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- CHF Distributing Class (H)
- EUR Accumulating Class
- EUR Accumulating Class (H)
- EUR Distributing Class
- EUR Distributing Class (H)
- GBP Distributing Class
- GBP Distributing Class (H)
- USD Accumulating Class
Overview
Objective
The Global Bond Fund seeks a high rate of total return consistent with long-term preservation of capital.
Investment approach
The Fund offers investors a highly selective, actively managed fund that complements core bond holdings by providing a diversified portfolio of carefully-researched investments over a long-term horizon across global credit, currency, and interest rate markets. Generally, we:
- Invest with a total return mindset across a global investment universe that includes government and government-related obligations, mortgage- and asset-backed securities, corporate and municipal bonds, and other debt securities, from both developed and emerging markets.
- Build a diversified portfolio across several dimensions, including sector, country, currency and economic exposure.
- Select individual securities based on fundamental research and consider a variety of factors, including yield, credit quality, liquidity, covenants, call risk, duration, structure, and capital appreciation potential, as well as financially material environmental, social, and governance (ESG) issues and sustainability risks.
- May employ various currency, interest rate, and credit-related derivatives, including forwards, futures, and swaps.
Fund Inception
01 May 2014
Diversified Portfolio
Seeks Above-Average
Yield-to-Maturity
Countries Represented
25
as at 30 September 2024Fund facts
As of 30 September 2024$628.3 M
UCITS
Ireland
Share class daily prices
As of 12 December 2024$13.82
-$0.05
-0.36%
2.67%
Share class information1
Inception Date
01/05/2014
ISIN
IE00B5568D66
SEDOL
B5568D6
Bloomberg
DCGBDUA
Minimum Initial Investment
$50,000
Expense Ratio
0.45%
Distribution Yield
-
Share class performance
- Monthly
- Quarterly
Portfolio
Asset allocation
Five largest credit issuers2
Credit quality 3, 4
Sector diversification4
Region diversification 4, 5
Meet the Fund’s Investment Committee
We believe investors benefit from our team-based approach to managing investments. Through close collaboration and debate, we bring our best ideas forward. The Global Fixed Income Investment Committee manages the Global Bond Fund through a team-based approach designed to eliminate individual biases and spur dynamic debate. The primary responsibilities of the Committee, whose eight members’ average tenure at Dodge & Cox is 21 years, include:
- Set broad portfolio strategy including individual issuer targets, sector weightings, currency exposures, duration, and other portfolio characteristics.
- Diversify the portfolio prudently across issuers, sectors, geographies, and economic exposures.
- Carefully monitor and evaluate portfolio exposures and risks through regular scenario analyses, stress testing, and risk modelling, making changes when appropriate.
- Oversee the strategy’s implementation through close collaboration with our trading team.
Documents
Investors should recognise that the market risks inherent in investing in securities cannot be avoided, and there is no assurance that the investment objectives of the Fund will be achieved. The value of Shares may fall as well as rise and investors may not receive back the amount invested. The Fund is subject to certain risks, such as investment risks, management risk, risks of investing in futures, options and forwards, risks relating to securities lending arrangements, umbrella structure of the Company and cross-liability risk, fair value pricing risks, taxation risk, and currency conversion and hedging risk. The yields and market values of the instruments in which the Fund invests may fluctuate. Accordingly, your investment may be worth more or less than its original cost. Debt securities are subject to interest rate risk, credit risk, and prepayment and call risk, all of which could have adverse effects on the value of the Fund. Investments in certain countries, particularly underdeveloped or developing countries, may be subject to heightened political and economic risks. The Fund’s use of derivatives involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments. Please read the Prospectus(opens in a new tab) for specific details regarding the Fund’s risk profile.
Figures represented by a dash are zero or have no associated data while figures represented by a zero may be rounded to zero.
Market values for debt securities include accrued interest.
Data is presented in U.S. dollars, unless otherwise noted.
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® and the Bloomberg indices listed herein (the “Indices”) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (''BISL''), the administrator of the Indices (collectively, ''Bloomberg'') and have been licensed for use for certain purposes by the distributor hereof (the ''Licensee''). Bloomberg is not affiliated with Licensee, and Bloomberg does not approve, endorse, review, or recommend the financial products named herein (the ''Products''). Bloomberg does not guarantee the timeliness, accuracy, or completeness of any data or information relating to the Products.
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.
Net Expense Ratio. 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, 2023. 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.
Footnotes
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1
Expense Ratio. Dodge & Cox has voluntarily agreed to reimburse the Fund for all ordinary expenses to the extent necessary to limit aggregate annual ordinary expenses to 0.45% of the average daily net assets of each share class. Dodge & Cox may terminate or modify this agreement upon 30 days’ notice to shareholders.
Distribution yield reflects the amounts that may be expected to be distributed over the next 12 months as a percentage of the current share price. The distribution yield is the same as the underlying yield. Investors may be subject to tax on their distributions. -
2
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.
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3
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. A rating of AAA is the highest possible credit rating, while a rating in the C’s or D's is the lowest. 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. On that basis, the Fund held 7.3% in securities rated below investment grade. For consistency purposes, we use the S&P and Fitch rating categories. The credit quality of the investments in the portfolio does not apply to the stability or safety of the Fund or its shares.
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4
Excludes derivatives.
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5
The Fund may classify a company or issuer in a different category than the Index. The Fund usually classifies a company or issuer based on its country of risk, but may designate a different country in certain circumstances.