Income Fund
account access
Invest With Us
Open an account in
the Dodge & Cox Funds
Stock Fund
Global Stock Fund
International Stock Fund
Balanced Fund
Income Fund
Global Bond Fund


Manager Biographies


Average Annual Total Return*
For periods ended December 31, 2017 (updated quarterly)
    1 Year   3 Years   5 Years   10 Years   20 Years
Income Fund 4.36% 3.09% 3.07% 5.01% 5.50%
Bloomberg Barclays U.S. Aggregate Bond Index   3.54%   2.24%   2.10%   4.01%   4.98%

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, 2017, unless otherwise noted (updated quarterly)
General Information
Net Asset Value Per Share $13.76
Total Net Assets (billions)   $54.3
Expense Ratio 0.43%
Portfolio Turnover Rate   19%
30-Day SEC Yield(a) 2.64%
Number of Credit Issuers 51
Fund Inception   1989
Asset Allocation
Portfolio Characteristics   Fund   BBG Barclays
U.S. Agg
Effective Duration (years)(b)   4.2   6.0

five largest
Credit Issuers (%)(c)
Charter Communications, Inc.   2.2
State of California GO   2.0
Bank of America Corp.   1.9
Petroleos Mexicanos   1.7
State of Illinois GO   1.7
Diversification (%)
  Fund   BBG Barclays
U.S. Agg
U.S. Treasury(e) 19.5 37.0
Government-Related(f)   6.9   6.8
Securitized   36.1   30.5
Corporate   34.4   25.7
Net Cash & Other(g)   3.1   0.0

Credit Quality (%)(d)
Fund BBG Barclays
U.S. Agg
U.S. Treasury/Agency/GSE(e)   52.7   67.5
Aaa   1.7   4.3
Aa   3.7   3.2
A   3.9   11.5
Baa   28.0   13.5
Ba   5.5   0.0
B 0.0 0.0
Caa 1.4 0.0
Net Cash & Other(g)   3.1   0.0
  Fund   BBG Barclays
U.S. Agg
0-1 Years to Maturity   9.6   0.0
1-5   45.0   39.5
5-10   28.2   44.3
10-15   2.4   1.4
15-20   4.7   2.2
20-25   4.4   4.1
25 and Over   5.7   8.5


(a) SEC Yield is an annualization of the Fund’s net investment income for the trailing 30-day period. Dividends paid by the Fund may be higher or lower than implied by the SEC Yield.
(b) Interest rate derivatives reduce total Fund duration by 0.2 years (i.e., total portfolio duration is 4.4 without derivatives).
(c) 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.
(d) The credit quality distributions shown for the Fund and the Index are based on the middle of Moody’s, S&P, and Fitch ratings, which is the methodology used by Bloomberg in constructing its indices. If a security is rated by only two agencies, the lower of the two ratings is used. Please note the Fund applies the highest of Moody’s, S&P, and Fitch ratings to determine compliance with the quality requirements stated in its prospectus. On that basis, the Fund held 3.4% in securities rated below investment grade.The credit quality of the investments in the portfolio does not apply to the stability or safety of the Fund or its shares.
(e) Data as presented excludes the Fund’s position in Treasury futures contracts.
(f) The portfolio’s Government-Related holdings include tax-exempt municipal securities; the BBG Barclays U.S. Agg classifies these securities as Municipal Bonds.
(g) Net Cash & Other includes cash, short-term investments, derivatives, receivables, and payables.

*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 interest income but, unlike Fund returns, do not reflect fees or expenses. The Bloomberg Barclays U.S. Aggregate Bond Index (BBG Barclays U.S. Agg) is a widely recognized, unmanaged index of U.S. dollar-denominated investment-grade fixed income securities.

Bloomberg® is a registered trademark of Bloomberg Finance L.P. and its affiliates. Barclays® is a trademark of Barclays Bank PLC.

2017 Fixed Income Review
related documents

need more help?
Visit Investor Resources or call a
Funds representative at:

This site is for persons in the United States only.
Before investing in any Dodge & Cox Fund, you should carefully consider the Fund's investment objectives, risks, and charges and expenses. This and other important information is contained in a Fund's prospectus and summary prospectus. Please read the prospectus and summary prospectus carefully before investing. Investments are not FDIC-insured, nor are they deposits of or guaranteed by any bank or any other entity.

Use of this site signifies that you accept our Terms & Conditions of Use.
The Dodge & Cox Funds have adopted a Privacy Policy governing use of shareholder personal information.

Copyright © 1998-2018 Dodge & Cox®. All rights reserved.