# EDGAR Filing Document

**Accession Number:** 0000200217
**File Stem:** 0000950123-23-002467
**Filing Date:** 2023-2
**Character Count:** 23455
**Document Hash:** 588bfc35d087b7ab19561765a18e4340
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950123-23-002467.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0000950123-23-002467

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DODGE & COX
- **CENTRAL INDEX KEY:** 0000200217
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-00400
- **FILM NUMBER:** 23626093

**BUSINESS ADDRESS:**
- **STREET 1:** 555 CALIFORNIA STREET
- **STREET 2:** 40TH FLOOR
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104
- **BUSINESS PHONE:** 4159811710

**MAIL ADDRESS:**
- **STREET 1:** 555 CALIFORNIA STREET
- **STREET 2:** 40TH FLOOR
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Dodge  Cox<br>**Address:** 555 California Street<br>40th Floor<br>San Francisco, CA 94104

**Form 13F File Number:** 028-00400

**CRD Number (if applicable):** 000104596

**SEC File Number (if applicable):** 801-1895

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Katherine M. Primas<br>**Title:** Chief Compliance Officer<br>**Phone:** (415) 981-1710

**Signature, Place, and Date of Signing:**

/S/ Katherine M. Primas  San Francisco, CA  02-14-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 188

**Form 13F Information Table Value Total:** $145821687106

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M Co. | COM | 88579Y101 |  | 1106142 | 9224 | SH |  | SOLE |  | 9224 | 0 | 0 |
| Abbott Laboratories | COM | 002824100 |  | 1960520 | 17857 | SH |  | SOLE |  | 17857 | 0 | 0 |
| AbbVie Inc. | COM | 00287Y109 |  | 1811648 | 11210 | SH |  | SOLE |  | 11210 | 0 | 0 |
| Adobe Inc. | COM | 00724F101 |  | 8428730 | 25046 | SH |  | SOLE |  | 25046 | 0 | 0 |
| Aegon NV | NY REGISTRY SHS | 007924103 |  | 635601431 | 126111395 | SH |  | SOLE |  | 120137970 | 0 | 5973425 |
| Air Products  Chemicals Inc. | COM | 009158106 |  | 1009552 | 3275 | SH |  | SOLE |  | 3275 | 0 | 0 |
| Alibaba Group Holding Ltd. | SPONSORED ADS | 01609W102 |  | 1231416276 | 13979070 | SH |  | SOLE |  | 13561070 | 0 | 418000 |
| Allstate Corp. | COM | 020002101 |  | 355001 | 2618 | SH |  | SOLE |  | 2618 | 0 | 0 |
| Alnylam Pharmaceuticals Inc. | COM | 02043Q107 |  | 1090999342 | 4590782 | SH |  | SOLE |  | 4300532 | 0 | 290250 |
| Alphabet Inc. | CAP STK CL C | 02079K107 |  | 3810535757 | 42945292 | SH |  | SOLE |  | 40505452 | 0 | 2439840 |
| Alphabet Inc. | CAP STK CL A | 02079K305 |  | 834662417 | 9460075 | SH |  | SOLE |  | 8943975 | 0 | 516100 |
| Altria Group Inc. | COM | 02209S103 |  | 959910 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| Amazon.com Inc. | COM | 023135106 |  | 1265082000 | 15060500 | SH |  | SOLE |  | 14196600 | 0 | 863900 |
| American Express Co. | COM | 025816109 |  | 630569075 | 4267811 | SH |  | SOLE |  | 4018211 | 0 | 249600 |
| Ameriprise Financial Inc. | COM | 03076C106 |  | 568873 | 1827 | SH |  | SOLE |  | 1827 | 0 | 0 |
