Dodge & Cox

Q4 2024 13F · by David Hoeft, CIO

As of: Dec 31, 2024
Filed: Feb 13, 2025
US stock: $171.8B · prev $176.8B
Positions: 214 · prev 205
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%

Moves161 since the prior filing

+1.6 pp in · −1.5 pp out

New 12 +0.40 pp
Added 45 +1.20 pp
Trimmed 101 −1.51 pp
Exited 3 0.00 pp

The book

Diversified · behaves like 58 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.3 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions214 in this filing · 3 exited


FISVFiserv, Inc.	3.85%	32,192,395	$6.6B	trimmed−2%	+0.53 pp	17 q
SCHWThe Charles Schwab Corporation	3.85%	89,369,528	$6.6B	trimmed−0%	+0.57 pp	47 q
JCIJohnson Controls International plc	3.69%	80,369,871	$6.3B	trimmed−6%	−0.06 pp	34 q
RTXRTX Corporation	3.00%	44,491,403	$5.1B	added0%	−0.04 pp	35 q
WFCWells Fargo & Co.	2.88%	70,452,850	$4.9B	trimmed−19%	+0.10 pp	47 q
METMetLife, Inc.	2.58%	54,154,554	$4.4B	trimmed−1%	+0.03 pp	47 q
CHTRCharter Comm Inc Del CL A New	2.30%	11,547,176	$4.0B	trimmed−1%	+0.17 pp	35 q
BKNGBooking Holdings Inc.	2.27%	783,572	$3.9B	trimmed−1%	+0.39 pp	28 q
FDXFedEx Corporation	2.27%	13,889,624	$3.9B	added+6%	+0.23 pp	47 q
MSFTMicrosoft Corp	2.22%	9,061,091	$3.8B	trimmed−0%	+0.01 pp	47 q
AMZNAmazon.Com Inc	2.19%	17,172,957	$3.8B	trimmed−1%	+0.37 pp	42 q
SNYSanofi	2.11%	75,220,588	$3.6B	trimmed−1%	−0.38 pp	47 q
GOOGAlphabet Inc. Class C	2.01%	18,131,757	$3.5B	trimmed−27%	−0.34 pp	43 q
OXYOccidental Petroleum Corporation	2.01%	70,002,502	$3.5B	trimmed−10%	−0.26 pp	47 q
BNYBank of New York Mellon Corporation	2.00%	44,699,198	$3.4B	trimmed−8%	+0.03 pp	47 q
CVSCvs Health Corporation	1.83%	70,105,899	$3.1B	added+11%	−0.41 pp	26 q
COFCapital One Financial	1.79%	17,284,997	$3.1B	trimmed−7%	+0.21 pp	47 q
GILDGilead Sciences Inc	1.77%	32,947,717	$3.0B	trimmed−0%	+0.20 pp	42 q
CMCSAComcast Corp	1.73%	79,102,667	$3.0B	added+7%	−0.02 pp	47 q
FISFidelity National Information Services, Inc.	1.61%	34,327,527	$2.8B	trimmed−16%	−0.34 pp	11 q
IFFInternational Flavors & Fragrances Inc.	1.55%	31,437,763	$2.7B	added+12%	−0.12 pp	5 q
HUMHumana Inc.	1.51%	10,198,040	$2.6B	added×2.1	+0.63 pp	3 q
NSCNorfolk Southern Corp.	1.46%	10,689,209	$2.5B	trimmed−2%	−0.07 pp	47 q
CIThe Cigna Group	1.41%	8,772,608	$2.4B	trimmed−0%	−0.31 pp	25 q
GEGE Aerospace	1.37%	14,161,304	$2.4B	trimmed−0%	−0.14 pp	14 q
GSKGSK plc	1.35%	68,440,912	$2.3B	added+1%	−0.22 pp	10 q
TELTE Connectivity plc	1.33%	15,965,609	$2.3B	trimmed−0%	−0.04 pp	2 q
