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Average Annual Total Return*
For periods ended September 30, 2019 (updated quarterly)
    1 Year   3 Years   5 Years   10 Years   Since Inception†
Global Stock Fund   -2.42%   8.30%   4.75%   8.65%   5.17%
MSCI World Index   1.83%   10.21%   7.18%   9.01%   5.45%

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 Stock Fund’s inception date was May 1, 2008.

Fund Characteristics
as of September 30, 2019, unless otherwise noted (updated quarterly)
General Information
Net Asset Value Per Share   $12.33
Total Net Assets (billions)   $9.4
Expense Ratio 0.62%
Portfolio Turnover Rate
(1/1/19 to 6/30/19, unannualized)
30-Day SEC Yield(a) 2.05%
Active Share(b) 88%
Number of Companies 84
Fund Inception   2008
Asset Allocation
Portfolio Characteristics   Fund   MSCI
Median Market Capitalization (billions)   $38   $12
Weighted Average Market
Capitalization (billions)
  $108   $161
Price-to-Earnings Ratio(c) 11.5x 15.8x
Countries Represented   20   23
Emerging Markets
(Brazil, China, India, Mexico, Russia, South Africa, South Korea, Thailand)(f)(g)
  12.4%   0.0%
diversification (%)
  Fund   MSCI world
United States   45.8   63.1
Europe (excluding UK)   27.1   15.5
United Kingdom   8.1   5.5
Asia Pacific (excluding Japan) 7.3 4.0
Latin America 3.9 0.0
Japan 3.5 8.2
Canada   2.3   3.5
Africa   1.1 0.0
Middle East   0.0   0.2

ten largest holdings (%)
Occidental Petroleum Corp. (United States) 3.2
Sanofi (France) 2.9
Alphabet, Inc. (United States)   2.6
FedEx Corp. (United States)   2.6
BNP Paribas SA (France) 2.4
UniCredit SPA (Italy)   2.4
Charter Communications, Inc. (United States)   2.2
GlaxoSmithKline PLC (United Kingdom)   2.1
Roche Holding AG (Switzerland)   2.1
UBS Group AG (Switzerland)   2.1
diversification (%)
  Fund   MSCI world
Financials   30.7   15.7
Health Care   17.4   12.4
Communication Services   12.4   8.4
Information Technology   9.7   16.5
Energy   9.5   5.2
Industrials 7.7 11.1
Consumer Discretionary   7.4   10.5
Materials 3.2 4.4
Consumer Staples 0.6 8.8
Real Estate 0.4 3.4
Utilities   0.0   3.6


(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) Active share is a measure of how much an investment portfolio differs from its benchmark index, based on a scale of 0% (complete overlap with the index) to 100% (no overlap). Overlap for each security in the Fund is the lower of either its percentage weight in the Fund or its percentage weight in the relevant index. Active share is calculated as 100% minus the sum of the overlapping security weights.
(c) Price-to-earnings (P/E) ratios are calculated using 12-month forward earnings estimates from third-party sources.
(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) Net Cash & Other includes cash, short-term investments, derivatives, receivables, and payables.
(f) The Fund may classify a company in a different category than the MSCI World. The Fund generally classifies a company based on its country of incorporation, but may designate a different country in certain circumstances.
(g) Excludes the Fund’s exposure through total return swaps. As of period end, the Fund held long total return swaps referencing Naspers, Ltd. and Prosus NV with notional exposure of 0.46% and 0.22% respectively. In addition, to manage Naspers, Ltd.’s and Prosus NV’s exposure to Tencent Holdings, Ltd., the Fund held a short total return swap referencing Tencent Holdings, Ltd. with notional exposure of –0.72%.

*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 but, unlike Fund returns, do not reflect fees or expenses. The MSCI World Index is a broad-based, unmanaged equity market index aggregated from 23 developed market country indices, including the United States and Canada. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

MSCI World is a service mark of MSCI Barra.

Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI's express written consent.

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