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The U.S. Stock Fund seeks long-term growth of principal and income.
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 favourable outlook for long-term growth.
- Also invest up to 10% 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.
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.
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.
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 S&P 500 Index (''Index'') and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Dodge & Cox. © 2023 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (''SPFS'') and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (''Dow Jones''). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors (''S&P DJI'') make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.
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.