| Amgen Inc. | COM | 031162100 |  | 4256606 | 16207 | SH |  | SOLE |  | 16207 | 0 | 0 |
| Analog Devices Inc. | COM | 032654105 |  | 6167856 | 37602 | SH |  | SOLE |  | 37602 | 0 | 0 |
| Anheuser-Busch InBev SA/NV | SPONSORED ADR | 03524A108 |  | 1521393847 | 25339671 | SH |  | SOLE |  | 24142671 | 0 | 1197000 |
| APA Corp. | COM | 03743Q108 |  | 8376726 | 179450 | SH |  | SOLE |  | 179450 | 0 | 0 |
| Apple Inc. | COM | 037833100 |  | 3268519 | 25156 | SH |  | SOLE |  | 25156 | 0 | 0 |
| AstraZeneca PLC | SPONSORED ADR | 046353108 |  | 20904435 | 308325 | SH |  | SOLE |  | 308325 | 0 | 0 |
| Baidu Inc. | SPON ADR REP A | 056752108 |  | 724900979 | 6337655 | SH |  | SOLE |  | 6157655 | 0 | 180000 |
| Baker Hughes Co. | CL A | 05722G100 |  | 915631897 | 31006837 | SH |  | SOLE |  | 29390948 | 0 | 1615889 |
| Bank of America Corp. | COM | 060505104 |  | 1403347012 | 42371589 | SH |  | SOLE |  | 40255539 | 0 | 2116050 |
| Bank of New York Mellon Corp. | COM | 064058100 |  | 2722790043 | 59815247 | SH |  | SOLE |  | 56275308 | 0 | 3539939 |
| Becton Dickinson  Co. | COM | 075887109 |  | 579804 | 2280 | SH |  | SOLE |  | 2280 | 0 | 0 |
| Berkshire Hathaway Inc. | CL A | 084670108 |  | 1874844 | 4 | SH |  | SOLE |  | 4 | 0 | 0 |
| Berkshire Hathaway Inc. | CL B NEW | 084670702 |  | 3960098 | 12820 | SH |  | SOLE |  | 12820 | 0 | 0 |
| BioMarin Pharmaceutical Inc. | COM | 09061G101 |  | 1488565284 | 14383663 | SH |  | SOLE |  | 13556044 | 0 | 827619 |
| BlackRock Inc | COM | 09247X101 |  | 531472 | 750 | SH |  | SOLE |  | 750 | 0 | 0 |
| Booking Holdings Inc. | COM | 09857L108 |  | 1677305452 | 832294 | SH |  | SOLE |  | 797109 | 0 | 35185 |
| Boston Scientific Corp. | COM | 101137107 |  | 5223420 | 112890 | SH |  | SOLE |  | 112890 | 0 | 0 |
| Brighthouse Financial Inc. | COM | 10922N103 |  | 466335667 | 9095683 | SH |  | SOLE |  | 8617015 | 0 | 478668 |
| Bristol-Myers Squibb Co. | COM | 110122108 |  | 1190365551 | 16544344 | SH |  | SOLE |  | 15782544 | 0 | 761800 |
| Cadence Design Systems Inc. | COM | 127387108 |  | 47770641 | 297377 | SH |  | SOLE |  | 297377 | 0 | 0 |
| Capital One Financial Corp. | COM | 14040H105 |  | 3288199340 | 35372196 | SH |  | SOLE |  | 33487055 | 0 | 1885141 |
| Carrier Global Corp. | COM | 14448C104 |  | 675846435 | 16384156 | SH |  | SOLE |  | 15460906 | 0 | 923250 |
| Caterpillar Inc. | COM | 149123101 |  | 7198538 | 30049 | SH |  | SOLE |  | 30049 | 0 | 0 |
| Celanese Corp. | COM | 150870103 |  | 726877734 | 7109524 | SH |  | SOLE |  | 6694537 | 0 | 414987 |
| Cemex SAB de CV | SPON ADR NEW | 151290889 |  | 2348190 | 579800 | SH |  | SOLE |  | 579800 | 0 | 0 |
| Charles Schwab Corp. | COM | 808513105 |  | 6446716060 | 77428730 | SH |  | SOLE |  | 74141930 | 0 | 3286800 |
| Charter Communications Inc. | CL A | 16119P108 |  | 2872690058 | 8471513 | SH |  | SOLE |  | 7977148 | 0 | 494365 |
| Chevron Corp. | COM | 166764100 |  | 36307596 | 202282 | SH |  | SOLE |  | 202282 | 0 | 0 |
| Chubb Ltd | COM | H1467J104 |  | 310384 | 1407 | SH |  | SOLE |  | 1407 | 0 | 0 |