GOOGLAlphabet Inc. Class A	1.32%	12,005,162	$2.3B	added0%	+0.20 pp	37 q
METAMeta Platforms, Inc. Class A	1.30%	3,810,837	$2.2B	trimmed−0%	+0.07 pp	19 q
UBSUBS Group AG	1.30%	73,497,042	$2.2B	added0%	+0.02 pp	26 q
GSGoldman Sachs Group Inc.	1.29%	3,870,536	$2.2B	trimmed−28%	−0.22 pp	47 q
AVTRAvantor, Inc.	1.22%	99,145,770	$2.1B	added+45%	+0.22 pp	6 q
TMUST-Mobile US, Inc.	1.21%	9,382,681	$2.1B	trimmed−2%	+0.09 pp	19 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.20%	4,093,228	$2.1B	added+5%	−0.09 pp	47 q
ZBHZimmer Biomet Holdings, Inc.	1.18%	19,118,436	$2.0B	added+12%	+0.14 pp	12 q
BUDAnheuser-Busch INBEV SA/NV	1.17%	39,996,830	$2.0B	added+28%	0.00 pp	13 q
WMBWilliams Companies Inc.	1.14%	36,348,514	$2.0B	trimmed−2%	+0.18 pp	19 q
APDAir Products & Chemicals, Inc.	1.12%	6,663,154	$1.9B	added+1%	+0.01 pp	47 q
BKRBaker Hughes Company	1.09%	45,658,130	$1.9B	trimmed−0%	+0.15 pp	30 q
HLNHaleon plc	0.99%	178,744,926	$1.7B	trimmed−0%	−0.08 pp	10 q
REGNRegeneron Pharmaceuticals Inc	0.96%	2,321,316	$1.7B	added0%	−0.41 pp	13 q
SBACSBA Communications Corp	0.87%	7,346,255	$1.5B	added×4.5	+0.65 pp	2 q
BAXBaxter International Inc.	0.85%	50,377,294	$1.5B	added+13%	−0.11 pp	6 q
CSCOCisco Systems, Inc. (DE)	0.82%	23,738,670	$1.4B	trimmed−0%	+0.10 pp	42 q
CTSHCognizant Technology Solutions	0.82%	18,330,397	$1.4B	trimmed−0%	+0.02 pp	23 q
BACBank of America Corporation	0.79%	31,060,084	$1.4B	trimmed−42%	−0.40 pp	47 q
GEHCGE HealthCare Technologies Inc.	0.76%	16,675,508	$1.3B	added0%	−0.12 pp	8 q
LYBLyondellBasell Industries N.V. Class A	0.73%	16,965,832	$1.3B	added+5%	−0.14 pp	19 q
BABAAlibaba Group Holding Limited	0.71%	14,469,770	$1.2B	trimmed−20%	−0.38 pp	25 q
DDominion Energy, Inc	0.71%	22,623,133	$1.2B	trimmed−0%	−0.03 pp	8 q
NVSNovartis AG	0.69%	12,214,665	$1.2B	trimmed−0%	−0.10 pp	47 q
SUISun Communities, Inc	0.69%	9,606,018	$1.2B	added+61%	+0.23 pp	4 q
COPConocoPhillips	0.66%	11,423,586	$1.1B	trimmed−0%	−0.02 pp	47 q
HPQHP Inc.	0.64%	33,745,905	$1.1B	trimmed−0%	−0.05 pp	37 q
AEPAmerican Electric Power Company, Inc.	0.62%	11,575,220	$1.1B	trimmed−0%	−0.05 pp	4 q
FOXAFox Corporation Class A	0.60%	21,098,016	$1.0B	trimmed−26%	−0.08 pp	24 q
INCYIncyte Genomics Inc	0.60%	14,919,633	$1.0B	trimmed−2%	+0.03 pp	25 q
ELANElanco Animal Health Incorporated	0.59%	83,180,666	$1.0B	trimmed−0%	−0.10 pp	14 q
SUSuncor Energy, Inc.	0.59%	28,452,054	$1.0B	trimmed−3%	−0.02 pp	34 q
CARRCarrier Global Corporation	0.57%	14,305,840	$977M	trimmed−0%	−0.08 pp	19 q
BAPCredicorp LTD	0.57%	5,337,180	$978M	trimmed−1%	+0.02 pp	18 q
