Global Bond Fund
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Average Annual Total Return*
For periods ended September 30, 2021 (updated quarterly)
    1 Year   3 Years   5 Years   10 Years   Since Inception†
Global Bond Fund 5.84% 7.56% 5.90% N/A† 4.09%
Bloomberg Global Aggregate Bond Index (USD Hedged)   -0.56%   4.64%   2.89%   N/A†   3.31%
Bloomberg Global Aggregate Bond Index (Unhedged)   -0.91%   4.24%   1.99%   N/A†   1.52%
   

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 Global Bond Fund's inception date is December 5, 2012

   
Fund Characteristics
as of September 30, 2021, unless otherwise noted (updated quarterly)
General Information
Net Asset Value Per Share   $11.91
Total Net Assets (millions)   $1,868.6
Net Expense Ratio(a) 0.45%
Gross Expense Ratio
(1/1/21 to 6/30/21, annualized)
0.63%
Portfolio Turnover
(1/1/21 to 6/30/21, unannualized)
  74%
30-Day SEC Yield (using net expenses)(a)(b)   2.55%
30-Day SEC Yield (using gross expenses) 2.40%
Number of Credit Issuers   52
Fund Inception   2014
 
ASSET ALLOCATION   Fund  
Debt Securities   103.3%    
Net Cash & Other(i)   -3.3%    
 
Portfolio Characteristics   Fund   BBG
Global Agg
Effective Duration (years)(c)   4.2   7.5
Emerging Markets(d)   27.0%   12.9%
Non-USD Currency
Exposure(e)
  19.7%   57.2%

five largest
credit Issuers (%)(f)
  fund
T-Mobile U.S., Inc.   2.5
TC Energy Corp.   2.1
Charter Communications, Inc. 2.0
Prosus NV   1.9
Petroleos Mexicanos   1.9
 
Sector
Diversification
(%)(h)
  Fund   BBG
Global Agg
Government 27.9 52.9
Government-Related   4.7   15.0
Securitized   27.7   13.5
Corporate   43.0   18.6
Net Cash & Other(i)   -3.3   0.0

Credit Quality (%)
(g)(h)
Fund BBG
Global Agg
AAA 31.7 37.5
AA   3.8   14.9
A   5.4   31.8
BBB   35.8   15.8
BB   26.1   0.0
B 0.6 0.0
CCC and below/NR 0.0(j) 0.0
Net Cash & Other(i)   -3.3   0.0
 
Region
Diversification (%)(d)(h)
  Fund   BBG
Global Agg
United States   56.4   37.5
Latin America   16.1   1.0
Europe (excluding UK)   13.7   23.7
Asia Pacific (excluding Japan)   7.5   12.8
United Kingdom   6.8   5.1
Canada   2.1   3.5
Supranational 0.5 2.2
Africa   0.3   0.0(j)
Japan   0.0   13.5
Middle East   0.0   0.8

 

Market values for debt securities include accrued interest.
(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 0.45% through April 30, 2022. The term of the agreement renews annually thereafter unless terminated with 30 days’ written notice by either party prior to the end of the term.
(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) Interest rate derivatives reduce total Fund duration by 1.7 years (i.e., total Fund duration is 5.9 years without derivatives).
(d) The Fund may classify an issuer in a different category than the Bloomberg 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.
(e) Non-USD currency exposure for the Fund reflects the value of the portfolio’s non-U.S. dollar denominated investments, as well as the impact of currency derivatives.
(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) The credit quality distributions shown for the Fund and the Index are based on the middle of Moody’s, S&P, 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, and Fitch ratings to comply with the quality requirements stated in its prospectus. On that basis, the Fund held 17.7% 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.
(h) Region, sector, and quality weights exclude the effect of the Fund’s derivative contracts.
(i) Net Cash & Other includes cash, short-term investments, unrealized gain (loss) on derivatives, receivables, and payables. Assets to cover payables for forward settle TBA mortgage security purchases are invested in short-maturity U.S. Treasuries.
(j) Rounds to 0.0%.

* Since inception returns are provided for Funds with less than twenty years of performance history.

††  Dodge & Cox Global Bond Fund, L.L.C., 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 was organized as Delaware limited liability company and was treated as a disregarded entity under the Internal Revenue Code of 1986, as amended (the “Code”). 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. The Fund’s performance for periods prior to the commencement of operations on May 1, 2014, is that of the Private Fund. The performance of the Private Fund has not been restated because the net total operating expense ratio of the Private Fund and the Fund are the same. Expense reimbursements have been in effect for the Fund since its inception. Without the expense reimbursements, returns for the Fund would have been lower. Effective January 15, 2021, the benchmark was changed from the USD unhedged to the USD hedged version of the Bloomberg Global Aggregate Bond Index

All returns are stated in U.S. dollars, unless otherwise noted. The Funds’ 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 dividend and/or interest income but, unlike Fund returns, do not reflect fees or expenses.

The Bloomberg Global Aggregate Bond Index is a widely recognized, unmanaged index of multi-currency, investment-grade fixed income securities. Bloomberg calculates a USD hedged return by applying one-month forward rates to seek to eliminate the effect of non-USD exposures.

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

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