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The Global Bond Fund seeks a high rate of total return consistent with long-term preservation of capital.
The Fund offers investors a highly selective, actively managed fund that complements core bond holdings by providing a diversified portfolio of carefully-researched investments over a long-term horizon across global credit, currency, and interest rate markets. Generally, we:
- Invest with a total return mindset across a global investment universe that includes government and government-related obligations, mortgage- and asset-backed securities, corporate and municipal bonds, and other debt securities, from both developed and emerging markets.
- Build a diversified portfolio across several dimensions, including sector, country, currency and economic exposure.
- Select individual securities based on fundamental research and consider a variety of factors, including yield, credit quality, liquidity, covenants, call risk, duration, structure, and capital appreciation potential, as well as financially material environmental, social, and governance (ESG) issues and sustainability risks.
- May employ various currency, interest rate, and credit-related derivatives, including forwards, futures, and swaps.
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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 Global Fixed Income Investment Committee manages the Global Bond Fund through a team-based approach designed to eliminate individual biases and spur dynamic debate. The primary responsibilities of the Committee, whose eight members’ average tenure at Dodge & Cox is 20 years, include:
- Set broad portfolio strategy including individual issuer targets, sector weightings, currency exposures, duration, and other portfolio characteristics.
- Diversify the portfolio prudently across issuers, sectors, geographies, and economic exposures.
- Carefully monitor and evaluate portfolio exposures and risks through regular scenario analyses, stress testing, and risk modelling, making changes when appropriate.
- Oversee the strategy’s implementation through close collaboration with our trading team.