Global Bond Fund
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Average Annual Total Return
For periods ended June 30, 2017 (updated quarterly)
    1 Year   3 Years   5 Years   10 Years   Since Inception†
Global Bond Fund 8.13%† 1.11%† N/A N/A 2.65%†
BBG Barclays Global Agg Index   -2.18%†   -0.35%†   N/A   N/A   0.09%†
   

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.

   
Fund Characteristics
as of June 30, 2017, unless otherwise noted (updated quarterly)
General Information
Net Asset Value Per Share   $10.93
Total Net Assets (millions)   $127.80
Net Expense Ratio (a) 0.45%
Gross Expense Ratio
(1/1/17 to 6/30/17, annualized)
1.09%
Portfolio Turnover Rate
(1/1/17 to 6/30/17, unannualized)
  23%
30-Day SEC Yield (using net expenses)(a)(b)   3.46%
30-Day SEC Yield (using gross expenses) 2.82%
Number of Credit Issuers   46
Fund Inception    5/1/14
 
Asset Allocation
Portfolio Characteristics   Fund   BBG Barclays Global Agg
Effective Duration (years)   3.3   7.0
Emerging Markets(c)   27.1%   5.0%

five largest
credit Issuers (%)(d)
  fund
Telecom Italia SPA   2.0
Kinder Morgan, Inc.   2.0
Indonesia Government International 1.9
Naspers, Ltd.   1.9
Millicom International Cellular SA   1.9
 
Sector
Diversification
(%)(f)
  Fund   BBG Barclays Global Agg
Government 23.0 53.8
Government-Related   8.8   12.2
Securitized   20.2   15.3
Corporate   44.2   18.7
Net Cash & Other(g)   3.8   0.0

Credit Quality (%)
(e)(f)
Fund BBG Barclays Global Agg
Aaa 21.9 40.0
Aa   0.4   16.3
A   18.9   26.8
Baa   41.5   16.9
Ba   11.9   0.0
B 0.0 0.0
Caa 1.6 0.0
Net Cash & Other(g)   3.8   0.0
 
Region
Diversification (%)(c)(f)
  Fund   BBG Barclays Global Agg
United States   49.6   38.9
Latin America   18.5   1.1
Europe (excluding UK)   9.3   25.8
United Kingdom   6.7   5.5
Pacific (excluding Japan)   4.3   5.2
Japan   3.5   17.0
Africa 2.8 0.2
Canada   1.5   3.3
Middle East   0.0   0.6
Other   0.0   2.4

 


† 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 interest income but, unlike Fund returns, do not reflect fees or expenses. The Bloomberg Barclays Global Aggregate Bond Index (BBG Barclays Global Agg) is a widely recognized, unmanaged index of multi-currency, investment-grade fixed income securities. All returns are stated in U.S. dollars, unless otherwise noted. A private fund managed and funded by Dodge & Cox (the “Private Fund”) was reorganized into the Fund and the Fund commenced operations on May 1, 2014. The Private Fund commenced operations on December 5, 2012, and had an investment objective, policies, and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the Private Fund was not registered as an investment company under the Investment Company Act of 1940 (the “1940 Act”), and therefore was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Code, which, if applicable, may have adversely affected its performance. Expense reimbursements have been in effect for the Fund since its inception. Without the expense reimbursements, returns for the Fund would have been lower.

(a) Effective May 1, 2017, 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 0.45% through April 30, 2018. The term of the agreement is renewable annually thereafter unless terminated with 30 days’ written notice by either party prior to the end of the term. For periods prior to May 1, 2017, the Fund's Net Expense Ratio was 0.60%.
(b) SEC Yield is an annualization of the Fund’s net investment income for the trailing 30-day period. Dividends paid by the Fund may be higher or lower than implied by the SEC Yield.
(c) The Fund may classify an issuer in a different category than the Bloomberg Barclays Global Aggregate Bond Index. The Fund generally classifies a corporate issuer based on the country of incorporation of the parent company, but may designate a different country in certain circumstances.
(d) 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.
(e) The credit quality distributions shown for the Fund and the Index are based on the middle of Moody’s, S&P’s, and Fitch ratings, which is the methodology used by Bloomberg in constructing its indices. If a security is rated by only two agencies, the lower of the two ratings is used. Please note the Fund applies the highest of Moody’s, S&P’s, and Fitch ratings to comply with the quality requirements stated in its prospectus. On that basis, the Fund held 13.5% in securities rated below investment grade. The credit quality of the investments in the portfolio does not apply to the stability or safety of the Fund or its shares.
(f) Excludes the Fund’s derivative contracts.
(g) Net Cash & Other includes cash, short-term investments, derivatives, receivables, and payables.

Bloomberg® is a registered trademark of Bloomberg Finance L.P. and its affiliates. Barclays® is a trademark of Barclays Bank PLC.

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