| Cigna Corp. | COM | 125523100 |  | 3826498876 | 11548557 | SH |  | SOLE |  | 10925157 | 0 | 623400 |
| Cintas Corp | COM | 172908105 |  | 225810 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| Cisco Systems Inc. | COM | 17275R102 |  | 2045022128 | 42926577 | SH |  | SOLE |  | 40603719 | 0 | 2322858 |
| Coca-Cola Co. | COM | 191216100 |  | 1567032 | 24635 | SH |  | SOLE |  | 24635 | 0 | 0 |
| Cognizant Technology Solutions Corp. | CL A | 192446102 |  | 1163459463 | 20343757 | SH |  | SOLE |  | 19208007 | 0 | 1135750 |
| Coherent Corp. | COM | 19247G107 |  | 668881360 | 19056449 | SH |  | SOLE |  | 18015799 | 0 | 1040650 |
| Colgate-Palmolive Co. | COM | 194162103 |  | 1103060 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| Comcast Corp. | CL A | 20030N101 |  | 2782991721 | 79582263 | SH |  | SOLE |  | 74835273 | 0 | 4746990 |
| ConocoPhillips | COM | 20825C104 |  | 1715658876 | 14539482 | SH |  | SOLE |  | 13787292 | 0 | 752190 |
| Copa Holdings SA | CL A | P31076105 |  | 690311 | 8300 | SH |  | SOLE |  | 8300 | 0 | 0 |
| Corning Inc. | COM | 219350105 |  | 3299146 | 103292 | SH |  | SOLE |  | 103292 | 0 | 0 |
| Corteva Inc. | COM | 22052L104 |  | 1631204 | 27751 | SH |  | SOLE |  | 27751 | 0 | 0 |
| Credicorp Ltd. | COM | G2519Y108 |  | 692498447 | 5104662 | SH |  | SOLE |  | 4960862 | 0 | 143800 |
| CVS Health Corp. | COM | 126650100 |  | 1174276660 | 12600887 | SH |  | SOLE |  | 11871150 | 0 | 729737 |
| Danaher Corp. | COM | 235851102 |  | 4573717 | 17232 | SH |  | SOLE |  | 17232 | 0 | 0 |
| Deere  Co. | COM | 244199105 |  | 5332059 | 12436 | SH |  | SOLE |  | 12436 | 0 | 0 |
| Dell Technologies Inc. | CL C | 24703L202 |  | 772946311 | 19217959 | SH |  | SOLE |  | 18181896 | 0 | 1036063 |
| Diageo PLC | SPON ADR NEW | 25243Q205 |  | 2591061 | 14541 | SH |  | SOLE |  | 14541 | 0 | 0 |
| DISH Network Corp. | CL A | 25470M109 |  | 551671839 | 39292866 | SH |  | SOLE |  | 37232062 | 0 | 2060804 |
| Dow Inc | COM | 260557103 |  | 994648 | 19739 | SH |  | SOLE |  | 19739 | 0 | 0 |
| DuPont de Nemours Inc | COM | 26614N102 |  | 1537175 | 22398 | SH |  | SOLE |  | 22398 | 0 | 0 |
| eBay Inc. | COM | 278642103 |  | 1248662 | 30110 | SH |  | SOLE |  | 30110 | 0 | 0 |
| Elanco Animal Health Inc. | COM | 28414H103 |  | 1035951416 | 84775075 | SH |  | SOLE |  | 80123275 | 0 | 4651800 |
| Elevance Health Inc. | COM | 036752103 |  | 564267 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| Eli Lilly  Co. | COM | 532457108 |  | 23299252 | 63687 | SH |  | SOLE |  | 63687 | 0 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 |  | 9181372 | 83240 | SH |  | SOLE |  | 83240 | 0 | 0 |
| FedEx Corp. | COM | 31428X106 |  | 3001884214 | 17331895 | SH |  | SOLE |  | 16343489 | 0 | 988406 |
| Fidelity National Information Services Inc. | COM | 31620M106 |  | 1779068728 | 26220615 | SH |  | SOLE |  | 24726140 | 0 | 1494475 |
| Fiserv Inc. | COM | 337738108 |  | 3670785991 | 36319244 | SH |  | SOLE |  | 34373644 | 0 | 1945600 |
| Fox Corp. | CL A COM | 35137L105 |  | 1216845875 | 40067365 | SH |  | SOLE |  | 37935622 | 0 | 2131743 |