BMRNBioMarin Pharmaceuticals Inc	0.56%	14,746,235	$969M	added+6%	+0.01 pp	21 q
COHRCoherent Corp.	0.56%	10,239,099	$970M	trimmed−4%	+0.03 pp	10 q
CECelanese Corporation	0.55%	13,618,062	$943M	added×2.0	+0.03 pp	47 q
VFCV.F. Corporation	0.53%	42,447,650	$911M	trimmed−0%	+0.05 pp	6 q
BMYBristol-Myers Squibb Co.	0.51%	15,402,468	$871M	trimmed−1%	+0.05 pp	47 q
TAPMolson Coors Beverage Company Class B	0.49%	14,571,189	$835M	trimmed−0%	+0.01 pp	27 q
ALNYAlnylam Pharmaceuticals, Inc.	0.48%	3,540,262	$833M	trimmed−2%	−0.08 pp	35 q
STTState Street Corporation	0.42%	7,425,244	$729M	trimmed−21%	−0.05 pp	47 q
AEGAegon Ltd.	0.40%	117,764,090	$694M	trimmed−0%	−0.03 pp	5 q
GAPThe Gap, Inc.	0.40%	28,824,721	$681M	trimmed−0%	+0.04 pp	25 q
GLPIGaming and Leisure Properties, Inc.	0.38%	13,498,634	$650M	added+75%	+0.16 pp	12 q
HMCHonda Motor Co., Ltd.	0.37%	22,074,900	$630M	trimmed−0%	−0.03 pp	16 q
MDTMedtronic plc	0.36%	7,661,125	$612M	added+13%	+0.02 pp	40 q
FTVFortive Corporation	0.34%	7,779,907	$583M	new	+0.34 pp	new
JDJD.com, Inc.	0.34%	16,723,441	$580M	trimmed−26%	−0.17 pp	37 q
NTRNutrien Ltd.	0.33%	12,523,259	$560M	added0%	−0.01 pp	28 q
LINLinde plc	0.32%	1,329,590	$557M	added0%	−0.04 pp	8 q
FOXFox Corporation Class B	0.30%	11,341,200	$519M	added0%	+0.05 pp	24 q
TRPTC Energy Corporation	0.30%	10,953,200	$510M	held	—	18 q
XPXP Inc. Class A	0.30%	43,153,245	$511M	added+24%	−0.05 pp	13 q
BIDUBaidu, Inc.	0.29%	5,916,215	$499M	added0%	−0.06 pp	47 q
CPNGCoupang, Inc.	0.26%	20,229,320	$445M	added+1%	−0.02 pp	3 q
NBIXNeurocrine Biosciences Inc	0.24%	3,016,425	$412M	added×2.3	+0.16 pp	6 q
YUMCYum China Holdings, Inc.	0.24%	8,512,162	$410M	trimmed−20%	−0.03 pp	15 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.23%	14,252,820	$393M	trimmed−0%	−0.01 pp	18 q
TECKTeck Resources Limited	0.20%	8,558,940	$347M	trimmed−8%	−0.07 pp	19 q
BHFBrighthouse Financial, Inc.	0.19%	6,669,575	$320M	held	—	30 q
NWSANews Corporation Class A	0.19%	11,662,685	$321M	added+12%	+0.03 pp	46 q
ECHOEchoStar Corporation	0.18%	13,416,003	$307M	trimmed−0%	−0.01 pp	4 q
CXCemex S.A.B. de C.V.	0.16%	49,622,009	$280M	added×73.0	+0.16 pp	47 q
NTESNetEase, inc.	0.14%	2,649,876	$236M	added+1%	0.00 pp	15 q
HDBHDFC Bank Limited	0.12%	3,271,600	$209M	added+12%	+0.02 pp	5 q
LPLALPL Financial Holdings Inc.	0.09%	470,109	$153M	added×30.2	+0.09 pp	2 q
FLUTFlutter Entertainment plc	0.09%	628,878	$163M	added+1%	+0.01 pp	4 q
AXPAmerican Express Company	0.07%	399,340	$119M	trimmed−3%	+0.01 pp	47 q
