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Average Annual Total Return*
For periods ended December 31, 2019 (updated quarterly)
    1 Year   3 Years   5 Years   10 Years   20 Years
Income Fund 9.73% 4.52% 3.69% 4.43% 5.61%
Bloomberg Barclays U.S. Aggregate Bond Index   8.72%   4.03%   3.05%   3.75%   5.03%

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 December 31, 2019, unless otherwise noted (updated quarterly)
General Information
Net Asset Value Per Share $14.03
Total Net Assets (billions)   $63.5
Expense Ratio  0.42%
2019 Portfolio Turnover Rate   49%
30-Day SEC Yield(a) 2.52%
Number of Credit Issuers 56
Fund Inception   1989
Asset Allocation
Portfolio Characteristics   Fund   BBG Barclays
U.S. Agg
Effective Duration (years)   4.3   5.9

five largest
Credit Issuers (%)(b)
Charter Communications, Inc.   2.0
Petroleos Mexicanos   1.8
HSBC Holdings PLC   1.7
Ford Motor Credit Co. LLC   1.5
State of California GO   1.4
Diversification (%)
  Fund   BBG Barclays
U.S. Agg
U.S. Treasury 17.5 39.6
Government-Related(d)   5.1   5.7
Securitized   41.5   29.6
Corporate   34.0   25.1
Net Cash & Other(e)   1.9   0.0

Credit Quality (%)(c)
Fund BBG Barclays
U.S. Agg
U.S. Treasury/Agency/GSE   52.5   68.7
AAA   2.7   3.8
AA   4.7   3.0
A   5.4   10.8
BBB   27.5   13.8
BB   5.2   0.0
B 0.0 0.0
CCC 0.0(f) 0.0
Net Cash & Other(e)   1.9   0.0
  Fund   BBG Barclays
U.S. Agg
0-1 Years to Maturity   2.5   0.0(f)
1-5   47.3   47.2
5-10   33.8   34.9
10-15   2.5   1.3
15-20   5.9   2.9
20-25   1.5   5.1
25 and Over   6.5   8.6


(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) 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.
(c) 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 determine compliance with the quality requirements stated in its prospectus. On that basis, the Fund held 4.5% 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.
(d) The portfolio’s Government-Related holdings include tax-exempt municipal securities; the Index classifies these securities as Municipal Bonds.
(e) Net Cash & Other includes cash, short-term investments, derivatives, receivables, and payables.
(f) Rounds to 0.0%.

*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 interest income but, unlike Fund returns, do not reflect fees or expenses. The Bloomberg Barclays U.S. Aggregate Bond Index (BBG Barclays U.S. Agg) is a widely recognized, unmanaged index of U.S. dollar-denominated investment-grade fixed income securities.

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

Source: Bloomberg Index Services Limited. BLOOMBERGŪ is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). BARCLAYSŪ 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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