| Fox Corp. | CL B COM | 35137L204 |  | 335351359 | 11787394 | SH |  | SOLE |  | 11038066 | 0 | 749328 |
| Fresenius Medical Care AG  Co. KGaA | SPONSORED ADR | 358029106 |  | 57258628 | 3504200 | SH |  | SOLE |  | 3504200 | 0 | 0 |
| Gaming and Leisure Properties Inc. | COM | 36467J108 |  | 328985386 | 6315711 | SH |  | SOLE |  | 5997077 | 0 | 318634 |
| General Electric Co. | COM NEW | 369604301 |  | 3115032006 | 37176656 | SH |  | SOLE |  | 35228306 | 0 | 1948350 |
| General Mills Inc. | COM | 370334104 |  | 939120 | 11200 | SH |  | SOLE |  | 11200 | 0 | 0 |
| Genuine Parts Co. | COM | 372460105 |  | 1253610 | 7225 | SH |  | SOLE |  | 7225 | 0 | 0 |
| Geopark Ltd | USD SHS | G38327105 |  | 347625 | 22500 | SH |  | SOLE |  | 22500 | 0 | 0 |
| Gilead Sciences Inc. | COM | 375558103 |  | 3080740299 | 35885152 | SH |  | SOLE |  | 34105252 | 0 | 1779900 |
| Goldman Sachs Group Inc. | COM | 38141G104 |  | 2109414588 | 6143091 | SH |  | SOLE |  | 5800400 | 0 | 342691 |
| Grupo Televisa SAB | SPON ADR REP ORD | 40049J206 |  | 295711075 | 64848920 | SH |  | SOLE |  | 63262720 | 0 | 1586200 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 2281743933 | 64932952 | SH |  | SOLE |  | 61943352 | 0 | 2989600 |
| Haleon PLC | SPON ADS | 405552100 |  | 772079784 | 96509973 | SH |  | SOLE |  | 91166087 | 0 | 5343886 |
| Halliburton Co. | COM | 406216101 |  | 11458759 | 291201 | SH |  | SOLE |  | 291201 | 0 | 0 |
| Hess Corp. | COM | 42809H107 |  | 9804300 | 69132 | SH |  | SOLE |  | 69132 | 0 | 0 |
| Hewlett Packard Enterprise Co. | COM | 42824C109 |  | 967856981 | 60642668 | SH |  | SOLE |  | 57900625 | 0 | 2742043 |
| Home Depot Inc. | COM | 437076102 |  | 8991587 | 28467 | SH |  | SOLE |  | 28467 | 0 | 0 |
| Honda Motor Co. Ltd. | AMERN SHS | 438128308 |  | 1013608285 | 44339820 | SH |  | SOLE |  | 42168004 | 0 | 2171816 |
| Honeywell International Inc. | COM | 438516106 |  | 1718472 | 8019 | SH |  | SOLE |  | 8019 | 0 | 0 |
| HP Inc. | COM | 40434L105 |  | 1409364416 | 52451225 | SH |  | SOLE |  | 49994452 | 0 | 2456773 |
| ICICI Bank Ltd. | ADR | 45104G104 |  | 43416626 | 1983400 | SH |  | SOLE |  | 1279600 | 0 | 703800 |
| Incyte Corp. | COM | 45337C102 |  | 1555230939 | 19362935 | SH |  | SOLE |  | 18209985 | 0 | 1152950 |
| International Business Machines Corp. | COM | 459200101 |  | 5186724 | 36814 | SH |  | SOLE |  | 36814 | 0 | 0 |
| Itau Unibanco Holding SA | SPON ADR REP PFD | 465562106 |  | 71950455 | 15276105 | SH |  | SOLE |  | 11582105 | 0 | 3694000 |
| Jackson Financial Inc. | COM CL A | 46817M107 |  | 141995594 | 4081506 | SH |  | SOLE |  | 3600506 | 0 | 481000 |
| JD.com Inc. | SPON ADR CL A | 47215P106 |  | 787719944 | 14033849 | SH |  | SOLE |  | 13673849 | 0 | 360000 |
| Johnson  Johnson | COM | 478160104 |  | 3853973 | 21817 | SH |  | SOLE |  | 21817 | 0 | 0 |
| Johnson Controls International PLC | SHS | G51502105 |  | 4007303340 | 62614115 | SH |  | SOLE |  | 59841096 | 0 | 2773019 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 55517400 | 414000 | SH |  | SOLE |  | 413200 | 0 | 800 |
