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We continue to monitor the U.S. debt ceiling negotiations and their potential implications for the capital markets. We are optimistic that the Administration and Congress will reach an agreement that enables the federal government to continue paying its bills and to meet its debt repayment obligations without exhausting the extraordinary measures put in place by the U.S. Treasury Department earlier this year. However, we recognise the discussions remain fluid and challenging.
Our Investment Committees are actively assessing the risks and opportunities. In addition, we have formed a task force comprised of our Fixed Income, Equity, Operations, Client Service, Communications, Compliance, Legal, and Technology teams to assess the impacts across our business of a potential technical default and/or downgrade to the U.S. government credit rating.
Liquidity management is an integral part of our overall portfolio and risk management processes across our investment portfolios. Our Fixed Income, Equity, and Investment Operations teams are in close communication with our trading partners to plan for various scenarios.
For the Dodge & Cox Worldwide Funds, we do not foresee any major impact on our day-to-day operations or liquidity. Our Investment Committees will adjust portfolio positions to comply with prospectus guidelines, if necessary. Fund flows have not impacted our ability to execute on our strategies. We believe that each of the Funds has sufficient liquidity to meet cash needs, and their holdings consist of highly liquid securities. If necessary, the Funds could access alternative sources of liquidity, including a line of credit.
Times of uncertainty often create long-term investment opportunities for active managers like us, and we think staying the course is the best approach for long-term investors. Thank you for your continued confidence in Dodge & Cox.
This information should not be considered a solicitation or an offer to purchase shares of Dodge& Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox Worldwide Investments Ltd. and its affiliates to provide any services in any jurisdiction. A summary of investor rights is available in English at dodgeandcox.com. Dodge & Cox Worldwide Funds plc are currently registered for distribution in Austria, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, South Africa, Spain, Sweden, Switzerland, and the United Kingdom. The Funds may terminate the arrangements made for the marketing of any fund or share class in an EU Member State at any time by using the process contained in Article 93a of the UCITS Directive.
This is an advertising document. First Independent Fund Services AG, Klausstrasse 33, CH-8008 Zurich, is the representative in Switzerland and NPB Neue Privat Bank AG, Limmatquai 122, CH-8024 Zurich, is the paying agent in Switzerland. The sales prospectus, key investor information, copies of the articles of association and the annual and semi-annual reports of the fund can be obtained free of charge from the representative in Switzerland.
Marketing Communication. The views expressed herein represent the opinions of Dodge & Cox Worldwide Investments and its affiliates and are not intended as a forecast or guarantee of future results for any product or service. Please refer to the Funds’ prospectus and relevant key information document at dodgeandcox.com before investing for more information, including risks, charges, and expenses, or call +353 1 242 5411.