TVGrupo Televisa S.A.	0.06%	64,212,690	$108M	held	—	47 q
SNRENSunrise Communicat-cl A	0.06%	2,289,925	$99M	new	+0.06 pp	new
FMSFresenius Medical Care AG	0.05%	4,173,510	$94M	held	—	12 q
ITUBItau Unibanco Holding S.A.	0.05%	16,621,005	$82M	added+7%	−0.01 pp	34 q
LBTYKLiberty Global Ltd. Class C	0.05%	6,682,068	$88M	held	—	47 q
CDNSCadence Design Systems	0.04%	250,917	$75M	trimmed−3%	0.00 pp	47 q
JPMJPMorgan Chase & Co.	0.04%	293,280	$70M	trimmed−3%	0.00 pp	47 q
UNPUnion Pacific Corp.	0.04%	278,219	$63M	trimmed−1%	0.00 pp	47 q
LBTYALiberty Global Ltd. Class A	0.04%	4,767,561	$61M	held	—	47 q
GEVGE Vernova Inc.	0.03%	179,322	$59M	trimmed−2%	0.00 pp	3 q
CVXChevron Corporation	0.02%	183,553	$27M	trimmed−0%	0.00 pp	47 q
DISThe Walt Disney Company	0.02%	301,612	$34M	trimmed−1%	0.00 pp	47 q
LLYEli Lilly & Co.	0.02%	44,797	$35M	trimmed−1%	0.00 pp	47 q
MCHPMicrochip Technology Inc	0.02%	608,865	$35M	trimmed−1%	−0.01 pp	26 q
TRVThe Travelers Companies, Inc.	0.02%	108,188	$26M	trimmed−4%	+0.01 pp	47 q
ADBEAdobe Inc.	0.01%	20,950	$9M	trimmed−1%	0.00 pp	47 q
AZNNAstrazeneca Plc-spons ADR	0.01%	143,710	$9M	trimmed−4%	0.00 pp	37 q
CATCaterpillar Inc.	0.01%	41,976	$15M	trimmed−1%	0.00 pp	47 q
HDHome Depot, Inc.	0.01%	24,222	$9M	trimmed−1%	0.00 pp	47 q
MRKMerck & Co., Inc.	0.01%	157,351	$16M	trimmed−1%	0.00 pp	47 q
PGProcter & Gamble Company	0.01%	94,426	$16M	trimmed−0%	0.00 pp	47 q
SLBSLB Limited	0.01%	620,516	$24M	trimmed−4%	−0.01 pp	47 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	107,500	$21M	held	—	5 q
TGTTarget Corporation	0.01%	113,719	$15M	trimmed−1%	0.00 pp	47 q
TMOThermo Fisher Scientific, Inc.	0.01%	26,121	$14M	trimmed−2%	0.00 pp	47 q
WMTWalmart Inc.	0.01%	183,310	$17M	trimmed−7%	0.00 pp	47 q
ACMRACM Research, Inc. Class A	0.00%	53,592	$809,239	added+25%	0.00 pp	2 q
ABTAbbott Laboratories	0.00%	17,857	$2M	held	—	47 q
ABBVAbbvie Inc.	0.00%	11,006	$2M	held	—	47 q
AMGAffiliated Managers Group	0.00%	6,500	$1M	new	0.00 pp	new
ALLThe Allstate Corporation	0.00%	2,618	$504,724	held	—	47 q
MOAltria Group, Inc.	0.00%	21,000	$1M	held	—	47 q
ABEVAmbev S.a.	0.00%	206,200	$381,470	new	0.00 pp	new
AMPAmeriprise Financial, Inc.	0.00%	1,827	$972,750	held	—	47 q
AMGNAmgen Inc	0.00%	14,282	$4M	held	—	47 q
ADIAnalog Devices, Inc.	0.00%	31,185	$7M	trimmed−2%	0.00 pp	14 q
ELVElevance Health, Inc.	0.00%	1,100	$405,790	held	—	41 q
APAAPA Corporation	0.00%	42,900	$990,561	trimmed−8%	0.00 pp	16 q
AAPLApple Inc.	0.00%	23,868	$6M	held	—	47 q
BXKBancolombia S.a.-spons ADR	0.00%	11,300	$356,063	added+3%	0.00 pp	3 q
