# EDGAR Filing Document

**Accession Number:** 0001508097
**File Stem:** 0001172661-25-003835
**Filing Date:** 2025-8
**Character Count:** 19174
**Document Hash:** adb07e7db363c5ab172f77fdb824c567
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-003835.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001172661-25-003835

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sanders Capital, LLC
- **CENTRAL INDEX KEY:** 0001508097

**ORGANIZATION NAME:**
- **EIN:** 270705845
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14100
- **FILM NUMBER:** 251262033

**BUSINESS ADDRESS:**
- **STREET 1:** 777 S. FLAGLER DRIVE
- **STREET 2:** PHILLIPS POINT EAST TOWER, SUITE 1100
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401
- **BUSINESS PHONE:** 2122917900

**MAIL ADDRESS:**
- **STREET 1:** 777 S. FLAGLER DRIVE
- **STREET 2:** PHILLIPS POINT EAST TOWER, SUITE 1100
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001508097

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Sanders Capital, LLC

**Address:** 777 S. FLAGLER DRIVE, WEST PALM BEACH, FL 33401

**Telephone number:** 212-291-7911

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-14100

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                  | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                            | VOTE CATEGORY                |     SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| The Procter  Gamble Company     | 742718109 | 10/08/2024     | Advisory Vote to Approve the Company's Executive Compensation (the "Say on Pay" vote)                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |      3.86716e+06 |                0 | FOR         |                              3.86716e+06 | FOR                         |  |
| Medtronic Plc                   | G5960L103 | 10/17/2024     | Approving, on an advisory basis, the Company's executive compensation;                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |      6.98957e+06 |                0 | FOR         |                              6.98957e+06 | FOR                         |  |
| Seagate Technology Holdings plc | G7997R103 | 10/19/2024     | Approve, in an Advisory, Non-binding Vote, the Compensation of the Company's Named Executive Officers ("Say-on-Pay").                                                                                       | SECTION 14A SAY-ON-PAY VOTES |      1.00595e+07 |           111135 | FOR         |                              1.00595e+07 | FOR                         |  |
| Microsoft Corporation           | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote")                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |      6.96154e+06 |                0 | FOR         |                              6.88036e+06 | FOR                         |  |
| Microsoft Corporation           | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote")                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |      6.96154e+06 |                0 | AGAINST     |                          81179           | AGAINST                     |  |
| Apple Inc.                      | 037833100 | 02/25/2025     | Advisory vote to approve executive compensation                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |      9.64557e+06 |             2000 | FOR         |                              9.64557e+06 | FOR                         |  |
| Schlumberger N.V.               | 806857108 | 04/02/2025     | Advisory approval of our executive compensation.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |      5.37671e+06 |           261353 | FOR         |                              5.37671e+06 | FOR                         |  |
| Humana Inc.                     | 444859102 | 04/17/2025     | Non-binding advisory vote for the approval of the compensation of the named executive officers as disclosed in the 2025 proxy statement.                                                                    | SECTION 14A SAY-ON-PAY VOTES | 607470           |                0 | FOR         |                         607470           | FOR                         |  |
| Bank of America Corporation     | 060505104 | 04/22/2025     | Approving our executive compensation (an advisory, non-binding "Say on Pay" resolution)                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |      1.3584e+07  |                0 | FOR         |                              1.3584e+07  | FOR                         |  |
| Aptiv PLC                       | G3265R107 | 04/23/2025     | Say-on-Pay To approve, by advisory vote, executive compensation.                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES | 836962           |                0 | FOR         |                         836962           | FOR                         |  |
| The Cigna Group                 | 125523100 | 04/23/2025     | Advisory approval of executive compensation                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |      4.40858e+06 |                0 | FOR         |                              4.40858e+06 | FOR                         |  |
| HCA Healthcare, Inc.            | 40412C101 | 04/24/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |      6.3547e+06  |            18003 | FOR         |                              6.11386e+06 | FOR                         |  |
| HCA Healthcare, Inc.            | 40412C101 | 04/24/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |      6.3547e+06  |            18003 | AGAINST     |                         240840           | AGAINST                     |  |
| Abbott Laboratories             | 002824100 | 04/25/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compensation                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |      1.18934e+06 |                0 | FOR         |                              1.18934e+06 | FOR                         |  |
| Citigroup Inc.                  | 172967424 | 04/29/2025     | Advisory vote to approve our 2024 Executive Compensation.                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |      6.75258e+06 |                0 | FOR         |                              6.75258e+06 | FOR                         |  |
| Truist Financial Corporation    | 89832Q109 | 04/29/2025     | Advisory vote to approve Truist's executive compensation program.                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |      2.17346e+06 |                0 | AGAINST     |                              2.17346e+06 | AGAINST                     |  |