| Juniper Networks Inc. | COM | 48203R104 |  | 1135610774 | 35532252 | SH |  | SOLE |  | 33660168 | 0 | 1872084 |
| KE Holdings Inc. | SPONSORED ADS | 482497104 |  | 425780 | 30500 | SH |  | SOLE |  | 30500 | 0 | 0 |
| Las Vegas Sands Corp. | COM | 517834107 |  | 1365188 | 28400 | SH |  | SOLE |  | 27900 | 0 | 500 |
| Liberty Global PLC | SHS CL A | G5480U104 |  | 92296414 | 4875669 | SH |  | SOLE |  | 4875669 | 0 | 0 |
| Liberty Global PLC | SHS CL C | G5480U120 |  | 174127152 | 8961768 | SH |  | SOLE |  | 8961768 | 0 | 0 |
| Liberty Media Corp | NOTE  1.375%10/1 | 531229AB8 |  | 678922 | 550000 | SH |  | SOLE |  | 550000 | 0 | 0 |
| Lincoln National Corp. | COM | 534187109 |  | 132426609 | 4310762 | SH |  | SOLE |  | 4053912 | 0 | 256850 |
| Linde PLC | SHS | G5494J103 |  | 443107744 | 1355190 | SH |  | SOLE |  | 1355190 | 0 | 0 |
| Lockheed Martin Corp. | COM | 539830109 |  | 377030 | 775 | SH |  | SOLE |  | 775 | 0 | 0 |
| Loma Negra Cia Industrial Argentina SA | SPONSORED ADS | 54150E104 |  | 131520 | 19200 | SH |  | SOLE |  | 19200 | 0 | 0 |
| LyondellBasell Industries NV | SHS - A - | N53745100 |  | 1375681891 | 16568492 | SH |  | SOLE |  | 15602992 | 0 | 965500 |
| McDonald's Corp. | COM | 580135101 |  | 1963298 | 7450 | SH |  | SOLE |  | 7450 | 0 | 0 |
| Medtronic PLC | SHS | G5960L103 |  | 318267985 | 4095059 | SH |  | SOLE |  | 3840809 | 0 | 254250 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 19441879 | 175231 | SH |  | SOLE |  | 175231 | 0 | 0 |
| Meta Platforms Inc. | CL A | 30303M102 |  | 1404872025 | 11674190 | SH |  | SOLE |  | 11022787 | 0 | 651403 |
| MetLife Inc. | COM | 59156R108 |  | 3877816908 | 53583210 | SH |  | SOLE |  | 50561856 | 0 | 3021354 |
| Micro Focus International PLC | SPON ADR NEW | 594837403 |  | 210896713 | 33422617 | SH |  | SOLE |  | 31768342 | 0 | 1654275 |
| Microchip Technology Inc. | COM | 595017104 |  | 1641648786 | 23368666 | SH |  | SOLE |  | 21991368 | 0 | 1377298 |
| Microsoft Corp. | COM | 594918104 |  | 2942094253 | 12267927 | SH |  | SOLE |  | 11602983 | 0 | 664944 |
| Molson Coors Beverage Co. | CL B | 60871R209 |  | 1395568814 | 27087904 | SH |  | SOLE |  | 25533154 | 0 | 1554750 |
| Mondelez International Inc. | CL A | 609207105 |  | 789136 | 11840 | SH |  | SOLE |  | 11840 | 0 | 0 |
| Moody's Corp. | COM | 615369105 |  | 474211 | 1702 | SH |  | SOLE |  | 1702 | 0 | 0 |
| Motorola Solutions Inc. | COM NEW | 620076307 |  | 2223264 | 8627 | SH |  | SOLE |  | 8627 | 0 | 0 |
| National Energy Services Reunited Corp. | SHS | G6375R107 |  | 837665 | 120701 | SH |  | SOLE |  | 120701 | 0 | 0 |
| NetApp Inc. | COM | 64110D104 |  | 390390 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| NetEase Inc. | SPONSORED ADS | 64110W102 |  | 638886745 | 8796458 | SH |  | SOLE |  | 8568137 | 0 | 228321 |
| News Corp. | CL A | 65249B109 |  | 195660429 | 10750573 | SH |  | SOLE |  | 10212436 | 0 | 538137 |
| NextEra Energy Inc. | COM | 65339F101 |  | 2006400 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| Noah Holdings Ltd. | SPON ADS CL A | 65487X102 |  | 173600 | 11200 | SH |  | SOLE |  | 11200 | 0 | 0 |
