, Inc.	0.00%	8,019	$2M	held	—	46 q
IBMInternational Business Machines Corporation	0.00%	34,270	$8M	held	—	46 q
ISRGIntuitive Surgical Inc.	0.00%	500	$245,635	held	—	2 q
JOYYJOYY Inc.	0.00%	34,966	$1M	held	—	7 q
JNJJohnson & Johnson	0.00%	21,097	$3M	held	—	46 q
BEKEKE Holdings Inc.	0.00%	18,440	$367,140	trimmed−52%	0.00 pp	10 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.00%	5,526	$585,701	held	—	3 q
LPLALPL Financial Holdings Inc.	0.00%	15,556	$4M	new	0.00 pp	new
LVSLas Vegas Sands Corp.	0.00%	28,400	$1M	held	—	9 q
LMTLockheed Martin Corp.	0.00%	775	$453,034	held	—	25 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.00%	30,800	$248,248	held	—	8 q
MCDMcDonald's Corporation	0.00%	6,550	$2M	held	—	46 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$872,253	held	—	46 q
MCOMoody's Corporation	0.00%	1,566	$743,208	held	—	46 q
MSIMotorola Solutions, Inc. New	0.00%	8,627	$4M	held	—	46 q
NEENextEra Energy, Inc.	0.00%	23,600	$2M	held	—	46 q
NOAHNoah Holdings Limited	0.00%	26,840	$330,937	held	—	14 q
NUENucor Corporation	0.00%	6,200	$932,108	held	—	46 q
OTISOtis Worldwide Corporation	0.00%	21,810	$2M	held	—	18 q
PNCPNC Financial Services Group	0.00%	14,275	$3M	held	—	46 q
PPGPPG Industries, Inc.	0.00%	2,200	$291,412	held	—	18 q
PHParker-Hannifin Corporation	0.00%	2,850	$2M	held	—	46 q
PYPLPayPal Holdings, Inc.	0.00%	11,400	$889,542	trimmed−19%	0.00 pp	37 q
PEPPepsiCo, Inc.	0.00%	3,075	$522,904	held	—	46 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	16,500	$237,765	held	—	14 q
PFEPfizer Inc.	0.00%	112,785	$3M	trimmed−3%	0.00 pp	46 q
PMPhilip Morris International Inc.	0.00%	17,000	$2M	held	—	46 q
PSXPhillips 66	0.00%	2,600	$341,770	held	—	46 q
unresolvedQurate Retail Inc	0.00%	22,000	$13,422	held	—	26 q
RIORio Tinto plc	0.00%	4,000	$284,680	held	—	46 q
SHELShell plc	0.00%	57,613	$4M	trimmed−0%	0.00 pp	11 q
SPGIS&P Global Inc.	0.00%	5,400	$3M	held	—	34 q
SNPSSynopsys Inc	0.00%	11,350	$6M	trimmed−1%	0.00 pp	46 q
MMM3M Company	0.00%	9,224	$1M	held	—	46 q
TCOMTrip.com Group Limited	0.00%	18,100	$1M	trimmed−40%	0.00 pp	8 q
USBU.S. Bancorp	0.00%	10,800	$493,884	trimmed−57%	0.00 pp	46 q
unresolvedUnilever Spn.Adr 1:1	0.00%	23,900	$2M	held	—	46 q
VZVerizon Communications	0.00%	5,500	$247,005	held	—	4 q
VIPSVipshop Holdings Limited	0.00%	101,997	$2M	held	—	13 q
VVISA Inc.	0.00%	900	$247,455	trimmed−10%	0.00 pp	41 q
VMCVulcan Materials Company(Holding Company)	0.00%	24,700	$6M	held	—	46 q
ZTSZoetis Inc.	0.00%	1,700	$332,146	held	—	18 q
AFYAAfya Limited Class A	0.00%	29,183	$498,154	held	—	7 q
DLODLocal Limited Class A	0.00%	44,900	$359,200	held	—	2 q
GPRKGeopark Limited	0.00%	76,814	$604,526	held	—	9 q
CBChubb Limited	0.00%	722	$208,218	new	0.00 pp	new
CPACopa Holdings, S.A.	0.00%	7,350	$689,724	trimmed−21%	0.00 pp	9 q
IFSIntercorp Financial Services Inc.	0.00%	25,869	$675,957	trimmed−4%	0.00 pp	4 q
0VQJLTe Connectivity Ltd	—	−15,766,921	—	exited	−1.42 pp	—
AOSLAlpha and Omega Semiconductor Limited	—	−50,694	—	exited	0.00 pp	—