Emerging Markets Stock Fund
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The Dodge & Cox Emerging Markets Stock Fund is now open to investors.
 
Average Annual Total Return*
For periods ended June 30, 2021 (updated quarterly)
                    SINCE INCEPTION†
Emerging Markets Stock Fund                   0.90%
MSCI Emerging Markets Index (USD)               3.86%
   

Returns represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions, and investors may have a gain or loss when shares are sold. Mutual fund performance changes over time and currently may be significantly lower than stated above. Monthly updates to performance are accessible from the Performance & Prices page.

† The Emerging Market Stock Fund's inception date was May 11, 2021.

   
Fund Characteristics
as of June 30, 2021, unless otherwise noted (updated quarterly)
General Information
Net Asset Value Per Share   $10.09
Total Net Assets (millions)   $121.9
Net Expense Ratio(a)   0.70%
Gross Expense Ratio
(5/11/21 to 6/30/21, annualized)
  1.92%
Portfolio Turnover
(5/11/21 to 6/30/21, unannualized)
0%
Active Share(b)   85%
Number of Companies   200
Fund Inception   2021
 
Asset Allocation
Asset Allocation Pie Chart. Equity Securities, XX.X%. Net Cash and Other, X.X%
Portfolio Characteristics   Fund   MSCI
EM
Median Market Capitalization (billions)   $6.1   $7.2
Weighted Average Market
Capitalization (billions)
  $119   $157
Price-to-Earnings Ratio(c) 12.5x 14.1x
Countries Represented   37   27
 
sector diversification
(% Market Value)
(d)
  Fund   MSCI EM
Consumer Discretionary   20.2   17.6
Financials 18.6 17.8
Information Technology 14.7 20.4
Communication Services   8.6   11.3
Materials   6.2   8.4
Consumer Staples   5.4   5.6
Energy   5.1   5.0
Industrials 4.7 4.9
Health Care   3.9   5.0
Utilities   2.1   1.9
Real Estate   1.8   2.0
 
   
ten largest holdings
(% Market Value)
(d)(e)
Fund
Alibaba Group Holding, Ltd. (China)   6.4
Samsung Electronics Co., Ltd. (South Korea)   5.4
ICICI Bank, Ltd. (India)   3.7
Naspers, Ltd. (South Africa)   3.6
Baidu, Inc. (China)   3.2
Itau Unibanco Holding SA (Brazil) 3.0
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) 3.0
Prosus NV (Netherlands)   2.6
Glencore PLC (United Kingdom)   2.4
Grupo Televisa SAB (Mexico)   2.1
 
 
Ten Largest Countries
(% Market Value)
(d)(e)
  Fund   MSCI EM
China   23.9   37.5
South Korea 9.9 13.2
India   7.3   9.9
Taiwan   6.6   13.9
Mexico   5.3   1.7
South Africa   4.8   3.5
Brazil   4.2   5.2
Hong Kong 4.2 0.0
United Kingdom   3.7   0.0
Russia   3.0   3.3

 

(a) Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain total annual fund operating expenses at 0.70% through April 30, 2022. The term of the agreement renews annually thereafter unless terminated with 30 daysí written notice by either party prior to the end of the term.
(b) Active share is a measure of how much an investment portfolio differs from its benchmark index, based on a scale of 0% (complete overlap with the index) to 100% (no overlap). Overlap for each security in the Fund is the lower of either its percentage weight in the Fund or its percentage weight in the relevant index. Active share is calculated as 100% minus the sum of the overlapping security weights.
(c) Price-to-earnings (P/E) ratios are calculated using 12-month forward earnings estimates from third-party sources as of the reporting period. Estimates reflect a consensus of sell-side analyst estimates, which may lag as market conditions change.
(d) Excludes derivatives.
(e) The Fund generally classifies a company based on its country of incorporation, but may designate a different country in certain circumstances. A company located in a developed market country may still be considered an “emerging markets issuer” for other purposes if it has significant economic exposure to emerging markets.
(f) The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation to buy, sell, or hold any particular security and is not indicative of Dodge & Cox's current or future trading activity.
(g) Net Cash & Other includes cash, short-term investments, unrealized gain (loss) on derivatives, receivables, and payables.

The Fund's total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include dividends but, unlike Fund returns, do not reflect fees or expenses. The MSCI Emerging Markets Index captures large and mid cap representation across 27 Emerging Markets (EM) countries. Results reflect dividends net of withholding taxes. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

MSCI World is a service mark of MSCI Barra. This report is not approved, reviewed, or produced by MSCI. Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI's express written consent.

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