| Norfolk Southern Corp. | COM | 655844108 |  | 874791 | 3550 | SH |  | SOLE |  | 3550 | 0 | 0 |
| Novartis AG | SPONSORED ADR | 66987V109 |  | 1882564468 | 20751372 | SH |  | SOLE |  | 19774386 | 0 | 976986 |
| Nucor Corp. | COM | 670346105 |  | 896308 | 6800 | SH |  | SOLE |  | 6800 | 0 | 0 |
| Nutrien Ltd. | COM | 67077M108 |  | 784638629 | 10744059 | SH |  | SOLE |  | 10542959 | 0 | 201100 |
| Occidental Petroleum Corp. | COM | 674599105 |  | 5855375540 | 92957224 | SH |  | SOLE |  | 87893145 | 0 | 5064079 |
| Occidental Petroleum Corp. | *W EXP 08/03/202 | 674599162 |  | 593655850 | 14398638 | SH |  | SOLE |  | 13749093 | 0 | 649545 |
| Otis Worldwide Corp. | COM | 68902V107 |  | 409030515 | 5223222 | SH |  | SOLE |  | 4925022 | 0 | 298200 |
| Ovintiv Inc. | COM | 69047Q102 |  | 1098113691 | 21654776 | SH |  | SOLE |  | 20733376 | 0 | 921400 |
| Parker Hannifin Corp. | COM | 701094104 |  | 947496 | 3256 | SH |  | SOLE |  | 3256 | 0 | 0 |
| PayPal Holdings Inc. | COM | 70450Y103 |  | 535976793 | 7525650 | SH |  | SOLE |  | 7150050 | 0 | 375600 |
| PepsiCo Inc. | COM | 713448108 |  | 645860 | 3575 | SH |  | SOLE |  | 3575 | 0 | 0 |
| Petroleo Brasileiro SA | SPONSORED ADR | 71654V408 |  | 150165 | 14100 | SH |  | SOLE |  | 14100 | 0 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 6337619 | 123685 | SH |  | SOLE |  | 123685 | 0 | 0 |
| Philip Morris International Inc. | COM | 718172109 |  | 1720570 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| Phillips 66 | COM | 718546104 |  | 270608 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| PNC Financial Services Group Inc. | COM | 693475105 |  | 2254594 | 14275 | SH |  | SOLE |  | 14275 | 0 | 0 |
| PPG Industries Inc. | COM | 693506107 |  | 276628 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| Procter  Gamble Co. | COM | 742718109 |  | 15049908 | 99300 | SH |  | SOLE |  | 99300 | 0 | 0 |
| Qurate Retail Inc. | COM SER A | 74915M100 |  | 78282398 | 48026011 | SH |  | SOLE |  | 45430714 | 0 | 2595297 |
| Raytheon Technologies Corp. | COM | 75513E101 |  | 3386800216 | 33559257 | SH |  | SOLE |  | 31871407 | 0 | 1687850 |
| Regeneron Pharmaceuticals Inc. | COM | 75886F107 |  | 1603914838 | 2223059 | SH |  | SOLE |  | 2096514 | 0 | 126545 |
| Rio Tinto PLC | SPONSORED ADR | 767204100 |  | 370240 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| S Global Inc. | COM | 78409V104 |  | 1942652 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| Sanofi | SPONSORED ADR | 80105N105 |  | 4077276854 | 84189074 | SH |  | SOLE |  | 80182293 | 0 | 4006781 |
| Schlumberger Ltd. | COM STK | 806857108 |  | 212353972 | 3972203 | SH |  | SOLE |  | 3961103 | 0 | 11100 |
| Shell PLC | SPON ADS | 780259305 |  | 3681590 | 64646 | SH |  | SOLE |  | 64646 | 0 | 0 |
| State Street Corp. | COM | 857477103 |  | 1702176998 | 21943754 | SH |  | SOLE |  | 20786754 | 0 | 1157000 |
| Suncor Energy Inc. | COM | 867224107 |  | 1328454315 | 41867454 | SH |  | SOLE |  | 40380454 | 0 | 1487000 |