| RTX Corporation                 | 75513E101 | 05/01/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |      4.87619e+06 |           101070 | FOR         |                              4.87619e+06 | FOR                         |  |
| General Dynamics Corporation    | 369550108 | 05/07/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |      2.17057e+06 |                0 | FOR         |                              2.17057e+06 | FOR                         |  |
| PepsiCo, Inc.                   | 713448108 | 05/07/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |      2.96973e+06 |                0 | FOR         |                              2.96973e+06 | FOR                         |  |
| AbbVie Inc.                     | 00287Y109 | 05/09/2025     | Say on Pay - An advisory vote on the approval of executive compensation                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES | 550023           |                0 | FOR         |                         550023           | FOR                         |  |
| Elevance Health, Inc.           | 036752103 | 05/14/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |      2.60143e+06 |                0 | FOR         |                              2.60143e+06 | FOR                         |  |
| Fiserv, Inc.                    | 337738108 | 05/14/2025     | To approve, on an advisory basis, the compensation of the named executive officers of Fiserv, Inc.                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |      1.21272e+06 |                0 | FOR         |                              1.21272e+06 | FOR                         |  |
| JPMorgan Chase  Co.             | 46625H100 | 05/20/2025     | Advisory resolution to approve executive compensation                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |      4.32588e+06 |                0 | FOR         |                              4.32588e+06 | FOR                         |  |
| Amazon.com, Inc.                | 023135106 | 05/21/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |      7.26811e+06 |                0 | AGAINST     |                              7.26811e+06 | AGAINST                     |  |
| Halliburton Company             | 406216101 | 05/21/2025     | Advisory Approval of Executive Compensation.                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |      1.19166e+07 |           287460 | FOR         |                              1.19166e+07 | FOR                         |  |
| Northrop Grumman Corporation    | 666807102 | 05/21/2025     | Proposal to approve, on an advisory basis, the compensation of the Company's Named Executive Officers.                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |      1.13635e+06 |                0 | FOR         |                              1.13635e+06 | FOR                         |  |
| United Airlines Holdings, Inc.  | 910047109 | 05/21/2025     | A vote to approve, on a nonbinding advisory basis, the compensation of our named executive officers.                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |      7.52027e+06 |            85930 | FOR         |                              7.52027e+06 | FOR                         |  |
| Meta Platforms, Inc.            | 30303M102 | 05/28/2025     | To approve, on a non-binding advisory basis, the compensation program for Meta Platforms, Inc.'s named executive officers as disclosed in Meta Platforms, Inc.'s proxy statement.                           | SECTION 14A SAY-ON-PAY VOTES |      6.48585e+06 |                0 | FOR         |                              6.24657e+06 | FOR                         |  |
| Meta Platforms, Inc.            | 30303M102 | 05/28/2025     | To approve, on a non-binding advisory basis, the compensation program for Meta Platforms, Inc.'s named executive officers as disclosed in Meta Platforms, Inc.'s proxy statement.                           | SECTION 14A SAY-ON-PAY VOTES |      6.48585e+06 |                0 | AGAINST     |                         239279           | AGAINST                     |  |
| Meta Platforms, Inc.            | 30303M102 | 05/28/2025     | To vote, on a non-binding advisory basis, whether a non-binding advisory vote on the compensation program for Meta Platforms, Inc.'s named executive officers should be held every one, two or three years. | SECTION 14A SAY-ON-PAY VOTES |      6.48585e+06 |                0 | ONE YEAR    |                              6.48585e+06 | AGAINST                     |  |
| UnitedHealth Group Incorporated | 91324P102 | 06/02/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |      2.842e+06   |                0 | FOR         |                              2.70551e+06 | FOR                         |  |
| UnitedHealth Group Incorporated | 91324P102 | 06/02/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |      2.842e+06   |                0 | AGAINST     |                         136497           | AGAINST                     |  |
| Booking Holdings Inc.           | 09857L108 | 06/03/2025     | Advisory vote to approve 2024 executive compensation.                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES | 146005           |                0 | FOR         |                         146005           | FOR                         |  |
| Ulta Beauty, Inc.               | 90384S303 | 06/11/2025     | Advisory resolution to approve the Company's executive compensation.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES | 589590           |             3530 | FOR         |                         589590           | FOR                         |  |
| Synchrony Financial             | 87165B103 | 06/17/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |  23207           |                0 | FOR         |                          23207           | FOR                         |  |
| Delta Air Lines, Inc.           | 247361702 | 06/19/2025     | To approve, on an advisory basis, the compensation of Delta's named executive officers.                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |      1.61401e+07 |            41072 | FOR         |                              1.61401e+07 | FOR                         |  |
| Mastercard Incorporated         | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES | 775290           |                0 | FOR         |                         775290           | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Sanders Capital, LLC

**By (Signature):** Eric Hansen

**By (Printed Signature):** Eric Hansen

**By (Title):** Deputy Chief Compliance Officer

**Date:** 08/27/2025