* 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.
All returns are stated in U.S.
dollars, unless otherwise noted. The Funds’ 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 dividend and/or interest income
but, unlike Fund returns, do not reflect fees or expenses.
The S&P 500 Index is a market
capitalization-weighted index of 500 large-capitalization stocks
commonly used to represent the U.S. equity market. The MSCI
World Index is a broad-based, unmanaged equity market index
aggregated from 24 developed market country indices, including
the United States. The MSCI EAFE (Europe, Australasia, Far East)
Index is a broad-based, unmanaged equity market index aggregated
from 22 developed market country indices, excluding the United
States. The Combined Index reflects an unmanaged portfolio
(rebalanced monthly) of 60% of the S&P 500, and 40% of the BBG Barclays
U.S. Agg.
The Fund may, however, invest up to 75% of its total assets in
stocks. 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. The Bloomberg Barclays Global Aggregate Bond Index is a widely recognized, unmanaged index of multi-currency, investment-grade fixed income securities. Bloomberg Barclays calculates a USD hedged return by applying one-month forward rates to seek to eliminate the effect of non-USD exposures. Effective January 15, 2021, the benchmark was changed from the unhedged to the hedged version of the Bloomberg Barclays Global Aggregate Bond Index
Barclays® is a trademark of Barclays
Bank PLC. Bloomberg® is a registered trademark of Bloomberg Finance L.P. and its affiliates. MSCI World and MSCI EAFE are service marks of MSCI Barra. MSCI makes no express or implied warranties
or representations and shall have no liability whatsoever with
respect to any MSCI data contained herein. The 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. S&P 500®
is a trademark of S&P Global Inc.
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.