| Synopsys Inc. | COM | 871607107 |  | 4383852 | 13730 | SH |  | SOLE |  | 13730 | 0 | 0 |
| Target Corp. | COM | 87612E106 |  | 19329296 | 129692 | SH |  | SOLE |  | 129692 | 0 | 0 |
| TC Energy Corp. | COM | 87807B107 |  | 410398560 | 10296000 | SH |  | SOLE |  | 10296000 | 0 | 0 |
| TE Connectivity Ltd. | SHS | H84989104 |  | 1865188261 | 16247285 | SH |  | SOLE |  | 15530060 | 0 | 717225 |
| Teck Resources Ltd. | CL B | 878742204 |  | 1023951539 | 27074340 | SH |  | SOLE |  | 26494540 | 0 | 579800 |
| The Gap Inc. | COM | 364760108 |  | 428419205 | 37980426 | SH |  | SOLE |  | 35995026 | 0 | 1985400 |
| The Travelers Cos. Inc. | COM | 89417E109 |  | 22071323 | 117720 | SH |  | SOLE |  | 117720 | 0 | 0 |
| The Walt Disney Co. | COM | 254687106 |  | 34383281 | 395756 | SH |  | SOLE |  | 395756 | 0 | 0 |
| The Williams Companies Inc. | COM | 969457100 |  | 1294854018 | 39357265 | SH |  | SOLE |  | 37174365 | 0 | 2182900 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 16079597 | 29199 | SH |  | SOLE |  | 29199 | 0 | 0 |
| T-Mobile U.S. Inc. | COM | 872590104 |  | 1622646760 | 11590334 | SH |  | SOLE |  | 10955301 | 0 | 635033 |
| Trip.com Group Ltd. | ADS | 89677Q107 |  | 718960 | 20900 | SH |  | SOLE |  | 20900 | 0 | 0 |
| Truist Financial Corp. | COM | 89832Q109 |  | 808816751 | 18796578 | SH |  | SOLE |  | 17925602 | 0 | 870976 |
| U.S. Bancorp | COM NEW | 902973304 |  | 1761844 | 40400 | SH |  | SOLE |  | 40400 | 0 | 0 |
| UBS Group AG | SHS | H42097107 |  | 2971138912 | 159315717 | SH |  | SOLE |  | 155060817 | 0 | 4254900 |
| Unilever PLC | SPON ADR NEW | 904767704 |  | 1257290 | 24971 | SH |  | SOLE |  | 24971 | 0 | 0 |
| Union Pacific Corp. | COM | 907818108 |  | 57037432 | 275450 | SH |  | SOLE |  | 275450 | 0 | 0 |
| UnitedHealth Group Inc. | COM | 91324P102 |  | 1870851468 | 3528710 | SH |  | SOLE |  | 3349838 | 0 | 178872 |
| Verizon Communications Inc. | COM | 92343V104 |  | 216700 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| Vipshop Holdings Ltd. | SPONSORED ADS A | 92763W103 |  | 494409 | 36247 | SH |  | SOLE |  | 36247 | 0 | 0 |
| Visa Inc | COM CL A | 92826C839 |  | 363580 | 1750 | SH |  | SOLE |  | 1750 | 0 | 0 |
| VMware Inc. | CL A COM | 928563402 |  | 3351734817 | 27303151 | SH |  | SOLE |  | 25752031 | 0 | 1551120 |
| Vulcan Materials Co. | COM | 929160109 |  | 4587882 | 26200 | SH |  | SOLE |  | 26200 | 0 | 0 |
| Walmart Inc. | COM | 931142103 |  | 10943352 | 77180 | SH |  | SOLE |  | 77180 | 0 | 0 |
| Wells Fargo  Co. | COM | 949746101 |  | 4902046914 | 118722376 | SH |  | SOLE |  | 112238158 | 0 | 6484218 |
| XP Inc. | CL A | G98239109 |  | 456666140 | 29769631 | SH |  | SOLE |  | 28899703 | 0 | 869928 |
| Yum China Holdings Inc. | COM | 98850P109 |  | 756629 | 13845 | SH |  | SOLE |  | 13845 | 0 | 0 |
| Zimmer Biomet Holdings Inc. | COM | 98956P102 |  | 630799875 | 4947450 | SH |  | SOLE |  | 4672600 | 0 | 274850 |
| Zoetis Inc | CL A | 98978V103 |  | 285772 | 1950 | SH |  | SOLE |  | 1950 | 0 | 0 |

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