BDXBecton, Dickinson and Co.	0.00%	980	$222,333	held	—	47 q
BRK.ABerkshire Hathaway Inc.	0.00%	4	$3M	held	—	47 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,703	$6M	held	—	47 q
BLKBlackrock, Inc.	0.00%	750	$768,833	new	0.00 pp	new
BSXBoston Scientific Corp.	0.00%	94,795	$8M	trimmed−1%	0.00 pp	47 q
AVGOBroadcom Inc.	0.00%	23,460	$5M	trimmed−34%	0.00 pp	5 q
CTASCintas Corp	0.00%	2,000	$365,400	held	—	9 q
KOCoca-Cola Company	0.00%	24,635	$2M	held	—	47 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	47 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.00%	15,000	$26,550	new	0.00 pp	new
GLWCorning Incorporated	0.00%	40,450	$2M	trimmed−5%	0.00 pp	47 q
CTVACorteva, Inc.	0.00%	23,482	$1M	trimmed−1%	0.00 pp	23 q
DHRDanaher Corporation	0.00%	16,525	$4M	held	—	42 q
DEDeere & Company	0.00%	12,761	$5M	trimmed−2%	0.00 pp	47 q
DELLDell Technologies Inc.	0.00%	25,265	$3M	trimmed−22%	0.00 pp	25 q
DEODiageo plc	0.00%	13,511	$2M	held	—	47 q
DOWDow Inc.	0.00%	16,322	$655,002	trimmed−1%	0.00 pp	23 q
DDDuPont de Nemours, Inc.	0.00%	17,383	$1M	trimmed−1%	0.00 pp	23 q
EBAYeBay Inc	0.00%	14,700	$910,665	trimmed−3%	0.00 pp	47 q
XOMExxon Mobil Corp	0.00%	78,461	$8M	trimmed−2%	−0.01 pp	47 q
GISGeneral Mills, Inc.	0.00%	11,200	$714,224	held	—	47 q
GPCGenuine Parts Company	0.00%	4,665	$544,685	trimmed−0%	0.00 pp	47 q
ASRGrupo Aeroportuario del Sureste, S.A. de C.V.	0.00%	1,800	$463,734	new	0.00 pp	new
HALHalliburton Company	0.00%	80,660	$2M	trimmed−1%	0.00 pp	47 q
HESHess Corporation	0.00%	45,950	$6M	trimmed−1%	0.00 pp	23 q
HPEHewlett Packard Enterprise Company	0.00%	135,675	$3M	trimmed−29%	0.00 pp	37 q
HONHoneywell International, Inc.	0.00%	8,019	$2M	held	—	47 q
IBMInternational Business Machines Corporation	0.00%	34,120	$8M	trimmed−0%	0.00 pp	47 q
ISRGIntuitive Surgical Inc.	0.00%	500	$260,980	held	—	3 q
IWDiShares Russell 1000 Value ETF	0.00%	17,100	$3M	new	0.00 pp	new
JOYYJOYY Inc.	0.00%	34,966	$1M	held	—	8 q
JNJJohnson & Johnson	0.00%	21,097	$3M	held	—	47 q
JNPJuniper Networks Inc	0.00%	187,600	$7M	trimmed−99%	−0.30 pp	41 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.00%	6,426	$608,606	added+16%	0.00 pp	4 q
LVSLas Vegas Sands Corp.	0.00%	23,686	$1M	trimmed−17%	0.00 pp	10 q
LYVLive Nation Entertainment Inc.	0.00%	7,000	$906,500	new	0.00 pp	new
LMTLockheed Martin Corp.	0.00%	775	$376,604	held	—	26 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.00%	30,900	$368,946	added0%	0.00 pp	9 q
MGMMgm Resorts International	0.00%	15,500	$537,075	new	0.00 pp	new
