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Average Annual Total Return*
For periods ended September 30, 2018 (updated quarterly)
    1 Year   3 Years   5 Years   10 Years   20 Years
Balanced Fund 7.95% 12.14% 9.41% 10.04% 8.78%
Combined Index   9.99% 10.79%   9.24%   8.91% 6.53%
   

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 September 30, 2018, unless otherwise noted (updated quarterly)
General Information
Net Asset Value Per Share   $108.62
Total Net Assets (billions) $15.8
Expense Ratio 0.53%
Portfolio Turnover Rate
(1/1/18 to 6/30/18, unannualized)
  10%
30-Day SEC Yield(a)   2.00%
Fund Inception 1931
 
Asset Allocation
 
Equity Portfolio (71.5% of Fund)
Equity characteristics Fund
Number of Common Stocks 68
Number of Preferred Stocks 5
Median Market Capitalization (billions)(b) $46
Price-to-Earnings Ratio(b)(c) 14.1x
Foreign Securities not in the S&P 500(d)   8.1%

FIVE LARGEST SECTORS (%) Common Preferred Total
Financials 16.9 4.3 21.2
Health Care 16.6 16.6
Communication Services 10.6 0.3 10.9
Information Technology 9.6 9.6
Energy   5.9     5.9
 
Ten Largest EquitIES(%)(e) Common Preferred Total
Wells Fargo & Co. 2.4 1.4 3.8
JPMorgan Chase & Co. 1.7 1.6 3.3
Comcast Corp. 2.7 2.7
Microsoft Corp. 2.4 2.4
Bank of America Corp.   1.9   0.5   2.4
Charter Communications, Inc. 2.2 2.2
Express Scripts Holding Co. 2.2 2.2
Charles Schwab Corp. 2.2 2.2
Capital One Financial Corp. 2.0 2.0
Alphabet, Inc.   2.0     2.0
 
fixed income Portfolio (25.3% of Fund)
fixed income Characteristics Fund
Number of Credit Issuers   51
Effective Duration (years)(g)   4.5
 
sector diversification (%) Fund
U.S. Treasury(h)   2.0
Government-Related(i)   1.5
Securitized   11.3
Corporate   10.5
     

Credit Quality (%)(k)
Fund
U.S. Treasury/Agency/GSE (i) 11.3
Aaa   0.7
Aa   1.7
A   1.2
Baa   8.7
Ba   1.7
B   0.0
Caa   0.0
 
Five Largest
Credit Issuers (%)(e)
Fund
Charter Communications, Inc. 0.7
Petroleos Mexicanos   0.5
State of California GO   0.5
HSBC Holdings PLC   0.4
Verizon Communications, Inc.   0.4

 

(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) Excludes the Fund's preferred stock positions.
(c) Price-to-earnings (P/E) ratios are calculated using 12-month forward earnings estimates from third-party sources.
(d) Foreign stocks are U.S. dollar denominated.
(e) 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.
(f) The Fund holds S&P 500 put options, which aim to decrease the Fund's exposure to equity market losses. The market value of this position comprised 0.6% of the Fund's net assets on September 30, 2018.
(g) Net Cash & Other includes cash, short-term investments, derivatives, receivables, and payables.
(h) Interest rate derivatives reduce the duration of the fixed income portfolio by 0.3 years (i.e., total portfolio duration is 4.8 years without derivatives).
(i) Data as presented excludes the Fund’s position in Treasury futures contracts.
(j) The portfolio’s Government-Related holdings include tax-exempt municipal securities; the Index classifies these securities as Municipal Bonds.
(k) 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 Barclays U.S. Aggregate Bond Index ( BBG Barclays 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 stocks.

S&P 500® is a trademark of S&P Global Inc. Bloomberg® is a registered trademark of Bloomberg Finance L.P. and its affiliates. Barclays® is a trademark of Barclays Bank PLC.

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.

Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, "Barclays"), used under license. Bloomberg or Bloomberg's licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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