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Overview
Objective
The U.S. Stock Fund seeks long-term growth of principal and income.
Investment approach
The Fund offers investors a highly selective, actively managed core equity mutual fund that invests in businesses based on our analysis of long-term fundamentals relative to current valuations. Generally, we:
- Primarily target a diversified portfolio of U.S. equity securities, typically investing in medium-to-large, well-established companies that, in our opinion, appear to be temporarily undervalued by the stock market but have a favorable outlook for long-term growth.
- Also invest up to 20% of the portfolio in securities issued by companies outside the U.S. that trade in the U.S. (in U.S. dollars). These securities are not in the S&P 500 Index.
- Select individual securities based on our analyses of various factors—including a company’s financial strength, economic condition, competitive advantage, quality of the business franchise, financially material environmental, social, and governance (ESG) issues, and the reputation, experience, and competence of its management—as weighed against valuation.
Share class performance
Portfolio
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 primary responsibilities of the Committee, whose members’ average tenure at Dodge & Cox is 21 years, include:
- Setting and reviewing U.S. equity investment strategy, and continually assessing opportunities and risks to the portfolio.
- Evaluating and debating analyst recommendations and analyses to collaborate on buy, sell, and position-sizing decisions across individual holdings and sectors.
- Overseeing the strategy’s implementation and monitoring portfolio holdings, making changes when appropriate.
Documents
Risks
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. A more detailed description of the risk factors that apply to the Fund is set out in the Prospectus.
Disclosures
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. S&P 500® is a trademark of S&P Global Inc.
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.
Key terms
Price-to-earnings (P/E) ratios are calculated using 12-month forward earnings estimates from third-party sources as of the reporting period. Estimates reflect a consensus of sell-side analyst estimates, which may lag as market conditions change.
Portfolio Turnover is calculated as the lesser of portfolio purchases or sales divided by the average portfolio value for the period.