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Average Annual Total Return*
For periods ended September 30, 2021 (updated quarterly)
    1 Year†   3 Years   5 Years   10 Years   20 Years
Balanced Fund 31.97% 10.86% 11.29% 12.49% 8.54%
Combined Index   16.92% 12.10%   11.43% 11.25% 7.71%
   

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.

† Investors should note that the Fund's short-term performance is highly unusual and unlikely to be sustained.

   
Fund Characteristics
as of September 30, 2021, unless otherwise noted (updated quarterly)
General Information
Net Asset Value Per Share   $114.65
Total Net Assets (billions) $15.2
Expense Ratio 0.53%
Portfolio Turnover
(1/1/21 to 6/30/21, unannualized)
  29%
30-Day SEC Yield(a)   1.25%
Fund Inception 1931
 
Asset Allocation
Asset Allocation Pie Chart. Common Stocks, 69.3%. Debt Securities, 26.4%. Preferred Stocks, 2.2%. Net Cash and Other, 2.1%
 
Equity Portfolio (72.1% of Fund)
Equity Investments (f) Fund
Number of Companies   71
Median Market Capitalization (billions)(c)   $48
Price-to-Earnings Ratio(c)(d)   12.9x
Non-U.S. Securities not in the S&P 500(e)   10.4%
 
Five Largest Sectors (%)(f) Fund
Financials 18.9
Health Care   14.6
Information Technology   13.1
Communication Services   11.4
Energy   5.7
 
     
Ten Largest Equity Issuers (%)(f)(g) Fund
Wells Fargo & Co.   3.3
Alphabet, Inc.   2.6
Sanofi (France)   2.5
Charles Schwab Corp.   2.4
Comcast Corp.   2.4
Capital One Financial Corp.   2.2
Charter Communications, Inc.   2.1
GlaxoSmithKline PLC (United Kingdom)   2.0
Dell Technologies, Inc.   1.8
Cigna Corp.   1.8
 

 
fixed income Portfolio (25.6% of Fund)
fixed income INVESTMENTS Fund
Number of Credit Issuers   55
Effective Duration (years)   5.1
 
sector diversification (%) Fund
U.S. Treasury   4.8
Government-Related   1.1
Securitized   11.1
Corporate   8.6
     

Credit Quality (%)(i)
Fund
U.S. Treasury/Agency/GSE 14.1
AAA   0.3
AA   1.5
A   0.8
BBB   5.9
BB   3.0
B   0.0
CCC   0.0
 
Five Largest
Credit Issuers (%)(g)
Fund
Charter Communications, Inc. 0.5
Petroleos Mexicanos   0.5
Ford Motor Credit Co. LLC   0.5
TC Energy Corp.   0.4
JPMorgan Chase & Co.   0.4

 

Market values for debt securities and preferred equities include accrued interest.
(a) 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.
(b) The Fund holds a short S&P 500 futures position with a notional value of approximately -4.3% of the Fund's total net assets. This position is intended to reduce the exposure of the Fund's equity allocation to a general downturn in the equity markets, but if the S&P 500 index increases in value, the position will cause a loss for the Fund, which could be in addition to losses suffered in respect to its common stock holdings.
(c) Excludes the Fund's preferred equity securities.
(d) 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.
(e) Non-U.S. stocks are U.S. dollar denominated.
(f) Includes direct and synthetic equity investments.
(g) 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.
(h) Net Cash & Other includes cash, short-term investments, unrealized gain (loss) on derivatives, receivables, and payables.
(i) The credit quality distribution shown for the Fund is 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 determine compliance with the quality requirements stated in its prospectus. The credit quality of the investments in the portfolio does not apply to the stability or safety of the Fund or its shares.

*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 and/or interest income but, unlike Fund returns, do not reflect fees or expenses. The Combined Index reflects an unmanaged portfolio (rebalanced monthly) of 60% of the S&P 500 Index, which is a market capitalization-weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market, and 40% of the Bloomberg U.S. Aggregate Bond Index ( BBG U.S. Agg), which is a widely recognized, unmanaged index of U.S. dollar-denominated investment-grade fixed income securities. The Fund may, however, invest up to 75% of its total assets in equity securities.

S&P 500® is a trademark of S&P Global Inc. The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Dodge & Cox. Copyright 2018 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates.

BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.

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