MCDMcDonald's Corporation	0.00%	6,550	$2M	held	—	47 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$707,203	held	—	47 q
MCOMoody's Corporation	0.00%	1,566	$741,297	held	—	47 q
MSIMotorola Solutions, Inc. New	0.00%	8,627	$4M	held	—	47 q
NEENextEra Energy, Inc.	0.00%	23,600	$2M	held	—	47 q
NOAHNoah Holdings Limited	0.00%	26,840	$314,296	held	—	15 q
NUENucor Corporation	0.00%	6,200	$723,602	held	—	47 q
OTISOtis Worldwide Corporation	0.00%	21,810	$2M	held	—	19 q
PNCPNC Financial Services Group	0.00%	14,275	$3M	held	—	47 q
PPGPPG Industries, Inc.	0.00%	2,200	$262,790	held	—	19 q
PHParker-Hannifin Corporation	0.00%	2,500	$2M	trimmed−12%	0.00 pp	47 q
PYPLPayPal Holdings, Inc.	0.00%	11,050	$943,118	trimmed−3%	0.00 pp	38 q
PEPPepsiCo, Inc.	0.00%	3,075	$467,585	held	—	47 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	17,300	$222,478	added+5%	0.00 pp	15 q
PFEPfizer Inc.	0.00%	111,560	$3M	trimmed−1%	0.00 pp	47 q
PMPhilip Morris International Inc.	0.00%	17,000	$2M	held	—	47 q
PSXPhillips 66	0.00%	2,600	$296,218	held	—	47 q
unresolvedQurate Retail Inc	0.00%	22,000	$7,260	held	—	27 q
RIORio Tinto plc	0.00%	4,000	$235,240	held	—	47 q
SHELShell plc	0.00%	57,613	$4M	held	—	12 q
SPGIS&P Global Inc.	0.00%	5,400	$3M	held	—	35 q
SNPSSynopsys Inc	0.00%	11,350	$6M	held	—	47 q
MMM3M Company	0.00%	9,224	$1M	held	—	47 q
TCOMTrip.com Group Limited	0.00%	17,200	$1M	trimmed−5%	0.00 pp	9 q
TFCTruist Financial Corporation	0.00%	56,346	$2M	trimmed−100%	−0.62 pp	47 q
USBU.S. Bancorp	0.00%	5,800	$277,414	trimmed−46%	0.00 pp	47 q
unresolvedUnilever Spn.Adr 1:1	0.00%	23,900	$1M	held	—	47 q
VZVerizon Communications	0.00%	5,500	$219,945	held	—	5 q
VIPSVipshop Holdings Limited	0.00%	101,997	$1M	held	—	14 q
VVISA Inc.	0.00%	900	$284,436	held	—	42 q
VMCVulcan Materials Company(Holding Company)	0.00%	24,500	$6M	trimmed−1%	0.00 pp	47 q
ZTSZoetis Inc.	0.00%	1,700	$276,981	held	—	19 q
AFYAAfya Limited Class A	0.00%	31,262	$496,441	added+7%	0.00 pp	8 q
ARCOArcos Dorados Holdings Inc.	0.00%	106,000	$771,680	new	0.00 pp	new
DLODLocal Limited Class A	0.00%	44,900	$505,574	held	—	3 q
GPRKGeopark Limited	0.00%	98,845	$916,293	added+29%	0.00 pp	10 q
NESRNational Energy Services Reunited Corp.	0.00%	768,089	$7M	new	0.00 pp	new
CPACopa Holdings, S.A.	0.00%	7,350	$645,918	held	—	10 q
IFSIntercorp Financial Services Inc.	0.00%	25,869	$758,996	held	—	5 q
BLQADBlackrock Inc	—	−750	—	exited	0.00 pp	—
BEKEKE Holdings Inc.	—	−18,440	—	exited	0.00 pp	—
CBChubb Limited	—	−722	—	exited	0.00 pp	—