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Average Annual Total Return*
For periods ended December 31, 2014 (updated quarterly)
    1 Year   3 Years   5 Years   10 Years   20 Years
Balanced Fund   8.85%   18.25%   12.78%   6.75%   10.29%
Combined Index   10.62% 13.11%   11.19%   6.77% 8.70%
   

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, 2014, unless otherwise noted (updated quarterly)
General Information
Net Asset Value Per Share   $102.48
Total Net Assets (billions) $15.5
30-Day SEC Yield(a) 1.78%
Expense Ratio   0.53%
Portfolio Turnover Rate   23%
Fund Inception 1931
 
Asset Allocation
 
Equity Portfolio (68.7% of Fund)
Equity Characteristics Fund
Number of Equity Securities 65
Median Market Capitalization (billions)   $43
Price-to-Earnings Ratio(b)   14.7x
Foreign Securities not in
the S&P 500(c)
  7.2%

sector diversification (%)
(five largest)
  Fund
Financials   17.9
Information Technology   16.1
Health Care 11.3
Consumer Discretionary   10.5
Energy   5.8
 
ten largest Equity
Securities (%)(d)
Fund
Hewlett-Packard Co.   2.8
Wells Fargo & Co.   2.7
Capital One Financial Corp. 2.7
JPMorgan Chase & Co.   2.7
Microsoft Corp.   2.6
Novartis AG (Switzerland) 2.2
Time Warner, Inc.   2.1
Time Warner Cable, Inc.   2.0
Charles Schwab Corp. 1.9
Bank of America Corp.   1.9
 
fixed income Portfolio (29.8% of Fund)
fixed income Characteristics Fund
Number of Debt Securities   341
Effective Duration (years)   4.0
 
sector diversification (%) Fund
U.S. Treasury(e)   2.7
Government-Related(f)   2.0
Mortgage-Related   10.1
Corporate   13.1
Asset-Backed   2.0
     

Credit Quality (%)(g)
Fund
U.S. Treasury/Agency/GSE (e) 12.8
Aaa   1.4
Aa   0.3
A   2.8
Baa   8.8
Ba   2.9
B   0.8
 
Five Largest
Corporate Issuers (%)(d)
Fund
Cox Enterprises, Inc. 0.6
Bank of America Corp.   0.6
Verizon Communications, Inc.   0.5
Time Warner Cable, Inc.   0.5
Macy's, Inc.   0.4
     

 

(a) SEC Yield is an annualization of the Fund’s total net investment income per share for the 30-day period ended on the last day of the month.
(b) Price-to-earnings (P/E) ratios are calculated using 12-month forward earnings estimates from third-party sources.
(c) Foreign stocks are U.S. dollar denominated.
(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) Data as presented excludes the effect of the Fund's position in Treasury futures contracts.
(f) The Fund holds 0.4% in Agency multifamily mortgage securities; the Index classifies these securities under CMBS — Agency.
(g) The credit quality distribution shown for the Fund is based on the middle of Moody's, S&P's, and Fitch ratings, which is the methodology used by Barclays in constructing its indices. If a security is rated only by two agencies, the lower of the two ratings is used. Please note the Fund applies the highest of Moody's, S&P's, 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 Barclays U.S. Aggregate Bond Index (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 McGraw Hill Financial. Barclays® is a trademark of Barclays Bank PLC.

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